Arizona republican., 1897-10-28

question and the undefned misgivings about the policies of congress, and nobody appears to regard these things as having amy immediate importance for the stock market. It may pretty safely be taken for granted that the large operators will not be behind in replenishing themselves with stocks if they become satisfied that there is a buying power outside their own which is prepared to enter the mar ket on scale important enough to carry up prices; and each day of the past week has furnished reasonable evidence that such is the fact. There is no class in Wall street who better than these people understand the great expansion that now awaits the industries and trade of the country; and it would be a great mistake to infer that because they are maneuv- ering to get securities as cheap as possible they have any misgivings about the true intrinsic value of stocks at current prices.
 This country is under the impetus of an unprecedented expansion of it's material interests. The preponder- anice of capital is on the demand side of values. The leading operators, skilled in manipulation, have faith
 in higher prices for securities, and are ready to work in that direction.
 A vigorous upmove will bring in the public who are at present more or less absent or undecided The re-
 turn of ease and abundance of mon-
 ey now makes the competition with loaners and not borrowers. The abil- ity of this country to draw gold from Europe in large amounts will con tinue for some time ahead. The con- tinued demand for our products, es-
 pecially wheat, IS assured. The in
 creased output of the worlds gold
 production means money imitation of considerable dimensions. The general sentiment is hopeful and confident. After four years of depression such as we have had, four years of activity
 should prevail, and I believe will. Business expansion, with increased
 credit, is in progress all over the
 world All nations are fighting with each other for the expansion of their
 commerce to an extent greater than ever before. The greatest generals ! now are to be found amongst mer ] chants and bankers, and not in the i armies. Business enterprise and the conquering of markets will make the coming decade historic. Mines that
 produce gold and lands that grow l beets for sugar making will be sought after for wealth making. Gold will
 soon be abundant enough to jingle in 1 every industrious mans pocket. Peo- l.ple will thus become familiar with 1 gold and will not hanker after 16 to 1 | silver. Instead of railroads going in to the hands of receivers, they have
 now become the receivers of property for transportation to such an extent
 as to make almost a car famine. This
 country is at the present time virtu-
 ally loaning money to London, and 1 luS dIuOuIIL may SdSlly T6dCu S4U,UUU,- 1 900. This is being done by New York carrying time sterling bills instead | of forwarding them to London. The l higher the Bank of England rate goes
 the larger will be the amount of these
 indirect loans to London. If the Bank of England rate (which is not | unlikely advances to per cent and above, and the rate of interest be much less on this side, we are not likely to bring much gold this way The exchange market on this side will be handled in such a way as to prevent it through investments here in sterling bills. The present excel lent traffic returns are an evidence
 of the improvement in business in all l sections of this country. Railroad
 earnings alone produce dividend and 1 interest money on the securities is-
 sued by such corporations, and the
 only reliable evidence of int insit value is the net money made by these
 transportation companies. With these facts in evidence, it will not be ar
 easy matter for the bears to pound
 values down and keep them depress- ed for any length of time.
 l, NON-ANNEXATIONISTS.