The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-11-05
REVIEW OF Wall STREET
AFFAIRS sINGULARLY UNSETTLED
FOR REASONS NOT CONSPICUOUS
ON THE SURFACE
BULLISH FEELING CHILLED
Whether the Campaign Has to Do
with 1t or Some Other Ex-
PLANTATION Il Matter of
Opinion.

NEW YORK, Nov. Especial )-Af-
fairs in Wall street are in a singulariy
unsettled 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 re-
gard TO influences which might have been
and We're expected to have considerable
effect; and there is nobody to say I'VE
told you so,'' because everybody's ex-
pectaions are found to have been based
on mistaken reckonings. About two
weeks ago there was a great rush of
buying. Large and influential purchasers
crowded into the market and outsiders
did not lose a day in following the lead Of
the professionals. Purchases were large
enough to suggest the arrival of a lively
boom, and prices advanced with vigor
that few were prepared for Suddenly
chill came over the bullish feeling that
seemed to have sprung up so spontane-
ously and, for no manifest reason, the
buying has been changed for selling and
prices have declined sharply, but with
a sort of hesitancy which suggests that
operators have not lost their hopes, but
are clinging to an expectation that the re-
action will prove to be only temporary
There can be no doubt that the original
buying movement was based almost en-
tirely on a sanguine conviction that the
election would result in a return to the
White house of its present occupant and
probably by very large majorities. Such
an outcome would be so undoubtedly well
come to the great interests represented
on the stock exchange that it is no mat
ter of wonder that it should create a
great rush of buying and that buyers
should be willing to pay considerable adj
vances of price. But why the subse-
quent undoing of all this? There has been
no change from the sanguine political ex-
pectations which so suddenly raised the
Doom. On the contrary, the conclusion
has been strengthened from day to day
that the majorities will fall to Mr.. Nc
hlnleY and the evaporation and threats
OF Mr.. Bryans followers are construed as
expressing their forebodings of defeat.
What then is the meaning Of a market
qulet as midsummer's day within two or
three days of verdict that will inf1Jse
new confidence throughout the business
interests Of the United States and still
further consolidate our financial status
throughout the world?
Some say that this phenomenon is a
natural result of the dangerous class
hosdlities which Mr.. Eryan is develop
ing with such steadily increasing yigor
1t cannot be denied that to people of
nervous temperament, the speeches of
the Democratic candidate are too strong
ly suggestive of 'the man on the Black
Horse We hardly think. however thar
the nerves of the men of Wall street
are made of the tremulous stuff that
would readily yield to scares of thai
sort. mere are others who say that
WnlIe there is no question about the
certainty of Mr. McKinley's Reelection
Yet there is blank uncertainty about
WHat VIII be the party complexion OF
the next congress This is largely true:
put II Is very doubtful whether the mon
n e1-iC1
On tills 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
nave been acting, Some reasons nearer
al halla may have considerably more
explanatory force 1t is not impossfbIe
that the boom may have oyerdono itee1f
ana begotten its own reaction The
way IN which stocks were absorbed and
prices put up during the first few DAYS
Oh the movement could not be very wei
come to the large operators who wanted
TO lay in stocks at moderate prices II
was obvious to those buyers that they
could rot fill their list without forcine
pIEces to a level that would imperiI the
proHtS on their operations Some inn
portant leaders, therefore, appear to
nave preferred to take profits on at least
a good portion Of their holdings; taking
SuCh
might wind up the boom or might nro-
duce moderation of prices which wound
enable them to buy in again at safe
ngures before election day and thereby
give them the advantage of two cam.
palgns, the second growing out of the
brief earlier enc. This appears to have
been the main element in the fall Of
prices and the abatement Of transartions
BUT does it mean that the movement
from which so much has been exnected
mas already run its course all that e
mans being the realizing which USUALLY
touo#s the announcement of election re-.
turns? The situation is too confused fo
admit~of any predictions on this po;nt
1t is not to be overlooked however. that
growing Importance is attached 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 resuit
In the return to congress of an unax-
pectedly large Republican representation.
mat outcome would so reinforce the ef
1ect of Mr. McKinIey's election as to
shord the basis for considerable new
buying and possibly starting a boom ct
considerable dimensions.