The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-11-10
WALL STREET NEWS
Break in Prices Attributed
to Several Causes.
FEAR VICTORY TOO SWEEPING
Financial Interests Believe They See
Too General Unrest in the Results.
Wheat Market Turns Weak in the
Afternoon and the Leading stocks
show Heavy Declines at Close.

New York. Nov. s.-Pretty nearly all
veteran observers OF the stock market
looked to see recedlng prices in that mar
ket to-day. It was undeniable that in
case the election result had been the
reverse OF what II IN fact turned out TO
be a fall OF very considerable magnitude
would have taken place.
somewhat greater experience with
speculative Wall street than that pos
sessed by the average person was nee
essary in order to make II seem likely
that such an outcome OF the election as
occurred would be the signal for profit
taking on the part OF holders OF stocks.
But TO sell on good news. always as
Stunning that the good news is something
that has been long foreseen, is an almost
invariable maxim with professional mar
ket operators. and to-day they acted on
their maxim as they usually 90. 1t is
fair 20 say, too, that qualification over
what happened yesterday was not en-
tirely unqualified in the financial district
Extravagant Claims Made.
Security prices suffered to-day 10 some
extent from the circumstances that alto
gether unreasonable and extravagant es.
Inmates have lately been current in Wal
street as TO the size Of the majority that
would be given against the Republican
candidate In yesterdays contest in this
State,
A feature OF some Importance in the
market was an impression that seemed.
very naturally. 10 gather force as the
Naa~a.. l.
came violent in the late afternoon that
the broad sweep OF Democratic victories
al! over the country might after all.
indicate that the motive power behind
this was as much discomfort over the
high cost of living and dissatisfaction
with the present tariff as It was con-
demnation Of the so-called Roosevelt
policies.
Prices OF stocks opened this morning
fractionaliy higher than they closed on
Monday, and in the first hour sold of a
point or more on realizing sales. The
feature OF the market in this early trad
ing was a further break in the Virginia
Carolina Chemical and some OF the fer
tilizer stocks, as the result. supposedly
OF developments In the potash war with
Germany.
sharp Break Follows
Later on a sharp break OF more than
three points occurred in Missouri Pacific
stocks. and led TO the rumor that bond
issue by the company was impending. It
was also announced that the quarterly
dividend OF Ia per cent on the common
stock OF the Sloss-Sheffield Steel and
Iron Company had been suspended. which
naturally caused weakness in this stock
even though the event was one that has
long been expected.
In the afternoon. however. the whole
market turned weak on general selling,
and prices declined rapidly without any
particular support, closing very nearly
st the days lowest. Declines OF three
points or more were made in United
States Steel, Union Pacific, Reading
Southern Pacific, and other prominent
stocks. with corresponding reeessions
elsewhere.
The fall was uninterrupted by the pub
lication Of the governments final report
for the year on the condition of corn. in
dicating a total crop OF 3,lSl. ISL 600 bush
els, as against last months estimate OF
3.0460l6,000 bushels. The crop this year
is thus much the largest in the coun-
try's history.