New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-11
REVIEW AND DIGEST
European War Clouds and
Political Uncertainty Hang
Over the Stock Market.

Democratic rule FOR peTIou Ol loui
years from March 4, 1913. No Presi-
dent was ever blessed with so abundant
a heritage of promised good times on
his election day as Governor Wilson.
The country echoes with the sound or
the factory and mill whistles, and the
hum Of the machinery from scores OF
industries far behind in their deliveries
tells the story of prosperity in all parts
of the United States. Crops exceed all
previous records and railroads are
burdened with volume Of traffic go
great that their capacities are being
strained, and the great cry now is for
more freight cars. The people have
spoken: they have chosen their leader,
and on him and his political advisers
must be placed the responsibility OF
preserving the status Of good times.
Not since 1896 has this country known
a Democratic President. and the men,
DRY of the last year or more OF Grover
Clevelands second term occupancy Oh
the White House is not recalled with
pleasant feelings by the business men
Of this nation who were then engaged
in mercantile and industrial pursuits.
Mr.. Cleveland was first elected in 1881,
and in some ways an analogy and con-
trast may be drawn between that pc
Rod and the present. One condition
was entirely different: the year 1854
was a panic year and failures were
general among bankers and brokers.
The Grant & Ward failure, the Willard
failure, the squeeze of Russell Sage, the
suspension of James r. keene, closing
the doors of the Marine National Banh.
and the absconding of John c. Emo 10
Canada were a few of the disturbing
events which occurred in the spring OF
1884 The people were distressed ana
the election Of Grover Cleveland over
the Republican candidate, James u.
Blaine, was the result Of desire Tor
a change. 1t was freely predicted by
the Republicans that Cleveland's cleo
ton would be followed by serious bust
ness and stock market depression, but
except in the early part Of 1885 the
contrary was the result. There was,
however, a good reason. The country
had been so thoroughly liquidated that
4 reaction naturally followed and
period Of prosperity began. The corr
crop of 1884 had been exceptionally
large. and by July, 1885, the railroads
hogan TO feel tie beneficial effects not
only of that crop but Of settlement
Of the rate wars which had existed be-
tween competitive railroad lines. The
retail trade of the country began u
expand. Industries gave signs Of de-
velopment and the stock market entered
on one Of the most remarkable Dull
movements Of its history. Some quo
tations in July, 1885, compared with
November of the same year. will be in
teresting. New York Central in July
was S3I4, in November 1t sold at 1OIh;
PENNSYLVANIA Railroad in July was
G12, in November 1t was quoted at
112A; Chicago & Northwestern in July
was 914, in November 1t reached
115s1; Western Union, from 59h in
July, rose to SIG in November, and all
through the list the gains were on the
same scale.
In the present outlook the point Of
view is different. Prosperity has al
ready arrived, the stock market has
been comparatively bullish, and the in
auguration of Governor Wilson will not
afford any relief from strain and bur-
den Of hard times from which the peo-
pie have been suffering. Whether
eventually this country will or will not
be benefited by downward revision OF
the tariff is not the question Of the
hour. The American business interests
may not yet have so far recovered from
the effect Of some years of strain from
1912 TO allow an agitation Of the ques-
ton to pass unnoticed. Already Mr..
Underwood is reported to have an
nounced emphatically that he Is in
favor Of an immediate revision Of the
tariff TO get the subject out Of the way.
Governor Wilson has come out with an
assuring statement that honest bust
ness need have no fear. There seems
to be q lack of harmony between Gov
ernor Wilson and leading members OF
the party at the start, and though Gov
ernor Wilson's assurance is encourage
ing it does not remove the question Of
an early consideration Of a tariff meas
ure and other disturbing problems
which the Democrats have pledged
themselves to solve. While II may be
that business and the stock market
may ignore the consideration Of the
tariff at a special session, 1t Is hardly
reasonable to suppose that such will
be the case, and until the country is
assured of an easy, rational adjustment
of the matter there will be a nervous
ness In the air which will keep the
market unsettled. In addition to home
worries, the European uncertainty re-
garding the early and peaceful ending
of the Balkan struggle is again
factor. The sanguine reports that were
received fr / abroad up to Friday last
of the probability Of a quick ending Of
the war now appear to have been based
on a wish rather than fact. II Austria