New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-10
yOTING FOR A CHANGE.

The voters who turned the scale on Tuesday
wanted a change. In the stock market the
change began on Wednesday. Up to that time
there had been strong resistance to decline,
based on confidence that unparalleled prosperity
of the country would result from Republican
measures. Tuesdays voting made people I'M
certain whether the protective policy would
continue to enhance National prosperity,
and showed that unlimited silver coinage
was not unlikely to come. American and
foreign holders of securities did not think
this a situation calculated to make stocks
more valuable, and sold vigorously. 1t is
more than three years since so great decline
II, the average value of stocks has occurred III
any other week as occurred between Monday
night and Saturday noon of last week. The
average price dropped nearly $4 per share, ana
is now lower than it had been for two years aud
half.
This state of things came when business in all
parts of the country was extraordinarily active
and failures were relatively few. In the month OF
October exchanges at all clearing houses out
side New-York were hrger than in any other
month in the history of the country, the earn
ings of railroads were larger than IN any
previous year at this season, the exports 10
foreign countries were greater in value by
several millions than in any previous month.
and the value of imports, if not quite the great
est ever known in any month, was scarcely sur
passed in only one previous month The volume
of currency was greater than it ever had been
before, and speculation outside the Stock Ex-
change had not been particularly active whiie
in stocks it had been painfully dull ana yet
the pressure of legitimate business made money
comparatively scarce at most commercial CEN
tres 1t was under circumstances peculiarly
calculated to inspire confidence in the COM
mercial and industrial future that the election
was held, which is supposed to proclaim de-
termination to change the Nations policy, and
that supposed declaration of purpose was not
unnaturally considered good reason for selling
securities.
The published demands of the Farmers
Alliance, and its complete victory in some West
ern States and great strength in others, were
not of nature TO encourage owners OF stocks or
bonds. After all the extreme and almost COM
munstic legislation of the last few years re-
garding invested capital, new and even more
destructive demands were well calculated to
make holders apprehensive. At the same time
unOtS3nuS u uhSHtidCtuICIS, WIN NOiO """"o w
enlarge establishments or put up new works,
were caused to hesitate. The fear of a repeal
of duties on which their success depends is to
many a strung reason for entering into no new
undertakings. There are also many financial
institutions which hold the resources of others
invested in securities payable, principal and in
terest in lawful money, and the complete
triumph of a. PARTY committed to unlimited silver
coinage was not to such institutions reason for
D. eferring securities TO cash.
The past is secure and the people will learn
from their official records that the last month
prior to the elections was in all respects the
most prosperous in the whole history OF the
country. With wages larger than ever before
and rising, with multitude of new establish
ments preparing to demand more labor, the I'M
paralleled purchases by the people attested
their ability to purchase and consume. Such
we're the latest fruits of Republican policy, be-
fore the voters thought fit to alter the prospect
by adverse majorities. Men do not invest
millions in great manufacturing works as a
gamble and if they seriously apprehend a
change of duty within year or two, they may
decline to invest until the sky is clearer. Hence
it would not be strange if part of the benefcent
results of the new tariff should thus be pre-
vented, for some years to come, by elections
which Immediately reopen agitation and revive
uncertainty.