New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-07
STOCK MARKET REVIEW
Good Gains Scored Heavy
Volume of Trading.

Yesterday the stock market IN the
early trading was indefinite in its ac-
ton, as might have been expected.
What Wall Street had predicted had
occurred-the Democrats had been sue
cessful at the polls, Woodrow wilson
had been elected and a Democratic
Congress had been chosen by the
American voters. After it was all over,
however, the real question of the pres
ent markets trend was in doubt in the
minds of Wall Street financial inter
ests and stock market leaders. Moth
ing embarrasses stock market activity
so much as uncertainty, and the Street
for several hours yesterday was very
undecided. Not only was the effect of
this country's political change in de-
bate, but the Turco-Balkan war and
its daily changing reports OF favorable
and unfavorable situations came in for
consideration. Definite opinions on the
outlook Of the stock market from the
important interests of Wall Street were
/ few. 1t required more time to crystal
| lie the mass Of mingled belief and
doubt into a defined influence which
would show the trading tendency of the
stock market. The Supreme Court de-
cision in the anthracite cases, which
may be expected any time, was one OF
the subjects to which traders gave
some attention; so on the whole 1t was
not strange that after rather strong
opening the market sold of. There
was a general turn toward the bear
side in the early trading after the open
ing. The weakness was quite general,
and included both the railroads and the
industrials. Reading appeared to be
the softest Of the railroad issues, but
during the first hour there was a SELL
| ing movement that included most oc
the list. All sorts of predictions were
heard as regards the probable position
Of the market but most of the talk was
little else than the guesswork OF the
rank and file, who are influenced by
the momentary changes Of sentiment
caused by rumors and gossip. After SO
heavy a decline the appearance Of sup
port toward the noon hour caused the
shifty traders to go over to the buying
side, and the market improved. Com
mission houses and many Of the trad
ers continued to express bearish views
and there seemed to be no enthusiasm
In the improvement. But in the after
noon the unexpected happened, and
stocks shot up like rockets, and there
was general advance in the list, rang
ing from / to 8 points. A few stocks
showed fractional gains, but with the
exception Of American Beet Sugar, the
losses were so minor they need not be
considered. II was truly an energetic
bull movement which drove the shorts
to cover, and the gains were so uni
formly large that the movement could
not be attributed TO a buying Of spe-
Gals. Reading, which had exhibited
weakness in the early trading hours,
became aggressively strong, and at the
close had scored en- advance of nearly
points. The volume Of trading was
large, exceeding one million shares, and
the Street turned to the theory that
business was destined to improve re-
CARELESS of political parties. However,
this rise may be the forerunner Of O
vigorous bull movement or it may not
There usually is expected an after
election advance, but such rising mar
kets, which are always striking do not
mean necessarily a continued better
ment. Conditions this year are I'M
usual, and the market may be getting
into shape to make up for some of its
backwardness in keeping pace with
commercial prosperity. IT will bear
watching for a while before accepting
such a conclusion.