New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-05
STOCK MARKET REVIEW
Favorable Opening. Followed by
IrrequIarity at the Close.

An evidence OF tho acrobatic ability
Of the market was shown at its open
I ing Yesterday. as onpared with Tues
days movements. tendency and clos
ing. With the Vermont returns indi-
eating the fuldlmcnt Of what had been
the chief argument or tie bears. with
no prospective change in the money
situation. tho opening WAS strong. and
prices rose during the early morning
trading. There was no buying Of i'm
portance shown. bat short covering by
the professionals displayed a conserva-
tive effort to be on the safe side, and
suggested "A lack Of sufficient bearish
confidence to send the market to lower
levels. The special strength shown
was in the independent steel COM
panies. such as Colorado Fuel and Iron
and Bethlehem Steel. II seemed easy
TO put these issues up on small trad
ing. rs the floating supply OF stocks
apparently was limited. The Hill
stocks. though opening of regained
their position. and rallied on good
earnings statement Of the Burlington.
The covering Of the shorts helped
/ Union Pacific 10 a stronger position
4 though many bearish traders refused 10
Z concede that the recovery was more
than temporary. and predicted a re
/ lapse Of the whole market later. The
topics which held the chief sway among
those who believed in q continued
Indifferent market were the gov
ernment's crop report 70 be published
next week and the Maine elections,
which will be held al the same time
The question OF the demands OF the
locomotive engineers end the coming
decision OF the arbitration committee
also figured IN the discussions or the
floor. In the Street among the com
mission houses comparatively little in
terest was shown. and customers in
some houses were advised 10 walt until
/ the atmosphere had clarified before
/ taking on new commitments. There
was some buying, however, which was
said 10 be among moneyed interests
for purposes Of accumulation This
was true OF Colorado Fuel and Iron
/ but IL was not a new feature. as for
the last two years. at least, the pre-
ferred stock OF this company has been
purchased by brokers for one man. who
/ to-day probably has most OF the pre-
ferred stock in his strong box and has
a bid price on any stock that may be
offered Pittsburgh Coal issues were
strong. due il was said 10 the i'm
fprovement in the soft coal trade. Dull
ness settled over the market in the
afternoon and trading interest almost
ceased Neither side displayed any
aggressive tendency, so any oppor-
tunity for decided move in either
direction was lost The standard
issues sagged and The closing saw
many stocks around their lowest prices
Of the day. and marked irregularity In
the list One trader called u a de-
Ginning bull market and thought the
tendency was downward. But among
some OF the interests OF the Street a
belief in the specials selling higher was
expressed. The uncertain money mar
ket had its effect, and this, together
with political influences. showed in the
sentiment Of the late trading The
good news from trade and industrial
centres. which was plentiful, had no ap-
probably good effect, and the trend Of
coming movements can only be guessed
when fundamentals are ignored