New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-07
WHAT WAS DONE IN STOCKS.


1t generally was supposed that this mornings
newspapers contained the worst that was to be
heard from the recent general elections But the
Stock Exchange held in reserve the returns from
the State of Dismay.' which went Democratic
by majority of 100000, out Of registered vote
of 1I51O1 The results Of the elections are used
as a hammer upon the stock market III the re-
suits had been the direct opposite OF what they
were, under the peculiar conditions of the stock
speculation, it would have made no difference in
the market But hold up for moment and consider
Neither bulls nor bears" in Wall Street are oper
ating on the possibilities or probabilities OF what
may be two years hence. 1t is the present that
they look to, and not the future. With the
present, the election Of last Tuesday has
nothing to do. Even after the newly elected
House of Representatives becomes a legal body
there will remain Republican Senate and Re
publican President. The new tariff cannot be dis
turbed till it has had full opportunity to develop
its benefits and it's shortcomings. The financial
legislation is fiction under all circumstances till
December, 1898, except that it is possible that a
free silver coinage may come result of ex-
perience Neither party, if it had the power, would
curtsli the operations Of the law OF 1890. So po-
litcal possibilities and probabilities may for the
present. be dropped from all financial calculations,
as they are ignored in all commercial circles. 1t
is too early to think Of or to discuss what may
happen nearly tnTtc years HcHcc. ~ ID tIc COuL-
try and not the Administration that is to be
watched
or tO-day's stock market there is nothing to
he said except that the bears were top OF
il all the time from the opening to the close They
made the figures for values without any assist
ance from any source. The loud-mouthed sus-
tainers of st. Paul stock year and half ago
were quescent as if they now had no interest
in that property or in my" stocks which they
probably have not beyond the recent picking
ups. which yet do not aggregate an amount suffi-
cient to be renamed as my" stocks.
The general Generalization in stocks is aided
by the entire absence Of any reason for the Lat,
heavy declines IL it was because of money
panic after wild speculation, outsiders would
up bargains. But the shrnkage goes on day
after day without known legitimate reason I'M
less it he that it generally has come to be be-
lieved that railroad managers generally an
organized gang instituted to rob their stock
holders. mo cars to do the business and con-
slant fighting over rates are Inconsistencies which
are attracting attention This is the truth, but
themselves from the arrangements of their clerks.
The president Of the greatest corporation in the
country, even il his salary is $4,000, is only the
servant Of the stockholders to exactly the same
extent as is the Offce-boy, at ~ per week, with
c0rrespondingly less responsibility
To-day there was scarcely an exception to
the general declines which extended in the final
figures, to from "a TO per cent. Philadelphia
and Reading was up 1-6 per cent, and sugar up
1-s per cent But the general market closed
near its lowest figures.
THE DAY IN THE BOND MARKET.
There were no transactions In Government
bonds at the Stock Exchange, and the quotations
were steady as follows: