The Washington times., 1910-11-13

NEW YORK. Nov. BIN anticipation
Of the much heralGed election boom
ffty-one Stock Exchange firms kept
open house on Tuesday night in the up
town district. Brokers who had no di-
rect connection with London, arranged
with regular arbitrage firms for the pur-
chase Of stocks in that market before
the New York opening, and clerks were
on hand to book orders for early execu-
ton on the local exchange. When the
returns came in. indicating a Demo-
cratic victory, Wall Street men, life
long Republicans, who had turned Dem
ocratic for this occasion. Rugged one al
other with delight. Here and there was
an older man who ventured the opinion
that he could not see wherein the over
throw OF the Republican party consti-
tuted a bullish argument, but he was
laughed at for his doubts. or denounced
as bear or a ''kill-jcy-'
Well, we all know the effects Of the
election in the security market Heavy
bu."ing orders were cabled TO London,
ard hat market sent a higher range OF
quotations for American stocks We'd
nesday morning. The local market re-
sponded with a further slight advance,
but the election boom" lasted about
fifteen minutes, and later on stocks
broke violently, continuing the reaction
on Thursday, until prices had recorded
! declines OF from ? TO s points in many
active issues To prevent demoraliza-
ton in the general list, supporting or
ders were placed in the market late
Thursday. These Influenced short COW
ering and a partial rally, but failed 10
restore the enthusiasm manifested b. a
! certain element before the election. and
| prices continued irregular and uncer-
tain.
Wall Streets Moral Issue.
The attitude OF speculative Wall
! Street is very much that OF a man on
| the morning after" The rank and file
in the brokers offices wears wistful'
| PARKWAY look, as II they had enjoyed
the festivities immensely, but had car
/ ried them too far. and had found them
too costly In the first flush Of en-
| thuslasm on Wednesday morning. be-
fore stocks broke so SHARPLY, brokers
/ stnI exulted over the rebUke admin
| istered colonel Roosevelt IN New York
| state They prided themselves over the
result TO which they had so largely
contributed, and some OF them really
| thought that they had engaged IN q
great moral uprising for, as one Of
them said to me: "Tidn't tell you.
On a great moral issue, the American
people always vote right"
| That was before stocks had broken
from to points. After Wall Street
had heard from the dry goods district
and the investment interests, the
great moral issue" lost some OF its
force and effect. For. Of course. this
"great moral issue" was undesever-
ably associated IN the mind OF all vir-
tuous Wall Street brokers with a day
Of riotous speculation, marked by
Z "wide openings Snd stock advances
Of 10 10 points. Nearly every Wall
Street mOralist and patriot, In rally
ing to the support Of the Supreme
Court Of the United States. suffering
under 'demagogic attacks had con-
hidently registered his prediction
that "Roosevelts defeat IS good fOI
g 20-point advance ir the market
Speculative Wall Streets opposition &C
Mr.. StImsOn began and ended with the
belief that stocks would advance or
his defeat. Was ever a great event
more woefully miscalculated in a Sc
curity market than Tuesdays cleo
ton?
Belated Explanations.
If speculative Wall Street had
known that stocks would react on tn,
Democratic victory, speculative Wal
Street might still have talked "grea
moral issues" but speculative Wal
Street 10 a man would have beer
short of the market Now that stock
have declined instead Of advancing
on Tuesdays result, Wall Street ha-
turned apologist. A reaction was du,
in the market, It says. Stocks, +
holds, had advanced too fast and to-
far in the face Of the monetary con
ditions, and the future uncertainties
Why, Il adds, the bull manipulation
started a month ago, upon a poo
statement OF untitled orders issue'
by the Steel Corporation, and price
continued to improve despite the ad
vance Of the Bank OF England rate Z
5 per cent. Yes, a reaction was surel,
due. This is speculative Wall street
present attitude, but 1t does not eX
. plain why hftY-One brokerage firm
kept open house on Tuesday night an
cabied buying orders for 200. 90
shares Of stock TO London, and VIII
brokers were predicting 2O-pOin
advance in the market II the RePub
lliCan party was defeated.
The election is no longer bull ar
gument. There is no gainsaying. thai
and there was never "a leglumaJ
treason why II should have been Sc re
garded as a possibility. There was
Iperl ans a sentimental reason 10
Speculative Wall Streets gratihcatio
| over a rebuke administered to Colone
Roosevelt. for speculative Wall Stree
in part, at least-is firm in its con
Eviction that Colonel Roosevelt and no
its own speculative excuses and hor
TibIe scandals was responsible Tor IN
panic of 1907. Be that as IL may IN
| advances which had taken place +
| anticipation of Mr.. Dix's victory ha
fully discounted any and all sent
mental influence Of that event, as wa
clearly stated in this column las
week, when attention was directed I
the fact that the betting odds OF to
Ion Mr.. Dix fOreshadOwed the elecuo
beyond all question, and that at tn
then existing level of prices the mar
ties and future unSOlved problems
had lost its speculative attractivenes
What Wall Street Overlooked.
But the chief trouble with speculative
Wall Street and this point was ais
made clear in this colrmn, was that
centered all attention upon the -eonte.
in the State Of New York. 1t gave q
heed to the impending political revolt
tion, that men who had their wit
about them clearly foresaw, and WEI
predicting Now the opponents of tn
great moral issue" are saying, in effec
If we could have elected Mr.. Dix govei
nor and stopped there. it would hay
IN