Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-11-12
WALL STREET NOT
GREATLY WORRIED
Election Uncertainty Caused
Fluctuations, Without Great
ing Serious Alarm.
BUSINESS KEEPS UP PACE

NEW YORK, November 11.-Wednes-
day after election is always a day Of
excitement and f1uctuation in the stock
market, even when the results Of the
contest are definitely known and an
nounced by midnight of election day.
The extreme uncertainty of Tuesdays
presidential contest, however was re-
sponsible for one of the most confus-
ing and excitable markets for secur1-
ties that Wall street has ever wit
messed. Stocks swayed upward or
downward on each new report that was
calculated to throw more light on the
situation. Traders bought and sold in
accordance with the reports which ia
vored their own candidate, and 1t is
noteworthy that popular sentiment was
fairly evenly divided between the two
candidates.
drawn from this condition is that Wall
street. is convinced that the country
will remain prosperous no matter who
occupies the White House or what may
be the political complexion Of the next
Congress 1t is for this reason that
Wall street has been the least agi-
tated section of the whole country in
its relation to the national election.
War Stocks Again Doomed.
There are still many important fea-
lures which will undoubtedly exert
their influence upon the investment and
speculative markets. First Of these is
the European war and its proba BILE du-
ration. Instead of reaching its climax
or giving evidence of the approach of
the state of exhaustion on the part of
the belligerent nations, American Wis
itors to Europe report that each ma
ton is in the midst of preparation Tor
Indefinitely continuing the contest. All
indications. therefore, point to another
winter of waiting. preparatory to a gil
gantic spring campaign. Should this
campaign be In any way decisive there
must be the long negotiations for peace
treaties. during which the contending
armies must be kept in positions Of
complete preparedness. On this basis
there may not unnaturally be re-
newed interest in the market for war
conservative spectators are advocat-
.ny eIr purchase.
In the meantime American financiers
are confronted with the problem of
assisting our foreign customers to
finance their heavy purchases of goods
from this country
Other Loans Proposed.
In addition to the new 100000. 900
British loan, announcement has been
made this week that loans to France
and Russia are in course Of negotia-
ton and that new applications for
credit will be made by Great Britain.
Should the German undersea naviga-
ton prove commercially successful,
still another outlet for our products
and our credit will have been provided.
The new loans to foreign creditors to
a large extent represent accumulations
of American savings on which interest
is being paid-that itself is adding to
American incomes. Figuring American
loans to foreign countries since I. e
ar began at $1,000. 100000 and that
within the last few years a similar
amount in the form of American Sc
curfties formerly held abroad has been
eturned to this country, we have a
carly income in the form of interest
and dividend reckoning interest at
) per cent? of 5000 900 900 a v ar that
a few years ago did not exist This
amount will increase right along, since
here appears no reason to believe that
the end is yet in sight of American
ability to continue In testments. Their :
IS no apparent limit to the amount of
credit that the banHs are able to grant
If they are satisfied with the collateral
or the standing of the borrower. The
STOCK or SDiU mas Increased 10 bucA IL
,arge extent that on the basis of IS
per cent Of reserve to deposits in the
national banks, ample funds are still
available for all legitimate purposes.
Expansion in Business.
General expansion and improving under
lying conditions i'll the business world are
indicated from reports from all parts of
the country. The increase in domestic
buy Ing is pronounced, and despite the
advancing prices of many or most COM
modities, there is apparently no slacken-
ing in demand for home consumption.
Raw materials of practically every kind
are scarce. and any special call for new
supplies sends prices soaring.
This situation has caused manufac
turers to be cautious about making
contracts for future delivery until they
can see their way clear to secure the
needful materials to cover. The effect
Of this on the jobber. retailer and even
on the consumer Is to stock up before
prices have chance to advance fur
her. AS labor is being well employed
f,t increased wages and the farmers
| are securing good prices for their
crops, buying power has been material
ly increased and retailers are bene-
| iting accordingly.
! MHoney conditions are still favorable
| to the borrower, and there are funds
| ~ abundance for all legitimate enter
| prises W. S. COUSINS