The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-11-10
MARKET OF TlMISM
NOT cURIAlLEO
Neither Tariff Talk Nor War
Scare Serves to Bring Fear
to Spectators.
IeF FROM POLITICS
Nall Street Glad That Cam
paign, With Its Agitation.
Is Over.

New YORK, november SiHeto va
o lively recurrence OF the Balkan wa.
scare TO-DAY. OF which the financial In
terest centred largely In our market
The unfavorabie news was Of an ex'
tremciy vague and Intangible SORT
mostly consisting of rumors OF fric'
tion between the powers as to the
pr0poaAd division Of the Balkan ter
rit9fT that In to take place.
But;while Ali this caused violent DE-
cline on the stock exchange. II pro-
duced only q moderate degree OF I'M
setsiement aboard. and according to all
comfetent observation, there was
iittie selling Of stocks here for Eu-
rousAn account This movement bore
aiE the sarmarks OF a professional
rssd. Closing prices were somewhat
above the lowest United States Steel
Corporation made an extraordinary
statement Of untitled orders In amount
NJ the end OF October of 7,6sl.3s1 tons.
Is against s.65l.s07 tons at the END
OF the preceding month and the big.
4est increase In any single month IN
fhe corporations history.
The weekly bank statement exhip'
tied. as was thought likely t. would.
showed an Improvement In the oman
cial situation proper. Through tho
week actual reserves increased nearly
$4,000, 900.
A rising tendency In the stock
market began about ten days ago and
continued until Thursday OF this week.
This was due primarily TO the fact
that the wave OF liquidation caused by
the Balkan outbreak had not spent tts
force and there was more selling or
ders to be sent out
Also, ~ the time -he upward move.
ment began there was Q much more
cheerful feeling regarding the Bal
kan situation. due to the utter collapse
OF the Turkish army. The sharp rise
Of the das foi!owipHsveleI.i on was 70
. great extent. nedoubt. due to this
short covering and to financial relief
over the actual cessation OF political
talk. This left the market in shape
for the decline which Z has expert
and tho outlook for the immediate
future 10 for . continuation Of sucn
advances and declines under mere pro-
fessionAl operation. The market lacks
the Incentive either a. concerns q
rise or fall In prices OF any consid-
cradle amount Of public interest.
As to financial views during the
week. II seemed as II they had more
20 do with election than anything else.
and the very positive cause Of the
greater cheerfulness ,Isplayed in Wall
contest had been decissvely settled, and
il did not have 70 be carried over into
the House of Representatives.
Money rates held most Of the time
betWeen ana 8 per cent. There are
some indications that the money strain
Of the fail has already been felt to
the extent that II 10 likely to be AL
ways. excepting. Of course, that which
may be temporarily caused by the
drawing in of money just previous TO
January l, In order to meet the year
" settlements.
General Improvement continues IN
al business. According to Bradstreets.
the clearings In October were S16.-
$4,000. 600, or only . few millions be-
low the high record OF January. 1910.
Cfearings were 81 per cent larger than
September and n per cent heavier than
IN October OF q year ago. For the
week ending November Z, which In
oluded . holiday. the clearings were
1910 per cent below those Of the pre-
vious week. but well over Of those Of
the corresponding week in 1911.
There 10 nothing but an optimistic
report In any line Of trade. Tho de-
cisien OF the American Cotton OIL Com
pany. not to resume dividends On ats
common stock II the present time, al
though showing earnings applicable to
dividends on this stock Of over 6 per
cent. was generally expected and ap-
pJauded-
Although no surprise was shown over
the governments final estimate Of che
corn crop as being 3.ISS. ZOO. 900 0u-
shells, or 5000. 600 bushels in excess
Of the October estimate the announce
nreut- nevertheless. did not serve 20
curta3! the optimism now universal
ly current on the business circles.
Wall Street GsassN
While the decline In stocks was in
progress to-day Wall Street heard
little except that foreigners were again
nquidating reports On large scale. VI
emma, Paris and Berlin were In blue
funk over the war In Turkey. Tension
vas growing acute between the triple
alliance and the triple entente, and there
wss really no good reason why Eng
land. France and Russia. should not
have II out with Germany. Austria and
Italy. with the Balkan States and
Turkey In between. Loose talk Of this
kind encourages all the spectators
Who had hoped for Colonel Roosevelts
election. and had lost their money and
probably emansted from some such
sources. At sny nate in those inter-
national houses In which knowledge
q conditions OF the speculative temper
0bfoad - ordinarily possessed. IL wa
said foreign selling was incousequen.
1Jai; end that these reports Of foreign
COMPUTATIONS stu pointed TO an AMIGA.
BE. albeit somewhat protracteA, "a.
JUsfmens OF the differences
The really remarbakle climax abou,
NE great increase Of orders on the
0ooks Of che Steel Corporatiou was no,
- much the tncreaSe itself. uuprece.
leated though it Wa. bot the ctrcum.
stance that the increase occurred in q
0onth preceding an election. the resuI,
- which ives that the tsr10 would b
ssvtse4. II the tarsR n AZ present On
orGuDenf against stocks. II ~ Of
0ouSps. ao argument against equities
- stocks snA. accordingly. IN srgU.
0ans aGafust business tmproveweue
Yet the steel Corporation. which ID
0onfronted viii . very good chance
81 tariff revision, reports more order,
On To- books than any other time sincs
me eua % June. 1897. the increase 10
- mossb preceding the eiecsioa besaG
1ore than In any other mouth Of ia
o5ssory Other weekend trade reD0rsa
49, ~A~->S I. rroeaaxxa sf0u ~ s6~ 6,sms-