El Paso daily herald. (El Paso, Tex.) 1881-1901, 1900-11-21
WALL STREET VIEW
OF THE RESULT OF THE RECENT
ELECTION
As Vniced BY Henry CIews. Unsur.
passed Volume OF Business
The Return OF Confidence -
Europe Heavily Our Debtor
Americas Mission.
Correspondence of the HERALD.

NEW YORK. Nov. II. 1900-For the
past week. we have to report an en-
tirely phenomenal activity in Wall
street. the transactions in stocks nave
| surpassed all precedent. having. for
the first six days following the cleo
tions. amounted to 1.i76.00O shares, or
on an average of 1.2i5.000 shares per
day. The meaning of this great revival
will be better understood If the factors
contributing to il are recited.
| 1) In the first place. there had
| been a long period of dizziness. conse-
quent upon a protracted indisposition
to either speculate or invest until the
elections had decided what was to be
the fate of the gold basis and what the
policy of the country on other vital
national issues.
C2D When the election came. its
results far exceeded the most hopeful
portance of the popular verdict was not
merely that il was an endorsement of
the policy of sound money. sound poll
tics and commercial expansion. but
that the vote in favor of these issues
was so overwhelming and conclusive.
The election of 1900 was accepted as
red-letter day in the national history
and as the settlement of any angry
and protracted political struggle on
cupy legislation; and the sweeping
unanimity of the vote conveyed the
assurance that the settlement is final
and irrevocable. The public mind was
surprised at the magnitude of the vic
tory and the vastness of its signifi-
canoe to the United States. II was felt
To he the one thing needed TO consum
mate the magnificent prospects that
are opening before the country.
to-,
have naturally appealed to the invest
ing class both at home and in Europe.
To a larger extent than has been gem
orally supposed. the possibility of the
elections going against the cause of
sound finance and safe government had
induced people of means to postpone
investing until the election set those
misgivings at rest. The fears of this
class were very earnest. and their de-
ferment OF purchases of securities
must have been upon an extensive
scale. and hence the past stagnancy of
business on the stock exchange. There
can be no doubt that their appearance
on the market with large orders has
been a large element in producing the
current boom.
f) The result OF the elections and
the financial enthusiasm aroused on
the stock exchange are having an i'm
portant effect upon the general bust
ness of the country. Such a national
revival of confidence as the vote of No
vember has evoked could not well have
any less effect Contemplated enter
prises that have been held in suspense
are now being put in execution. a
great revival OF public confidence has
produced a general buoyance of trade.
The railroads. in anticipation of more
activity in business. are in many cases.
giving out increased orders for mater
ials and equipment: and the iron trade
begins to show sharp recovery from
the reaction of late months. These as
poets OF the situation are calculated
to have sustaining effect upon the i'm
portant rise in securities that has al
ready occurred.
50 London has become deeply inter
ested in the new situation on the New
York market. The men of finance there
appear to have taken in the full sig
nificance of the election. and regard the
vote as warranting large accession
OF confidence in the destines of the
United States. The English purchases
OF our securities within the last ten
days are beyond parallel in any pre-
vious equal period. and the takings
appear to have been materially on in
vestment account. London's purchases
have no doubt contributed consider
ably to the rise in prices here and il
il a matter of some Importance to the |
local market how those transactions
may affect the speculative situation |
The operations must have created a
large debtor balance in favor of New
York. so as to expose London to a con-
siderable drain of gold. should our To- |
cal money market need il.
80 The inspiriting results OF the |
election place this market in a posi- |
ton OF very unusual strength. and |
warrant the expectation of some con-
tinuity to the boom and a permanently |
higher range of prices than has pre-