The sun., 1912-07-04
FINANCIAL NEWS
AND COMMENT
\ Raid on the Market That
Did Not Bring Out
Any Stock.
PRICE CHANGES 1RREGC LAR
Great Northern and Northern
Pacific Strong on the Brill
liant Crop Prospect.
PRlCECHANGES lRREGCLAR r

4 general advance in the ma rket for
stocks Yesterday was interrupted toward
the close Of the first hour OF the session OF
the Stock Exchange by a selling movement
SO violently conducted and so soon ended
as 10 strongly suggest manipulated
efforts for the purpose OF shaking out
speculative holdings or for some Interior
end that could only I've guessed at.
Liquidation dives not usually assume the
form described. and the curbstone 'es-
plantations" of the selling. which varied
from r,imors Of the death Of prominent
fnancier to a mysterious announcement
that there was "tronble" in the Treasury
Department. were too absurd to notice.
II may be said. however. that the sole
basis for the last named story was that
an Assistant Secretary Of the Treasury
had offered his resignation because. as
explained by him in long published let
ter. he was unable to get along" with his
chief 4 story heard as frequently as
any referred To supposed sudden de-
velopment Of disappointment over the
Presidential nomination made at Balti
more on the part Of a certain speculator.
although one in no way eminent in his
line. who, 1t was said, declared the coun-
try was in dan ger and sold out his stocks.
The particular selling OF United States
Steel stock might have been connected in
some way with the possibility that the re-
por. of untitled orders Of the Steel Corpora
tion for the month OF June..due in Il few
days will show a small decrease as COM
pared with the May statement because.
perhaps. Of the enormous deliveries Of
the great iron and steel producing con-
Germs that have been accomplished in the
last thirty days. The strong chances
were. however. that the selling Of stocks
that was witnessed was in the nature of
raid upon the market pure and simple
and prices responded to the test admirably.
Just as they have done on innumerable
occasions throughout the long period OF
dulness that set in toward the latter part Of
April. Some Of the leading stocks de-
clined point or more from the high prices
touched in the early trading. and upon
this decline. which lasted about an hour
in point OF time, the volume Of transac-
tions enlarged very considerably. When
the pressure upon the market ceased
prices recovered to Tuesdays closing
figures upon the purchase of an amount
~ o'"cN VET! '""N" 'ee9 Viz" ''"' ""'cu
was previously poured OUT IN oroer 10
Set values down.
irohabiy TINS result was because the
majority of sensible people IN the financial
district were strongly inclined to the
opinion that SO far from there being any
good reasons for selling stock under
existing circumstances the sound in
dlcations polnte1 TO the buyin. side of
IN" market. mere were again over
nieht heavy rams not oh'y over western
,inaoa put over minnesota ana the
Dakotas as we'll. the ram oeit also stretch
ing good ways down INTO Iowa. The
wheat options were all weak with the
exception OF 'hat lot Jury "nich mas
But the greatest weakness IN the grain
market was SHOWN IN corn IN which there
was decline OF TO l.! cents bushel
IN the deliveries TOR the various months;
and IL may b, said regarding tn crop
situation generally that at NJ time this
year has there been such a food o. ad-
wees received in the financial district from
responsible people in tn" West ~ to the
bright crop outlook than l. now presented,
1t was. therefore. entirely eSplicable
that while spectators for the fall were
vigorously hammering the eel stocks.
Reading and other favorite objects of
attack Yesterday, steady rise was going
on in the Great Northern and Northern
Pacific shares. In the afternoon the
advance IN these stocks became more
pronounced ana both closed A. the days
highest level. The local traction stocks
continued to display hrmness and notable
strength was shown by Consolidated