The Birmingham age-herald., 1910-11-06
QUIET WEEK IN
 STOCK MARKET Anticipation of Election Scare Is Not Realized BANKS ARE INFLUENTIAL In Keeping Speculation Well In Bounds. Not Strong Enough to Finance
 Extensive Campaign
 on Street
ARE INFLUENTIAL
By W. G. NICHOLAS

By W. G. NICHOLAS
 New York November 5.-(SpeciaI )-This has been very quiet week In the stock market Anticipations of an election scare were not realized. The tendency was so strong in one direction, so far as the state of New York was concerned, that there was no good chance to or ganize raid that amounted to anything. At the samett there was a sharp fall ing off in the volume of business and a very general disposition to sit tight on commitments already made. The gam bling spirit had been pretty well grati- fled in bets previously made on the stock market and those who had been figur- ing on the price effect of the election next Tuesday did not care to go further
 During the week preceding there had been heavy profit-taking and expectations were prevalent that quotations would react sharply in consequence. There was a market setback of several points but tho decline did not go anywhere near as far as had been commonly looked for, and even that small recession was made uli III ldlBt Pdll uullhS tliS MSCh uL- del review. Indeed in some cases new high records were made, notably in Canadian Pacific, Amalgamated Copper, Shelters, Consolidated Gas and quite a number of the .specialties
 Steel got close up to the high point, and in the face of most discouraging trade reports was well sustained through out. Not less than 150,000 shares of the Inside long stock were unloaded during the first three days of the week through two or three houses. The stuff was taken without tremor and at the head quarters of the organized bull party in that issue expressions of supreme confi- dence in further advance after the election are disseminated.
 This attitude is variously regarded. One theory is that the bull syndicate has not succeeded in unloading large lines bought on the way up and that it is under the necessity of making a higher ma rket if possible in order to get out with the profits now shown on paper. Another theory is that this bull con- tingent is genuinely In earnest and be- lieves the stock to be worth great deal more than it is now selling for, Be- tween these two theories you pay your money and you take your choice.
 The banks played an important part in keeping speculation within bounds. As pointed out in these letters, the bank ing situation was not strong enough at any time to finance campaign that called for transactions anywhere near 1, 1000 shares a day. Tt took several strong hints for the bull leaders to get it through their heads that the banks were in earnest in advising a drawing in of horns, yet when the truth was driven in hard enough enthusiasm was subdued and the boom subsided measurably. It was a knowledge that this action would have to take place that induced the be- lief in an important reaction.
 The underlying strength of sentiment proved, however, to be much greater than had been appraised and we see the pleas- ant and somewhat surprising fact of a substantial4 undertone extending beyond anticipated limits of time.
 Speculative attention is now being given to the problem of what will hap pen after the election?" There is wide divergence of opinion on this interesting issue The surface idea is that in the event of an overwhelming rebuke of po- l.tical radicalsm in this state the gener- al public will enjoy a complete restora- ton of confidence which will be followed by a resumption of business activity in every direction
 It is upon this theory that a large part of the investment buying of the last three or four weeks has been predicated. A fear grows up, however. that no mat ter how impressive the election in this part of the country may be, the voting in the west and south will have different slant and results be open to a different construction The thought obtrudes continually that no matter what hap pens the country is very likely to have two or three years of very sensational political agitation.
 With progressives and democrats in control of one or both branches of Con- gress. as now seems to be entirely prob- able. there can be no escape from dis tu,bing action along several distinctive ljnes-tariff revision, clamor for more strongly defined regulation of railroads an,; other corporations. prolongation Of the fight over freight rates, all of this supplemented by a flood of investiga- tions covering an infinite variety of sub 1ects ranging from the Panama canal down to and including extravaganza in governmental expenditures, political con tributions by undesirable rich and every nhase of the high and increasing cost of living. That this line of agitation can nroceed to the lengths that are threat- cred without disturbing values and fur ther checking the return of prosperity, cannot be hoped for. -
 People who~ta'Se this view of the fu- fire are not optimistic on the stock mar lSet. On the contrary they believe that the trend of prices will be downward for two CT three years and that we are In for that long period of hard times with all attendant endorsements and pri- Vatiori
 
 Actual news developments this week have not been of highest importance. The publicity man of the Steel corpora tion came out with another one of his famous "canned" interviews picturing the condition of the iron trade as being lum- pouslv bright. although advices from the milling centers are directly in contradic- tion of these inspired expressions.