New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-17
STOCK MARKET REVIEW
Strong Opening, Followed by
IrreguIarity and DuIneSS.

A strong opening, with considerable
activity, caused the traders TO talk
Dull movement" Yesterday morning.
The shorts were driven to cover, and
the way prices responded seemed TO
verify the contention Of some on the
buying side that the market was In an
oversold condition. Great Northern
was the leading medium for the oulls
in scoring an advance, and it's open
ing showed a gain of Is over Mon
days closing. The rise was based on
good crop reports from the Northwest.
Union Pacific, Missouri Pacific, st.
Paul and United States Steel all
opened strong. For probably quar-
ter Of an hour the upward movement
continued, when some selling was met
with and the rise was checked. There
was a strong tone TO the market, how
ever, and buying was sufficient to keep
the upward tendency in state OF su-
perior force, although the sentiment
generally seemed to be bearish, and
there were few in the street who came
out in a very pronounced manner on
the bull side. The ANALYSIS or the
markets position by those who care
fully followed the cause and effects Of
fluctuations was that a good shaking
out had been given and that there was
latent strength in stocks which was
gradually being exposed. National
Biscuit was weak, and the only &C
copied reason assigned was that an
estate had been forced TO liquidate In
which National Biscuit holdings were
large and that for an industrial earn
ing less than 10 per cent its price was
too high One argument favorable to
the bears that was used last week was
the local bank situation, which threat
ened higher money. This week, how
ever, the banking position is strong
and the money scare is not in evidence.
The spring wheat condition is also
moro favorable, according to reports,
so the bears could find no just material
in the early trading for making new.
bear skins. During the second hour
and around noontime the regular
daily dull period was in session. The
bulls started rumors Of some indefln-
able favorable news that was in pros
pect and the bears contended that
prices had reached their high for the
present. They contended that Con-
solidated Gas had been checked above
14J, at which price It was a sale. Ru
mors were waited plentifully, and
American Malt came into the limelight
with the statement that this stock
would be placed on a 6 per cent basis
this fall Sentiment was inclined to
firmness IN most stocks In the early
afternoon trading, but the volume was
light, and prices shaded a little from
their high points of the day. Follow
ing q report that all members OF the
Stanley committee were In favor Of
dlssolving the Steel Corporation a SELL
began, but the supporters OF the mar
ket responded on the decline and prices
held comparatively well. Pennsyl-
vanla developed activity, and that
stock was offered in liberal blocks, but
there were buyers as well as sellers, so
its recession was not consequential,
and conservative traders were inclined
to bullishness. After a period of
drowsiness the market in tho late
period Of the days session suddenly
awakened and bullish activity was be-
gun. The hot day and the dull midday
had sent customers from brokerage
houses, so there was very narrow trad
Ing. Southern Railway stocks dis
played al inclination to strength and
United States Realty was one of the
strong specials. There was no news Of
a specially discouraging nature from
the crop districts, but labor items con-
tanned references TO some difficulties
among textile workers and q scarcity
Of steel workers. The foreign news
was mixed In its effect. Consols were
again down, and the low price Of the
year was recorded. Copper shares
were strong and American securities
showed improvement. Money was
easier in London.