New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-08
STOCK MARKET REVIEW
Heavy Selling in Steel-Good
Support in Others.

The opening of the stock market yes
terday was not surprising after its ac-
ton and closing on Monday. During the
first hour there was much irregularity,
but the undertone seemed to give some
promise of strength. A great many
traders who were bearish on Monday
covered their shorts and took the other
side for a turn. In some corners there
was talk Of a rally ranging anywhere
from two to three points, but there was
no distinct evidence of marked conf
dence displayed on any more than
trading business. United states Steel
sold off IL to 6412 during the first hour
on 200 shares trading, and this stock
did not come back with any exhibition
was expected to be a leader under any
considerable advance. American Can
was moved up during the morning to
above 40, as compared with oSSs, the
closing price on Monday.
There was some suggestion Of strength
In the Hartman stocks. Sears Roebuck,
Canadian Pacific, Baltimore & Ohio.
American Smelling and Amalgamated
Copper The United States Steel In to-
tai transactions Of 202, 400 shares showed
a net decline Of eighth at the final
closing. 1t was only logical to suppose
that there would be some recovery after
yesterdays decline, but the buying sup
port did not overcome the effect of
heavy liquidation in Steel, though in
other stocks the strength Of the market
began to exhibit itself in the afternoon,
and at the close several issues showed
net advances. In the afternoon the trad
ing of importance began, but transac-
tions up to that time were hardly more
than two-thirds of the volume Of Mon
days trading during the same hours.
On the whole the market was very quiet
and seemed to he in waiting position.
The crop report, which had been dis
cussed to a great extent, still held over
the market and had its effect on trading.
There was a general feeling of more con-
fidence over the outcome Of the railroad
and the coal mine wage questions. and
fear that has been in evidence as TO
the serious outcome in those quarters
was partially allayed by the favor
able impression gaining ground that the
worst is over. Another element which
had an effect on the market was the
city's new "A per cent bond issue, which
made its appearance Yesterday. The re-
ception of this bond issue was one Of the
questions Of the hour, and bankers were
inclined to accept the total bids as in
dicative Of the near future market for
bond issues of other classes.
The governments wheat report was
1871, as compared with SOC on April |,
or practically two points above the adj
vance estimates. The aggregate OF
abandoned wheat acreage was 6.469.OOO.
which was larger than had been ex-
pected, and the indicated yield was &c.
I14,OOO bushels, as compared with last
years harvest of 43O,656,OO0 bushels
This report is more encouraging than
had been expected. On the other hand,
abandoned acreage offset the better con-
dition figures. and the average was not
one to create bearish sentiment in the
wheat market prices. The reports of
London transactions were more hopeful
than on Monday, and considerable buy
ing was in evidence. particularly in Steel
and Amalgamated Copper. The London
market on the average however, was ir-
regular but confident.
There were evidences of pool buying
which might be taken as a good indica-
ton for further advances, but until Steel
has shown a real hardening process In
the market and the support becomes
more general the action of the future
cannot he gagged.