New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-30
STOCK MARKET REVIEW
Drifting Market, with No Lead
erShip on Either Side.

The market yesterday acted like
yachts in a race when the wind comes
in light puffs, and ii is not a ques-
tion of who will get in first, but
whether there will be wind enough to
allow the race TO be finished. Little
energy was exhibited on either side,
only spots OF activity were In evidence,
and the whole action Of trading recalled
an old song entitled Drifting with the
Tide" The opening was dull, and no
interest was exhibited in any issue; &C
tive trading apparently was the thought
most foreign to the minds of opera
tors. Most of the stocks which showed
a disposition to come out in the open
were heavy, and the market had a
rather soft appearance as a whole.
The Hill stocks were the exception;
Northern Pacific and Great Northern
made initial gains. The market paused
after the opening, like man hesitating
before taking cold plunge; then there
was a squirt Of activity, and some slight
advances were made In a few issues.
The little attempt at bullish activity
soon ceased, and the market fell into a
dull, lethargic state, which was void Of
any seeming life or ambition. Even the
specialties which have been the white
hope Of the market for some time
sagged, and prices declined. American
Tobacco and Liggett & Myers sold off
several points, and the trading atmos-
phere was charged with depression as
a result. But there was no aggressive
selling, and the market was simply
spongy, subject to influence in either
direction. Any evidence Of buying
showed responsive betterment and the
selling effect produced the opposite.
During the second hours trading some
activity was shown. but no bullish en-
thusiasm. Prices dropped off, and the
bulls displayed no particular courage
in their efforts toward support. The
sugar stocks were selected as objects
of attack by the bears and both Beet
Sugar and American Sugar declined
several points. The sentiment against
the sugar issues was largely the result
Of the sugar tariff bill, and the possible
competition which is threatened. The
bears grew courageous and tried a
rather vigorous raid, but they found
some support as prices reached lower
levels, so they relapsed into inactivity,
and the market again sank into a state
Of semi-stupor. The period of slug
gishness continued into the afternoon
and questions Of politics embracing the
attitude Of Wilson, the new claims Of
fraud by Roosevelt and the steady saw
Ing wood policy Of Taft all came In for
general review. One Of the prominent
men in the Street summed up the situa-
ton in something like the following:
Wilson was q good president Of a
but he is inexperienced, and his tariff
position will hurt him. Roosevelt will
have a continuous row on with Bryan
and La Toilette and their followers,
while the portly gentleman who now
sits in the White House chair will walk
quietly back to his present job and
leave them all at the post" The good
news of the day in crops and the ad
vance of 81 a ton in steel bars by the
Republic Iron and Steel Company. indi-
eating a more confirmed improvement
IN the steel trade, passed with only
momentary attention. Trading near the
close Of the day displayed some ten
dency toward a hardening Of prices,
but no signs Of energetic bull senti-
ment were discovered. National Biscuit
presented a better tone and made
good recovery from It's opening price.
Short selling in the general list did not
appear to be very considerable. On the
other hand, close scrutiny Of the buy
ing reflected accumulation in some
issues. The closing was quiet and
prices displayed no effect Of any real
tendency. London contributed nothing
to help this market. Stocks were dull,
with a general tendency to lower levels.