New-York tribune., 1910-11-10
FINANCIAL MARKETS
Election Boom Fails to Material
ize in Wall Street.


night 10 buy stocks IN the London mar
1ze- in +h. expectation of selling them
~ = profit in yesterdays transactions
made such commitments at loss.
Traders who in recent days had been
hI,zinc stocks in the local market on
the theory that the election Of Nj Dix
and the winning Of the lower branch oI
Congress by the Democrats would pe
followed by a rapid advance in prices
also We're disappointed. as the general
range Of quotations at the opening Was
under the closing in Mondays dealings
while in the best part of the five hours
Of business the tendency was toward a
cheaper level. Doubtless many specula-
rors sold stocks on what they considered
good news-that is. they took profits on
stocks accumulated when prices We're
we'll under prevailing figures. but the
chief reason for the decline was found
in the failure Of the public 10 come INTO
the market. as advised by Wall Street
III the event Of Democratic victory ana
in the weakened position Of the banks
as shown by last weeks Clearing House
statement. The public probably will
wait . while before buying stocks. The
market has had d big advance from the
low points Of the summer, and in view
Of the uncertainty over the course o.
money il the rest OF the year and the
rather promising outlook for lower stock
quotations before another active bull
movement can he engineered, good judg-
ment would suggest remaining out o.
speculatiou conducted on borrowed
funds
The Southern Railway issues were the
only strong features il the early trad
ing. their advance following sharp
gain il the London market Tor The
ISSUES which appeared 10 be baseo Oh
the expectation OF a resumption ot dlyl-
dends ou the preferred Earnings ot
The company il the last fiscal year We're
lh. largest ID The history of the road,
and were tar in excess Of the - per cent
10 which The preferred is entitled. which
encourages the idea that with "a contInu-
alton OF the good business the company
IS nov. eu5oyiug preferred stock holders
viii b- entitled 10 look for dividend ln
1871 Southern Pacific Was weak
fet-lr, Oh professional selling. based Oh
th, belief that tho Republican victory III
California would end the alleged dom
iua-ion of state politics h.- the railroad
cor1Dauv. Missouri Pacific also was
weak feature. the decline being accom-
panied hv reports Of coming bond
issue some support was rendered IN
the General list on the declines. but no
concerted efforts were made 10 bring
about higher prices. Cotton was heavy
or favorable ginning figures. wheat was
lower and a slightly easier tone de
veloped in the money market Foreign
exchange was trife hrmer.
Current conditions IN tho sterling ex-
lhange market suggest TO some Oh
servers of International money move
nents the possibility of = movement Of
gold from. Europe To- TINS country III the
near future. and tho fact that demand
rates are near the level al which Inn
ports Of the metal We're negotiated early
in tho summer encourages the idea ~
some quarters that the weekly conslgn-
rnants of South African gold 10 London
soon lfa4f DE f'A ~
When colG was brought IN last summer
local money rates Here lower than they
are at present, but. on the other hand.
current quotations IN London are much
higher than they We're when the last
shjpnents ~ the metal were made from
that centre 10 the United States. while
tb.. attitude of the Bank of England
should discourage the expectation that
the governors Of that institution VIII
not actively oppose efforts on the part Of
our bankers 10 attract the metal TO this
point. II is not likely that we could OBJ
tain gold bars IN London AT less than
71s 9lzd a price that would require
decline in sterling here 10 the neighbor-
hood Of 4.SJ before imports could be
made al a profit. Bank reserves here
would be materially strengthened if we
could bring gold from Europe. but il
hardly appears probable that a substan-
1ial amount Of the metal could be
secured abroad under prevailing Euro
pean monetary conditions Money VIII
be stiff IN the rest o. the wear in this
country but there should be no real dis
tuTbance u bull speculation ia the stoci.
market IS held n check