The herald., 1896-11-07
OF the Result of the American
Election
ALL EUROPE FEELS GLAD
Aud Every Market Responds In Increased
Values
Notable Instances Are the Rise OF
American Railroad Securities, and
the Prices of Wooden Goods.

LONDON, Nov. 6.-The Associated
Press has commissioned a number of
competent observers to make inquiries
in various business circles in London
as to what effect the election of McKin
ley as president of the United States
has had on the business outlook in Eng
land.
In reviewing and summarizing the
results of these inquiries it is shown
| the election has had a most favorable
effect on the financial and commercial
interests here. The universal rise of
values in all markets here demonstrate
ed this. The buoyany is perhaps due
to a reaction from the strain of anxiety
which has been created in all circles
by the American campaign. 1t seems
evident also that the rise in values in
English markets is partly due to a be-
lief which has gained currency and
which is based on cable advices from
the United States that while some
what higher tariff schedule than the
present one is likely to be enacted, MIR.
Mckinley will not resort to the extreme
protection policy which has generally
been attached to his name.
There is a feeling prevalent in this
city that an era of long and active bust
ness with the United States is about to
begin on the stock exchange. The buoy
| ancy which has characterized the mar
lket since Tuesday is expected to ex-
| tend to other departments. The rise in
| the prices of American securities on
the exchange has been general all along
| the line. Notable instances are c. M.
& St. Paul, which is ga per cent higher
| compared with the eve of election. Lou
| isville is 7ls per cent higher and New
York Central 51a. The stocks of reor-
/ ganized American railroads are in as
good demand as the higher priced stocks.
The chief business has been done in
Atchison adjustments and Denver and
Rio Grande firsts consolidated.
1t is said also there is an immense
amount of British capital awaiting in
| vestment in the United States. Some
insurance companies, it is announced,
are prepared to invest 100000 to $780,
900 each ($1, 900, 600 to $1,000, 0O0) in Amer
! lean mortgages.
| The Times remarks upon this point
| that while the European investor will
not buy American securities blindly,
| he will buy the securities of sound COM
panies which have been neglected lately
owing, not to their own defects, but to
| the general distrust of American affairs.
| The Economist notices with surprise
| that there has been no advance in the
| United States loan government bonds).
In commercial quarters in London large
estimates are given of the value of
American orders which have been re-
| dryc lie
business has formerly been of moder-
| ate proportions, but the Manchester
market now expects squirt in American
trade.
Large shipments for the United States
until November 4th subject to the con-
dition that they should be Cancelled if
Mckinley was defeated. but they are
now being hurried forward. The traf-
fic canvassers for the American steam
ship lines are already feeling the change
in this respect. During the recent bust
ness depression consignments were al
most as rare as the extinct Dodo, but
they are falling like mama in the desert.
The probability of a rise in the Amer
lean tariff does not come into consider
alton for moment. in this department,
the certainty of immediate improve
ment dwarfing any more remote con-
tingency. The cutlery trade entertains
similar hopes of revival of their Amer
lean business which has lately been
much stagnated but which is improving
already, notably at Sheffield, where
American advices have given hope of
an improved business for another cou
pie of years, especially in the lighter in
dustres. The demand for the material
used in the cutlery and plating trades
is also unusually great. In the iron
market the effect of the election of Nc
Kinley is already being felt. Reports
received from Birmingham are that a
strong tone and more disposition to do
business prevail in all departments
there. Unmarked iron is from half a
crown to five shillings higher than last
week; pig iron has improved from six
pence to a shilling. The steel trade has
not been effected yet, though there is
! a good demand owing to the excessive
production. The wool industry has ex-
perienced a decided impetus and better
| spirits are manifested all around among
those engaged in that industry. An up
Bradford, where prices for all classes
of woods hardened on the improved in
quiry. The yarn spinners have already
| protected themselves against dearer raw
material by raising their prices is some
cases one penny per pound. The max
ers of coatings and Innings for the Amer
lean market are confidently preparing
| for big business.
In Nottingham great hopes are placed
upon revival of the American inquiry
for lace. The hosiery trade, which has
lately been inactive. now shows signs
of improvement. The jute market, after
a relapse on the eve of election, Is now
much firmer. Mr.. McKinley's majority
has re-established confidence and there
has been an active market at Dundee
since Wednesday, prices, especially for
fine jutes, raising quickly and showing
a marked improvement.
The South Wales iron market has al
ready shown a noticeable advance. Pig
iron warrants rose sixpence on Wednes-
day. There are signs of renewed ac-
tivity at the iron and steel centers. The
copper market has shown better tone
since the election and 1t is expected
the result will make further inroads on
the already small stocks held in Eu-
| two o<to