Arizona republican., 1900-11-22
A PHENOMENAL WEEK
Almost Unprecedented Activity
 in Wall Street
An Expression'of Faith by Investors, in Republication and the Per manent Prosperity of the United States.

New York, Nov. 2l.-FOr the past week there has been phenomenal ac-
 tivity in Wall street. The transac-
 cedent, having, for the first six days
 following the elections, amounted to
 I,4I6,OOO shares, or on an average of
 1,245,OO0 shares per day. The mean
 ing of this great revival will be better
 understood if the factors contributing
 to it are recited.
 In the first place, there had been a
 long period of dullness, consequent up-
 on 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. The uncertainty of the outcome
 of the election on these questions had
 long held business in suspense, not
 only on the stock exchange, but also
 in the leading branches of business; and the consequent hesitation had pro duced a decline in the prices of secur- ities which made them tempting pur- chase under well assured conditions.
 When the election came, it's results
 
 ations of Wall street. The importance of the popular verdict was not merely that it was an endorsement of the pol icy of sound money, sound politics and commercial expansion, but that the vote in favor of these issues was so overwhelming and conclusive. The election of 1900 was accepted as a red letter day in the National history and as the settlement of an angry and pro- traced political struggle on the most vital questions that can occupy legis- lation, and the sweeping unanimity of the vote conveyed the assurance that the settlement is final and irrevocable. The public mind was surprised at the ma gnitude of the victory and the vast ness of it's significance to the United States. It was felt to be the one thing needed to conSummate the magnificent prospects that are opening before the Our industries have taken a leap forward, and our Euro pean competitors have apprehended our approaching ascendancy among the powers that were struggling for the leadership of the worlds interna- tional commerce. Our competitors, however, have seen a hope in the pos siEilty that we might fall a prey to the silver heresy and otherwise show unequal to dealing with large questions of government These hopes have been dissipated by the overwhelming vote in favor of sound policies and safe government, and Eu- rope finds itself compelled 10 ccncede our competency to occupy the posi- tion of the worlds primacy. This of circumstances gives to the vote of November 9th a signifi canoe which may well enough find eX- pression in great financial boom, in which the London exchange sympa thizes.
 The foregoing considerations have naturally appealed to the investing class both at home and in Europe. To a larger extent than has been generally supposed, the possibility of the elec- tions going against the cause of sound finance and safe government had in- duced people of means to postpone in vesting until the election set those 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 ap- | pearance on the market with large or 1ers has been a large element in pro ducing the current boom. The effect | Df buying for investment, which is at tended with taking securities out of the market, is very different from that of speculative purchases, which are quickly followed by realizing sales: | md the permanent taking of securities nto the strong boxes will tend to the future strength of the market and sup port the speculative interest.
 The result of the elections and the financial enthusiasm aroused on the tock exchange are having an impor- ant effect upon the general business If the country. Such a National re- 'ival Of confidence as the vote of No ,ember has evoked could not well have my less effect. Contemplated enter ,rises that have been held in suspense Ire now being put in execution. A great revival of public confidence has produced a general buoyancy of trade. The railroads, in anticipation of more activity in business, are in many cases. ;iving out increased orders for mate ials and equipment; and the iron trade begins to show a sharp recovery from he reaction of late months. The as ,ects of the situation are calculated to lave a sustaining effect upon the i'm ,ortant rise in securities that has al- eady occurred.
 London has become deeply interest d in the new situation on the New fork market The men of finance here appear to have taken in the full ignificance of the election, and regard he vote as warran'ting a large access on of confidence in the destinies of the Jnited States. The English purchases f our securities within the last ten lays are beyond parallel in any pre- 'ious period, and the takings appear O have been materially on the in estment account. London purchases ave no doubt contributed materially