New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-05

Thursday. November 4. p. m.

THURSDAY, november 3, D. IN.
Prior to the election large number OF Wall
Street houses predicted that the November stock
market would be brisk and active on an ad-
vancing price level. This opinion was based
upon the expectation OF results favorable to the
Republican party throughout the country. ex-
elusive Of New-York City The defeat Of the
Republican party at the polls has almost in
variably been followed by fall In the price OF
securities. Why? Because Republican success
has Invariably been followed by business i'm
provement While in this instance It Is not be-
lieved that a reduced Republican vote will be
followed by any falling off in the volume Of
busIness-save that which Is due 10 a slacken
ing of business customary at the end Of the fall
season-speculators In stocks pesslmistlc
regarding the outlook for higher market values.
Conditions which brought about industrial ac-
tivity have not been changed. The outlook for
dividend expansion Is just az bright as 1t was
before November 2. Yet there Is doubt that
sentiment has been adversely affected and con-
ndence weakened. Confidence among actual
holders Of securities ard important market in
terests has not been weakened to any material
extent; not to an extent inducing the sale OF
legitimate investment holdings, but enough.
however, to prevent renewed operations In the
market. At least, this Is the prevailing sentl-
ment in Wall Street to-day. There Is little rea-
son for liquidation. There Is reason. however.
for caution In speculative transactions. Opera
tors for the decline expect TO make capital out
OF the shock caused by Tuesdays elections. And
they doubtless intend TO intensity the feeling
Of uneasiness by enlargng upon the Cuban situa-
ton. as regards this country and Spain and
TO use the coming meeting OF Congress as an
additional argument In their campaign against
values. They will also draw attention to reduced
railroad earnings. 1t would indeed be a phe-
nomenon II railroad earnings continued to show
the enormous increases of the active fall season
when a heavy grain movement gave the rail-
roads extraordinary traffic receipts. SO far,
earnings have not fallen off materially, and to-
days reports for the fourth week In October
are particularly good. especially Missouri Pacific
which shows a gam OF $165000 and for the
month an increase Of S469,O00
There was considerable liquidation by COM
mission houses Bear operators were aggressive,
and in addition to their doefu election talk
they revived the old Cuban ghost. which did
excellent service in the interests OF lower prices
There was a moderate demand at the opening
TO cover shorts and early prices were some
what above last nights closing. For the greater
part OF the day, however. the market drifted
toward q lower level. with only occasional
rallies London bought about ten thousand
shares on balance Stop orders were reached In
many issues and in some cases LIQUIDATION was
INDUCED in by well-nargined holders. Outside
buying on q small scale IVES noticed on all de-
clnes but II was not effective in preventing
substantial net losses, although II strengthened
the technical position Of the market An ap-
parently exaggerated report Of the illness Of
the president Of the American Sugar Refining
Company was factor inducing sales OF Sugar