New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-09
REVIEW AND DIGEST
Markets Movements Not I'm
portant - Fundamental
Conditions Good.

that standard issues displayed no ten
dency TO betterment. and many spe-
Gals which had been conspicuously
bullish in former weeks were dull ana
showed fractional declines from day TO
day. Each day during the early part
Of the week politics exercised consider
able influence over stock market senu-
ment. and there was an apparent
timidity shown by traders while await
ing the outcome of the Vermont cleo
ton. Just what character Of danger
was lurking behind this election in the
Green Mountain State could not be de-
fined by the average trader, who ap-
parently was apprehensive of some
thing. but as some excuse is always
necessary. this one was sufficient 70
satisfy the demands OF the period
Notwithstanding the unsatisfactory re-
suits as far as decisive vote had a
bearing, the market proceeded TO for
get elections and attempted TO get
some material from the crop situation
for depressing prices. Another subject
which has been causing traders some
worry IS money. Naturally, with the
demands for commercial accommoda-
lions here increased, money has been
attracted by increasing rates. and
heavy shipments to the interior have
taken place and a shifting Of loans has
resulted. Hardening Of rates has been
almost daily occurrence during the
week, and institutional liquidation has
assisted the bears in their efforts 10
bring about lower prices OF stocks.
On Thursday a reversal OF sentiment
occurred, and there was rise which
included nearly the entire list. It was
the opportune period for the bulls. as
the market appeared 70 he heavily
oversold. The volume Of trading was
small but prices responded TO buying
so readily It was easy to mark up
stocks 10 higher levels and cause the
bears to run to cover. The standard
rails did not continue their higher ten
dency during the remainder OF the
week, and the market settled back into
a speciality field, which showed consid-
cradle gains for several OF the indus
trials and oil stocks which have been
conspicuous in former trading. The
absence Of the public from the present
market leaves II largely professional
one. Just what may be classed as the
public nowadays is a question. Times
change, and the Wall Street following
has also changed. Every ten years, at
most, practically new element come.
into the stock market. The venture
some energetic traders Of the period
in decade become moro conservative
or are wiped off the Wall Street slate.
The days Of the plungers Of the type
Of Gould, Fisk, the late John W. Gates
and others have been succeeded by
operators OF more cautious type.
Transactions are still heavy, but the
methods Of trading are different
There was time when Tammany poll
ticians were noted for some large
speculative movements. and I'm those
days & following was sure 70 come
from the small public and odd lot
friends of those who were on the in
side. The elimination OF certain priv
ileges by reforming the rules of the
New York Stock Exchange al different
1fI
through washed sales and other
manipulative methods Of trading. The
adjustment OF the unlisted depart-
ment on the Stock Exchange also ma
terially assisted In correcting evils
which In the old days were considered
regular part of stock movements.
Such notifications OF liberties in trad
ing, the publicity which has attended
Stock Exchange reforms and the
broader understanding Of the business
and investment public have produced
conditions which are entirely removed
from the past and present new bass
for speculative operations. Just how
much stimulation must be given to in
sure an active interest OF the old and
new generations Of q stock market
public must be answered In the future.
At present the market loses this sup
port, and until the public confidence is
gained an oldtime bull market does
not seem to be probable.
Conditions obtaining in the CONNER
cial and industrial world continue TO
show weekly improvement, and the
factors indicating that general pros
perity Is approaching are in evidence
in every part Of the United States
There are some mixed points which
are still debatable, such as the eco
nomic operation OF railroads which
shall insure meeting the labor demands
and providing earnings sufficient TO
pay all charges, including interest and
dividends requirements, etc But the
railroad returns Of the last two months
in the majority of instances have
been favorable: so, based on sur
face showing, the railroad problem
should gradually work itself into.
state. The steel and
industries are thriving AMI
deliveries are now stipulated In 1913,
with the volume increasing and prices
advancing. So far as business is con-
politicG SboUc No