Evening star., 1922-11-08
ELECTION CALLED
BLOW AT TARIFF
Affects Wall Street But
Slightly, as Import Duties
Must Stand for 2 Years.
BY STUART r. WEST.

By Special Leased Wire 20 The Star.
NEW YORK. November Sin to-
days markets it was hard to say
, that Tuesdays election results cut
! much Of a figure. Some professional
selling occurred at the opening on
the stock exchange. obviously by way
of experiment. But there was no
! real liquidation and no reason why
there should have been.
That the heavy democratic vote
denoted widespread dissatisfaction
with the high tariff was conceded
in Wall street as elsewhere, but. from
a practical standpoint. the main con-
sideration was that no amount of
adverse voting could result in a
change in the new import duties. at
least for another two and Il half Years
, to come.
Consequently. there WAS rot rip
pie of excitement even In the shares
Of industrial companies which are
the chief beneficiaries of the re-
publican tariff.
Election Quickly Forgotten.
Very early the general share list
forgot the election altogether and
; settled down into the same sort OF
Irregular price movements that were
the rule before.
The two most important occurrence.
of the day were further violent
break in French and Belgian eN-
! change, and a jump Of over 100 points
in cotton.
Except for the copper issues. which
were strong. in sympathy with their
stocks. the general bond list was in
clined to sag off. Heavy selling of
Belgian and French governments was
a necessary accompaniment Of the
weakness in the exchanges.
Gas stocks Show Strength.
In the market for both railway
bonds and stocks the thought no
doubt occurred that the election re-
suits would strengthen the agitation
for the repeal of the transportation
act and for the abolition OF the Labor
Board. which had stood SO steadfast-
ly for fairness to capital as we'll as to
the empioye body. But that there was
any selling to speak OF on this ac-
!, count was not apparent. The ad-
vance in various gas company stocks
probably meant that with the voting
out of the way, public utility enter
prises which had been modestly con-
c-al.ua their light u:!0"r II uuenr
will have the courage 20 so ahead
with their plans for recapitaliZation.
/, involving larger distribution to
shareholders.
Worry Over Foreign OuiiOok.
a good part of the drop in Eel2 ian
and French francs had come while
business was suspended here on Tues
day. The rest OF the decline took
place this morning before New York
was ready for business. There had
, been some question Monda- how far
! the Turkish crisis was a factor. but
,c' oct low
Had there been acute un-asiness over
the situation at ConStaatinople ii
would have been bound to show in
other foreign currencies as well as
in French and Belgian. AS il was
sterling was up over :. cert and
! Italian lire We're decidedly strong
This left no doubt that the drop of
nearly half cent in French ar6
Belgian francs-carcying rates down
close to the very low figures OF Jan
! uary, 192l-were almost wholly a
reflectior OF the concern now felt for
the financial outlook in these two
countries. in View Of the apparent
failure OF the Berlin conference on
reparations to accomplish anything
! Cotton Days Surprise.
! The rise in cotton. carrying the De-
cember option Zip close to the 26i.
/ mark. followed directly upon the pub
lication of the ginning Aeures COW
| cTlHS up 10 november /. ne
/ total of S.13o.s39 bales ginned up 10
that time was only 1900 bales under
the corresponding total os d year ago
I In other words. the evidence OF these
, figures was that the crop of 1927 90
would only exceed the extremely
short harvest of 1e21-22 by 1.50o. .00G
bales: that it would be somewhat; under
, 9,50O.O00.
The cotton trade had scarcely con-
templated figures so low. and. coming g
OF top of recent indications that. or
the one hand. exports were on the
domestic demand has not been cur
tailed because of the recent rise in
prices. the days extraordinary up
turn was quite in,eiligible.
stock Trading Rather Light.
Trading in stocks was rather quiet
juoged by recent standards, but inter
ests committed to the side of highs
prices showed clearly enough their
supremacy. \ few weak points de-
veioped. among them General Asphalt,
because of an unsatisfactory earnings
outlook. and Allis Chalmers, because the
third quarter statement fell below an
,icipations. But with these exceptions
the principal movements were nearly all
upward.
Important light upon the business
situation of the last month was shed
by the weekly reviews of the Iron
Trade. The increase following the
coal strike brought October produc-
ton Of pig iron up to the largest of
any month since the close of 1920
The steel output which at the worst
of the fuel scarcity. wo-and-a- half
months ago. was down to so per cent
and up to fortnight ago was
reckoned at 20 per cent, was today
given at rs.
Call money got up to per cent
| nf
Withdrawals by interior banks