The Birmingham age-herald., 1908-10-11

In New York there is every indication of a political drift of the greatest im- portance locally as well as in a broader sense. On every hand-in the banks, in the counting rooms, in the stock ex- change quarter and up and down Man haitian island wherever men gather to- gether to talk, word is passed that the voting combination in New York state on election day will be Taft for president and Chanler for governor. If there has not been an open deal to that effect among the leaders of both parties, then the signs are all wrong. Governor Hughes has aroused the ill-will of influential peo- pie and has inspired fears in the finan- cial district that he may carry his re- form ideas to the extent of a crusade against the stock exchange. He went at the racetracks without the slightest warning and knocked them out.
 He has not openly declared himself against the stock exchange, b-t the same influences are at work upon him that led to his action against racing, and the stock exchange interests are full of fear that he may turn his batteries against them in the event of his reelection. Hence 1t Is that throughout the whole Wall street section sentiment against the Governor is well nigh unanimous. Tens of thou sands of men are financially hurt by the destruction of racing as a business, and their votes will unanimously go to Chan Ter. The personal liberty idea has been worked industriously to excite the antag- onism of an important foreign born ele- ment, which has been led to believe that the Governor is intolerant to a dangerous degree.
 Advantage has been taken of this to promote the trading of votes on an ex- tensive scale. This fact has got beyond ba 0taQ Of saprat ba- come notorious throughout the length and breadth of New York. It finds re- fiection in the betting among the election gamblers, who are putting their money on Taft and Chanler as the one best bet
 The conclusions set forth in the forego- ing may all be wrong, but the story of what is going on in Wall street and on the stock exchange would be ignomini- ously incomplete and untruthful if it did not contain them about as I have pic- tured. The cornerstone of the market and about all there has been to it of late is politics and speculation as to the out come in November. This is one of the times when the verdict of the ballot box will be all important as a market prop osition. Every big bull you speak to admits under cross-examination that stocks will take big tumble if Bryan shoulu VIII Out-dnu then they add: But he can't win; it is absolutely impossible that he should win. He hasn't chance on earth. But" they add with a long drawn breath, If he should win, the devil will be to pay"
 The European war scare Is only feebly reflected as yet in Wall street. Eyerv- body knows that if the great powers of Europe should become involved in a se- rious dispute hundreds of millions of American securities would be dumped upon the market by foreign holders. The feeling is deeply grounded, however that the trouble will end peaceably and with nothing more serious occurring than the trimming of Turkey. That's a catastro- phe which the whole civilized world can be~reconcied to very easily. Hence it Is that European war news arouses slight interest outside of the international banking houses, and even they do not seem to be deeply disturbed.
 The railroads all over the country have gotten their affairs well in hand They have pared expenses to such a point that they can now plan with definiteness for the future. A years steady work econ omiZing and pruning in every direction has so reduced expenditures that the re- suit Is shown in net earnings greatly to the comfort of stockholders and those en- trusted with the operation of the big companies In bringing about this result earnings of more than a million eni- ployes have been affected, and the bur den of the hard times Is thus widely dis tributed. There has been surprisingly small grumbling on the part of the work