Arizona republican., 1897-11-04
WALL STREET WEEK
During Which Bears Hare Been
 Largely in Control
DRIFTING TOWARD LAND
Conditions Seem to be Gradu-
 ally Growing Better
Even the Little Clouds no Bigger than Mans Hand by which Spectators Have Been Scared are Being Blown Away.


 New York, Nov. 3.-(SpeciaI)-W have had another ragged week in Wall street, though with no important net change in the Hices of stocks. Trans actions nave been confined very large ly to professional operators, most oj whom, for the moment, seem to pre- fer the bear side, as best suited to the current mood of operators. One feature in the operations of the pes simists deserves attention as si8-i nificant symptom. They do not care to risk large sales, and refraEn from anything approaching an oversold condition of market There is reason for this, as there are still bulls whose interests are large enough to induce them to make reprisals upon short interest big enough to make it worth the powder.
 The condition of the market is a natural result of the happenings of
 
 izings of influential operators have produced a timid feeling which, in spite of the conviction that the prices of stocks are intrinsically moderate. causes hesitation and the postpone ment of buying. Many operators are discouraged and enfeebled at the loss of their previous profits; and, beyond the continuance of the recovery of business and the increase of railroad earnings, there are no new elements to revive bull enthusiasm. Moreover, there have been causes for the defer ment of operations, which have ap- pealed to the bulls great and small. perhaps especially to the former. The election has been a diversive element. and some people have been led to think that its result may have an ef- feet upon confidence in financial in terests. The new phase of the Cuban question has given occasion for new fears that we might ne drawn into serious embroilments with Spain. Some have attached an undue im- portance to the Nebraska raiIroax1 suit. although it directly concerns only state interests. Others have looked with mistrust to the opening Of congress; though just for what reasons has not been made clear. In none of these things has there been any sufficient ground for real appre- hension; but, put together they have sufficed, in the late timid and unset tied state of the market, to afford an excuse for the deferment of transac- tlons- Large operators, hc,wsyer con vlnced that values are on a scale thai would admit of an upwa movement are naturally always iKdisposed to start campaign in the presence of a cloud on the horizon, though it may be no bigger than a mans hand. and especially when there is, as at pres ent, an absence of any new inspira- t1on. Thus it has easily come to pass that we have had spiritless and neg lected market for the last three weeks; and the bears have not been slow to turn it to account. This however, is but natural after phasa or a great realizing movement, and 1t takes time to recover from the effects of such reaction.
 The recent drift of the market has. however, shown more recuperative force than is generally acknowledged.
 Conditions seem to bs drifting gradually towards further recovery. though the movement may be gradual and attended with considerable ir- ularity in prices. The se din2xG
 influences we have nosed as h4ving held the market in timid suspense for the last three weeks are becoming stale and losing their effect. The result of the election, whichever way It may go, is not expected to produce anything mone than slight tempo rary furry. The misgivings in re- spect to the opening of congress are so intangible or imaginary that no one cares to mention them as seri- ous factor affecting securities; and the feeling resolves itself into one of curiosity rather than anXisty. The yellow fever is now measured quan- tity, affecting a few railroads but of no general importance, and verging towards extinction by tue approach of the period ot frost. The great financial -settlemant connected with the Union Pacific railroad, which has been looked to as possibly involving sharp disturbance in the money market, has been disposed of without any such inconvenience, and the final uc,<pcrease in cash in the treasury will not exceed $2,0oo.- 900. The decision on the Nebraska case has bsen postponed until ateer the electiois; from which it is infer red that n the court will