The Birmingham age-herald., 1916-11-12

theless, before the end of November was reached, a break occurred in the stock market on very heavy realizing sales That profit taking accurately foreshad- owed what was ahead. As soon as the election returns were announced, mills mines furnaces, and factories all over the country started up. Before the end of November however, call money here in New York climbed to 96 per cent Thus the sudden reversal on the stock ex- 1 change was foreshadowing the trying times of 1897
 Four years later on the day following the election of 1900, there was an out burst of speculation, with prices up from i3 to Il points, and the days total trans actions reaching 1,400,0O0 shares That was the beginning of the great rise on the stock market, which ran, without even halt, until April of 1901. And that rise accurately forecasted the greatest period of business and financial expan- sion experienced by this country.
 On the day following the election of 1904, 2,500,000 shares of stock changed hands on the New York exchange. The rise continued throughout the month. But then the advance stopped abruptly, because as is now known, the country had not recovered from the "rich mans panic of 1903 It was the early spring of 1905 before business really began to mend.
 Immediately after the election of 1908 there were three days when transactions on the stock exchange ran over 1,000,0 000 shares. But that bull market was also short lived. The advance actually stopped with the end of election week. Certainly the stock market accurately foreshad- owed what was ahead Even MT. Harri- mans Sunshine Movement failed to throw off the long aftermath of the 1907 panic.
 Four years ago there was another short lived rise in the stock market During the election boom Atchison sold up from 107$s to 1093s, Baltimore and Ohio from l04ss to 108, Chicago and Alton from 1874 to 9, Lackawanna from 53O to 550 Northern Pacific from 122 to 12S, Louis- vile from 15315 to 160, and Union Pacific from 1878 to 17o7s. But the end was soon reached. That was because trade depression was ahead During the cam paign just closed it was repeatedly charged by MT. Hughes that the trade reaction which followed the election of Mir Wilson four years ago was due di- rectly to the democratic tariff. That however, is not how the situation was described at that time by trained observ- CTS. In it's review of 1912, the Financial Chronicle, which is accepted as Wall streets official organ, had this to say of the early autumn months or before the election was held: "The stock market was under the influence of the tremendous liquidation of American securities on for eign account" That liquidation was caused by the outbreak of the Balkan war.
 In reviewing the year 1913 the same high authority, in it's summary, pointed out number of influences far removed from politics. The adverse influences named were the material reduction in the agricultural yield" due to "one of the worst drouths in the country's his tory the Unexpected prolongation of the war in southeastern Turope,' through which "a crisis in the relations of the great powers seemed imminent" large gold exports, caused more by European necessities than by the current rates of exchange" consequently, deficit in bank reserves and high money rates; unusual difficulty in floating new securities by