The times., 1898-11-10


parently rejecting the turns in the
chances regarding the completion of the
House. AT times there was much strength
as If the Republicans had persuaded
themselves that they would save the
House, and for the most part there was
weakness, rejecting their gradually
dawning certainty that the Democrats
are in the lead. Toward the close there
was depression that was unmistakable
and prices fell off considerably. On the
whole however, the market held up much
better than was expected Some stocks
closed above the opening, and there was
no bad slump anywhere. II is to be sup
posed that this is due to the mixed char
acter of the news, containing good things
for both the Republicans and Democrats.
Opinions vary now, of course, as to the
future of prices. AS soon as the uncer-
tainty is over regarding the elections
there will be a chance for the real factors
of the business situation of the country
and of the individual properties to assert
themselves. 1t is probably safe to esti-
mate that a majority of the brokers and
traders believe prices are already high
enough and that there will be no ad-
vance of moment during the coming
months, although the prospect of good
business conditions is excei:ent. As was
pointed out in this column yesterday aft
ernoon, the high price of stocks for tnr~
year, in August, was not much higher
than the present range. On the active
stocks, with the exception of the indus
trials, there has been decline of not
more than 3 or I per cent. The high
price of August compares very favorably
with the high prices of any recent year.
1t is. in fact. very good price for the
stocks according to their earning ca
pacity and prospects. There is possible
ity of small rise during the next week
on manipulation, but this is not expect
ed.
The price of cotton is one of the mat
ters which il seems probable will now be-
gin to assert its Importance on the stock
market. the elections being out of the
way Cotton is selling lower than ever
before. Five-cent cotton is very near if
not quite. at the limit where profit ceases.
The number of people who grow cotton
this year was fully up to that of any re-
cent year. All these people will be very
poor this Winter. The crop is immense
and it will make business for the South
ern railroads, but it seems certain that
they will lose from the general scarcity
of profits on the crop. Southern Rail-
way and Louisville and Nashville are
among the roads which will be most af-
fected by these conditions. There has
been much strength in both these prop
critics during the last two weeks. and they
have advanced in price several points.
Conservative opinion is that there will be
a slump in both before many days, and
that they will be weak during the Win
ter.
Manhattan was conspicuously weak yes
terday, having a decline from s6 IA to
SO rs net. The slump was attributed to
the loss of earnings shown in the annual
statement, issued during the day. The
report is for the year ending September
80. There was during the year a surplus
over per cent of only $4,000. At the
meeting of the stockholders yesterday
the directors were all reelected. The
permanent range of Manhattan will al
most certainly be lower until there is an
actual beginning on the electrical equip
ment; but 1t Is not to be doubted that
there will be much manipulation of the
stock, which may result in temporary
fluctuations in either direction.
Ladenburg, Thalmann & Co. advise