New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-30
REVIEW AND DIGEST
Holiday Influence in Stock
Misunderstanding of Slight
Importance - Foreign
Situation Unsettled.


Last week contributed little TO the
former fundamental or speculative
position Of the security markets
Transactions on the New York Stock
Exchange were of slight importance
upon which to base an estimate OF the
vitality of the stock market or the
trend Of prices. The week was q snort
one, as Wednesday was Christmas. and
II for no other reason. prior to and I'M
mediately following that day Interest
in stock market transactions must have
been distracted. This was evidenced by
the total volume Of business on Thurs
day. which did not reach the 1oo'VVo
share total. The week as "hoie
represented a negligible tendency OH
the part Of traders and displayed the
professional character which was re-
sponsible for practically all the ac-
tivity shown in a few issues, WHICH
represented the volume of trading. Inc
snecialties were the features, particu-
larlv the fractions and advances were
recorded IN Brooklyn Rapid transit
Interborough and Third Avenue. one
of the factors in the rise OF broohiSh
Rand Transit was the fact that final
Armament was reached as regards the
details of financing and the operation
OF the new rapid transit lines In greater
New York. This and other accumulated
information regarding the traction
situation was used to good advantage
by the pool interests In these Issues tne
leaders Of which for some time nave
been making preparation for an ao-
vance movement. 1t was not a olt-
ficult task 10 create bull sentiment IN
fractions, as while many traders are
bearish, the lack Of a concerted seIiliis
movement and generally limited trad
ing allowed any aggressive action Tor
an upward turn in specials to meet
with little opposition. 1t must Dc al
mitted that the appearance or the STOCK
market az a whole indicates a favorable
ratber than non-favorable condition, II
local conditions alone be considered.
The heavy liquidation In the weeks
prior TO last week, and the general re
action toward a more settled degree OF
sentiment following the extreme agi-
tation caused by the attacks on the
New York Stock Exchanges methoos
have shown q tendency to STEADY the
tone and TO bring about more intelll-
gent view of the question in the minds
of the public. Any reforms which may
result from this investigation In the
end will restore public confidence. as
the New York Stock Exchange is a ma
tional institution benefiting the whole
country, and Is not, as some persons
maintain, conducted in the exclusive
interests of Wall Street brokers and
bankers.
Among the institutions in the flnan-
cial district the Christmas remem-
brances to employees were very liberal.
whole there has been shown sufficient
Improvement TO allow a generally
cheerful spirit TO prevail during the
holiday period. One of the surprises Of
character was the announcement Of a
voluntary increase in wages by the
United States Steel Corporation. This
is probably the greatest Of corporate
Christmas disbursements which have
been made public. Another benehcent
move was made by the National City
Bank, which adopted a pension plan
for its employees.
Various railroads making their re-
ports during the week Of earnings for
the month of November have shown
net earnings Business in the various
lines of trade and industry has been
especially good the last week. some
lines showing the heaviest volume of
any holiday trade in the history Of the
country. The local money situation
has not been favorable TO speculative
movements In the stock market, but
for purposes Of commercial advance
ment throughout the country money
has preserved a reasonable trend and
has been in ample supply. Altogether
the fundamental conditions in the
| United States seem 10 be very favor
| able. Abroad the situation is still in
doubt. The political outlook on the
Continent. while apparently improving,
continues to present some disquieting
! features. The Balkan delegates who
have been in London endeavoring to
reach some satisfactory peace terms
seem TO be no nearer definite results
than they were at the beginning Of
last week. The financial situation in
Europe as indicated by the banking
conditions yet Is under pressure, and
probably will not be improved mate
rally until the war cloud has passed.
So long as this element Of possible
disturbance is In evidence its effect
must be felt in this country and have
lao DO