The Washington times., 1922-11-12

NEW YORK, Nov. 1.-THE end
of the election uncertainty ana IN"
definite settlement of the balance
of power in some thirty'two states
as we'll as In the National Govern
ment has come as a relief TO trad-Is
who had been undecided how 10
shane their course of action. WINE
the turnover In politics in indicative
of greater reaction than had been
expected, there is little in the re-
suit to give ground for any very
new outlook as to national policies.
The House Of Representatives VIII
evidently be very closely divided
a fact which should tend to prevent
extreme or drastic measures pro
posed by either party. In New
York State, the outcome may affect
local securities. but they are more
affected by economic prospects than
political.
Prosperous Autumn Season.
The activity reported in prac'
tically all lines Of business has been
maintained during the past week.
and has reached such point that
in many branches of industry, such
as transportation, 1t may be re-
garded as practically at peak. il
is in some Of the industrial sec
tions of the market that the most
progress Is still to be made-ior
instance, in copper. As to this, IN
dustrial leaders returning from IA.
rope predict the early arrival OF a
very great increase In demand.
There is also an apparently IN
creasing market for fuel oil with
corresponding activity In produc'
ton and shipment. Coal Is now
about at the top level of activity
and the main problem is to main
tain production at its present rate
until stored stocks are brought back
to their normal amount, a figure
which in some cases they are ap.
preaching. All this makes for great
trade activity during the remainder
of the autumn and during the
holiday season, especially In view
Of fresh announcements Of wage
advances and increasing demands
for labor.
with business activity so near
its probable maximum for the pres
ent. further effects upon stock
prices during this quarter are hard
ly to be looked for. One factor
over which business may well re-
joice Is the prospect that compara'
lively little new legislation is to be
looked for in the early future. Con-
gress is now summoned to meet
on November 20. but even with this
early start the short session ending
on March 4 cannot produce very
much action II past experience is
TO he taken as a guide. II would
seem out OF the question to antici-
nate any material change In con.
ditions Of taxation or any reversal
OF tariff policies. as well as rather
unlikely that there would he any
fundamental alteration Of banking
laws.
Export Trade and Business.
Unusual attention has been
drawn to the foreign trade OF the
United States during the past few
weeks particularly with reference
to its bearing on business pros.
perity. The pronounced falling off
Of our exports relative to imports
may be temporary condition.
Thus far, the Government has been
able 10 give out the figures only
for the first twenty.one days Of
September last. and these show an
excess OF exports which still
amounts 10 s25.o00.ooo II should
he remembered, however. that the
figures for the concluding nine
days Of the month are likely 10
wipe out this balance, 20 that the
month Of September may show
nctht,~ IA o,,r favor This will