The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-12
STOCK MARKET GOSSIP
Prospect for a Wild and High
Opening This Morning.
Careful People Advising Against Too
Reckless OBSERVATION-DISCLOSURES In
Probability of a Setback This Week
Prospects for Much Higher Prices.

Prospects for Much Higher Prices.
NEW YORK, Nov. 1.-THE past four
days have broken all records in the stock
market. There is every prospect that the
coming week will be quite as big and i'm
pcrtant. If not even more SO.
The public has come into the stock mar
ket. Manifestations of this fact are not
only clear, they are manifold-so force
full that most CT the professional talent Of
Wall Street stands dazed. In volume of
business records are SURPRISING all that
Wall Street ever in the past has known.
The registering tickers of the Stock Ex-
change have not the capacity to keep up
with the rush of new business. On various
days during the past week transactions
have gone beyond the two-million- share
mark, though official entries on the tape
have not rea ched SO great total. il being
not at all disguised, however, that fully
one-thrd of the current business was I'M
recorded.
Along with the activity there has been
strength simply phenomenal. Reactions
have been predicted daily by the veterans
Of Wall Street-but reactions have utter
ly refused to come. Over and over again
the professional traders of the Stock Ex-
change have sold cut their long stocks
and gone short. using energetic endeav-
ors to force set-backs, but there has been
a pace which has trampled over all oppo.
sition, and each days end has presented
higher quotations Not in spots, not mere
ly in stocks where exceptional influences
count. but throughout the whole market
Improvement has been pronounced-even
tempestuously. And this exhibit makes
clear beyond cavil the fact that the public
is returned to Wall Street-and that en-
Enthusiastically.
decline may come tomorrow-indeed. Is
extremely likely If the market opens with
a hurrah 1t may be deferred for a few
days. 1t is not expected to be break.
The time for bad tumble in prices is APP
parently long way of. Spectators will
do we'll, however. not TO pyramid their or
ders, but rather to take profits on the
sharpcst buiges. such as tomorrow's may
be.
One notable development is that almost
every important leader hitherto on the
bear side has turned about in a whole
souled way. James R. Keene. toward
whom the pessimists looked for champion
ship. is become not only active but ag-
ment. and his friends are quoting him as
describing current Wall Street conditions
as '1rresistibly bullsh.' Mr.. Keene how
ever, is talking little while he works. In |
Pennsylvania and New York Central. in |
some of the iron and steel stocks, and in |
variety of other conspicuous issues the |
foTcefulness of keene campaigning shows. |
Meantime those important financial in |
terests that were urging conservatism the |
mil pf nj inn an6 s,l,sr
election. are amply making up for every
minute Of former hesitancy. Stanch bull |
ishness shows, in fact. in virtually every |
quarter. At the end of the week only |
Few professional traders were willing TO |
talk at all bearishly, and they weIe not in |
clined to be rash in action. The short in |
terest is practically eliminated. Every |
body is buying stocks. Where commission
hTms have for months past been earning
less than their office rent they now enjoy
patronage approaching the period when
Governor Flower was at the height of lead
crship Nc honest observer can doubt the
revolution which has come into the stock
ma -ket.
In answer to all criticisms OF the mar
ket's rush. they who believe IN II answer
that only natural developments are show
ing. They urge that the whole business
world has been under a cloud because of
ordinary present Improvement represents
merely recovery. Such prices as rule
now would have been reached long ago
and materially higher cnes SO all the fuII
contingent insists-had there not teen
abnormal intrusion of unwarranted nerv-
BUSINESS and doubt throughout the earlier
part of the year. Wall Street ia its en-
thusiasm now. they aver. is not even dis-
counting the future. but merely fastening
TO catch up with the actual good already
existing.
Before the election it was almost uni
form1y admitted in Wall Street that the
public was not in the market This was
one of the most effective of bear argu-
ments. The public was holding aIocf,
could not be tempted TO buy. and rich
men owning stocks. SO ran the fashionable
theory. must soon, perforce. resort to
selling out on one another On last We'd
nesday morning this bear argument be-
came suddenly and Overwhelmingly an
argument bullish. The public being out
OF the market, began to buy with such
rapidly increasing vigor that every coun-
ter influence was swept aside. This de-
velopment-and II beyond all else--ac-
counts for the record breaking times with
which Wall Street is amazed.
The tempest OF buying and the unin-
terrupted advance in prices. of course,
continue. There will be recessions
from time to time. But some of the
wlsest of the street people predict far
higher prices before the end OF the year.