The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-11-04
FINANCIAL AND COMMERCIAL.
MONDAY, Nov. 8,

NV
The course OF prices on the Stock Elk.
change to-day followed strictly the ortho.
dox rule laid down for market Observance
on the day preceding an election day.
These rules are, Of course. deduced from
the natural instincts Of spectators leading
them to secure their profits or stop their
losses before the decision Of an event at a
known time which may strongly influence
the market Many operators make 1t
rule always 10 close their accounts before
a holiday, while others prefer TO hedge
their speculation by making ventures on
the side opposite to that on which their
main commitments lie. Contracts, therefore,
were generally "evencd up yesterday.
although the process took place rather
languidly Attendance At the board and
In tie Street generally was poor. very many
traders having left the city on Friday
with the intention Of remaining away until
Wednesday morning
As a whole thu selling of stocks to-day
was much better than the buying. The
publication on Sunday Of newspaper fore
casts indicating that the election, both in
this State and in the nation. would be- close
and the great confidence expressed by lead
ing Democratic politicians that their party
would be victorious. tended to modify the
feeling in the Street az the close of last
week that Republican success was assured.
on the other hand, the betting which
practically absorbed the attention Of the
out side market during the day-indicated
that for some reason these believers in q
Democratic triumph were not over de-
sirous of taking advantage Of the hand
some odds offered against their candidate.
The Wall Street election betting this year
has not been large affair and it is doubt
full if 1, has been in any way inspired by
the campaign managers Of either party.
The curious feature of il has been that the
practically unanimous private opinion Of
di-intnrcsted observers of political matters
that the chances of Republican success
in this State did not warrant so great odds
in their favor As those Of TO l. has not
availed. nevertheless. to lower these odds
in the slightest.
The heaviest stocks during the day were
Norfolk and Western, Chesapeake and
Ohio, Louisville and Nashville and Balti-
moro and Ohio. willie the Reading issues
resisted the general tendency and were
the subject of a runor that corner
in them was possible and was mcditated
~ d lt0N Nl'lilNl ~ Nlat "'SNVlH
Another rumor, probably equally au,hori
tative credited this Western contingent
with having at last assumed distinctly
bearish attitude. The continued selling
pressure in the line of stocks referred to
indicates that this much is probably true
concerning the market policy Of the West
em party. that the liquidation OF their
account is not over. A drop in North
western common Of ga points directed
further attention to the remarkable decline
in the price OF this security that has
taken place within a few months. The
peculiar weakness in Chesapeake and
Ohio was accounted for by the pub
lished statement of its earnings for Sep
tember showing net decrease OF 1872 ,s45
and similar net decrease in the last three
months Of 37ls..83 What should have in
Il fenced values most during the day,
whet her il actually did or not. was the
further rise in foreign exchange to point
within l-.6 Of cent OF that at which gold
can be profitably exported. Paris exchange
on London fell \ centime to rs francs l21,
confines. The price Of bar gold rose in the
open London market and German Reichs-
bank made very poor weekly statement.
The bearing Of such facts ia, Of course,
entirely in the line of facilitating gold ship
ments.
Another matter complicating affairs in
this market is the continued strength Of do
nestle exchange, Chicago exchange on
this city rising TO SOC. discount. the point
at which II is usually considered more
profit able TO make remittances from New
York TO Chicago in cash than In any other
manner. At the close of business lead
ing foreign exchange houses admitted that
proposals looking forward to gold ex-
port had been made and that II was possible
that gold exports might take place this
week Under all these circumstances con-
servativc commission houses are advis-
ing their customers not 10 anticipate any
boom in the stock market, even II the cleo
ton result proves TO be Of a wholly favor
able character.