The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-11-17
RISE IN PRICES
FOLLOWS SELLING
announcement of Extra Session
Has No Ill Effect on
Stock Market.
BUSINESS IS CHEERFUL
No Great Upset in Conditions
Is Expected From Tariff
Revision.
lSvccinl to The TtEes-DispatchLl


New York. November lS.-Although
II has been q foregone conclusion Tor
some time that On extra session OF
congress would be called for the pur-
gosc of Undertaking a tariff revision.
IN, formal announcement by the Pres
lds:.. ELECT Of his intention 20 call
session caused. As might nave Deeh
expected, speculative sales Of securities
on the stock Exchange to-day, but the
drive at the market and what happened
afterwa ard was a repetition OF the no
table occurrence Of last Tuesday. The
selling was plaiaiy Of q weak char.
acter and Was succeeced BY rally OF
= vigorous sort that left prices higher
" a point t.; sume instances tnen tho
close Oh Friday Afternoon. The Ifsai-
ket - plainly sh>~;n6 are-t Iasis;~ncs
10 speculative attack. rhers was
continued chxoc.aIpess from the foreign
soursea.
Tho fortniShGy figures o: The freight
car shortage showed that the demand
for cars is nearly $4,000 In excess OF
the supply.
The weekly bank -eturns showed an
increase Of $l.329.l50 in the average
bank surplus. and In the actual sur
plus Increased $sl7.e09 The notable
news Of the day was. however. the
Bureau Of Statistics OF the country's
domestic exports In October. These rep
resented the large sum OF 3l33.715.s2s.,
O. s3O.000,Oo0 greater than those In
October. 1911. and September last year
$i5.po0.0o0 greater. The enlargement
was mostly due TO shipments OF bread
stufs.
Bank cI.arings were 10 per cent
greater than those OF the week before
Activity was more pronounced than II
has been at any uEe this fall in the
textile trade, and the leather manu-
featuring industry continues visibiy
improved.
The grain market was steadily weak
en.d b. the increasing pressure upon
the market OF wheat and corn. and this
movement has been SO great IS to make
come impression at last upon the cost
Of food stuffs to actual consumers; that
.5 to say. upon tho cos, OF living.
Very lively speculation is now going
on in the cotton market. and the lead
Ing speculative operations here vfbrat-
cd back and forth through the week in
seemingly eccentric fashion The last
government, cotton ginning report tend
ed to suow that the seasons crop was
no, quite as great as previously expect
ed. but # is still believed by the best
least IA. 600. 600 bales. and probably will
rank next in point of size to the bump
or crop Of the preceding year.
Meanwhile. added to the fact that
the money outgo from New York IL
Iesscned is the certainty OF an extra
session OF Congress that viii meet on
hpriI Is for the purpose Of revising
,ae tariff.
Ta., has given the stock market
bears something OK a club with which
20 pound prices. and IL may be truth
Guny said that all the activity that
.here was this week in the stock mar
kct was that which was furnished BY
professional spectators for the fall.
Whether this succeeded in producing
many actual sales Of stock held
by investors is a matter Of guesswork.
but II Is hard TO find many business
men who are greatly disturbed regard
ing the tariff revision program.
So far as general business was con-
ccrned the whole history OF last week
was that OF another period of continued
expansion. Purchases OF iron and steel
were large than ever. and there was
~ break in the rising tendency OF
prices.
C5uper metal vas in better demand
Wall street Gossip.
! more than ordinarily timely and
pe--ire=t expression o. opinion was
contained in q ChfcaSo dispatch quoted
by A:r Smith. president OF the North
en- Tres, Company. on the subject Of
,artv revision and the problem Of rail
rates Eastern men with whom
have talked" said NJ. Smith. "thiak IL
ycl: 70 have as soon rs practical such
Tariff legislation as IS 70 - enacted
personally. think tha: nothing 10
uiEc!y 10 happen that VIII! prevent the
country from having a: least two years
=: good business We may not go SO
,.s; rs ve have gone. bu: We Will go,
ahead III a wholesome way ! can see
no reason Why any legitimate business
yecu!d cot continue 20 prosper.
Tho weekly letter 90 a prominent
stock exchange Arm discussing she
success Of the Democratic part N the
NATIONAL elections and fears OF t1sSn
revision. contains the following:
Even SO. the good IN the situation
T1ay more thar outweigh tie bad
There is this consideration to be borne
l5 mind The coming Democratic ad-
nrinis.rafion win 80 into ONCE when
the whole country has been feeling the
influence OF the record-bres crops
which bpCn:ifui nature supplied this
year and 10 the councry's new venture
IN Demcc.acy will DC ushered IN under
more favorable auspices than those
under which :he previous Democratic
administration was begun /: IL q
pr.r. worth remembering. too. a.
mod fication OF present tariff revision
Fears that the members OF the Demo-
cratic party have themselves Travelled
u good way from the free trade ideas
-sscn were ~ the ascsadancy IN the
rrst Cleveland administration and TO q
lesser degree in the second.
Then. too. che developments have
Greatly lessened che ardoT Of many
politicians in that section for unpro-
;.c;e.i wages and unp-c:ecscd indus
tries.
The fortnishtly bulletin Of tire Amer-
.,aa Railway Association 0taSe9 that
"a November there was q gToss sur
;..u< Of idle cars Of 1887. - compared
With 1879 two weeks aeo. but that
re Sro<s shortage increased from
g. 20 TO .i.iss - thar the SHORTAGE
~ .dic e1Jipmers Increased from
sses, to- si.sss. This increase in the
eAAe