New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-13
STOCK MARKET REVIEW
Declines and General Weakness
-ReCOverieS at Close.

The opening OF the New York Stock
Exchange yesterday was q Formally
which might have been dispensed with,
so far as the manifested interest in
the market was concerned. Dull ana
uninteresting trading filed In the open
ing time, and when q little afterward
an attempt was made To put some
stocks on the list TO higher levels an
abundant supply Of offerings met all
bids. so the result was reaction instead
of an advance II started out as
bears DAY. and the losing Of cash by
the banks to the Sub-Treasury having
reached a figure IN excess Of So.Vv,oo"
since Friday of last week caused UNI
favorable comment and afforded ma
terial for bearish manipulation. Inc
item of loans in the Street was one
which caused hesitation, as it was esti-
mated that on Wednesday more than
S25,000.000 loans had been called
which fact did not encourage iresh
commitments. United states steel was
down: Reading met with selling ana
declined. and Lehigh Valley was heaN!'
Among the specials. May Department
Stores showed strength, and advanced
10 a point of recovery which placed II
up with it's highest previous record
Some further attempts at realizing
caused Sears R0ebuck 10 decline, and
the stock was quite heavy. The an
nouncement of the appointment OF re-
ceivers for the United States Motor
Company had little effect on the mar
ket. as such action was generally eX-
pected international Harvester was
one of the strongest stocks on the list
but marking this issue up did not prove
TO be very convincing, as its bullish
tone suggested a method Of trying to
hold up interest while liquidation in
other stocks was going on. The trend
was decidedly downward, and the
Street was willing to admit the exist
ence Of discouraging money conditions
toward any market support. 1t is true
that bankers do not look for real
money scare. Their attitude toward
market speculation at present if not
favorable and by following con-
servative course they expect 10 avert
any extraordinary stringency. II must
be admitted that the New York banks
do not exhibit q free supply Of funds,
as they have not encouraged offerings
OF country commercial paper, even at
attractive rates, and the demands Oh
them have resulted In losses of cash,
which necessarily made the calling Of
loans imperative.
In the stock market, as a whole,
lower prices of securities were freely
predicted yesterday, but some com
mission houses were advising their GUS
toners TO purchase such issues as were
self-carrying, on reactions. All selling
orders were carefully watched by trad
ers, and the selling OF Union Pacific
was looked upon az the result Of forced
Liquidation. and only added to the
gloom which bearish traders generated
in large quantities. The day was not
propitious for trading. 1t was The FIRST
Of the Jewish holidays. and this in
itself distracted considerable impor-
tant trading interest from the Street.
And yesterday preceded to-day, which
is Friday, the 18th, also Jewish holi-
day. This handicap, together with stiff
call money rates, was too much for any
thirteen club and carried Il rabbit
foot. Some consolation was offered by
the Bank of England return, which
was the most favorable for some time.
and reflected an easy money tone In
the London market for the present.
Reports, however, indicated that tho
London bankers are discouraging stock
speculation. Several OF the commits
sion houses were inclined 10 advise
their customers that no real bullish ac-
tivity would be experienced by the
were confident the market would have
generally bullish tendency after the
present readjustment of loans had
passed Talk Of gold imports within
the next two weeks gave hope to those
in favor Of higher prices that the mar
ket would show a quick recovery after
some further selling. Toward the close
OF the afternoon trading the market
turned bullish, az call money was
easier. and recoveries were made,
helped by short covering. and became
general. The final quotations dis