New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-10-02
STOCK MARKET REVIEW
Disturbed Foreign Situation
Affects Prices.

The arrival of the Kronprinzessin
Cecilie was of unusual importance, as
on board as share of her cargo was
part of the gold engaged in London for
shipment to this market, consisting OF
100000 in gold bars. II was also an
nounced that on board Of the Lusitania,
due to arrive on Friday, is another
shipment amounting to S1.75O,OOO. But
the stock market was indisposed, and
failed to come out strong and active in
the early trading, as on Monday and
during last week. The sentiment as
cabled from London was not stimu-
lating, as there was general depres-
sion in all departments Of the London
stock market, due to the Balkan war
clouds, and American stocks sold OF
along with the lower prices in foreign
securities. The opening of The New
York stock market was irregular, and
the first hour the defined action of the
market was not discernible. While
stocks sold off there were recoveries.
and supporters were hopeful of an I'M
provement as trading developed. There
was no attempt to display aggressive
bullishness, however, so after the first
hour the market became dull and
featureless. The money market APP
peared to be fairly easy and loans on
call were renewed at 612 per cert,
though afterward the rate advanced to
! 7 per cent, but this fact did not cause
any showing of nervousness on the
part Of operators and the Street gen
orally. The prevailing spirit appeared
TO be bullish, but the lack OF enthusi-
asm left prices In midchannel. The
bears were selling with considerable
energy, while the undertone developed
strength with the easy absorption OF
offerings, and kept prices during later
trading from reaching pronounced
weakness United States Steel and
Reading were the features Of the day.
AS during the few previous days,
United States Steel was the most &C
tive, and was made the chief target by
the bears in their efforts 20 lower
prices Although Reading was heavily
sold, its strength was not only suf-
| fcient to prevent a recession, but at
the close 1t displayed a gain over Mon
days final quotations. Considering the
market as a whole, It's action yesterday
was encouraging to the bull side. The
record at the close showed irregularity.
which could scarcely be construed TO
signify a weak tendency. Some stocks
were individually quite strong. Chesa-
peake & Ohio, which recently began to
show an upward inclination. was one OF
these favorable exceptions even during
the early transactions, when the mar
ket appeared to be losing ground, and
its strength continued throughout the
session. Some Of the specials were not
| Influenced by the liberal selling OF
leading standards; they also rose while
most Of the market sagged. The re-
ports from the iron and steel trade
were, as usual, more favorable, and
new high prices were announced. The
statement of August earnings by the
| New Haven, showing a gain In both
gross and net, with the Pennsylvania
also reporting an August increase In
gross and net earnings, were helpful to
the general confidence Of Wall Street
in the financial betterment OF the rail-
roads New York Central, while re-
porting a gain in gross. showed loss
In net earnings. Except for the appre-
hension abroad caused by the Balkan
trouble, and the uncertainty as TO
what effect war will have on Ameri-
can securities and finances. the outlook
here is promising.