The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-11-11
The Markets of the World
LAST WEEKS
FINANCIAL REVIEW
Sudden Expansion in Deal
ings After Election-Later
Reaction in Prices.

New York, Nov. 1.-The presiden-
tial election focused attention In the
securities market last week. but that
event shared with other factors as
causes Of the temporary recovery in
prices. Men Of influence in h bank
Ing. railroad. Industrial and mercan-
tile worlds were quoted in expressions
OF confidence over the progress OF
prosperity under the new political con-
ditions. The stock market of the day
after election followed the precedent
Of the four previous national elections.
with a sudden expansion in dealings
and effervescent price movement. 1t
differed from those precedents in the
dullness and reaction Of the first deal
ings. The squirt in prices was coinci-
dent with the publication of the state
ment from the pr~esident-elect contains
ing the assurance that there IL alb
solutely nothing for the honest and en-
lightened business me Of the country
to fear" A dormant short interest Of
unsupported dimensions helped the
squirt. The later reaction in prices
was accompanied by discussion of the
possible calling Of an extra session Of
congress after March 4. to enter upon
the revision OF the tariff laws.
Domestic politics aside. there was a
universal relaxation of money strain
to account for the recovery in prices.
The completion of the November set
tlement vas primarily responsible for
this, as seen in the repayments to the
great central banks abroad and the re-
turn Of dividend and interest money
to the New York money market. which
led to the easing of the call loan rate.
stock market settlement also relieved
a strain. Following these develop
ments the local securities market be-
came mildly reactionary until the end
of the week, when a new turn in the
southeastern European situation pre-
cipitated fresh liquidation abroad.
with resultant damage to prices here.
Aside from actual stock market con-
ditions, all signs continue to point to
%cilities. Bank clearings throughout
the country show heavy expansion.
Every effort is strained to get the
greatest use Of the shortened supply
Of freight cars, although the usual
period of the peak Of the movement
Of traffic is past.
Shippers Of grain, Of potatoes. and
Of soft coal, have been compliments
Of deficient a supply to the inter-
state commerce commission. Produc;
ton OF iron. lake or shipments n
shipments Of steel from the mill in
October made record showings. with
further increase in untitled orders
breaking all previous records in the
history of the United States Steel cor
poration. ?.
Protection Of refined copper ap-
preached near to the August record.
The enormous outgo of grain fore
shadows October records for values Of
exports. Revised estimates Of the
corn crop raised it to bumper pro-
portions" with its shipment yet to
come. The firmer tone Of bond prices
and the power Of resistance to shock
shown by standard government issues
abroad point to improving conditions
for investments.
The explosive possibilities Of the
Balkan settlement keep alive anxiety.
Important pending decisions Of the
supreme court. and the award. prob
ably this week, in the eastern railroad
engineers arbitration, r possible dis
turbing factors.