New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-10-24
STOCK MARKET REVIEW
Stocks Raided and Prices De-
CIine-Foreign Liquidation.

During the last several days there
have been persistent rumors Of an i'm
pending break In the stock market.
Favorable disposed intervals to bet
terment Of prices gave little credence
to the gossip. but it continued, and
yesterday the psychological period ar
rived and the break materialized.
Extremes are required to create
special interest in any situation. The
stock market for several days has been
so trading has Jagged and sentiment
was in a wavering condition, slightly
inclined more to the bear than the bull
side. The European tone has been at
tended with rumors OF impending finan-
cial troubles. and a nervous strain had
taken hold OF foreign investors, which
kept the bourses unsettled and no UNI
qualified deduction could be made OF
the status of European stock market
operations. The support given the
New York stock market when liquida-
ton was at its high point kept prices
here on a fairly good average basis,
but the lack Of buying energy since
then has left the field of operations to
the few professionals who move prices
up and down as an operator runs his
elevator. The news Of the morning
yesterday was full Of war activities in
the Balkans and rebellion in Mexico.
London's stock market sent slight en-
| oouragement. most Of the prices for
| American shares being off from Tues
day, and depression in sentiment was
quite pronounced. The loss Of cash by
the local banks created an unfavorable
| impression, and the prediction was
that the bank statement this week will
be an exceptionally bad che. All
things considered, the bears had good
material for bringing about a raid, and
the break in prices which occurred
around the noon hour started declines
which turned a general selling move
ment and values slumped with ease.
The market opened with a show Of
| firmness. but prices were fractionally
| lower. Some attempts were made to
stimulate a bullish tone. but the buy
ing suggested an indifferent mood
rather than aggressiveness. so with
few exceptions prices sagged. The ac-
ton of United States Steel was watched
by traders, and when 1t failed to snow
recuperative vitality bearish sentiment
developed, and by the time the specu-
lators were ready to make their at
tack the market was in an unprotected
state that offered little opposition. A
reported failure Of considerable impor-
lance in Vienna was seized as good
ammunition by the bear traders, who
made the most Of this news to bring
about heavy selling. Naturally all
questions which may be considered in
the light Of stock market relationship,
such as politics and money rates, fig.
ured in the accumulation o. adverse
factors, and it is not improbable that
the selling yesterday was considerably
augmented by politics. AS suggested
some time since, the political appari-
ton is liable to be encountered at any
time, and the period Of the Presidential
election Is drawing so close that II It
be a factor 1t must be acknowledged
that 1t is due at any time the pools
may desire to use II In influencing
price movements The news features
of the day In the main were favorable,
as usual. Lehigh Valleys September
report showed gain in gross and net,
while Baltimore & Ohio although dis
playing a loss in net In September,
made gain in gross. II was said that
the volume Of steel orders was decreas-
ing, but that a plentiful supply was
| forthcoming at the present advanced
rates-in fact, the trade journal re-
| ports were not encouraging, and bust
ness in general lines gave 10 indica-
ton Of lessening. AS in all days when
| sensation invades the stock market, he
news was overdrawn on the adverse
side. The volume OF trading was the
largest in some time, being 1886, $50
shares, as compared with ass, SOL shares
On Tuesday. Some support and short
covering near the close caused a slight
| recovery