Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-10-18
Financial News Letter
BY W. G. NICHOLAS.



There is really nothing to the stock
market at this time except marking time
The important interests have their COM
mitmentS made and are entering into no
new deals pending the election. two
weeks hence. Everybody has about all
the money they care to risk already in
vested. In sporting parlance they have
their bets all down" Underlying the
bull element in Wall street there is that
full confidence in the election OF Mr. Taft
which has for weeks been the corner
stone OF the strength Of the stock market
This feeling is as pronounced now as
at any time. and the developments of
the political campaign contribute little
to shake the faith of the believers.
It has come to be the prevailing fashion
to hold up everything until after the
election That is the stereotype reply
that greets every man who attempts to
make forward move in business This
position is so we'll recognized that few
people longer attempt to secure capital
or do anything that calls for exertion.
The remark above quoted is almost in
variably supplemented in the banking
quarter with the additional phrase, and
if Taft isn't elected You needn't come
around expecting to get money from us
for there won't be any for release" The
purpose of the banks is made clear. so
that there may he no MISUNDERSTANDING.
The current philosophy Of the financial
and industrial generals and captains is
that sail will be furled in the event of
a democratic victory, and that the
moneyed interests will make ready for a
further prolongation of hard times. or. at
best, for a grant of further time for
preparation for a resumption of normal
activities This is n hard nut for the
democratic campaigners to crack. I have
referred to 1t in the last two letters
written from Wall street on market sub
jectS and its Importance as "A factor is
becoming larger. instead of diminishing.
SO far as Wall street is able to form
opinion for the guidance of the outside
world it is endeavoring to shape matters
for the election of Taft. On the governor
ship issue of New York there is marked
division of opinion and great numbers
of men in all walks of life will vote for
Taft are openly against Hughes. The
ground urged Is almost always founded
on fear that he may be unpleaSantly
rigid and even intolerant in his views
The Wall street judgment is that the
Empire state will cast its vote for Taft
AMI Chanler.
Strange to say. the success of this mix ed
ticket or combination is regarded as bull
ish on stocks and a distinctive point
In favor of the stock exchange. There
is a well grounded suspicion that Gov
Hughes may take it into his head to get
after the stock exchange. even as he did
after horse racing. Prejudice against
the exchange has developed into the pro-
portions of crusade. and its enemies
are blazing the advertisement that 1t is
a hundred times more dangerous as a
gambling institution than he race tracks,
where gambling has been made felony.
To such an extent has this feeling
grown in Wall street that the entire
district has become a Chaner hotbed
The desire to be let alone and to remain
free from possible Legislative interference
is as Strenuously advocated i'm Che finan-
cial center as i'm the greatest personal
liberty strongholds of the East Side and
the Tenderloin. A wild-eyed idea has
taken possession of an important element
of the voting population that if Gov.
Hughes is elected he will convert New
York and all the large cities of the state
into Sunday schools and take official
charge of every man. woman and child
IN his jurisdiction.
1t is fool idea. or course, but it is
being worked enersetically and effec-
lively to the obvious disadvantage Of the
excellent executive. incidentally the turn
down of Gov. Hughes will be q body blow
to state regulation of corporations by
commission. Mr.. Chanler Is not saying
much about it. but the men who are
chiefly interested in return to the old
way of doing things with corporations are
| unanimously supporting the democratic
nominee. The public service commissions
have been doing business about two
years now. and 1t must be admitted that
they have not been altogether successful
have done little to abate the evils they
were created to stop. They have en-
vcloped themselves in dust and do not
'ecm to get anywhere.
The reactionarieS are strong and may
Succeed In securing important modiiiCa-
ions to the existing laws governing the
commissions. Next to killing off the COM
oissiOns entirely the interests would
like 10 have the legislature pull their
teeth and lop off Il few arms and legs
Just how such a proceeding would bene-
fit stockholders is not clear. but there is
a manifest wish on the part of those in
control of every species OF public service
corporation in the state 10 get relief from
regulation by commission. Wall street is
seconding this desire 10 the best OF its
ability.
Price changes of stocks have not been
sensational of late, excepting in some of
the so-called cats and dogs. Under this
heading are classed all the odds and ends
and specialties listed on the exchange
and traded in on the curb. When this
phase of Il bull market develops expert
enced operators in the street become
alarmed. They have been taught that
when this stage is reached the market
is in Il dangerous position and ON the
eve of Il break. The rule does not always
work out that way. but the nimble- witted
and ick-acting traders put themselves
In shape TO switch at moment warn
ing and get out from under. They are
uncomfortable when the eXiSencies of
the market Ecompel them to go home at
night with long stocks charged to their
accounts. This description does not apply
to the great interests which are behind
and under the market in its broad sense
They are not SO easily influenced by sur
face symptoms or by the usual signs and
pOrtents. 1t is said that superstition was
an active factor in the makeup of the
late Commodore Vanderbilt and that he
was Influenced thereby in important
tranSa ctionS and deals. That weakness
does not appear to have descended to anv
of the present day great market leaders
Imagine if you can Mr. Hartman or Mr.
Morgan or Mr.. Prick or Mr.. Archbo!d
consulting mediums to what they
should buy or sell and how much 1t is
to smile.
The invasion of this part of the country
by the leading candidates of all the DO
!itical parties will be about the ONLY sub
ject for discussion in Wall street during
the next fortnight, and as before stated.
everything in a business way will await
the result. AS the time Shortens a more
serious view is being taken Of the posi-