New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-07
STOCK MARKET REVIEW
Day of IrreguIarity, with Spe'
CiaitieS the Features.


brave start yesterday. there were Re"
of the so-called standard shares 'haI
scored much progress. and practlcah!
all the recognized leaders seemed 10 De
under the influence of realizing safes
for most of the session, as has so ire
quentIy occurred in recent months
The bullish interests found the llst OF
specials inviting. and, though even
with them there was irregularity, the
sharp advances that were made helped
the general price average CONSIDERABLY
The Tobacco group was particularly
prominent. American Tobacco, the
chief, leading with a gain of points
though Liggett & Meyers and L. Lorii-
lard advanced almost as much ana
American Snuff made an early showing
Of strength on the curb United Cigar
Stores crossed par for the first time
and British American Tobacco was
strong II is thought significant by
some traders that the return of the for
mer head of the tobacco trust as the
should be signalized by furious rise
in this group. particularly American
Tobacco, which recently, according to
widespread rumors, had been unloaded
might make another attack and be-
cause Mr.. Duke was coming over to
organize a new company. The action
OF the market yesterday suggested
anything rather than recent unloading
Of Tobacco by insiders.
Oil stocks were also conspicuous
yesterday but while Mexican Petro-
leum, the star performer Of recent
days, advanced still further early In
the session, there was a good deal OF
selling by those who thought the rise
had pretty we'll discounted 8 per cent
dividend.
The management has never been
overgenerous either with dividends or
with information for their stockhold-
ers. but doubtless the Oil business at
present prices includes q good deal OF
profit.
Some pools In the cheaper indus
trials became quite active. American
Cotton OIL. which has enjoyed inter-
mittent dull periods ever since Its
prospective dividend was discontinued,
again became active, helping Virginia
Carolina Chemical to recover somewhat
e. Of al
The Loose Wiles supporters were busy.
and the Central Leather contingent
forced the preferred to par and the
common we'll above its previous high
given as the reason for this latter
move. and Il IL said that the current
quarter will be even more satisfactory
than that just ended. Sears Roebuck,
bulled by Chicago, again reached g.
new high record price. Missouri Pa
cific rose further. helped ostensibly by
the Iron Mountain statement for July
which showed gain OF 25 per cent
gross and 70 per cent net. That the
Southwestern roads have passed their
lean period seemed also evinced by the
July report Of the Missouri. Kansas Il
Texas system, which gained per cent
gross and nearly 100 per cent net.
Western Pacific gained 20 and 81 per
cent respectively; Chesapeake & Ohio
gained per cent gross, but lost 10 per
cent net: Ontario & Western gained .
per cent gross and "a per cent net.
Illinois Central, however. proved the
disappointing exception to the rule OF
good earnings comparisons established
by the larger systems.
The failure of the leaders to make
further Roadway caused bearish senti-
ment TO become general toward the
close Of the session. Traders were
guessing whether London's reported
buying meant merely shifting Of more
securities to the other side. They were
also concerned over to-day's bank
statement, which Is expected TO reflect
not only the interior demand for
rnonay, but also the rather liberal use
this week Of balances held for the ec-
count Of out of-town banks In the cali
loan market. Rates were practically
unchanged yesterday. Sterling ex-
change observed a declining tendency.
The public Is doing little; even the i'm
iportsnt copper statement grain crop
report and favorable steel tonnage
q .,,r.. NAV mt create much inferest