The Washington times., 1902-10-28
Confidence in Republican
Triumph Not Justified by
Impartial Forecast-De-
pressing Effect on the
Market.
Other influences for Dis
pirited Day Prices at
Close Show From 1 to 2
Per Cent Declines in the
Active Stocks.

NEW YORK. Oct. 27.-whether be
cause of the belief that a smaller basi
existed than had been supposed for ros
anticipations that the result of the com
ing elections would be in every way ia
vorable to the stock market, or from tn
disappointment of spectators over tn
failure of the market to boom under tn
gratifying bank statement of last Satur
day, and the ease of monetary condition
in Wall Street caused by the action O
many declared to be the threatening out
look of the labor situation, the marke
for securities was today, without in tn,
least betraying excitement or abatinl
any of those characteristics of dullnes.
that have marked 1t for a week past, dis
pirited and depressed from start to fin.
ish
Declines in Active Stocks.
Prices at the close showed declines IL
active stocks Of from / to per cent
Operations were strictly professional
and commission houses seemed to be
little concerned except in the execution
OF dribbling orders for sales of stock.
A number of railroads reported some
small increases in weekly earnings.
Now that the transactions of the Gov
ernment eth the bond syndicate are
over, the same causes that resulted pre-
viously in the loss of cash by the banks
to the subtreasury and to the interior
seem to have again resumed their sway.
At least the clearing house banks have
lost in cash since last Friday nearly
81. 100000.
On the other hand, announcement is
made Of the expected arrival g. San
Australian gold. The gold thus received
will. of course. be made Immediately
available for use in this market.
Foreign Exchange Dull.
Foreign exchange was dull during the
day. Though a good supply of cotton and
other commercial bills were offered they
were absorbed without weakening the
exchange market by the demands for the
II.
London was moderate seller on bal
ance of about 10000 shares of stock.
The money markets abroad hardened
and correspondents of foreign houses
here received advice that the Bank of
England was making its discount rate
effective by borrowing In the open
market and would likely continue to do
SO.
AS much pressure as in any part of
the list appeared in Baltimore and
Ohio. Norfolk and Western. Southern
Pacific and Union Pacific Sales of the
two stocks first named undoubtedly re-
dected the liquidation of the Western
operators who attempted to advance
them week ago.
N. & w. Dividend.
Less was beard of per cent diyi-
iend on Norfolk and Western. Few peo-
pie whose opinion is worth having be-
lieve that the Norfolk and Western divi-
lend will be placed at any higher rate |
han 3 per cent at the November meet |
ng of the directors.
Louisville and Nashville was also
Notably weak. the conviction spreading.
or which there is abundant basis, that
he annual distribution upon the stock
viii not be above per cent fer some
ears to come. Texas Pacific On the other
land stoutly resisted the declining tend
ncy of the market. although 1t weakened
It last in the afternoon
The attitude assumed by Wall Street
egarding election contests is, of course.
Invariably strictly professional. Every
ne in the financial district realizes lust
ow that sweeping Democratic vic
ory, for instance, would be a blow to
he stock market. just as the influence
I great Republican triumph would.
In less degree, be favorable.
The Election Situation.
In stating, therefore, that the feeling
own-town today was to the effect that
thoroughly intelligent and impartial
,recast of the results on election day.
nd especially as to the result of the
lection in this State. did not Justify
le extreme confidence manifested by
epublican politicians, reference is only
ad to simple professional market in /
lence
Probably, however, as much comment d,
Wall Street just now as over any
her matter is made concerning the de-
ands OF laboring men, and especially 5
railroad employees, for an increase in
ages. Dispatches from Chicago state !
at 10000 employees of Western rail- G
ads want an increase in wages of 20 +
II ce4it, and interests in Wal, Street
ho are recognized as the bull leaders
'clared today that wage advance of
least 10 per cent would be accorded to
ese men. a
Such compromise would probably L
ert general railroad strike. But d
nat would the action mean to the ex- 2
nse accounts of the railroads affect
Experts calculate that at present
e cost of labor comprises between So
d 10 per cent of railroad operating
pense. A rise of 10 per cent in the
st OF labor means. therefcSe, loss of A,
out per cent in gross earnings in n,
railroads that suffer from II. =
wv York Stock Exchange. October ~.