New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-09
WALL-ST. Halls THE NEWS.
HIGHER VALUES FOLLOW THE ELECTIONS.


STRAIN CONGRESS FROM TARIFF TINK-
EIING BELIEF THAT SOUND
MONEY PRINCIPLES ARE
STRENGTHENED
"This looks like a Republican market" was
the reply Of more than one stock broker IN
Wall ctroot uben he was asked yesterday for
his opinion of the elections. 1t was the epitoihe
NJ numerous comments made in financial and
banking circles The sentiment was reflected
IN rising values at the Stock Exchange, ana It's
significance was the greater because there
were no dcveIopments in the line OF railroad
earnings or other legitimate conditions 10 III
nuence q favorable course Of speculation
The news of the repeal of the Silver furchase
law had been received in Wall street markets
by a general selling movement 10 take pron'S
on purchases made in anticipation OF the ac-
ton Of Congress. a steady decline III values
followed and the rally yesterday In the STOCK
market was the first interruption oil the oo""-
ward course Prices improved from the ope"'''e
of the Stock Exchange, ana the pc'l eie'''o"'
Immediately began to cover OUTSTANDING '"'''
contracts The advance in most Instances
exceeded per cent, and In some cases ic"cne"
2G4 per cent In spite of late cohcess'o"S' ','e
market closed with material improvements III
the bond market similar response was hiue'
business was on a larger scale than on Mon
dov and nrices were higher. Government
bonds coincdcnty showed a firmer tone
GOOD BUSINESS PROSPECTS.
without any pretence Of admitting that there
WAS any change in existing conditions CON
trolling values many brokers admitted the force
Of the sentiment embodied in the electoral
contests of Tuesday. There were no decidra-
tons or promises of bull speculation pu' 'ie
value Of the electoral results was not dissuiSe'
Republican brokers were justified, after year
of ,troublc and deprcssi IN. in pointing To 'he
ouick and sudden rally as sentimental 'csu-
mony at least. To the common pehe' '''"'
Republican victories mean the arousal Vi io''''
in favor Of honest money. sound hnahca' au-
mnistration and economic policies tha' p'ne"'
the people.
The hotter tone in Wall street, az ELSEWHERE
was largely due to the thanksgiving over the
demonstration that the people, when thoroughly
aroused. are greater than all rings" In politics.
In this sense the jubation among STOCK En-
change brokers was strictly non-partsan. Demo-
cratic brokers by the dozen boosted oil their
votes against the obnoxious candidates OF the
RrootIvn and New-York state machines. ana
tho remark was frequently heard: This Is the
first fine eyer voted the straight Republican
,i,let" some brokers credited with strong Tam
many, Hall proclvIties astonished their Intimate
friends bv confessing with pride that they had
cast ballots against the Hill-Croker gang when
had done its best to make the name Of Democrat
a rcproach.
Their. was a determination among men VINO
are hotly opposed upon National issues IN 'he''
rejoicing over the effective revolt made against
the New-York State and the hings Cum;
\. .Fk H. III.
v.oe the remark made by several Democrats as
they shook hands in congratulaiion over me
victory FOR honest government across the East
River.
The stock Exchange enjoyed an excellent
"obiect lesson" Of "Ross' McKane's exeriions for
the Democratic ticket when UlFcp Palm"do
came into the Board Room Mr.. Palmedo was
one Of the Gaynor party which went down 10
Graycsend I'm the effort 10 secure an honest
vote and count and was set upon 10y the thugs
Of Coney Island Mr.. Palmcdo presented cut
and blackened face. and could hardly see t.
execute the orders intrusted To- him. lie re-
ceiycd warm expressions Of sympathy from ms
colleagues. but laughingy said I'm reply to the
expressions Of establishment ana Indignation "'
the appearance 4 his face y on shouiu see
how my body looks" tn" Wall street con-
tngcnt Is likely To carry for a long Time 'he
memory Of the outrage perpcuated upon one
Of their number by the Su"arrow OF the Demo
cratic forces.
The satisfaction over the Ring overthrow
in New-York was overshadowcd by louder
qualification at the significance Of the Rerubll-
can victories In Ohio, Massachusetts ana Iowa
1t was this wider ana deeper meaning OF The
elections which appealed more acutely To the
financial sense. Mckney's victory IN ono ana
GrccIlhalge's triumph In New England were
recognized showing the realization by the
voters Of the terrible mistake In placing the free
trade Democracy In the National saddle year
ago. Here. too. ii was admitted the influence
Of the sOund-mOney fight made by the Republl-
can members OF Congress in the contest for the
passage Of the Silver Repeal bill must have
swayed thousands OF voters. The deduction was
swiftly drawn in the Street that the Republican
party ever bearing the standard Of solid inan-
cial doctrine regainng the power lost In
last Novembcr'S elections
It was declared by more than banker
that the patriotic support given by the minority
party tC President Cleveland. reckless of the
result upon the pending electoral contests when
the great anti-sver imitation fight was on. had
won for the party's representatives in Congress
fresh moral support In combating the evil hnan-
cial tendencies Of the existing Congress major
iy And Wall Street felt stronger sense OF
security in its investments in consequence OF
the popular rcvulsOn from free silver and tariff
herescs.
EFFECTS or TARIFF LEGISLATION.
The importance OF the elections in their in
luencc upon future economic legislation was
much talked or The Republican Victories in
MASSACHUSETTS, ana ONO, III was admitted, meant
a fresh decision In favor OF Protection. 1t
mattered little at the moment that the vic
tories came only after the bitter experience of
voters dependent upon the life of the manufact-
uring ind - ricS. 1t now meant, II was argued.
that Congress must move slowly when IL laid
its hands upon the tariff With the lcssencd
possibility Of radical changes In this direction.
manufacturers would derive new courage and
venture upon fresh commitments that would
give employment TO many men now suffering
from the radical change in administration
effected last November.
EVERY mill that now starts up" said one
broker will be echo Of Tuesdays election"
The head OF prominent commission house
who has been taking an extremely conservative
view OF the stock market, said yesterday:
I'm not half az 'bearsh / have been In
the face of these election returns I don't see
how Congress can make any radical change in
the tariff. And once let our manufacturers
feel partly assured that there will be no radi-
cal change and believe there will be an earlier
revival of business than any one expects"
The future rests In the hands of an icono-