New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-11-05
GREATREJOICINGIN LONDON
AMERICAN STOCKS GO UP AND CARRY
EVERYTHING WITH THEM.
Mr.. BAYARD GRATIF1ED-"A GREAT ERA OF
COMMERCIAL PROSPERITY is OPENING"
SAYS WALTER BURNs-LARGE ORDERS
BOOKED FROM AMERICA-JAMEs
BRYCE AS PLEASED AS
ANY AMERICAN.
rBY CABLE TO THE TRfBUNl

fBY CABLE TO THE TRfBUNE.l
fcopyrfght: lses BY the United Associated PressesJ
London. Nov. 4.-McKinleys election has been
followed by scenes Of the widest excitement on
the London Stock Exchange. So great was the
pressure by brokers who had received private
cable advices of the completeness Of the Repub-
lican victory that the Exchange was opened
ahead Of time. and American stocks went up
with q rush carrying everything else with them.
even consols So buoyant market has not
been known for many months. Every American
stock advanced rapidly In price Milwaukees
and I,ouisvilles leading the way. A slight re-
action was followed by sharper advance and
the market remained active and excited until
the close. Operations were confined mainly TO
speculators who had been buying American
stocks during the last fortnight OF depression ana
uho we're profting handsomely by the advance.
There was no disposition on the part or Englsh
,rvestors 10 sell their American securities. and
+hs-e were signs Of a strong buying movement
,or nermanent investment. Before the Exchange
closed 7 heard of one striking instance. An
English investor who had sold out all his
American holdings few months ago made
heavy purchases to-day, being convinced tha'
nr,ces would continue TO rise.
One OF the happiest men In the city was wal
,er Burns. the head Of the firm Of J. S. Morgan
A. Co. He had received congratuatory dis
matches from Paris and other Continental capl-
falls on the result Of the elections. and was ex-
u,tant over the mediate improvement OF Ameri-
ran credit abroad and the rise Of every class o.
American securities. He remarked to me: Ihe
effect Of this glorious victory of American non
esty and morality is felt to-day In every Eu-
ropean financial centre. Every American ough'
10 be happy and proud OF his country Win
Republican President House and Senate The
currency question ought now to be taken up and
settled so that fire. --silver agitation can never
again cause a similar disturbance to American
credit believe that great era OF commerclal
,rosner,tv Is opening for America under Nc
Kinley."
The cable Offices have been flooded with bus
ness all day. and very large orders have been
rece,ved already by merchants from America.
stocks having run low. and the confidence OF I'M
rorters there In their ability TO sell goods having
suddenly returned A great increase Of American
trade is confidently expected here as result OF
McKinley's election. and with the restoration or
confidence the fact that the election OF this
anost,e Of protection should be received with re-
1oicng in England Is anomaly easily ex-
nlained. The great financial catastrophe which
would have shaken the foundations of European
credit has been averted; moreover. a successful
unrsing of lawless revolutionary elements
against the whole fabric OF American institu-
items would have been menace ~ the STABILITY
and welfare Of every European State. 1t Is on
these grounds that every prominent journal In
London and the provinces In commenting upon
the American election expresses deep sense or
relief and satisfaction over McKinleys triumph
The American Embassy to-day showed no signs
Of mourning over Bryans defeat; 1ubilant races
alone were there. Indeed. Americans can
be identified anywhere in London to-day. not by
their accent or brogue. but by the radiancy OF
their smiles Ambassador Baysrd was out
spoken In expressing his Joy and relief over the
defeat OF Bryan. He described IL 10 me as In no
sense party victory but an uprising OF patri-
otic citizens against the revolutionary and An
archst doctrines OF the Chicago Convention
which would have rendered government impos-
sble in America anywhere else. He also ex-
pressed hope that the victors would make the
right use Of their opportunity, and respect their
obligations TO the American people who had
placed them in power Mr. Bayard spoke with
great fervor and dignity and was profoundly
grateful that the momentous crisis in American
history had been passed.
James Bryce whom | met while he was walk
ing to the railway station. happy over
American He said: Il overjoyed by this
triumph Of sound money and good government
In America. l have words in which TO ex-
press my satisfaction: but have never doubt
ed one moment what the result would be. !
have said again and again to my friends You
must never despair of America. The people
only need to have this currency question thor
oughly discussed in order to understand 1t and
to settle 1t by voting Alright. You can always
depend upon the common-sense. the intelli-
gence and the morality Of the American peo-
pie The result. has not surprised me- II the
educational canvass had been longer the ma
1ority on the right side would have been even
greater"
AS We reached the station Mr.. Bryce added.
with great warmth: II want also to congrat-
uate heartily The Tribune for l know well
how much It has had to do with bringing about
this glorious result" l. n. F.