Arizona republican., 1897-12-02
PIONEERS WANTED
All that is Necessary to Create
 a Boom in Stocks
CONDITIONS ARE FRIENDLY
Only Men of Nerve and Fore
 sight are Lacking
They Need Not be Large Dealers But if They Merely Attack the situation Heavy Buyers are Ready to Support them.

Ready to support tf1StH.
 New York, Dec. 1.-(Special.) 1.-The market for securities retains the same general features as I have had to noe fer recent weeks; except that the vol ume of transactions has fallen still lower Outside speculative operations have become almost insignificant, and transactions are mainly confined to operators who discriminatory fol- low closely good features in particu- lar stocks; which gives certain de- gree of healthy interest to the mar ket The purely speculative stocks, however, are neglected owing to the prevailing disposition to avoid risky ventures.
 The purely speculative spirit is at low ebb, and very naturally so. Such a reaction as we have lately ex- penienced makes the most sanguine sober and timid. All great and sud den rises are largely stimulated by the feebler and less experienced op- orators. Their confidence rises in proportion as prices advance; ard when the more prudent have realized at a profit and the whole weight of the market rests on these lighter sup ports, they rush from the extreme of sanguine expectation to that of utter disappointment and distrust; and, worse still, their means are dis h,,x, ing factor in the market It is some years since so many of this class of operators were on the market as dur ing the recent rise; they were the main element in the advance; aud their absence or inability now consti- ute main cause of the prevailing stagnancy. No matter how cheap stocks may be at the present range of values; nor how large the earnings of the railroads; nor how encouraging the condition and general outlook of business interests; nor how much po- Htical dangers may have abated-all this amounts to little so long as the market lacks the vanguard of the mass of sanguine minor operators who always take the lead in sta.lting booms. The larger operators await their lead, because they value their cooperation and do not care to buy until they see in the market a class on whom they may be able to sell out.
 With the large mass of stocks ho r1y F1 cent realizingsI of railroad capital 1sts, the larger operators are likely to stand aloof until they see some new elements of speculative vitality in the market. With them, good conditions are not the only prerequisite to buy ing; they want the cooperation of class who will help them in advanc- ing prices. Apparently, there are few now remaining in the market of those who performed that service durina the late rise. A new set of outsid buyers is needed, and it is matter of conjecture as to when that contin- gent may be expected in the field.
 Approaching conditions may supply that want. The settlements and in- terest disbursements made at the end of the year distribute a large amount Of funds, which usually contribute tc January rise in prices. The last six months of business revival es pecially in the interior cities, is likel, to result in liberal distributions O earnings; and that money may be ex rn fir1d ifc into Wall street. That, however, wi depend, in some measure, upon wha may be the prevailing feeling at tn opening of the year. That ought |, be good. All reports agree in repre- senting that, in the agricultural sec toins the results of the last hal years business have been unusuall satisfactory. Moreover, still bette state of trade is expected for tn next season The improved state o our manufactures is howing itself i steady increase in wages and tn general full operation of the factorie: In short, prosperous spring trad is taken as a foregone conclusion. How the action of congress may effec these prospects remains to be seer It seems safe to take it for grante that we have little to fear from lin goism- Also, there seems reason t hope tat, when congressman feel tn public pulse as it beats at Washing ton, they will come to the conclusio that the currency question cannot b so easily shelved as some of ther have hoped; and any disposition t do something real and effective tc ward giving us permanently soun money would prove a very positiv help to a confidence among the busi nes and investing classes, and woul favarahIv affect fha st tus nf o,ur re