New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-17
STOCK MARKET REVIEW
Liquidation and Bear Raids
Send Prices Down.

The stock market yesterday refected
shadow Of heaViness which can prob
ably be attributed to more than one rea-
son. Primarily. however, there was IN
evidence liquidation or proht-taklng'
combined with short selling. ana this
condition alone would be sufficient to
cause a depression in prices.
on the Stock Exchange no matter
whether prices go up or go down, there
ere always reasons given, and one 81 the
reasons that seemed TO be available yes
terday was the OHIO political situation.
Just why the political gloom should
overcast the market sufficiently to cause
bullishness TO disappear it is diffcult to
understand. unless. in the words or
Longfellow's Rainy Day" The day
was cold and dark and dreary," which
possibly had depressing effect on the
enthusiasm Of the traders, causing the
shadows of apprehension to lengthen ana
optimism to fade.
As weakness developed. contrary TO
their method displayed on Wednesday,
the bears took advantage Of the oppor-
tunity and raids We're in evidence.
American Can, Lehigh Valley and even
Canadian Pacific could not stand the
pressure and instead of showing plus
marks at the close there were the tell
tale minus signs which denote reaction
and possibly signs Of further advances
The subway agreement, which has ap-
parentlv wiped out all controversy over
the question of division between the
Brooklyn Rapid Transit and the Inter
borough. was responsible for strength In
Il. r. T. and InterborouEh preferred. but
in the face of such general declines 1t
was difficult to show much advancement
even in issues 50 favorably cleared for
action.
Amalgamatcd Copper held its own and
sold at the close L point higher than the
previous day. There was one fact quite
strongly emphasized. and that is that
when the notion strikes those who are
largely responsible for an upward move
mcnt they can find plenty Of stocks TO
sell. Irrespective Of what the general de-
preston may he or that the market &
short of actual stocks. Yesterday. ut
least stocks were plentiful, when last
week they were difficult TO purchase
Money conditions have not changed
materially and rates are easy, so it Is
not probable that the money question
had any effect on the market. Trading
on foreign account was irregular There
was some early buying, and later con-
siderable selling.
1t may have been that the weakness Of
the grain market, which resulted in
heavy liquidation of long lines Of wheat,
was responsible to a degree for the mar
kets action during the afternoon, when
there seemed to be a cessation Of selling
and some recovery in stocks Viewing
the general character of news from
trading circles, nothing can he extracted
which should cause a change i'm the gem
eral feeling Of improvement which has
prevailed for some time. The foreign
news did not indicate any unfaVora6le
conditions The money market seemed
10 be promising. as the Bank of England
reported a heavy gain in gold which
placed its holdings in excess over the
usual reserve at this time of year of any
period since 1896. 50 the only thing left
10 do after going over the whole range
of c'rcumstantial incidents which could
he brought into use as an excuse for the
markets decline is L. accept the traders
usual reason that the market WAS due
TO have d reaction.