New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-11
STOCK MARKET REVIEW
A Day of Bear Attacks, with
Lower CLOSING Prices.

Yesterday the market opened with the
opposing forces facing a debatable pros
pect. The bulls were confident of their
position and the bears questioned the
buying strength behind prices, and soon
after the opening the battle began. The
attack by those in opposition to the ten
dency to higher levels was in the form OF
a raid, but It seems to be Ill timed, as no
CONSERVATION was caused by the selling
movement and all the offerings ap-
peared to be easily absorbed, and the re-
suit was a returning Of the firing line,
and the bulls were left in control Of the
situation. The market sank into state
Of inactivity during the second hours
trading and prices remained in statu
quo. The bulls made no attempt to push
the market up and the bears were afraid
Of making further attempts to break II,
as the support appeared to be strong and
the buying indicated that securities were
in influential hands. The anthracite
coalers showed to the best advantage,
and their strength was accepted as an
evidence of powerful interests being on
the buying side. A regular midsummer
dulness settled over the market around
the noon hour and everybody seemed to
be satisfied to keep quiet. There did not
appear to be the slightest inclination on
the part Of traders to start any activity,
yet the complaint was general that there
was no market. When the Steel Cor
poration's tonnage figures became known
the bears made an attempt to sell the
market, but their efforts met with pro-
nounced failure, and to all appearances
they retired from the line Of attack con-
WINGED that for the time being, at least,
the support was too effective. Pullman,
Norfolk & Western and the Texas Com
pany showed special strength, but up TO
the early afternoon the market presented
only firmness, with fractional advances
as an average in gains recorded. The
market continued TO drag until the late
afternoon, when the bears made their
final attack of the day and found the de-
fence weak. Prices went off easily, and
the buying support, which had been in
evidence during the earlier trading, was
lacking, and there was a general decline
started rumors were current that Union
Pacific was the vulnerable point of at
tack but Reading showed a greater eff
feet Of the selling than Union Pacific.
The political outlook entered into the
market gossip yesterday, being used by
the bears TO keep the downward move
ment in operation. In the successful
raid in the late trading the inside in
formation" was given out freely that big
interests had suddenly become appre
hensive Of the political situation, and
that its importance was more significant
than crops or business. The closing
found the selling movement in full
swing, and only slight efforts to sustain
the market could be discerned. The
news Of the day, aside from the Steel
tonnage report, was Of an encouraging
sort. Crops generally were promising,
owing TO weather conditions, and bust
ness reports continued TO show increas-
ing CON. .crcial progress. The London
market was irregular, and in the closing
exhibited a tendency TO declines, owing
to no support. 1t was settlement day,
and the speculative position prooented
reduction from the last prior settlement
day, and the loaning rate on American
shares eased off Consols were practi-
cally unchanged, and continued gold
Withdrawals and reports Of new capital
issues made an unfavorable impression.