The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-03-04
THE FINANCIAL
TRADE REVIEW
Last Week Marked Change
From Heaviness to Slow
Improvement

market started with apathy and heavi-
ness OF the previous week rather ac-
centuated. but slow improvement fol-
lowed, which gathered considerable
Roadway before the end. The price
swing still was narrow but there was
a betterment of speculative sentiment
to correspond.
issuing from the last winter month
with the dullest record of February
stock exchange transactions since 1897
ne approach OF spring carried hope Of
OF the actual occurrences were de-
pressing In their imports but prices
were urresponsive inc spectators
concluded that stocks must be strong
~ held. The short interest was made
restless by the fact tina dividend de-
auctions on some important specula-
tive stocks fell due on March 1, for
which those holding short contracts
would have to make revision. A mar
ket actuated by such technical con-
s~1derations gives evidence of being al
most entirely in the hands Of a strict
~ professional element.
The tone at the opening Of the week
was influenced by the political devel-
opments at home n abroad. and the
strike prospect in the British coal
trade, and, more remotely. in our own.
The absence of stock market disturb
ance. with the British strike an ac-
tuality left room for some advance in
prices. Confidence in an early settle
ment of h trouble lay at the bot
tom of this movement, since the strike
nj itself threatent Inconvenience to
rnance and business which would UNI
avoidably affect markets generally.
The halt in u own cotton market
carried a hint of one point where it
would affect us and the large dimen-
slons of our present export trade form
an important factor of compensation
for domestic backwardness. Interrupt.
ton of Industrial activity abroad would
necessarily have effect on Export de-
mand TO rcopper and steel products.
AT home some divergence Of condi-
ions as appears in the copper and
steel industries. Reports of ~increas-
ed business for electrical and equip
ment companies indicated that the rise
in copper was not solely due to for
eign demand. The February output
OF the steel mills was very large and
complaints of a shortages were
heard as a result. The passing of the
quarterly dividend on Republic Iron
and Steel preferred officially was en-
planned as due to the desire to con-
serve cash assets under existing con.
oiliohS OF business, tariff uncertainties
and political agitation" but financial
arrangements by other iron and steel
companies to expand capacity was con-
sidered significant Of "a hopeful feel
ing.
More profitable terms for employ-
ment of funds were still found abroad
than at home. in the form which could
be recalled steadily. Preference for
this condition of lending was found
also In the large part of the new is
sues for February which was made
up Of short term notes. Special ex-
PLANTATION of Berlin borrowing here is
found in the discrimination of the i'm
perial bank Of Germany against Dor
rowing for speculation or promotion
and Its insistence on the building up
OF cash deserves by German Joint
stock banks. The British labor posi-
ton also had a tightening effect on
money markets. The New York mon
ey market showed added firmness be.
fore the end Of the week.
The poro returns Of railroad net
earnings for January. the Vanderbilt
system n some of the southern lines
excepted seemed to be regarded as a
past influence for which the stock
market had taken sufficient account
already.