The sun., 1903-11-05
: -. seE,sks and bonds. The vol,

Iu4yossNJcks and bonds. Inc voice
VofVt9e people, as very clearly expressed
is one of contnyed tefudiationyR those
theories Of soceS disoktler which assumed
spch threatening form, seven years ago.
The defe4 in Ohio by simply overwhem-
ing majority OF the Democratic candidate
for Governor, perhaps the most blatant
and offensive as well as one Of the most
dangerous advocates Of socialism that our
country has ever seen, mears and means
only that tn, great Democratic party has
resolved to purge itself Of Bryanlsm 10
the ut ermost No one expected of course.
in view Of the smaller public interest at
tending what were in many instances
purely local discussions. that such piIing
,lp Yesterday of what may be called Mckin-
lev maiorities was at all likely. Never
theess, n survey of the general situation
shows a positive increase everywhere in
the votes OF the people against vicious
political doctrines and in favor Of the main
tenance of law and order and property
rights.
Moreover. aside from politics. other con-
sderations to-day affecting the market
assumed favorable aspect. Local labor
troubles seemed to be getting in better
shape and foreign advces were that the
difficulties between Russia and Japan
were nearing diplomatic adjustment. Con-
soils wero higher in London, and a f1rmer
tone in London for our securities was re-
ported. Our banks lost TO the Sub-Treas-
ur,. ,,p to the close Of business on Monday,
SO 400, ,Ooo and transferred through the Sub
Treasury during The day 81 100000 to in
terror cities. Yet very few call money loans
were made during tho forenoon to-day
above 4 per cent. and in the afternoon
money was abundant'r offered at ~ per
cent. Perhaps this wna because the news
OF withdrawal OF funds from this centre
for tho purposes named was countcrNalancad
by the announcement of the purchase Of
81 500, 900 in gold for New York account
in the open market, of the shipment OF
sl.25o,ooo from Berlin-mnkinG in all nearly
1000 Ooo in foreign gold that has either
been actually shipped to this city or en-
gagged for export and the news that Ameri-
can houses were active bidders for gold in
all the leading European markets, There
fore, prices of the leading issues opened
to-day at good advances. Tho trading ele-
ment, however. soon began their accus-
toned profit taking. Particularly heavy
selling developed in the United States Steel
issues. and the market closed heavy. The
revolution on the Isthnnus of Panama. and
the voluntary liquidation Of a small trust
company in St Louis, were regarded as
merely minor incidents In the days budget
of news. Opinion seemed to be about
equally divided in the foreign banking
houses as to tho likelihood OF an advance
in the Banli of England's rate of discount
tomorrow. Gold has not yet been drawn
from the Bank OF England by reason Of
American demands but it undoubtedly will
be before long unless the foreign exchange
situation assumes a far different phase
than at present. On the other hand dis
counts in the open market in London to-day
did not advance, as they naturally would
have done II an advance in the bank rate
had been impending. These open market
discounts are, however, almost up to the
full bank rate, anyway.