New-York tribune., 1910-11-11
FINANCIAL MARKETS
Another Disappointing Day for
Ante-E!eCtion Exchange Bulls.

A hull market for stocks has never fol
lowed a Democratic Congress election VIC
tory. II the matter Of the Presidency mao
been involved in Tuesdays voting and
the Democrats had been successful prices
on the Stock Exchange doubtless would
have gone to pieces, instead OF the TO
2 point drop on Wednesday and the TO
. noint decline recorded yesterday. Wall
Street predicted that it would eliminate
Roosevelt on November : and that on
the following day a big advance In quo
tations would develop. Now that prices
are declining the prediction bulls nave
forgotten the Roosevelt argument, as the
sn-called Roosevelt elimination exercises
have failed TO attract public demand for
Wall Streets wares. and they are selling
stocks on the expectation OF tariff aglta-
ton along Democratic lines, which al
WAYS have been disastrous 10 the coun-
try's business. As matter Of fact, the
Street is appalled, with the extent OF the
Democratic victory. and it is veXed with
itself for being a party to an upheaval
that promises to bring about an exceed
ingIy mixed situation in Washington.
Wall Street may as well cheer up. how
ever. AS 40 Impractical Democratic meas
lIres viii ever reach the President Ana
Wall Street need not worry over the en-
thusiestic predictions by Boss Murphy
and others Of "A Democratic tidal wave
two years hence The Democrats are not
in the habit Of winning twice IN sue
cession.
Outside operators who bought stocks
prior to the election In the confident be
lief OF an advancing market IN the rest
OF the year showed extreme nervousness
YESTERDAY. and many sales were made
for their account, even in cases where
margins were adequate 10 stand fur
ther material decline This sort OF sell
ing came after the professional element
had pounded the entire list. and II only
afforded additional reason for 8 resump-
ton oF bear pressure, which was pro
nounced III the early afternoon. Little
effective support was offered, and rallies
when made were due entirely 10 cover
ing by the shorts. United States Steel
common changed hands in tremendous
volume, and the course OF the price at
forded poor encouragement TO the man
who made a heavy bet before election
that in the event Of the success of Mr..
Dix the Junior Steel Corporation issue
would sell at 10 by January |. There
is no reason, however, why this stock
eventually should not sell above par.
The United States Steel Corporations
report Of untitled tonnage as of October
81 makes an unfavorable exhibit as COM
pared with recent months, but from all
indications monthly reports from now
on wiz show gradual expansion in the
steel trade. AS q matter Of fact, the
October showing is not as bad as indi-
Gated by comparisons with former years,
as the basis Of compilation has been
changed 10 show only orders received
from companies outside the corporations S
own interest The general market closed
from ] TO I1a per cent above the low
hgIres on buying by the shorts.
Liquidation in stocks in the last two
davs has been effective in causing an
easier tendency in the money market
and il is possible that to-morrows bank
statement Will show a contraction in
loans large enough 10 bring about i'm
provement in the reserve above legal re-
quirements. The banks have not lost
heavily to the Sub-Treasury this week,
but the interior movement Of currency
is still against this centre, and there is
little probability Of an active return OF
money from the West as long as rates
for funds remain in the neigbborhood Of
current levels at Western points. Ster-
ling exchange Was heavy yesterday, but
there were no indications In the market
OF engagements Of gold in London for
export 10 this country in the immediate
future. although the Bank of England
showed in its weekly return substantial
Improvement in the percentage OF re
serve 70 liability While the British in
stitution has made iis ! per cent discount
rate effective and has increased it's re-