The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-06
FINANCIAL AND COMMERCIAL.


WEDNESDAY, NOV. o.
The concern taken by the financial COM
| munity in an election contest gathers
wholly around the practical question Of
| the bearing Of he event upon values. Such
! concern il, Of course, greatest in a national
] elect ion where the settlement Of The issues
! involved usually directly affects general
| business and the prices Of securities, In an
/ of year" like the present. the influence of
| an election is merely indirect and has 10
| do mostly wish its indication Of that drift
! of public sentiment which may he directly
expressed in the greater struggle later
| on Whatever be- the personal predilec-
, tons or convictions of investors and specu-
lator-, the fact must h. recognized that
owing To the attitude officially assumed
10y the Democratic party toward the tariff
and currency. proof of the strength Of that
part with the people makes for lower quota
tions upon the Stock Exchange, while indica-
tion- hat the republicans have not lest their
hold upon voter, produce logically the OPP
po-ite effect. So tested. the result of the
ole ton in this STATE yesterday can hardly
he considered stimulus 10 the stock mar
ko; The Republican candidate for Cover
nor. having been elected last time 10y a plu
rality of over llO,SO, the votes being cast
IN a President al year, managed TO sCrapc
in this time by "A plurality so small out of
a million and half ballots cast that his
opponent is talking of course. fooli-hly-
OF contcs'ing the declared result, and such
result was achieved. morrow or, with "A
divergence of preference occurring between
rural voters and those in New York city
such a has never been Witnessed before
in the political history of the State. II is
clear that had ordinary shrcwdness and
| honesty prevailed at the Democratic nomi-
| mating convention a Democratic Cover
nor would have been elected There il
small doubt, indeed, on the part of those
closely scanning the returns that the Demo-
cratic defeat was due to fractional fights
within the party al one or two critical points
The meaning of il all is an emphasis of the
doubtful leaning of the piv otal State of
New York in a Presidential battle.
On the other hand, the control of Com
gress will he safely and surely lodged with
the Republicans, As heretofore. The party
ma jority in the House of Representatives
is reduced somewhat, and many of the
Republican members elected are inclined
10 tariE revision and other policies which
are somewhat in conflict with the main
party tendencies. II Is also true that the
course of the Chief Executive has not been
wholly admired by substantial financial
interests. Nevertheless, the large ma jority
retained by the Republicans in both houses
of Congress gives the financial world rea-
sonable assurance that il will be free from
disturbances Of a political nature for an
indefinite time to come and this is a great
boon. OF greater benefit. still, is the evil
Ipnfp q har,|aH that bn IA al
the country are contented with their present
lot and strongly inclined to give their SUI
frages to the party in power. II seems fair
to assume that while this agricultural pros
perty lasts-and at present it seems in
creasing rather than otherwise this politi-
cal attitude OF the farming population will
continue, and that much more powerful
arguments than have yet been brought
forward by the party in opposition must
be prodrced before il is changed
In its vital and most important aspect,
therefore, the election result of yesterday
was a propitious circumstance and was
almost universally SO considered in Wall
Street The result was. indeed, much
more favorable than had been Anticipated
That the stock market was not only not
strong under It, but was actually weak.
bears testimony to the fact that influences
other than those of politics are now direct
ing the market course. What these in
fluenCes are II is needless to point out to
those who during the last few months have
regarded the market with their ewes rather
than with their prejudiCes. The opening
prices TODAY were about half a point in
advance Of those at the close on Monday.
But a host of stocks were pressed for sale
and the attempt TO advance prices imme-
dia,ely ended. From then ON the market
sagged under a slow and dragging fire Of
liquidat ion and professional attack until
the last hour, when matters eliminated IN
a heavy selling movement, which carried
prices down az the close from TO 3 points
throughout the list. The general news of
the day was, If anything. in favor Of values.
Foreign exchange was little lower, prob
ably because no steamer suitable for the
shipment of exchange bills sails for some
days, and Paris exchange on London adj
yanced / centme, this also having the
effect of staying gold exports Money CON
tinued easy and New York exchange in
Chicago strengthened
\ collection of rather irregular railro al
earnings appeared. Southern Railway show
ing an increase for the fourth week Of Octn-
Der of 500 oS6, Louisville and Nashville n
similar Increase Of s9?.O 900. while Missouri
Pacific and Chesapeake and Ohio showed
decreases Of $4,000 and sl7ig0 rcspec-
lively. Pennsylvania and Missouri KAN
eas and Texas made good showings Ameri-
can Sugar Refining was depressed by the
reduction in the price Of fine sugar and
ANA gamatod Copper from tho result Of
tho election in Montana which IL ostensihy
adverse to the interests Of the company.
For tho first time in many months the
United States Steel issues showed signs
of liquidation The market closed weak
without upward reaction
New York stock Excnange sales. Nov. 5.
Ann nnSra q mn