The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-05-20
REVIEW Of WEEKS
FINANCIAL D0|NGS
The Row ON Between Presi-
dental Candidates
Has Effect.

New York, May 20.-The action Of
the market for stocks last week made
it evident that control had been re-
Taxed by the organization which has
stood in support of the stability of
prices during the recent speculative
campaign. The always watchful pro-
fessional trading element, through it's
constant testing operations. demon
strated that protective measures had
been Withdrawn from the market leav-
ing it vulnerable to bear attack and
to the effect of attempted protit-tak-
ing. Movements of individuals credit
ed with the conduct of the late CAM
paign, implying coming absence from
the financial district. We're read as
confirmation of the belief that their
operations had reached a turn. Signs
that support had been withdrawn
of the speculation, who found them
selves burdened with holdings, and
their anxiety to realize profits. The
speculative tone also was affected by
the suspicion aroused by the agrees
sivc bidding up of obscure stocks.
Current supposition in the stock
market was that a distribution Of
holdings at the higher price levels had
preceded this campaign in the con-
duct of the market leadership and had
supplied the principal motive for that
change. 1t was assumed, also, that
there was involved a reconsideration
of the earlier disposition to ignore the
progress of a presidential campaign
and its traditional %repressive influence
on business and speculation. The con-
troversial heat developed in the cam
vass has awakened doubts over the
outcome and corresponding hesitation
in assuming conditions to come. Re-
ports from the steel trade strengthen
ed the conviction of expansion and i'm
provement. Demands from manufac-
turers for longer periods for delivery
and premiums for earlier deliveries Of
crude steel We're considered promising
symptoms. The material fortnightly
reduction in the European visible sup
ply of copper, with reports of large
buying by the principal domestic con-
sumers gave an upward impetus to
the price of that metal. the highest on
the present move. Parallel advances
in silver and white lead spread these
influences all through the metal in
dustry.
Urgent liquidation in the wheat
market was taken to mean that the
worst in the crop prospect had been
ulSCoulled III lIlc SpeCildllOH. IL ulu
not escape comment, however, that the
Impairment of the early hopes of the
wheat crop lac been little noticed in
the period of advancing prices of
stocks. Sac weather. obstacles to
corn and cotton planting and the pos
sibility of reduced acreage in spring
wheat also enter into the estimation
of the future.
The April is returns of the national
banks to the controller of the cur-
rency indicate a large transfer of re-
erves away from the central reserve
centers in the two months interval
since the last call. and a correspond
ing Dan expansion in the same direc-
ton. Such a movement is indicative
of commercial expansion and revival.
Hardening Of the New York money
market in the same period is also thus
explained. April foreign trade also
made a record, with value of exports
the largest for the month and with
value of imports an absolute record.
The ~preponderant growth in import
values left the export excess for the
month the smallest since 1895, with
the exception of 1908 and 1910.
New Works command Of foreign
banking credit was correspondingly
affected by comparison. Sluggishness
in the bond market may be traceable
partly to this showing.
~ 800 ~~~r