The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-06
GREAT BUOYANCY
IN WALL STREET
The Oldest Heads Cannot Tell Where
it Will Stop.
ENORMOUS AMOUNTS MADE.
If tho Investing Glass Absorb the Sc
curities Mt Their Present High
Rates Immense Fortunes VIII
Be Nj q Il G.
By FRANK T1LFoRD.


Copyrigf,t-lNI Rights Reserved)
NEW YORK. January 5.--In the imam
cial world of Wall Street the closing weeks
! Of the century were memorable. and wiiA
remain so during many year TO come
both fo- the tremendous volume OF bus'-
ness transacted and the enormous adyanc-
es in a lon:, line OF stocks. Many causes
have contributed to this result. There
was. first of all. the presidential election.
The decision in that contest restored con-
tidence in every department or industry.
1t settled the question, so long in pernlc-
tous diSputation in political conventions.
IN Congress, in the newspapers, as TO
the kind of money we shall have The
people then decided that they will have
no standard OF values but the very pest
that can be obtained. They passed judy
1nent on the heresy OF h.metalliSm, and
declared that if any political party IN the
future shall be SO insane as 20 make &c
an issue. disastrous defeat will overtake
it. In the next national campaign the
money question will have place Free
silver is buried without hope OF reSurrec-
ton.
PROSPERITY
TTlis fact alone would have been suffi-
Gent to bring about u. sensible advance
in the market. But it was suppsstneneed
by others still more potent The country
vas prosperous. Every factory VS. KITS. --lsS
on full time. The percentage of working
men out Of employment was so small as
10 be almost without precedent. The vol
ure of our export trade was the largest
in our history. IN tsle asricus-uTai res-ond
the farmers were paying of mortgages 10
tie extent o. millions CT dollars General
business had been conducted for years
on lines so sound and saEe that failures
| from any cause Whatever were down To
the minimum These Industrial conditions
created the eas.es1 money market wa
have had in a long period. and with this as
| u basis of operation WaA street began
| 10 boom
y vast amount OF money that tad been
! locked UP during the presidential contest
| offered itself for Investment, and specu-
latian has done the rest.
MUCH MONEY MADE.
An enormous amount Of money has been
| made in Wall Street during the last forty
or fifty days by the professional traders
| and brokers' but ii is mere trite in
| comparison witt what the dolders OF the
| stocks tnat nave scared scores and nuns
dreGs of points viii have made. provided
| they are willing TO part with tneLr holdings
| ana can induce the investing classes TO
| absorb them at existing prices. Iaat -
really the end and aim of Wal! Street
| n,.riull!ationS so far as the big operators
are concerned To get control of q stock
| when Ii Is low work up and sell 1t at 3
big advance on the original investment -
| the \ & c of all stock exchanges tho
| world over In very many cases there is
| no original Investment at all beyond the
| cost OF engraving and printing the at
! tracrivc boxing cert-lcateS sometimes
! they represent pure wafer promoters
| shares is another of their many FORMS
and scrip dividends still third To jack
| them M on the stock list ana get ritt OF
| them is the science in WHEN the suecessiui
! (yaIt-S;reet financier must be an adept
| II he is not and keeps in the game, 1t IS
| only u question of time when he VIII
REACTION COMING.
| HOW long will existin=; conditions IN the
market last? is the question when one
| half OF the street is sSkinS The ether aaLf.
| and there is TO satisfactory answer 10
| il in sight. Reaction IS inevitable IL Is
| one of the Inluiutaole laws OF specsita .i't!-
| But when? Next week? next month? sIhers
| is 40 answer that can be called auulorl-
I tative. One mans opinion IS as good as
! arottler's and the game goes on until inc
| gavel falls when profits are taken 10y
| some while others plunge III deeper lnii
| ever. Then. IN th:s EoIldiS seas'n. .,,e
| cnimes of old Triuity, ct the head or the
| street ring cut md is there a rush 20
| the solemn silence of the old churcn. On.
| no. to the ~!lded saloons. where me sloeh
| sf.outers victors and vanfuished aiike.
| alcIsten parched Threats and brace up de-
! T! eSSed nerves
! Witain the first week of the new year
| -te enormous sum of over silJ,fs9,oo VIII
| he paid out in January G!y!dendS- S0iiis SOM,
Of this will so abroad. but The figures will
he less than ever before. Cor American Sc
| a,,rifrss nave left England by the ship
load ard are now held at home. The pun
cement in the market predict hlat e.s .s',
| dividends will add fuel 70 the hnanciai
| fr,rnaea and cause advances still more
nssnomenaI than any yet witnessed, That
NAV be. ard then, again. it may not,
| I.ullidation-day is due sooner or later.
| The game is TO make money. and I'.' -
cannot be made out of any one tial MS
fr,ngry ewes on the January dividends