The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-10-29
GOSSIP OF WALL STREET
PRISE AND PRICES RISE
RAPIDLY
PROFESSIONALS TAKE PROFIT
Present Conditions Promising for a
Healthy State of Business for
the Rest Of the
Year.

NEW YORK, Oct 81. = Especially =
Henry Clews, in his weekly financial re-
view, says:
In my recent weekly advices 1 have
noticed that there was a strong bulliSh
undertone pervading the stock market,
with only two adverse factors in sight
namely. the uncertainty concerning The
immediate future of the money market
and the presidential electon--which tend
ed to moderate buying operations until
those uncertainties were mitigated Cir
cumStances have neutralized those OBJ
Stacles sooner than was expected With
in the last two weeks opinion has be-
come much more positive as to the
chances for success in the election for
the sound money candidate, which nat
urally is a very strong element in favor
of the value of securities, and the money
market has become more assured under
the abatement of shipments of currency
to the interior, and also owing to the
liberal influx of gold from other coun-
tries; so that the possibility of incon-
Veniently active money continuing no
longer eXcites serious misgivings; al
though the loan market has been active
throughout the week and the rate of in
terest has been firmer, owing to the in
creasing demand from the stock eX-
change.
Under these circumstances, those who
the election have anticipated their in
tended later buying. Leading operators
have rushed into the market, and out
siders, having followed their cue, the
market has been taken somewhat by
surprise, and prices have risen so rap
idly that some of the professionals have
adapted the eXpedient of taking profits
in order to produce a reaction that would
enable them to get their stocks at lower
prices These h1 w
partially successful. Following the
wonted tactics Of skilled operators, real
tzing profits was quite natural after the
recent big advance. No doubt that
course will be more or less adopted on
all the big rallies between now and the
coming election; but it is perhaps by no
means certain that the effect of such
realizing would be q general and severe
reaction in prices 1t is more than pos
sible that a public verdict consolidating
a sound money policy may excite a pub
lie enthusiasm which will bring in an
outside movement sufficient to absorb
all stocks sold for the realization of
profits.
1t IS not easy to say what estimate may
be put upon the significance of an cleo
ton promising so much for the future
welfare of the country as would the
continuance of the present party in pow
er. 1t s always difficult to force - how
public opinion may pronounce upon a CIV
en- set OF circumstances: but 1t canrOt
be "aid to be unlikely that such results
as are now expected from the elections
might prove to be the basis of a veritable
Doom. net only in securities, but also in
the material interests of the country at
large. The reelection of the present
president would mean much more than
has been expressed in any Plato. M
Within the last two Or three years the
course of events has thrust upon tie
country new situations and new poll
cies Of the utmost consequence to the
prosperity and the destiny of this repup-
lie. The reelection of Mr. Mckinley
would mean that these new elements will
become more completely inwoven into
the life; activities. and political texture
of the nation. If public opinion should
construe these changes in the national
development as calculated to promote the
common prosperity and the strength Of
the republic, the consequences to the
business interests of the country would
most probably surpass anything expe-
rienced in the history of the United
States.
present conditions are. promising for a
healthy state of business for the remain
der of the year. Whilst there is moth.
ing like the speculative excitement in the
merchandise markets that existed year
ago, there is really a more healthy tone
In the principal branches of trade. The
return of iron to normal prices has set in
operation a large extent Of suspended in
dustry, and the iron masters are feeling
the benefit in a large increase of orders.
The South anticipated a banner year in
the cotton trade. and the West shows its
hopes in its large purchases at this GEN.
ter for the winter trade. Evidence OF
the extent of preparation for the sea-
sons business appears in the increasing
earnings of the railroads. When election
excitement is over, the effects of this
hopeful outlook may be expected to APP
D.. pear in a corresponding sentiment in the
financial markets.