The Washington times., 1910-11-13
as Been Discouraged But There Prospect of Improved IN
AFTERMATH OF ELECTION IN MARKET
NOT SURPRISING TO CONSERVATIVES
Victory By
Destruction of Administration Program Sufficient to Kill
the Expected Rise.
JOHN GRANT DATER,
Special Representative unsey Publications.

Of modifying the tariff piecemeal,
schedule by schedule. through the
legislative program at Washington
knocked into a cooked hat, why Il is
different matter.
The fears Of the financial community
may never be realized. Under any con-
SideratiOn, IL will be many months be-
fore the Congress elected on Tuesday
VIII enter upon active duty at Washing
ton. nevertheless, Wall Street has been
shocked into a realization Of the fact
that Il participated In a political revO-
luton on Tuesday, and II knows. be-
cause II has been informed by the
Worth street merchants, the manufac-
I turing interest, and the personal in
vestors that the future has been rend-
cred the more uncertain by the
sweeping victory OF the Democrats
party. Already the financial district is
borrowing trouble Of 1912, due 20 the
fact that Il has suddenly discovered
that Mr.. Woodrow Wilson, OF New
Jersey. now proclaimed the logical nom
inee Of the Democratic party for Presi-
dent in that year, IS not only a pro
gressive." but leans toward "socialfstfc
doctrines"
Speculation Unattractive.
Of course. what has gone before re-
lates primarily 10 the speculative side
or Wall Street. II was that division OF
the security market which confidently
predicted a boom" on the election.
The investment department suffered
from no such halluclnation. The bond
market. except for speculative issues,
mere stocks in disguise. hattened out
some weeks ago. and Il has given no
/ signs Of revival ssuce Tuesday. But the
results Of that day are pregnant with
| interest TO investment bankers ana in
vestors generally. As pointed out last
week, the speculative market has lost
much Of It's attraCtigeneSs, and now
that the election has passed away, in
terest is likely TO converge again upon
other problems, such as the Sherman
antitrust act, the Industrial trust cases
IN the Supreme Court. the very import
ant question involving the Iong-and-
shOrt-haUl clause in The railway bill
now before the Interstate Commerce
| Commission, the railway rate situation,
and matters OF that kind.
] A consideration OF such things couple
with that uncertainty which has always
| retarded industry in the past, when tho
J possibility Of a revision of the tariff by
I the Democratic party has been suggest.
I ed. viii probably make II increas ingly
I difficult fer manipulators 10 repeat then
recent Performance Of stimulating spec
! ulative gctivity under adverse condf
/ tons. u fact it is difficult 20 see how
such movement can be engineered
! The one which has just terminated in q
| collapse IN prices received very little
| support, and conditions now are less IA.
| vOrable for success than before the elec
| ton Another manipU,ative movement
K may be attempted to be sure, for Z &.
! whispered IN Wall Street that the pool
| which made the recent effort. has some
| thing like $1,000 shares Of stock on II.
| hands, which It would like to market
Investment Prospects.
| But II the speculative market quiet,
! Gown, there is great hope that the in
3 vestment division may revive. All th'
/ features mentioned above which rendel
/ speculative operations unattractive
I make for q real and genuine improve
ment IN bonds, under the very wei
. known theyry that in times OF grea
( uncertainty, men with surplus fund.
/ seek the safety OF the principle rathe'
| than the income yield. An investor wh,
/ buys for cash. can operate with safety
4 at the present time, II he discriminate.
/ among securities. though the situation s.
I such that no careful broker viii recon
4 mend A margin transaction TO an i'm
/ pOrtant customer. without pointing on
] that he may have 70 carry his stocks TO