Arizona republican., 1897-11-18
A WATERING MARKET
With a General HeaItlful and
 Upward Tendency
FAITH IN THINGS AS THEY ARE
Hope for the Future BaSsd on
 Wise Administration
Doubt as to Early Congressional Action Affecting Certain Lines of Stocks Leaves rheir Values Un- S-ttied on the Street.

New York, Nov. 17.-(Special)- During the past week the stock ex- change has continued unsettled; but nevertheless has exhibited an im- proved tone and a partial recovery in prices. The Respondent and semi panicky feeding has disappeared and the downward pressure appears to have exhausted it's force. This inn. pTovemed1t has come in an entire y natural way. The reduced range of prices has been regarded as low com pared with the condition of the coun- try, the large earnings of the rail roads and the prospects of future traffic. There has bean a general feel ing that, at some later stage, Ghere must be a reaction which, with an easy money market, may carry valuss approximately near ito the level of thosa of September; and this has brought buying orders into the mar kert which have produced a rise of fully two points on most of the ac- tive stocks. The purchases have no. been on a large scale; but the fact that such an advance has resulted from such moderate buying Is evi- dence of the intrinsic strength of the market
 The staying quality of the market however, remains to be tested. l. may be that the buying is based upon an expectation of a moderate advance rather than in view of any consid- erable immediate advanc5. We are disposed to regard it as experiment al rather than as a laying in of stocks in anticipation of a st-aightfor ward and continuous rise; nevertheless we do not regard 1t as impossible that it may develop into the latter. We are, however coming near to the as sembling of congress, and prudent operators are likely to avoid accu- mulating large Hines of socks urt 1 the administration and congress have shown Lheir disposition upon certain important and sensitive questions present, there is no positive ap- prehension of amy disturbing act. on being taken; and yet as 1t is possible that jingoistic and silver orators may try Ito raise breeze in the senate, or even in the house, there is a d.spo- sition to defer large operations until the temper of congress has fairly ex- pressed itself. Considerations of this kind are likely to check the reviving bull feeling from developing into reckless buying. This, however, does not mean a reaction from the im- provement that has been realized: 1t means that while the recovery is like ly to prove permanent yet the spec ulatiUe spirit may be expected to be held in prudent restraint for the next few weeks.
 Within The las. few days, there has been a distinct abatement of the ac- uteness of the market feeling on the Cuban situation, and this has had much to do with the weeks recovery
 The people ought Ito be willing to leave the entire matter to the admin. lStration for settlement and have faith that the best will be done for the interests of all concerned. The only course, therefore, is for the peo- pie to pay as little attention as pcs- sible to floating rumors about wha; the administration and the govern. ment of Spain are going to do Or not going to do. President Mckinley car be trusted to do the right thing al the right time, and if the matter bt simply left to him and his cabine associates, all will be well. It VII be great deal better to have it talk, that course than to be left for settle menlt ito the press, politicians or Wal street. These three important repre sentative forces can only conjectu and agitate while the administration is vested with full power to make settlement of the affair. The situa tion calls for faith, hope and chaTit. on the part of the American people London quotations for American SC curities and the Paris quotations fo spanish government 4s are now th
 
 form an opinion as to the relation existing between the American any Spanish governments. During th, recent furry on Wall street on vagu reports, Spanish per cent bonds re mained steady at about 60 on tn Paris Bourse, when they might easil, have fallen p per cent from tha price if there had been any founda tion whatever for the rumors circu lated here. oLndon's important buy ing of American securities recently 1 also evidence that they have no shared in the alarm that a conf1:c was imminent between America an Spain. The great fnanciers of Lon don are in closer relation with tn