The Washington herald., 1906-11-03
WALL STREET NOTES.


New York Nov. 2-There was a fur
ther quickening Of business animation on
the stock exchange to-day and a material
advance in the price Of securities. To-
ward this result one. and cnly one, infiu-
ence powerfully contributed-a great
wave Of conviction that the Republican
candidate for the goyernorship in the
State election this fall would be placed
in Office by a majority of the popular
suffrage larger than was hoped even
few weeks ago.
1t was. indeed. apparent, in view Of the
cay's developments. that q good share OF
the buying OF stocks yesterday did not
merely proceed, as was thought, from
retreat oil the short interests in the mar
ket, on purely general grounds, but repre-
scented an Investment Of money in securi-
ties by local spectators who had access
to private political estimates on the DEM
ocratic side of the vote likely to be cast
for the candidate Of their party in Greater
New York. These conditions were such
as to seem to greatly insure the election
OF Mr.. Hughes by a plurality. as Il whole,
OF not less than 100000 votes.
When 10 these forecasts were added
such body blows against the Democratic
candidate as were detailed in the morning
newspapers. Wall street came To the con
clusion, logically enough that not only
was the result OF the election a certainty,
but that the popular uprising against the
party Of socialism and disorder would be
such as 20 be very prophetic OF tho tenn
per likely to be exhibited by the people
Ia the State IN the Presidential contest
two years hence. Long before the firs:
hour Of business on the stock exchange
was over to-day the betting odds against
the Democratic candidate rose from yes
terday's figures or . 1-2 10 / 10 ( to 1, and
even in q few instances 10 to /.
y violent upward movement in stocks
followed, though later profit taking set in,
which was sufficient before the close OF
business to wipe out a good portion OF the
earlier advances. StiIl, the principle
stocks showed generally final net gains.
The advance was particularly brisk at
first IN the Northern Pacific and Great
Northern, which rose 81 and So points re-
specuveIy. The Consolidated Gas. Brook
lyn RaDid Transit. and other so-called
local franchise stocks also quickly re-
sponded 10 the improvement in the political
prospect.
In the afternoon buying Of Reading
stock was the feature OF the market
Practically tho only prominent issue %
show q decline in its price for the day
was Chesapeake and Ohio in which liqui-
dation again expressed moderate disap-
the failure of the directors to advance the
dividend rate on the stock on Wednesday.
The London market to-day was cheercd.
like ours. by political influences. these
having relation abroad, however, to the
actual result OF municipal elections in
England. which portended what seems to
be the case in our own land. falling or
in the radical and semi-sociaHstic senU-
ment among the electorate.
Other news from abroad was not quito
so encouraging. comprising two rather
poor bank statements on :he part of the
Bank OF France and the Imperial Bank Of
Germany The French bank reported for
the week an enlargement OF over S50.0u,-
009 in loans and a loss Of over $4,000 IN
cash. while the Reichs Bank exhibited an
increase OF E-9o0oHc in loans and a loss in
cash OF S9.5ClG1
Like that Of the Bank of England, the
conditions Of the two great French and
German Institutions is low for this time
Of the year Or the other hand. there
was a continuation to-day OF a rise IN the
price Of Russian securities that has for
some time been tn progress. Tor reasons
that have not yet been made clear en-
IiTrly. They are supposed 20 refer gen
orally, however, 20 the cessation of dis .
turhances in Asia, and 10 n growing Inn .
preston that the finances Of the country
are In stronger shape than has been SUD +
posed.
To-day although call money was more .
freely offered than yesterday, so that the .
highest rate was Z per cent as against .
Yesterdays maximum OF . per cent. the .
demand for time money was stronger and +
caused an advance of 1-2 per cent in the .
premium already charged above the legal T
rates for funds or this class for use over
The new year settlements, making the nec .
rate per cent Money for all the nearby
natudties was also frmer-
The opinion was expressed in high
quarters that tomorrow bank return
would be more OF less a repetition Of
-hat Of last week. when the banks re-
)or-ed such 4 decrease IN loans as 10
the effect OF loss IN
ash. Estimates Of the loss in cash by
he banks, as to-day gathered, footed up
ne total Of the weeks drain as soIae
where between S5,SO0.c00 and S6.So0.O0O.
Sterling exchange was again strong. ad-
'anciug IA Of a cent, and the purchases
hereof We're supposed TO be In connec-
ion with the remittance OF money TO
England against recent sa-vs Of stocks in
his market by foreign holders. London
yas again seller here to-day on balance
q about $500 shares.
Every little advance in Amalgamated
5opUer finds bears ready 70 jump on top
# it. Consequently continuous rise would,
o some extent, probably cause ar in
reasing short interest, which would ma
erially assist in the sensational advance
{ the inside interests cared to make
Certainly with other
aiming stocks booming the way they are.
his most prominent security will not be
liowed long to lag
MISCELLANEOUS BONDS.