New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-10
STOCK MARKET REVIEW
Mixed Sentiment Causes lrregu-
uIarity-FraCtionaI Gains Made.

AS might have been discounted and
probably was by many traders, the mar
ket opened with display of weakness
and moderate activity that indicated
quiet liquidation. Following the line of
historic precedent the majority Of the
bulls had turned bearish, and they
looked on every evidence Of strength in
stocks as serving some purpose Of cover
ing up selling Of other stocks by the pool
interests. Sentiment in a stock market,
however, like the wind, is subject to
change, and toward the end of the first
hour the professionals began to make a
new slate, and the result was that they
had discovered good buying had been
uncovered and that the undertone of the
market was assuming strength, owing to
an accumulation of stocks by infiuen-
tial interests. 1t was figured by the
bulls that the market would soon start
in on an upward move, which would be
both active and show considerably
higher levels for the standard issues.
On the other hand, there was the ele-
ment of skeptiCs who did not sympa-
thize with bull prospects. and who said
they would sell the market on every ad-
vance. There was no aggressive bull
ishness, although the buying quietly
went on, and some stocks were decidedly
firm, with prices ruling fractionally bet
ter. Consolidated Gas and the Anthra-
cite stocks improved. A steady tone in
Pittsburgh Coal carried with it the re-
newed rumor Of a plan to be announced
of paying off the back dividends. The
market continued TO show strength, and
in the early afternoon developed a fol-
lowing on the bull side which exhibited
substantial gains and turned the fol-
lowing of traders from the doubtful to
the favorable side OF the market. The
appearance Of the copper producers re-
port just after noon caused much inter
est, as the break in the London metal
market had rather prepared the market
for report Of a different tone. The re-
that il stimulated a better sentiment.
both in this market and abroad. Lon
don responded with a substantial rally.
which had a good effect on the whole
London market Rumor was current
that much Of the selln~ of copper stocks
in Mondays market was for the account
of some of the Guggenheim family, who
had expected the decline in the London
copper prices and had also looked for a
corresponding depression in copper
stocks. United States Steel, which had
been under some pressure, rallied WELL
and the gossip turned from poor to good
prospects for the coming report. The
appearance Of the governments crop re-
port, which disappointed traders, was a
signal for the bears to attempt a raid,
but the effort at first was a failure, as
the market readily absorbed all offer
ings and displayed good buying support.
tinued TO the close Of the market, leav-
ing its final prices only little above the
lowest figures of the day, but with no
impressive gains, and in some stocks
prices below Mondays closing. Politics
seems to be subject Of no importance
in the market at this time. The crops,
price movements indicating the disposi-
ton Of leading interests and incidental
gossip play the roles of importance, and
the present Presidential candidates are
like the proprietary nostrums that were
once known by advertising, but have
been forgotten, SO far as they influence
market movements. They may come to
the front later, but that is another ques-
ton