The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-11-04
WALL STREET NEWS
Elections Exert Small In
fluence On Market.
PRICE OF CITY BONDS RISES
Election Of Fusion Board of EST
mate Encouraging In n Financial
AFFAIR, but Particular Stocks Are
Decidedly Strong-CODper Advances.

New York. Nov. 3.-Not for Ions
time have the November election con-
tests been OF such small influence as a
stock market factor as those which were
held yesterday. Members Of Congress
were nowhere in nomination. the various
State elections turned almost exclusively
upon local matters. and no national
issues seemed anywhere involved.
In our own city the arrangement OF
forces and issues were such as 10 de-
prive the election. however interesting
and exciting in and OF itself. Of any sig
nifcance from a Wall street point OF
view.
Traction Companies Immune.
It is true there were those who en-
deavored to make out the various local
traction companies had In some way n
stake in the result. but it was hard for
the average person to discover just how
these concerns would be materially af-
fccted one way or the other by the up
shot.
In one respect. however. the event Of
yesterdays struggle was decidedly en-
couraging IN a financial sense. Under
the present charter Of the city the board
OF estimate and apportionment has be
come the great law-making body OF the
town as regards municipal finances. and
has practically sole control Of the purse
strings OF the city.
Il Is therefore a matter Of great con-
graduation that. so far as now appears.
this control has been placed for a period
OF four years in the hands OF conserva-
tive, honest men. There IS no doubt
whatever that the standing OF New York
city bonds has been greatly helped by
what has happened, and. indeed. the price
Of these bonds to-day rose sharply.
To-day's stock market was a quiet and
sluggish affair. neither any great desire
70 buy stocks nor any great desire TO sell
them making itself manifest Particular
stocks We're, however. decidedly strong
and the undertone OF the market was
very firm.
On such slight recesslous as occurred
the stagnation OF the market increased,
and the entire appearance Of the trading
was that Of market marking time. 4"
waiting with as much restraint as was
possible for an approaching period when
conditions would be favorable 10 a greater
activity IN the last hours OF business,
however. the whole attitude OF the mar
ket changed. Prices OF all the leading
stocks moved up with q viEOr, and while
final quotations were irregular they yet
indicated with much defniteness that the
strong instructive desire Of the market at
present is 10 advance.
Copper I'm Prominence.
IN to-day's stock market the most
prominent place was borne by Amalga-
mated Copper which advanced more than
three full points because or a general
impression in the financial district that
strong. and what is hoped will be sue
cessful, efforts are now making 10 place
the selling Of copper In the country IN a
more concentrated form than az present
exists
Other conspicuous features Of the mar
ket were the railway equipment stocks
and the Electromagnetic and
Brooklyn Rapid Transit shares After
the close OF the business. announcement
was made Of the New York Centrars ap-
pucatiOn 10 the public service commission
for authority to issue $l4.65S,O00 new stock.
OF which S25,0O0O 600 IS 10 be used 10 take
up the Company's per cent notes, ma
turing on February ] next year.