New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-28
STOCK MARKET REVIEW
An Irregular Tone, with Sagg'ng
Tendency at Close.

| The opening Of the stock market yes
ferday was noted chiefly for proht TAX
| ing by the professional element Whlch
usually believes in making hay WINE
the sun shines. However, there were
buyers. and stocks appeared to be well
absorbed. and while prices showed some
declines the general undertone looked
strong and some stocks made advances.
Woodwork, which made It's initial bow
| to the Stock Exchange, opened at d'' an
advance Of one point above its last re-
corded sale on the curb, and showed an
| Improvement over it's opening price III
| later trading. Just before noon the bulls
hogan renewed activities and showed an
! aggressive spirit but as the advance
proceeded stocks were supplied INC
| buying had plenty Of ginger and the tohe
/ on the purchasing side looked strong
| The movement was stimulated by
| story that George w. Perkins and Frank
| A Munsey, having tired of their political
game as hackers Of the tempestuous
/ colonel, had come back to Wall Street
land now would find an outlet for their
| energies in taking the bull side or steel
and some Of their former market pets.
! In the early afternoon the market re-
acted. but soon relapsed into dulness'
and the time was devoted to some specu-
Ilstion about the Democratic convention
! and the probable nominee for President
on that ticket. There was at times a
! tendency 10 profit taking, particularly In
Steel, which showed the status OF the
| bull position, though In other issues
| there was strength. Erie. for instance,
became popular with some commission
houses, and Chicago Great Western ad-
vanCed on favorable crop conditions In
the country traversed by the road. The
market displayed dulness, with a sag
ging tendency, in the early afternoon,
and with the exception Of specialties
like Sloss-ShcfTield, which sold up TO
new high for the year, there was no mar
| ket Of Importance. There was irregu-
Ilarity in the late trading of the after
noon. Some stocks sagged, but the tone
on the whole apparently was not dis
Couraging, though prices closed OFF from
! their high Of the day. Norfolk d West
ern was strong and the buying yester-
day, as on the previous day, was cred
tied largely 10 Mr.. FTiclI; the final price
was 1864 high 117as. The news of the
day was more encouraging than other
wise. The crop conditions continued TO
bo favorable so far as affected By the
weather. The European markets, while
irregular, We're not discouraging, and the
reports of the end of the half-year set
Element appeared 10 be favorable.
The Bank OF Englands proportion Of
reserve to liabilities, at 1912 per cent as
exhibited in the weeks return, while
showing a decline of several points since
the last return, is still relatively high
and makes a favorable comparison with
the low ten-year average of 1884 per
cent The banks return as u whole was
very satisfactory, though there are
points which in the system Of banking
usual in the country would not look en-
couraging. The British system, how
ever makes an increase in public de-
posits Of secondary importance. consid-
ering the strength Of the money market
in other directions. There was an in
crease IN private deposits OF f3,500,O00
and the loan item showed an increase OF
100000, resulting from requirements
Of joint stock banks over the half-year
end. The bank rate remains at 3 per
cent and will probably be at that rate
during the remainder Of the season. The
| Bank Of Frances weekly return showed
an increase in gold and silver holdings.