The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-05
STOCK MARKET GOSSIP
The Outlook for a Much Higher
Range of Prices.
Belief I'm Wall street That the Com
ing Months VIII BE Prosperous Ir-
respective of the Result OF the
Observation-Disclosures Earnings Stead
fl. IncrcnsirE-The Foreign Trade

Elccti0n-R1i1xvay Earnings stead
H., Incrensirg-The Foreign Trade
. NEW YORK. Nov 4.-Conse-vatire Wall
Street people believe that the early future
is to see a big advance in the stock market
alorg with the general prosperity of the
railways and the steal and iron trade, the
plenty of money. and the other important
Intrinsic conditions that go to make diri-
bends large and the elevation of prices
easy The Wall Street people are almost
wholly 'so2nd-money' men, and it is nat
uIal that they should preface all their pre-
dictions by saying that Mckinley is re-
spcnsible for prosperity and Will be re-
sponsible for the advance in security
values 1t may be noted. however. that
even the biased Wall Street people do not,
many OF them, pretend that prosperity this
winter will depend on the success Of the
Republican ticket. Some of the most I'M
rortart people in the financial and rail-
way world have gone on record as saying
that there will b good times. no matter
vino is elected.
tine are for the most part outright OWN
ers. The foremost banking interests Of
the street have within the past fortnight
added largely to holdings. The smaller
people have been frightened or forced out.
Stocks being thus in strong hands are
tsEe.y held. and the election of Mr.. Bryan
viii cause little if any furry.
With election nervousness out of the
way. with business interests fully assured,
mill ha
Nete-an observers declare that never be-
fore has there been such a large volume of
orders held back pending the election re-
suit. In practically every line is evidence
OF the readiness for activity the moment
politics has been dropped
Dizziness for months past has been ac-
cenfUated by the tendency Of the Presi-
dental election. Unreasonable weather
has been il many commercial and indus
trial quarters further aggravating fac
ter. But after Tuesday it will have to he
an extraordinary interference that can
hold back normal business life. Nigor in
trade must. moreover, be followed sooner
or later by satisfactory security marhet
results-and the present outlook is that
such improvement will show Immediately.
Much anxiety has been felt at various
times during the past two or three months
as to what might be the course OF the
peared energetic efforts upon the part OF
manipulators TO make interest rates high
go that there might be resulting weakness
in stocks. Yet at no time has there been
any stringency. When predictions we're
biuest there developed of d sudden a gold
import movement which already has run
substantially beyond s10,o0o,oea; and at
the beginning of November practically
every banking authority is agreed that
of further importations TO point far be-
yc1d aught hitherto anticipated by even
TIE most optimistic. One Wall Street
banker, veteran in experience, predicts
that We will bring over a volume beyond
s50.0C0.0e0 before the new year.
International trade conditions are OF
such character as to make this enthusi
astic prediction seem quite within the
rgnge OF probability. Not only natural
commodities, but manufactured gods, g.
abroad in such vast volume and at such
satisfactory prices that American re-
quirements from Europe have become RI
atively SO small that credits in this coun-
try's favor mount month by month not
only to mountaineering figures, but SO
rapidly and so largely that most econom-
ic theories and forecasts have te.n over
come And bearing directly upon this
amazing feature of the coed situation is
the fact that American manufacturers
who have become exporters are counting
new confidently upon tremendous in
creases in their foreign trade the moment
election uncertainties are out CT the way
The executive head of one Of the big iron
ard steel companies, whose securiti IS a: e
quoted in Wall Street. is advising friends
that over 50 eco 0o0 of fore gn orders for
the product of his company alone have
been held back. but will be fled here b.
fore the end Of the present week. This
example has broad significance-and it is
a representative example, not at all
case isolated
Pessimists who for some fine have in
sisted that railway earnings must soon
er or later reflect in no small way the re-
action in general business now happily
past, are COMPOUNDED by the continuing
excellent exhibits made by the different
railway systems. Even in the case Of St.
Paul, suffering from a crop shortage, tie
showing made for the fourth week in o.
tober is an increase of approximately
SIZE, 900. Decreases. in short, such Few as
there have been. now seem to be thing
of the past; and expert testimony is that
hereafter increases may he expected.
That astute railway managers take this
view and look confidently forward to the
future is illustrated in the action of the
directors of the Pennsylvania Railroad, a
representative of the great carrying cor
poraticns OF the country, In the face of
the Presidential election the directors of
this system not only go ahead with the
placing Of their orders for $50, 900 tons of
steel rails, but follow it by presenting to
the stockholders out Of surplus earnings an
extra dividend of per cent in addition to
the regular half yearly dividend of 2 1-2
per cent Here is certifcation beyond
cavil. II certification be necessary, of the
~, fts,V .t-ht nb ha DC
OF this giant corporation have. More, II
exemplifes in striking manner what honest,
conservative, progressive. efficient man
agement in railways can do. The lesson
taught is not without Significance
New York stock Market.
Corrected daily by W. b. Hibbs & Co. men,
bers of the New York Stock Exchange, l419 r
Street.
nxo LII 4