The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-11-26
REVIEW OF WALL STREET
CONTINUED SPECULATIVE AND IN
VESTMENT ACTIVITY PREDICT
ED BY HENRY CLEWS & co.
EUROPEANS AGAIN BUYING
The Large Vote for Mckinley Seems
to Have Carried With 1t a
Heavy Weight of As
surance.

NEW YORK, Nov. Especial AN
other week of extraordinary activity in
wall street. with some abatement in the
ardor Of buying, however, but no devel-
opment Of important bear" selling
There is no apparent timidity about the
general good undercurrent of the mar
ket. For the five days ending with the
2st instant the sales of stocks aggre-
gated 6,23IS36 shares, or an average of
4,z4I-oI shares per day; which is a con-
unuous activity unequaled in any trans
actions of the Stock Exchange. TIE
business with London has been of unpar-
aIleled magnitude, the buying on English
account, on Wednesday last, being over
2JoOUO shares; and the purchasing orders
from Chicago and from the interior gen
orally being on an extraordinary scale.
The extent of the buying on local &C
count indicates an accession Of conf
dence arising fro the outcome of the
federal elections exceeding all expecta-
tons and, at the same time, shows an
unusual abundance of surplus earnings
seeking transient employment
Rarely has there been, in a great spec
ulative boom, so little disposition to chaI-
lenge a large rise in prices. It is true
that among the more prudent of large
operators there has been some consider
able realizing Of profits, but such offers
have been freely taken. So elated is pub
lie opinion over the confirmation of tie
gold basis and the prospect of completion
of currency reform that it is felt that all
Investments have gained added value,
and that our whole financial system has
been placed upon a more solid fOunda-
ton. As yet it does not fully appear
what this appreciation in the status of
securities may be legitimately appraised
at; but judging from the avidity of buy
ing, there appears to be an extensive
willingness to invest at the higher prices
which have been reached. In some quar-
ters there is some misgiVing lest an up
ward turn in the rate of interest may
check the rising drift of values, and
though this feeling no doubt causes some
hesitation in buying, yet the effect on
prices is not serious. Moreover, a stage
has been reached in the money move
ments of the season at which the enlarg-
ing reserves of the banks may be eE-
peCted to keep the rate of interest moder-
ate for some months to come. In truth,
however, it would be a welcome effect if
this sort of caution should help to re-
strain the market from running into an
excess of buying by the public at unwar-
rantably high prices.
The extraordinary publish" aspect of
the market of late reveals the extent AMI
depth of the ante-electiOn misgivings as
to the mere possibility of the public vote
resulting adversely 10 SOuDQ money anu
wholesome government. The alarm
among the business community at the
remote chance Of such a result was so
acute, though not denonstrative, as to
Induce a far more extensive suspension
Of investing than was at the time supposed
to exist, and the amount of funds thus
kept out of permanent Investment has
been immense. In Europe, and especially
at London, the same process of post
ponement, until our people had pronounce
ed on these great national questions, was
adopted. Foreigners regarded the cleo
tion as placing the republic again under
great crucial test and they had realized
upon a considerable amount of American
securities pending the finding of the
verdict. The Overwhelming vote in favor
Of conservative government carried with
1t such a weight Of assurance and such
an eXuberanCe of public qualification that
the investing class have concluded that
their misgivings had been needless and
that their all could be entrusted to the
safe keeping of the republic with entire
safety. On the day of the election, there
fore, hundreds of millions of unemployed
home capital was set free for employ
ment; and European investors stood
ready to re-purchaSe the securities on
which they had previously realized. To
what extent foreigners have Aeen led
to increase their investments it IS i'm
possible as yet to ascertain; but the
tenor of private advices is to the effect
that the elevation of American credit
resulting from the election will lead to q
large permanent increase in the invest
ment holdings in England and on the con-
tinent These are largely invisible fac
tors in the situation; but their influence
on the market is evident from the IN
precedented London purchase on this
market.
Sanguine observers will find in the stu
alton as it stands plenty of reason for
expecting continued speculative and in
Vestment activity. We have had a long
run Of dullness in the market and re-
vival was therefore to be naturally ex-
pected. The election has created stu
alton calculated to foster booms in many
directions. Judging from common report,
the leading branches Of industry are each
promised their own boOms. New corpor-
atoms are forthcoming at q rate which
promises a pronounced revival of the In
dustriaI' boom. If the China troubles
Should be satisfactorily settled, we may
look for a "CelestiaI' boom with wide
reaching consequences. We seem deStin-
ed. indeed, to enter the twentieth century
in the midst of a bewilderment of booms.
But, all enthusiasm apart, there does
= seem much solid promise of an era of
prosperity that will give EXCHANGED value
to all forms of sound enterprise; and
much as financial values have already
risen, it would be venturesome to pre-
dict that they will not advance still
further before the end has been reached.
reactions of more or less severity of
course are now in order and must be
expected. We recommend for the present
quick in-and-Out turns rather than buy
ing for long pulls. The frequent fluctu-
atoms hereafter will be very profitable
to the nimbIe operator who catches
them.