The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-10-31
NOD NEWS HITS
STOCK MARKET
0rs or REAsoNs FOR ADVANCE,
nrT DECLINE FOLLOWS. ruz-
King TRADERS.
WAR MUST END SOON
INTERNATIONAL BANKERS WON'T
FINANCE TT-HARDLf IN
sHEkMAN'S PLACE. WALL
STREET HEARS.
WAR MUST END soon
h THOMAS G. sHoTwEIn.

NEW YORK. Oct S0.--Stocks
&opened today with advances of from
III 10 points They held this ad-
EFnnce for about an hour and then
MeAne heavy sales ny local operators.
THE result was a sharp break that
eNeta biished new low prices in most
&Nf Inc active issues. In the last hour
another sharp rally brought nearly
al the active stocks above the close
&of the previous day.
The volume of trading was larger
s4h1n on the previous day. Tho Lon
Sdon settlement is ended and London
o. cheerful and higher today IN all
But the settlement in
Paris begins Friday and great deal
Nof todays selling was traced to houses
that might be interested in the
French settlement. although the SELL
ing was not for foreign account.
Continued downward movement OF
@the market is beginning to worry
snoyne of those who have been conf
dent OF speedy recovery. This is
Rparsicuiarly so since so much local
sasiiing has taken place. The big peo-
Nple have boldly protested that they
were not afraid of the politicians.
s Tc6ay's selling, however. seems 40
have more Of political faver than
IN foreign one. From stock mar
#kef po.nt of view the foreign s.tua-
Estion is distinctly improved and Lon
Fdon's action is evidence along this
s1Ine. The Balkan armies are re-
lsporfed short of rations and that
means that a call must be made soon
tor more money.
War Must End soon.
The International bankers having
agreed not to finance the war. the
mi
S4pre. causes for further declines in
the market must be looked for on
this side of the Atlantic.
One technical cause will naturally
- the great volume OF European
Setocks that have had to be taken at
nm extent that in consideration OF the
Epf the crop movement. This. now
Etyer. should mean nothing more than
IN added strain on the money mar
net and that will all disappear in two
E1nonths. The European selling has in
efeased the fissat%ng supply of stocks
and made il possible for the bear
party 10 make short sales easily. Be-
aides. there were many pools built up
tn the industrial stocks that have
s3een weakened by. the decline to such
N extent that In c6nsiderat. on of the
selection uncertainty II has been DEEM
SNd wise TO ghten these loads.
M Wall Street il completely bewtlder-
IA over the election outlook. NOW
that the contest Is about at an end
much doubt is expressed as to tho
s&ffert OF the election OF the various
candidates. Just before the close
the death of Vice President sherman
SSras reported and it was said that
SHovernor Hadley, of Missouri, mad
xreed to take his place as the vice
Sal
acry that such an arrangement would
Arrow many of the Progressive votes
aver TO the regular Republican ticket,
n distinctly cheerful tone was In
5ected into the market.
Too Much Good News.
About the only trouble with the
'NtDck market seer ms TO be that there
IN too much good news. For every
reason that can be put forth for the
sdecIfne OF stocks. half dozen can
ne marshaled in support OF an ad-
vance that does not come. The fact
that this good news IA -ls>-to have any
seffect. IN leading professionals to be-
z1leue that there Is something in the
minds of the big men that they do
not Notwithstanding that Ia caus-
ing them to liquidate quietly. while
baking of purchases. Basic improve
|snent. however, such as Is now in
srroeress will overw;helm even big peo-
ME IL they uphold II. and II la not
siIFeIy that the leaders Of high finance
are trying to fool the public now.
when they have SO many reasons for
wanting the public to participate In
s1hatever advance they may see in
the next year.
ri Among other cheerful reports was
sxne that the steel corporation Is taxi
any, on new business at the rate OF
IN. 900 tons A day This In In excess
~ its capacity. The corporation ex-
suects To show increase of at least a.
s60u 900 tons in the coming quarter
The corporation will enter the new
seear with at least so per cent OF It's
stotal capacity on the books. The in
sdependent companies are demanding
and receiving as much as So ton
Dremfum for Immediate delivery.
Record earnings are being reported
~ railroads. particularly in gross.
The Illinois Central. made record
for August and September and an Of
Sflcer said today that the October
earnings would show a gain of at
least 100000 and establish new
record for October The Northern
pacific showed today that for Sep
Member IL earned s7sS,456 more than
On the previous September. Canadian
'1,actfic showed 81 gain for the month
or s1.s30.64s or IS per cent gross out
~ which il saved an increase of 8
per cent net. Missouri Pac!fc show
"a net increase 20 per cent and
Heading reports are at record hg-
smres, an Increase of s574.ssss 'r~~'-