The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-11-07
FRIDAY. Nov. g.

FRIDAY. NOV. q.
To-day's stock market was probably a fairer
indication or o moro accurate reflex of the
change in business and In sentiment brought
about by the election than that of yesterday
or Wednesday. Enthusiasm rather than judy
ment was the predominant influence in Wednes-
days market. and 1t was tempered only BIZ the
eaGerness of professional operators to realize
profits on securities they had bought In expecta-
ton of q sound-mone victory. The course of
prices on the Stock Exchange yesterday was
shaped TO an extent by the realizing sales of
the. previous day, and more effectively by the
circulation of absurd reports as to the
outcome of the election and by alarming rumors
OF international complications. The dealings
in securities to-day were not Influenced by any
OF these considerations. The adjustment
Of speculative ventures based upon the
election was apparently completed, in
the main, last evening. Tit war scare
did not survive the night. and anx-
iety regarding the sound-money candidates
electoral vote disappeared as a factor affecting
values. In addition to these circumstances con-
Hdence was stimulated by substantial evidence
of the return to circulation of tho money, par
ticularly gold. that had been boarded and by
the evidence furnished from every section of
the country of q revival of commercial and In
dustrial activity.
1t appears, therefore,, tnAt tO"uhyS trauSac-
tons on the Stock Exchange can safely be re-
garded as rejecting the beginning of n read
justment of values caused by a radical improve
ment in general business. A large and well-dis-
tributed business was done both in stocks and
In bonds. The dealings In each list were
nearly up to the comparatively large transac-
tions recorded on Wednesday, and in both de-
partments the dealings were sufficiently dis
tributed to furnish indubitable evidence of q
broadening active interest in securities.
It is interesting to note that rs yet
London plays no important part in the
market for American railway shares.
It's transactions here ssinco the election
have not been worth mentioning. AS noted In
this column yesterday morning. the leadership
in the dealings in American securities has very
properly passed from London to the home
market. This Independence of the for
eign marke 81. now noted for the first
time. is of itself q bull rgument OF no mean
Importance. 1t is possible that foreign operators
may be constrained to hold aloof from the mar.
ket for American securities for some time to
come by the activity In money throughout Eu.
rope and the fact that all of the speculative
markets there are oppressed with loans OF min.
fog shares and undesirable Government securi.
ties for which there is not a ready market.
The largest of the well-diStrlbuted dealings
IO-uhy Wofoi III sugar pcuHinkt btlll tuht btOCh
did not lead the list in the upward movement
After huctuating widely It closed 2as . cent
higher than yesterday, but that net gain was
exceeded by Chicago. Burlington and Quincy
Rock Island. and General Electric. and
very closely approached by Manhattan
Railway. Louisville and Nashville. and
Chicago Gas. The market for the last named
was favorably affected by the declaration OF o
dividend of III q cent. 1t is understood thai
hereafter a similar amount will be distributed
upon the certificates quarterly. placing then
upon q @ o cent. basis. The ability OF
the management to maintain dividends al
that rate is fortified by the fact thai
about 81. 500,0 900 is, according to official state
ments. available for that purpose after paying
the dividend declared to-day. 1t is also stated
that the combined companies are now earning
8 y cent. upon the certificates. aad that, owinl
TO the overthrow OF Altgeld and Moloney, the
contemplated consolidation OF the companies
can be completed. thus etfccting important
economies in conducting the business.
The only disturbing incident to-day was tn,
announcement that a receiver had been ap
pointed by a local court for that portion Of
the Atchison Railroad lying within the Limits
OF the State of Kansas. The basis of the char
acter of this action 10 set forth in the now
columns OF The SUN. 1t had no effect upoI
the market for Atchison securities. which, II