Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-11-04

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Been Forgotten-LocaI and Other
Business Views.
Special to the Register.
NEW YORK, November 3.-Affairs
in Wall Street are in a singularly un-
settled condition, and for reasons which
certainly do not lie conspicuous on the
surface. For the last two weeks, the
Stock Market has been an enigma 1t
has acted as few have expected and as
still fewer have wished. 1t has paid
little regard to influences which might
have been and were expected to have
considerable effect; and there is no
body to say 1--WE told you So, because
everybody's expectations are found to
have been based on mistaken reckonings.
About two weeks ago, there was great
rush of buying. Large and influential
purchasers crowded into the market and
outsiders did not lose day in following
the lead of the professionals. Pur-
chases were large enough to suggest the
arrival of lively boom, and prices adj
vanced with vigor that few were pre-
pared for. Suddenly, a chill came over
the bullish feeling that seemed to have
sprung up so spontaneously and for no
manifest reason, the buying has been
changed for selling and prices have de-
clined sharply, but with sort of hest
fancy which suggests that operators
have not lost their hopes but are cling
ing to an expectation that the reaction
will prove to be only temporary.
There can be no doubt that the origi-
nal buying movement was based al
most entirely on sanguine conviction
that the election would result in re-
turn to the White House of it's present
occupant and probably by, very large
majorities. Such an outcome would be
so undoubtedly welcome to the great
interests represented on the Stock Ex-
change, that it is no matter Of wonder
that it should create a great rush CT
buying and that buyers should be will
ing to pay considerable advances of
price. But why the subsequent undoing
of all this? There has been no change
from the sanguine political expectations
the contrary, the conclusion has been
strengthened from day to day that the
majorities will fall to Mr.. Mckinley and
the evaporation and threats of Mr..
Bryan's followers are construed as ex
pressing their forebodings of defeat
What then is the meaning of a market
quiet as midsummer's day within two
or three days OF verdict that will in
fuse new confidence throughout the
business intrests of the United States
and still further consolidate our finan-
cial status throughout the world?
Some say that this phenomenon is
natural result OF the dangerous class
hostilities which Mr.. Bryan is develop
ing with such steadily increasing vigor.
1t cannot be denied that, TO people of
nervous temperament, the speeches of
the Democratic candidate are too strong
ly suggestive of 1.-The man en- the Black
Horse" We hardly think, however.
that the nerves of the men of Wall
Street are made of the tremulous stuff
that would readily yield to scares of that
sort. There are others who say that,
while there is no question about the GER
tanity of Mr.. McKinley's reelection,
yet there is blank uncertainty about
what will be the party complexion of
the next Congress. This is largely
true; but it is very doubtful whether
the men of finance cherish any serious
misgiyings on this score, whatever may
be thought in other circles.
We. really find little in the foregoing
considerations to explain the singular
way in which the speculative interests
have been acting. Some reasons nearer
at hand may have considerably more
explanatory force. 1t is not possible
that the boom may have overdone it.
self and begotten it's own reaction. The
way in which stocks were absorbed and
prices put up during the first few days
of the movement could not be very
welcome to the large operators who
wanted to lay in stocks at moderate
prices. 1t was obvious to those buyers
that they could not fill their list with
out forcing prices to level that would
imperil the profits on their operations.
Some important leaders, therefore. ap-
pear to have preferred to take profits
on at least a good portion of their
holdings; taking their chances as to
whether such sales might wind up the
boom, or might produce a moderation
of prices which would enable them to
buy in again at safe figures before
election day and thereby give them the
advantage of two campaigns, the sec
ond growing out of the brief earlier
one This appears to have been the
main element in the fall of prices and
the abatement of transactions. But.
does it mean that the movement from
which so much has been expected has
already run its course, all that remains
being the realizing which usually fol-
lows the announcement CT election re-
turns? The situation is too confused
to admit of any predictions on this
point. 1t is not to be overlooked how
ever, that a growing Importance is at
tached to the composition of the next
Congress; nor is that interest surprising
in view of the projects of legislation
that overhang the early future 1t is,
however. highly probable that, should
the election result in the return to Con-
grass Of an upayppptpdly largo