The Birmingham age-herald., 1903-11-08
No Change of Sentiment in the
 Stock Market
WALL STREET IS QUlETER
Apparently Less Friction Between the Giants Than Formerly-Plenty of Money for Investment in We'll
 Backed Stocks and Bonds.
BY w. G. NICHOLAS.

New York November 7.-The elections had less effect upon the stock market than most people anticipated. A theory had taken hold of traders that the elec- tons Of Mcclellan for mayor of New York would be a signal for a break in prices This idea was predicted on the as- sumption that a democratic victory in the premier city of the country might pre- sage a change in national administra- ton and endanger stability of values. The market action did not support this conclusion The result in strong republi- can states apparently offset the election in New York city. The great municipality is normally democratic by 7oO00 to 100000 majority and the election of MT. McClel- Ian is held to mean merely a return tc normal political conditions. From mar ket viewpoint it would appear that there is no broadspread radical change in sen timent and the count of the ballots leaves matters about as they were.
 It is a far cry to the presidential cam
 paign next year, but representatives of the great business interests which cen- ter in Wall street are much concerned over the political outlook and specula- tion as to the probable course of poliu- cal events already enters largely into Wall street discussion these days. There is unquestionably in Wall street a preju- dice against MT. Roosevelt, but along with this feeling there Is a realization that his chances for renomiantion are overwhelmingly favorable. A great many representatives of conservative interests would like to see some one else nominated by the republicans but they do not see how the thing can be done They are not yet prepared to say that they are or will be reconeiled 10 his renomination and con- sequently they are taking unusually &C., tive interest in the talk about democra- tic candidates The majority preference seems to incline towards Senator German of Maryland. and as between that gen tleman and the present occupant of the white house many who have hitherto classed themselves as republicans would be L4sposed to shift political front. How strong this feeling Is there are no means at present of determining, but it has con siderable force Mayor-elect Mcclellan must also be counted as a possibility. w. R. Hearst is heading vigorous move ment on behalf of the younger democ- racy against the tendency to have any of the old wheelhorses for standard bear CT. and he appears to be making some headway in that direction The Hearst movement is distincly dstasteful to the financial interests which have hitherto exercised more or less potent influence in shaping conventions. platforms and nominations It is felt that the next pres- dential campaign Is proper, legitimate and timely subject for thoughtful con- sideration q market factor. That it will have direct and potent bearing on prices is already admitted in all quarters.
 Clearly there is less friction now be- tween the giants of Wall street than there was year ago The element of ever-speculation has to a very large ex- tent been eliminated from the situation and the spirit of conflict seems to have died out. Ii is the habit of the Street to refer to the anti-Morgan party as the Rockefeller or Standard Oil party. while as a matter of fact the Standard oil peo- pie are only members of the opposition. Many conservative fnanciers whose opin- ions carry weight and who exert wide spread influence in the business world long viewed with alarm the tremendous aggressions of AIr. Morgan and his asso- ciates. The Standard Oil group were among those who felt that way and went out into the open first of any to antagon-
 ze further expansion in industrial and financial fields. That circumstance gave