Bisbee daily review., 1908-11-13
POST ELECTION EVENTS PROVE COUNTRY IS NOT
 HOSTILE ID CAPITAL

NEW YORK, Nov. 12-The release of much industrial e;ergy held in re- serve pending the national election was counted upon with the passage of that event. The record of the past week in that respect was in agree ment with the confident expectation universally held in financial circles. In the response of the stock market to the situation, however, there was a genuine surprise. As the specula- tive medium of events to come ratn- CT than those already accomplished, the action of the stock market fndi- caies that the extensive advance m prices which occurred over the level of last years depression, while fully commensurate with the improvement then in sight in the country's affairs, did not begin to measure the hopes of the ultimate improvement to oc- cur. The outbreak Of a furore of spec ulation last week 8 the more remark able in view of the accurate pre- dicfions, a result of the election so far as the great parties are concern ed, which were current and were ac- cepted in Wall streUt before the de cision at the polls. It was the com mon expectation of the professional speculative element, based on these conditions and on the fact that prices were brought on the eve of elction to the highest level of the year, that abundant supplies of stocks would be offered to meet every possible demand which would be attracted from the less practiced speculative channels and from investment sources. There were few observers in Wall street who had not given the advice that the first after election rise ID price would be followed almost certainly by a sharp reaction The thrush of new demand for stocks, on the contrary, has been sufficient to sweep up all selling to realize, with a sustained up- ward movement of prices. The news of the week contained plentiful evi- dence of the quick movement that has occurred toward revival of industrial and commercial activity following the election. The response in this field apparently exceeds the expectation as much as does the movement of stocks. There can be no doubt, in fact. that the financial sentiment has read In the results of the election of revulsion of sentiment in the country from the op4AlL Ol nOot4A2il ~ NopAAoAf oo ~ A9 embodied in the great corporations. Judge Taft's speech to the Commercial club of Cincinnati, although protest ing adherence to the Roosevelt poll cies and warning offending corpora tions of the purpose to pursue ana punish them, was seized upon with avidity to indicate immunity from fur ther frksome restraints with furious effect on the speculative excitement. The decision of the Northern Pacinc directors to distribute s11.26 per share of concealed assets" to its stockhold- CTS was interpreted as braving the formerly hostile public sentiment which was directed by state legisla- ture acts toward limiting freight charges by the company. The as- sumption of more tolerant public sen timent toward corporations finds ex- pression in their unconcealed determt- nation by the railroads to secure high CT rates for freight than they have hitherto enjoyed. The knowledge of a concerted movement to this end is credited with large influence on tne animated speculation in stocks which gained volume as the week progress ed.