Arizona republican., 1897-10-28
And Stocks Are Again 0l Their
 Upward Journey
CONFIDENCE IS CEREBRAL
The Jingiing of Gold Heard in
 Every Mans Pocket
ItIs Predicted That a Large Part o1 the Surplus Cash w. Il Be Quickly Invested In Lands and Gold Min Ing Enterprises.

New York, Oct. 27.-(Special.)-Af- i ter three weeks of realizing. with an average drop of about 121a points in prices, the securities market has, during the past week, shown tend ency towards recovery. Prices had reached a point of decline which, un- der all the improved conditions af- fecting the earnings of corporations, has appeared to make stocks a pur- chase, whether for a permanency or for transient operations. The weak spots in the speculative condition of the market had been we'll probed by the bears, and holders were found we'll prepared to protect themselves from attack. Under these symptoms of the market having reached a solid bottom, the large operators who had recently realized have again become buyers on tentative scale and out siders are renewing their orders for stocks. Each day, this recovery has become more apparent and the mar ket appears to be fairly on the way towards improvement, and with spec ulative accounts in a sounder condi- tion than they were previous to the late extensive realizings. There has been wedding out of the weak CT elements on the bull side and the temper of buyers is seasoned with the prudence taught by the severe les sons of the late reaction.
 The recovery in the spirit of the market has modified the course which some of the larger operators had con- templated for the next few weeks. The prospects of the market had been regarded by them as at least doubtful. It was reasoned that the late great decline and the consequent losses had produced much prostra- tion and Encouragement and had di- unfinished the ability. to buy and sent many sanguine bulls out of Wall straet with empty pockets. Also, it was said that the four months of high speculative excitement could not be maintained and must be followed by . In the mood produced by phe break in prices, there was disposition to put the most unfavorabIe construction up on the possibilities of our govern menE becoming actively hostile to- wards Spain. There was a willing ness to make the yellow fever into an alarming bogy. And, above all the opening of congress was viewed as an event attended with so many adverse possibilities as to call for postponement of buying until the ad- ministration and the senate had shown their hands upon a variety of moot ed questions.
 It perhaps was not strange that gentlemen who had realized upon an immense amount of stocks and want ed to replace them at the lowest pos sible prices should indulge in a great deal of talk of this kind and wish to see the prostration in Wall street continued until the opening of the new year; and, had there been no counteracting force, they probably would have succeeded in forcing af- fairs in the direction they desired. But the event has proved that there is another power in the field. There is a class, Of no small importance who know when investments are a good purchase; and who believe that when we have a bull situation the whole country through, there should also be a bull market in Wall street this class have been accommodating uninvested earnings through the late period of national depression, and having at last become convinced that the country is destined for steady run of prosperity, they stand prepar- ed to employ their money in a selec- tion of such securities as seem most likely to be benefited by these hope ful conditions These people were buyers through the four months ad- vance; and, now that prices have SC largely declined, they are in the mar ket again, some for permanent invest ment, others for profits which they expect to accrue within a few months The accession of this class of buyers together with renewed though moder- ate purchases by the average specula- tor, has applied a test to the market and the response has shown a resili- ency in prices that has aroused the large operators who proposed to play the part of passive bears for some weeks from their dreams of getting in again at still lower range oi values. This waiting element are be- ginning to buy at current prices, and as their orders gradually strengthen the market it would seem that they have their choice between increasing their purchases and being left in the