The Birmingham age-herald., 1908-10-18
NICHOLAS WALL
 STREET LETTER The Stock Market Is Merely
 Marking Time WAITING FOR ELECTION Wall Street Judgment Says That Taft Will Be Elected President and
 candler Governor of
 New York.
WAITING FOR ELECTION
BY w. G. NICHOLAS.

New York October 17.-There is really hothing to the stock market at this time except marking time. The important in terests have their commitments made and are entering into new deals pending the election two weeks hence. Everybody has about all the money they care to risk al ready invested In sporting parlance, they have their bets all down." Under lying the bull element in Wall street there. is that full confidence in the cleo ton of MT. Taft which has for weeks been the cornerstone 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 steretoyped reply that greets every man who attempts to make forward move in business. This position is so well 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 be no misunderstanding. The current philosophy of the financial and industrial generals and captains is that sail will be furled in the event of | 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 prepara- ton for a resumption of normal actiyi- ties This is a hard nut for the demo- cratic campaigners to crack. 1 have re- ferred to it in the last two letters written from Wall street on market subjects, and its importance as a factor is becom- ing 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 governorsnip is- sue of New York there is a marked divis- ion of opinion, and great numbers of men in all walks of life who will vote for Taft are openly against Hughes. The ground urged is almost always founded on a 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 and Chanler.
 Strange to say, the success of this nlixed ticket or combination is regarded as hull ish on stocks and as a distinctive point in favor of the stock exchange. There is a well-grounded suspicion that Gov ernor 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 proportions of a crusade, and it's enc mics are bazoning the advertisement that it is a hundred times more danger )us as a gambling institution than the race tracks, where gambling has been made a felony.