The Birmingham age-herald., 1912-11-10
MARKET JUMPS UP AS WILSON MAKES ! FIRST STATEMENT. Extra Session Talk Now the Only Disquieting Feature on Horizon TARIFF DOCTORING ;
 WILL CAUSE SCARE General Opinion, However, Is That Nothing Short of a Club Can
 Stop Practical Improvement
 in Business
By W. G. NICHOLAS

By W. G. NICHOLAS
 New York, November 9.-(Special )-The market jumped right up through the roof after President-elect Wilson gave earnest assurances that men who are conducting business honestly would have nothing to fear from the administration. The street Was throwing boquets at itself in ap- propriating the honesty description but t did so in all seriousness. To the minds Of the cynics that is what makes it so funny
 However, let that pass and consider the application of the electdon results to im- mediate business, as represented by the quotations on the tape. The market paused for two or three hours on Wednes- day but when Mir. Wilson hastened to give sacred assurances that he would not run amuck and that such medicine as he would have to administer would be sugar coated and the remedies applied gradually so as not to hurt. then a change in sem timent was almost instantaneous. In less than an hour the speculative stocks jumped to points and during the days session more than 100000 shares were traded in. The demonstration revealed the fact that the market had been heavily oversold by strong bearish contingent imbued with the idea that the election of MT. Wilson would be followed by an aw- ful smash in prices.
 London was quicker to appreciate the election results as bullish than was the home talent. although a majority of the really important people in the financial district had long since made up their minds to accept Wilson as a safe man not the best man in the world for their purposes, perhaps. but not wholly unde- sirable, being built on conservative lines and by education and training not given to going off half cooked.
 Special Session Disconcerting
 The sudden and earnest agitation for a special session of Congress to take up tar fir revision and get through with it is very disconcertlng feature, however. Leading men in Wall street believed they had it "straight that Mir Wilson would not call special session of Congress but would postponse tariff action auntii the regular meeting of the next Con gress 1s months hence. Acting on that theory they. passed the word along softly and aconfdentially that Wilson was s''all riglit," and that they were for him be- ca,.se there would be nothing fash per mitted to transpre
 Tn vain, it was pointed out that the can didate had been very careful not to com init himself on the special session issue and that the insiders who thought they knew his plans might be mistaken. They were very confident, however, and there the matter stood. The street had the '.hunch" that there would be nothing do- ing on tariff for another year and acted accordingly. They advised their friends to vote for Wilson and were cock sure they were right in their tip. Their inside information" was of exactly the right sort to inspire confidence
 Now they are not so certain. The n- sistency of Congressman Underwood and others to have a special session and get through with the tariff revising at the earliest possible moment. is evidently in- tended to impress the President-elect witt the urgency and desirability of early tariff action in order that the country may know exactly where 1t stands and be spared the in1iction and worry of protracted delay and uncertainty The issuse has two slices to it and it Is by no means certain that a special session will not be called, It is sure thing that nobody has been authorized to represent Mir. Wilson's plans. or programmes. He has made it plain that he would do his own talking wher questions of that kind were up. He has distinctly stated that he would act on his own voltion when the time arrived for doing things. It is extremely unlikely that he contided in publicity agencies, either confidential or otherwise endowed. as to what ne would do or would not do under certain contingencies. It is en- tirely foreign to the Wilson nature and to his record for him to enter into star chamber "understandings with tine se- cret emssaries of Wall street or any ether selfishly inspired element. There is excellent reason for believing that MT Wilson at the present moment has an open mind as to the special session question, and that he is at the present writing entirely uncommitted Intimate friends who might have fairly good idea as to his Jennings were talking special session down to few weeks ago. They suddenly ceased talking about it. Upon that fact may have been grounded the theory of postponement of Congrths dis- oussion until December. 1913. If such is the case, the reed that the high protec- ionists are leaning on is weak.
 Street Not Impassive
 Wall street is not as impressive as it would appear on the surface with regard to attacks on the stock exchange and it's metf ods. The phrase stock exchange" eomprehends also the banking interests identified herewith Wall street and stock exchange methods are responsible for