Evening star., 1926-11-03
DECLINE IN STOCK
LAID TO ELECTIONS
Public Utilities Show Gain
Probably Due to Politics
in New York.
BY STUART p. WEST.


enecial Dispatch to The Star.
NEW YORK, November 3.-Today'l
= irly general decline in stocks wa:
1rtly due. no doubt, to yesterday:
lection results, but more largely tt
'nsideration of the business outlook
Wall Street saw it, the change II
ongress. while not sufficient t.
lreaten the continuance of present
,licies, did indicate drift away from
powers now in control which night
<"adily be more pronounced with th'
,Irse of the next two years.
It is doubtful, however, whether
~ important part of todays selling
Is influenced by politics. The elec
on outcome simply helped to empha
;ze the uncertainty which had beer
lowing itself repeatedly during the
Ist two months. This uncertainty
as not enough to cause any big sell
z. Rather it was reflected In inten
fed portion on the buving side
'rices went down not because there
as much pressure to sell, but be
.iuse there was little desire to buy
United States Steel opened dowr
bout a point, rallied for a time
zen dropped off again. The mid
y. eek steel reviews once more were
1T all inspiring. They indicated fol
:ovember a further lessening of ac-
ivity. the same as occurred in DC
nber as compared with September
':her steel shares were mostly lower
lIdlum down nearly a point, Bethle-
en- off fractionally. Among the
luipment shares q sharp fall IL
imerican Brake Shoe was the fea
IRE. American Car and Foundry
as comparatively steady but Ameri-
an Locomotive was lower.
The market appeared to interpret
-he election results as favorable from
he standpoint of the public utilities
Crooklyn Manhattan Transit started
~ over a point higher and Interboro
Rapid Transit nearly point higher
Then profit taking set in, and these
tockS receded.
The cut in crude oil prices Monday
had not been generally appreciated
until after the close of business.
It had some effect upon the Ql
shares today accompanied as it was
~ the weekly estimate on produc
iou indicating that the daily average
lad reached a new peak. Pan-Ameri
an "B" fell away over point. Phil
lips Petroleum, Marland, Texas Co.
and General Asphalt were lower
Standard of New Jersey and Barns
dali were steady, and National supply
again distinctly strong.
Shipping stocks were a feature In
he late afternoon. International
Mercantile Marine preferred was un-
usually active and strong, and Attain
tic Gulf and West Indies was in some
demand. The buying Of Marine pre-
ferred was based upon the recent i'm
provement in the ocean freight situa-
ton brought about by various causes.
chief of which is the English coal
strike.
Realizing sales were checked In the
ity fractions and Brooklyn Man
haitian and Interboro both swung
forward again. Corn Products de-
veloped a good deal more activity at
higher prices. The strength in these
special stocks steadied the general
list. During the greater part Of the
day the rails did little.
In the motor section General
Motors was we'll supported on its
early decline and in the late trading
rallied. Mack Trucks at one stage
was off 2 points and the new du Pont
nearly as much. Stewart Warner
was lower and so was Nash Motor.
on the other hand, the pressure
against Hudson Motor and Stude-
baker was not renewed.