Arizona republican., 1897-12-16
EFFECT ON BUSINESS
Politics of the Right Kind Ara
 Highly Beneficial
STRONG HEALTHY MARKET
A FIattering Prospect of no
 Early FoOIiShnsSS
Tho Railroads. Farmers, Merchants and Everybody baSkinE in the Bright Sunshine Of Wise and BusiAess-Like administration.

Bu8lN0SS-Llke AQn1lnlSCfEI1On.
 New York, Dec 15.-(Special.) IA substantial advanca has taken place in the stock market during the past week, and prices are now approaching a level that will induce realizations
 unless fresh stimulus to fihe rise is
 obtained. This advance has been en- 1 titrely due to the Improvement in po- Htical and business affairs and was 1 thoroughly justified by conditions.
 President McKinley's message made
 an excellent impression. His position
 on Cuban affairs, which have long been a serious source of disquiet, was emlhently satisfactory to men of re- 1 sponsibility and thought. On the cur
 rency question he takes the side of l progressive reform, and his whole message, if open to criticism at scer- tain points, breathes the spirit of peacs and conciliation. What is equal ly important, congress is in less irritable mood shan formerly; and is likely to give more attentacn to press Ing home questions than to disquieting
 international affairs The presiden- | tial election is behind us, and the tar l if question has been settled; so there is, happily, less occasion for bom- bastic speeches and resolutions fer
 political effect than a year ago. Cur rency, bankruptcy and railroad legis- 1 lation are likely to occupy more eff
 waii; for which, if results are ac- complished, the nation will devoutly 1 return thanks. This promised free
 dom from disturbing political agita- i tion is destined to have a power ful influence in the restoration of pros
 pecity; for nothing has so completely 1 fettered enterprise in the last three l or four years as the state of chronic
 fear largely developed by political dis
 tuI@bances.
 Nor is the improvement confined to l political affairs. These have a very i close connection with business condi-
 tions; but the laater show a recovery ] of thsir own. The great foreign de-
 mand for our wheat at high prices has given a wonderful stimulus to 1 business in the west, which is not likely to subside when that cause is
 spent. The whole inteior is apparent ly about to start on a new era of de
 velopment. Kansas cares little about | frcxo t1ooit ni% getting out of debt and becoming prosperous. The iron trade is conf-
 dently locking forward to very ! large business in 1898 The south is fairly prosperous i'm spite of low l priced cotton and the, check imposed on traffic by the yellow fever scare
 Here and there the finger can be plac-
 ed upon sore spots; some of our in
 dustries are still suffering from ovar l production; and at the big eastern
 centers, where the brunt of hard times 1 had to be borne, tihe recovery is nat
 uraIly slower than in younger and
 smaller centers. The general trend i however, is certainly towards eXpan-
 sion; and the strong undertone of
 confidence which now prevails will
 within few weeks express itself in
 action. This, however, is not the sea- | son for business activity, and grea-
 improvement need not be expected ] before tihe spring.
 Railroads are now having their full
 share of the new prosperity. Earn ] ings both net and gross are showing 1 the most gratifying gains. The uni
 for,mity and steadiness of these gains IS something very unusual. For the
 last three months the 75 to 80 roads
 regularly reporting Fheir earnings
 each week have shown gains of from 10 to 20 per cent. Very few roads
 reported declines, and these were un- 1 important. AS a result few div
 are, certain to follow if tha roads only i refrain from rate cutting. The pre- l ferred stocks of reo.ganized compa-
 mics have been strong, because under i these conditions they would be first
 to benefit. Some properties have also 1 DenetnOed by 1undlnS Ineir deDI at ! lower rates of interest; process
 which is likely to find favor wi h
 stockholders. The darkest side of the
 railroad situation is the pooling ques- 1 ton. Railroad managers are not in i the brightest frame of mind in this
 respect They are united in their de- 1 mand for congress legalizing the i pooling method; but they are very l properly not prepared to accept the i terms upon which congress seems willing ito act-that of surrendering 1 the rate making power. Stockholders
 should make themselves felt in this
 matter. Thus far they have left the
 whole burden of influencing legisla- | tiOn to their managers. This is not