Arizona republican., 1900-11-08
Wall Street Taking a Breath
 ing Spell.
Even the Previous Certainty and Sub ssquent fact of McKinley's Elec- tion Has Not Been Sufficient to Keep the Boom Going.

in Wall street are in singularly un- settled 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
 It has acted as few have expected and as still fewer have wished. It has paid little regard to influences which might have been and were expected to have considerable effect, and there is nobody to say i've told you so,' because every bOdy'S expectations are found to have
 been based on mistaken recllonings. About two weeks ago there was d great rush of buying. Large and influential . purchasers crowded into the market and outsiders did not lose a day in fol- lowing the lead of the professionals. Purchases were large enough to sug
 gest the arrival of q lively boom, and prices advanced with d viGor that few were prepared for. Suddenly, chill came over the bulish feeling that seemed to have sprung up so spOn- taneOusly and, for no manifest reason, the buying has been changed for sell ing and prices have declined sharply,
 but with d sort of hesitancy which suggests that operators have not lost their hopes but are clinging to an eX- pectation that the reaction will prove to be only temporary.
 There can be no doubt that the orig
 inal buying movement was based all
 most entirely on a sanguine conviction that the election would result in re-
 turn to the White House of it's present occupant and probably by large major ties. Such an outcome would be so | undoubtedly welcome to the great in- terests represented on the stock eX- change, that 1t is no matter of wonder that 1t should create a great rush of buying and that buyers should be will ing to pay considerable advances of price. But why the subsequent undo- ing of all this? There has been no change from the sanguine political ex- pectations which so suddenly raised
 the boom The jubilation today fol- lowing the election of President Me
 Kinley has not improved the feeling, for that had been fully anticipated.
 What then is the meaning of market quiet as midsummers day when con
 hdence is made sure throughout the business interests of the United States and still further cOnsoliGares our finan- cial status throughout the world?
 Some say that this phenomenon is a natural result of the dangerous class hostilities which MT. Bryan developed
 with such steadily increased Vigor. It cannot be denied that, to people of nervous temperament the speeches of the democratic candidate was too strongly suggestive of "the man on the
 black horse" We hardly think how ever. that the nerves of the men of
 Wall street are made of the tremulouS stuff that would readily yield to scares of that sort. There are others who say that while there was no question about
 the certainty of Mir. McKinley's re- election, yet there was a blank uncer- tainty about what would be the party complexion of the next congress. This was largely true; but it is very doubt ful whether the men of finance cher 1shed any serious misgivings on this score, whatever might be thought in other circles
 We really find little in the foregoing considerations to explain the singular way in which the speculative interests have been acting. Some reasons nearer at hand may have considerably more explanatory force. It is not impossible that the boom may have ovcrdonc it. self and begOtten it's own reaction The way in which stocks were absorbed and prices put up during the first few days of the movement could not be very welcome to the large operators who wanted 10 lay in stocks at rnOder- ate prices. If was obvious to those buy CTS that they could not fill their list without forcing prices to d ievel that would imperil the profits on their op- erdtiOnS. Some important leaders
 therefore, appear to have preferred to take profits on at least q good portion of their holdings: taking their chances as to whether such sales might wind up tn" boom. or might produce a mod cratiOn of prices which would enable them to buy in again at safe figures before election day and thereby give them the tGvantage of two campaigns the second growing out of the brief earlier one. This appears tO have been the main element in the fall of prices and the abatement of transactions. But does it mean that the movement from which so much has been expected has already run it's course, all that re- mains being the realizing which usu- ally follows the announcement of eIec- tion returns?
 It is possible to attach undue import ance to the elections as an element af- fecting Wall street interests. After all, the political shake-up was little more than a transient excitement; and it's chief permanent importance lies in it's revelation of the national sentiment upon the larger measures of public policy. A week after the verdict, the nations regular business will absorb the attention of the stock exchange. | Fortunately. there is nothing now to suggest misgivings as to the national prosperity We have revolutionized our methods of financing our industries and can only await the results of the great experiment: but we may feel assured that. if the trial fails on business prin ciples. there will be no delay, and need be no disaster in a. .Feturn to cd meth