New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-11
STOCK MARKET REVIEW
Early Selling, Followed by
Sharp ReCOverieS.

Yesterdays stock market proved that
lit is a long lane that has no turn.
The continued liquidation for the last
several days appeared TO have reached
its point Of exhaustion, and a filling-in
process began in the form Of some ac-
tivity on the buying side. The big de-
clines which leading standard issues
had shown and the selling which had
been extended to practically all the
stocks on the list caused traders to
hesitate before putting out new short
lines and TO begin covering their shorts
at the lower levels, which offered them
good profits. The opening Of the mar
ket was slightly lower than Monday
close, but it became evident that there
was a disposition to support prices on
the decline. and this resulted in the
beginning Of recovery, which extended
throughout the day. While the market
was very active and the volume OF
trade during the first hour was eXcep-
tionally large, price movements did not
exhibit a runaway tendency toward
high points. The advance was met by
a supply Of stocks destined to keep the
upward movement within a gradual
range Of development. United States
Steel, Union Pacific and other leading
rails assumed leads In the recovery
and they were quite easy on comol-
nation of short covering and some good
buying. Among the commission
houses it was reported that some out
of-town buying orders had been sent
in, which, in the minds of some, indi-
Gated that the public believed stocks to
be cheap around Mondays low prices.
In the natural distribution Of the news
of the day which might have bear
ing on the stock market nothing de-
Veloped which presented any eXcep-
tionally favorable influence. The
money trust investigation was still In
the air, European war continued TO
cast a restriction over European bourses
and the final settlement OF the Harri-
man segregation details was yet un-
announced. Such an exhibition of
liquidation and sensational selling wit
messed since week ago in this market
could not continpe indefinitely during
period Of business prosperity like the
present without awakening investment
buyers from their spell OF apathy II
was only natural that a change should
result. but it is somewhat question
able how much strength lies behind
the turn for the better The situation
abroad has not been clarified, and the
Continent was selling stocks yester-
day. London was buyer Of rails, but
sent over selling orders in the indus
trial list. Technically the advance is
view of the action of the market re-
Gently and the fact that favorable local
conditions were ignored it's future must
be considered in the light Of specula-
been established. Trading totailed
around a million shares for the day.
Can money was easy and renewal
rates were made at 5la per cent; other
loans were made at even lower rates
1t was taken as IA good indication or
the money reserve here that New York
bankers could loan S2J,OOO,UO TO Aus
tria on satisfactory terms. The report
Of the United States Steel Corporation
showed an increase Of 25S,j02 tons in
untitled orders on November 80 and
the years gain In tonnage was most
favorable.