Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-06
STOCKS ARE SOLD
ON ELECTION NEWS
Traders Fear Business Re-
covery Will Be Delayed
as Result of Ballot.
BY JOHN F. SINCLAIR.

ROOSeVelb OF new 1OTk makes ulIIl
more than ever an outstanding DEM
ocratic candidate for President two
years hence.
Public utility stocks dropped from
one to five points yesterday, attributed,
it is said, to the attitude of the Gov
errlor on the question of public utility
regulation.
Much of the selling of utility stocks
came from England, where the Eng
lish financiers view with alarm the
Roosevelt policy of a much stricter
control over utility rates and issues.
In the present campaign the Gov
ernor repeatedly stated that the rates
charged by many utility companies in
New York State we're much too high.
In certain cases he recommended tnat
cities build their own electric light
plants and run them for the beneflt
of their people.
He referred many times to the Prov
ince of Ontario. where the provincial
government supplies electric power at
much lower cost, according TO his hg-
ures, than the New York utility com
panies, just across the border, sell IN
the Empire State.
All Of which may spell trouble in
the future for public utility companies.
AT least some Englishmen-and some
Americans. too-think so.
Bullets and Ballots.
One New York writer, commenting
ON the political upset which occurred
Tuesday at the ballot box, said that
in Brazil, Peru and Argentina they said
IL with bullets. while Gin the United
States they said it with ballots.
And then he made this comment:
what were they revolving agalnst'
What were we revolving against? We
were revolving against several things:
hit against Still
pidity also; against pussyfootlng ana
stubbornness-th stupidity of states
men who cure hard times with a
tariff that cuts 20 per cent from our
exports
It looks now as If the Democratic
party has taken over the responsibility
of national legislation for the next two
wears. If so, it calls for constructive
statesmanship-not political obstruction
Never has a party been faced with
greater responsibility and opportunity
than is the Democratic party at this
moment.
Whether they live up to their re-
sponsibility the next IL months VIII
tell.
Prosperity Issue.
The most severe blow given to the
Republican party by the election re-
turns was to explode the idea that only
prosperity followed IN Its pain. one
london paper said editorially yesterday:
THE Republican party has long lived
on this legend. 1t does so happen-lt
is probably the purest coincidence
that the only serious slumps in Amer1-
can trade in recent years have occurred
in the rare short intervals OF a Demo-
cratic administration. But now luck mas
changed. President Hoover, the pros
perity candidate, has severe depres-
- de
foIIv-to use no stronger word-of
promising prosperity which is utterly
out of the power Of any political party
really to assure"
American prosperity is not tied up TO
any party-either Democratic or Re
publican. It's the result OF happy CIR
cumstances, world prosperity and inter-
national cooperation.
If this really is the last campaign IN
which any party claims to have a corner
on prosperity, it will have been worth
all it cost, and more, too.
Stock Market Action.
Was Wall Street displeased at the
election returns? Just read the stock
market page today and draw your OWL
conclusionsi
The turnover was not Big, 100 ,00C
shares. But the steady sale of securities
went on all day, with hardly letup.
"Just one more piece of bad news" Is
the way one stock broker sized 1t ur
after the close of the market yesterday
"No, don't see any change Tor the
moment. 1t does not mean that the
market is going to the bow-wows. II
Just registers the opinion of the traders
in Wall Street that the stock market
recovery will be delayed as result OF
the election"
still, there's plenty of Intelligent buy
ing going on today-buying by those
who know the background of the in
dividual stocks.
And all other traders are pure stock
gamblers.
Ing0t Production.
The statement of James A. Farrell be.
fore the American Iron and Steel In
stitute that the total output OF stee
ingots for 1880 would be about 10000
600 gross tons is far from gloomy one
The ingot production for the 10 year;
1920 to 1929. inclusive. was an aver
age of 1858, 500 tons per year, sc
that If the Farrell estimate is correct
it is merely per cent under the aver
,age-a remarkably good showing II
view of conditions.
Digging a little further into figures
we find the 1880 output is double thai
of 1921 and SIS per cent in excess O
s16Sf-Ilol d Ddo SSei Al IAAS SSeSA Al
dustry.
It's only when We compare the out.
put this year with the record year O
1929, with its 56,433 .473-ton steel lingo
production. that 1t looks bad.
No industry, no more than an 1ndl
vidual, can keep up to top speed al
the time, for it's both unwise and i'm
possible.
Commodity Prices.
Wheat continues weak. 1t is no
standing up like either corn or cotton
Yesterdays figures for Decembe
wheat touched 1872 cents a bushel tn
lowest figure in IS years Then tn
price went down TO 7ll2 cents. Onl.
in 1903 has it sold as low as 701.
cents
Cotton. on the other hand, is begin
ming 70 show stability. The substantial
buying which has been going on, boil
a. home and abroad, during the las
two weeks may be the first signs to in
dictate a returning stability in the com
modify market
1t often happens, however, that eyel
after the buying has really started tn
prices recede a little But cotton mel
are agreeing that If cotton can remain
stable-around l6 cents a pound
long step forward has been made in tn
stabilizing of the commodity price leve
And this fact would be news. no
only TO the bushes man, but to ever
man on the street.
Copyright, 1890. by North American News
paper Allianee)