The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-01-15
THE ACTIVITY IN STOCKS.


The exceptional activity which has
6een displayed for some time past in
stock operations is, perhaps, one of the
most notable events in the business life
of the country. 1t is taken, naturally
enough, according to tie understanding
of ordinary observers, as involving an
expression of the wonderful prosperity
which attends this country in all depart
ments of production. BY others it Is
regarded as merely evidence of an in
crease in the speculative spirit among
the people; while still others are quite
satisfied that it has reached a stage Of
progress which is to be accepted as
meaning little more than the prevalence
of a speculative fever, finding express
sion in the form of popular hysteria
No doubt exists that much of the ac-
tivity that has been shown is of the I'M
healthy variety; and that the tendency
to speculate which exists among people
Of limited means as well as among those
who are regularly engaged in such under
takings has had much to do with forcing
prices up to the prevailing high point
1t would be absurd to ignore this dis
position or its visible effect upon the
market, or to deny that the steady adj
vances which have been realized have
operated to arouse the spirit of specuIa-
ton among the people But those who
say that there are any we'll defined signs
of popular hysteria in connection with
the progress of prices in the New York
exchange, or that the speculative dis
position is showing itself in any marked
way among the people at this time as
it has clearly shown itself at different
times and at different places at any
time in the past fifteen years, either pos
sess exceptional opportunities for obser-
Vatien or their pessimism leads them
to unwarranted conclusions
We have entered on a period of great
Industrial activity. Yet it cannot be sald
that prices have become inflated to any
extent, such as happens when extraor-
binary commercial activity prevails, as
was for instance observable here and in
all other Western communities from 1884
to 1890. Real estate had for some years be-
lore been bought and sold at prices
greatly in advance of what it brings to-
day; and no reasonable person looking
back at that period will now deny that
much of the activity was the result of
"a
certain well defined elements of popular
excitement showed themselves Besides
all this the period of commercial activity
which has interviewed between the de-
preston resulting from the panic of 1893
has been all too brief in duration to war
rant the thought that we have reached
the point where reaction may reasonably
be looked for
The present condition of the stock
market is in no small degree due to the
increased confidence in business circles
which finds expression in the movement
now in progress in so many directions
fer the more economical handling of large
railway and other enterprises All such
combinations as have been shown to have
actual existence are so substantial and
inviting to the mind of investors gem
orally as to enhance the values of the
properties involved, at least according to
the understanding of Observers Popular
faith in industrial consolidation shows it
self in a variety of ways at this time.
among others in the readiness which is
shown all over the country to accept as
true even the widest rumors Of the
plans of Mr.. Hill, of the Great Northern
road, now in New York, and to base
thereon considerable operations in the
stock exchange.
We may soon reach the summit of the
present tendency to rise in quotations
on the stock exchange if we have not
already reached it, But none the, less
any attempt to explain the prevailing
activity purely on the theory of a public
made daft by speculation, or by any
assumption that the activity which now
prevails in American Industrial life Is
of the boom or feverish variety must fail
for want of a reasonable foundation on
which to rest it.