Evening star., 1912-11-03
Wall Street Not Worried Over
Result of Election.
IS UNLIKE OTHER YEARS
oualms, at Least, Generally Marked
Ending Of Presidential Campaign. j..
EFFECT OF WAR IN BALKANS
Sensational News From Interior
Europe and Uneasiness in For
eign Markets Reflected Here.
By n. ALLOWAY.

By n. ALLoWAY.
NEW YORK, November 2.-Upon the
eve of a national election Wall street is
making new EXHIBIT Forever and ever
the rule has been that qualms at least
and general sensa .ionalism have marked
the ending days of a presidential cam
paisn That sort of thing Is traditional
to such an extent. indeed. that deviation
from the rule seems almost like apostasy.
Yet this years experience a the close o.
the contest merely parallels what has
been the rule OF quietude. even careless
ness. that has marked the attitude Of the
country's business interests from .he
campaigns very start. The situation
seems actually TO be that the bu inesc
man of the United States is satisfied
/ tina: no matter who tr.umphs financial.
! commercial and industrial conditions are
so staiwartly pros porous that no great
harm need be anywhere apprehended.
This spirit Of optimistic confidence is
happily not measured by guesswork,
either. They who are Of consequence in
the business word quite as much as they
Tho have less personally at stake are
agreed and he agreement is one Of
Snanufacturer. the merchant. the EN-
1'loye stand together in a faith that Ii Is
ibetter to be busy than blue
! This view and attitude among busin ,ss
tien is not to be attributed to speca! eff
fort; the confidence that is widespre ad Is
pot fabricated is real-has developed
naturally enough. In fact there seems
- prevail a distinct feeling that ire
fpective of all extraneous influences good
times are due-just on the basis of the
philosophy. 1t may be. that figures on
dad droopy feel ngs ever since 19O7's
5hake-up. the panicky conditions of that
time impressing depression upon almost
livery branch Of domestic trade-there
feins W to the very present season re-
striction upon every hand, certified BY
factories running under time, by mer-
chants buying on y from hand to NOUN.
by consumers feeling 1t necessary 20
efonomize drastically, continually
III was to be regarded as epochal. there
fpre, urge those who talk Of busir ss
cycles, when the past springt.me wit
liessed reawakening Of activity wherever
ffills are located. where labor is en-
pioyed. wherever capita. finds opportu-
nifty for activity with profit An, how.
thf rule of hesitancy, even OF stubborn
pYsslmism, which ruled this time last
Year has FOR successor a very differ ent. a
faF happier. mood.
Some Nervousness Apparent.
On two or three occasions within the
week security market nervousness has
ne"erthe ess been pronounced-renecting
the ensationai news from interior Eu-
rope where the Balkan allies have been
tossing Turkish prestige into scrap heaps
The SILVER that ran through NV YorA 8
stock market was not unnatural in view
or Ehat at times approached panicky
cogftions at various European financial
ceAers So extraordinary and SO unex-
pectSd have b en- the Voc les won by the
an.tm pursuers or Iurkey-and SO clear
ternatlonai financial sk-that il wou d
De strange II some great banking inter-
ests here were not made nervous by
reason OF their intimate connections
abroad, espec- ally at Paris and Berlin.
Moreover, the New York market has had
20 fafe liqu dation OF European nvest-
menp holdngs of American stocks Of a
suddtnness and in a vo ume beyond any
precedent for decades. Am r.can stocks
regsfered In the names of European in
ye.tde have been thrown upon the mar
ket Sd extt nsively that II Is est mated
ty conservative International bankers
here that at least $40 GOO.tGo of such
stocks ard bords have had to be taken
care of n New York. The estimate or
d.nari current doubles the 5000 90
figure. Stocks have been delivered here
tbs week from England and France and
GeT1~Sny which were bought from fivs to
Ten years ago by foreign investors and
have since b~en held abroad for their
div dend returns.
Upon an average the dividends paid
during this period upon these stocks are
during the present year materially aug
mented-and In the very face of dividend
increases the stocks were thrown over
board. This. Therefore, does not auglr
anything against the recognized value OF
cur secur. .ties-is reflective purely and
only OF but a suddenly excited view
abroad that salable property should be
forthwith converted into cash-and among
the securities of the who.c world hose
that are American are foremost talInost
alone) In having an immediate firm mar
ket Thus. ultimately. the testimony
must be all in fayor-our stocks finding
ket value. however stubborn and however
severe liquidation shocks may be.
Buoyancy Somewhat Modified.
1t is. OF course. a mere coumon sense
that our market facing such develop
.nents should somewhat modify any buoy
ant tendency. At one time during the
week many bear oracles were proclaim
ing that all hope OF bull market must
lie abandoned. They who have been mos.
active in recent stock exchange opera
lions for the advance scout such view
an important banking house, for example,
thus discussing this phase of the stu
alton:
"Ine question now most interesting TO
big DuII interests nave been abandoned
or only deferred One can have mercy
an opinion as to that, and our own opin-
ion is that the bun camPa4gn mas been
rather deferred than abandO ed and will
he Resumed before the bend OF the year,
with all tie more yigor ior nav.ng been
put back. Three classes of people we
know to have sid heavily during Octo-
her, namely. botn speculators and invest
ors in Europe and speculators In wal
street who were io.iowi..g toe bulbs
leadership. IL seems incredible TO us
that the bill leaders at the same time
wee selling. as IN that case prices could
not have witnstood the stra.n as tne,
did The inference is tha, the big Luii
interests are quite as heavily comm tied
TO the bul, side at the present time as
they were Month ago. and that they
are confident Of a much broade.. marhe
for securities at higher prices between
now and the end OF next spring.
With but one business day an: :edatino
elect on, the secu.ity market ought forth
with to &c. down TO bass OF ,aicu.at. n n
values upon what are actuai busines,
cond tions. what are business prospects
probabilities, even certainties.