The Washington herald., 1906-11-08
WALL STREET NOTES.

New YORK, Nov. THE result OF the
election in this state yesterday was un-
doubtedly disappointing to-day from
point Of view Of speculative Wall street
The general election result. taken the
country over. could by no means be called
unsatisfactory, since it showed very little
willingness on the part of the people TO
make any overtuTn IN existing national
policies
As regards the important contest in this
State, however. in the latter part of last
week sentiment among the rank and file
of spectators. based upon various devel-
opments which it IS now evident We're
considered In an overoptiEiisGlc way, ran
very strongly 10 ias effect that the Re
publican candidate for governor would be
elected by an exceedingly large plurality
The fact that this plurality fell heavily
short Of these expectations was thus
rather disagreeaI.le, even when cempari-
scn Of election figures showed that the
plurality thus cast was large for an of
year. There was. therefore, not a little
senai-dlsgusted selling OF stocks to-day
by those who had bought recently with
the idea Of disp0sing OF their purchases
at q profit in the r.se in the market that
Il was thought would surely take place
Immediately following election day, while
the strength OF tile market. technically
considered. at the close of business on
Monday afternoon was more or less weak
ened on account of the elimination Of the
snort interest IN it and the substitution
therefor in the speculative account Of
quantity OF stock held by weak specula-
tors on small margins.
/ While. however, a good deal of this
stock was thrown upon the market to-
day, no great declines occurred anywhere
nor did there appear to be any Iiquid1-
ton by the larger financial interests. The
market remained wholly the same mar
row. professional but firm affair that it
long has been. In general, the tendency
of the market was up to the first after
noon hOJT Of the exchange session 70
isag uoderat ateIy, hut at this time the
Northern Pacific and Great Northern
shares. notably the former. which had not
participated at all in the previous falling
movement. began to develop strength. ana
the rise IN these quarters brought about
such a recovery in the general list OF
stocks as 20 leave prices for the most
part. although at g decline rs compared
with Mondays closing figures. stu above
the lowest quotations Of the day.
Adverse market influences Of a political
nature were 90 doubt exerted during the
day by fear that some or all OF the Demo
cratic candidates for state Offices. aside
from the governorship, might have been
elected. The bearing OF such an even
upon the security market in the case Of
a possible choice for instance Of a Demo-
cratic attorney. general was obvious.
The news of the change IN the presi-
dency OF the Illinois Central. although it
created discussion. did not. inasmuch as
it had been entirely anticipated, have any
( effect-upon prices.
No doubt another principal factor in The
market to-day was anxiety lest au ad-
vance occur tomorrow in the Bank of
Eugland's discount rate and unpleasant
rumors circulated during the early par
OF business hours that this step had in
deed been informally decided upon by The
directors OF the bank. In banking cir
cles, however, here to-day. the opinion
was almost universally held that further
rise 81 the Bank Of England's discount to-
morIow was quite improbable.
/ The English bank has. II IS said. i'm
proved its position during the week. tha,
bullion and has reduced its loans on
Monday the bank secured s.. $4,000 in the
open market In London, ard to-day also
] purchased there q similar sum.
/ o. greater meaning than anything else
that was made public to-day. however
in reference to this point was the au-
! nOUnCement that the Bank Of France has
sold upon relatively easy terms over 81
05o000 IN gold to London for the pur-
pose Of shipment 70 Egypt. and this was
properly taken as All indication that the
French bank had ct last. even II grudg-
ingly, come 20 the relief Of the English
market with these signs Of greater
financial ease abroad. the view seems le-
climate that no such extraordinary move
lhy the directors Of the Bank Of England
| as an advance in their discount rate 10
/ I per cent is at ali impending
Here rates for money maintained q firm
unbroken front, and Il was runored that
as high as per cent was paid on six
months loans made on collateral Of the
first class. a very favorable omen regard
ing the local money situation is. Of course
the advance 10 a premium from q very
heavy discount Of exchange on this city
IN the leading Western financial center
! The market feature OF to-day was. as has
been stated, the rise in the so-called Hm
| group Of stocks, and the only explanation
Of this vas old stories OF the supposed
Iaoarness Of the time when the great North
ern-United States Steel Corporation ore
deal viii manifest itself IN a distribu-
ton OF cash or other valuable dis.ribu-
ti01 10 the stockholders Of the conlpaniee
holding the ore lands in question. i is
e common impression. although II may be
Untounded in Wall street, that in addi-
ton 10 the issuance OF new stock by the
Great Northern Railway Company arising
out Of the ore land lease. the Northern
Pacific Railway Company will in the next
few months declare q large stock or extra
dividend.
! It is rumored that under existing meme
tary conditions. Secretary Shaw VIII de-
post S25e0,Og0 in the national banks In
the next Few days. This might be ex-
pected II the English bank rate is ad-
vanced this week.