Telegram-herald., 1890-11-10

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TIE feli0wlag excerpts fnorn ths
weekly financial circular of Henry
C.eNs 4 Co, TIE well kaown Nsw Nork
hsnksag hoass, VII - fo0ns ~ intef-
ess, net oaly As oeBseslnx valuable
news As 10 finance. but because ~ some
interesting comments 0a tie iate eiee-
tion.
NEw Ye9k. Nov. S.-Anxirs IN Wall
Il. sal remain unsettled. The prlncs.
pa support 10 the stock market, daflng
the Nzek. has been = psrtial renewal oi
b4ying by London cary IN the ~eek.
ana = hope that eurreaG etorts at joint
action among certain leading railroad
capitalists a8d al eminent banker may
lead 10 better rates on MesseTn frslglt
The remarkable result
of the elections can hardly be sad 10
have so far hac say important effect
0u the market. lt appears - be eeaeT-
ally conceded that Tuesdays vote lore
shadows q coming mobilization 0f tie
commercial policy Of the country; YET
the immediate importance Of that
probability Is qualified ~ the fact that
an interval OF two or three
years snd possltay more is
likely 10 eiapse before any actual
changes are enacted. Moreover. sweep
ing changes Of popular opinion are spt
70 De followed by partial reactions; and
IN this case il IL not yet very clear what
exact form or extent Of change is de-
sired. Except IN few special indus
tries, the new tariff is very generally
regarded as an extreme measure not
really needed by the condition Of man
ufactures aud calculated 10 encourage
unwholesome exeesses Of production IA
certain trades; and II ths verdict rem
dered al the polls would be satisfied
With = correction of the excuses OF the
Mckinley law while preserving, at least
Tor while, moderate and ludiclouely
distributed protection, that measure of
change would probably be accepted by
Wall-st. as portendlng great good for
the nation. If, on the contrary. the
now winning party should allow their
success 10 tempt them into sudden and
extreme changes Of commercial policy.
the result would be probably very dsf-
ferent; but such an lndiscreet use of
power does not al present seem 10 be
apprehended. In any event, the
change, whatever It's nature or extent,
can not be expected IN three years;
which is a period long enough
10 admit of gradual preparation
and 10 mature policies with ample de-
liberation; and if the prospect creates a
general caution and conserS stisna, that
may prove better for the country than
the excesses of production into which
the Mckinley act would otherwise have
beer likely TO tempt large branches of
industry. These are probably some
thing like the views with which most
Wallst. men regard the results of the
elections. For the moment, therefore,
the political situation can scarcely be
said to materially affect the stock mar
ket IN either direction.
Last weeks bank statement indicated
a considerable decline IN the outflow of
currency 10 the interior; but the money
market nevertheless retains its strin-
gency, with frequent transactions above
the legal rate. The movement of cur
rency with the interior during last week
shows a net loss TO the banks of 81 ,400,-
600; the exchanges of the banks with
the sub-Treasury were about even.
Yesterday, the Bank Of England un-
expectedly and Cn an of day advanced
its rate 10 per cent; which, though at
tributed TO contemplated shipments of
gold TO New York, probably betokens q
more stringent condition OF things in
London than has been supposed 10
exist, and il suggests tho Importance OF
renewed caution on this market.