New-York tribune., 1912-08-29
STOCK MARKET, REVIEW
Profit Taking and Lack Of Sup
port-Weak Closing.

An active opening, Win le" CHANG
In the leading issues, brought the STOCK
market into its morning session yes
terdav with hopes Of better trading.
London's closing had given a fairly
good impetus to better prices here, az
American shares had scored advances
end favorable London sentiment is
usuaIlv helpful to the New York mar
ket. The B. T. Goodrich Company Is
sue made its initial bow on the Stock
Exchange, having been properly trained
on the Curb. and sold up TO 1873, as
COMPARED with Tx, its final price on
the Curb On Tuesday. After the open
ing was broad enough 10 allow some
nroft taking, the professional traders
began selling, and prices eased or frac-
+ionally. Commission houses had
better attendance, but there was little
more interest manifested in trading
and practically no increase In custom
ers' orders. The general advice was
caution. and il was not believed that
the market had more than limited bull
lshness in prospect on this turn. Ihe
nroft taking movement developed u
hesrish attitude among traders, as the
market did not show a resistance ana
ABSORPTION consistent with strong
undertone. 1t was a day when market
philosophy was spread thick, and every
conceivable argument was advanced
both in favor Of and against an up
ward movement. Politics, labor prob
lens, the theory of market leadership
an analysis of the buying in evidence
the Mexican situation, developments
in Nicaragua, the Panama Canal con-
troyersy, the Kaiser's illness and gold
shipments to Canada all worked into
the scope Of discussion which played
q conspicuous part In creating senti-
ment. Pool talk hovered over the In
terest in United States Steel, and some
frmness was shown In Louisville &
Nashville and Atlantic Coast Line, due
to the coming meeting Of directors to
act on an increase in stock and the
consequent cllling of q stockholders
The market around the midday as
sumed its regular daily dulness. which
has become proyerbial, and with the
exception Of specialties, like American
Snuff, which touched a new high price
on the expectation Of larger dividends,
the market was featureess. American
Car and Foundry showed some
strength, while other equipment issues
were soft. Profit taking in Mexican
Petroleum, Beet Sugar, Liggett g.
Myers and other issues developed in
the afternoon trading. There was no
demand for investment issues and
practically 10 interest in the market
by the big operators in the late trans
actions. and the close was dull and
prices on the average were below Tues
days final quotations In seeking rea-
sons for the action of the market vari-
Gus hannels could be pursued, includ-
ing the food damage in Great Britain,
the possible advance Of rates by the
Bank Of England and in this country
the heavy rains in the Northwest,
which may result In crop damage, and
also the coming holiday period, which
Is always a danger point In purely
speculative market. That this market
has little stamina and is extremely
sensitive to u suggestion Of bad news
was shown yesterday. The good news
Of the improving iron and steel trade
and greater expansion in all CONNER
cial lines WAS ignored