New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-04
STOCK MARKET REVIEW
Prices UnsettIed-Support Ex-
hibited on Declines.

stock market yesterday was the de-
cision of the Hartman merger case
handed down by the United States Su-
preme Court on Monday afternoon.
Following the complacency with which
traders accepted the segregation idea
on Monday, there was a re :tion yes
terday which left a nervousness and
uncertainty distinctly reflected In price
movements. Wall Street was puzzled.
On the surface traders thought that
the final effect may prove to be bene-
fetal, but deep In their minds they had
a reserve of an uncertain interpreta-
ton regarding the decision and the
eventual plan Of readjustment which
beclouded optimism and showed the
feeling to be more of q hope than a
belief. AS the day advanced and dis
cussions broadened in an attempt TO
analyze the decision regarding how 1t
would affect other systems, such as the
PENNSYLVANIA, New York Central, New
Haven, Reading and possibly the
United States Steel Corporation, tho
confidence shown at the opening OF
the stock market disappeared. and q
selling movement was begun which az
fected not only Union and Southern
Pacific and United States Steel, but
was apparent throughout tho list, ex-
cept in a few specialties. The liquida-
ton. however, seemed to be a spas
modic effort, as at lower levels support
was given tho market and recoveries
were made in Reading. which at the
close had a gain. while Union Pacific
displayed only fractional loss and
United States Steel was practically
unchanged. Southern Pacific, however,
did not make full recovery, and on the
days transactions lost more than 2
points. Some OF the specialties scored
advances. while others declined. Amer
lean Snuff made a gain Of nearly A
points, while the Texas Company lost
3 points. Wells Fargo Express, on a
sale Of 100 shares, had an advance OF
8 points. while American Can showed
a minus sign Of 2h points. The news
from Europe apparently had little Of
feet in the local market. There was
considerable foreign buying Of Ameri-
can stocks, following a rather heavy
opening in the London market. The
Presidents message to Congress at
tracted slight attention in Wall Street,
and the news Of good railroad earn
ings, encouraging reports Of business
and the reasonable attitude Of the fire.
men and engineers in their demands
on the railroads were seemingly
ignored. Money was a factor, as II
still retained a firm tone. although not
as strong as on Monday. Toward the
close of the afternoon loans were made
at 6 per cent, although the renewal
rate had been 8 per cent, and 919 per
cent was asked in the early afternoon
Foreign exchange was q little stronger
and the banks lost more cash on trans
actions with the Sub-Treasury. An an
nouncement was made Of shipment
Of 100000 in gold to South America,
and among the bankers there was an
evident impression that the Secretary
of the Treasury should offer some re-
lief from the present strain. Just be-
fore the closing Of the market prices
exhibited steady tone, and a buying
,,oyapoepf cot IN The b,Isinesa Of the
day was more active than on any pre-
vious day for some time. The total
number of shares traded in exceeded
$4,000.