Arizona republican., 1897-11-25
ENJOYING A TRUCE
Neither the Bulls Nor Bears AnX-
 iOuS to Renew the War
A MARKET WITHALOW PULSE
Recent Avalanche of Stocks
 for Liquidation

Had Depressing But by no means
 a Disastrous Effect from which a
 Marked Reaction Will Necessari-
 ly be Slow.
 New York, Nov. 4.-(Special. 1.-The Wall street markets show little change from the late comparative dullness and irregularity of pr.cas- Current events do not suffice to stir speculation to activity in the ranks of either bulls or bears, and business is mainly confined to brief profes- sional turns upon the varying whims of the moment. The market differs, however, from it's condition of two or three weeks ago, in that it appears to have reached a solid bottom as to values. There are no pessimists with courage enough to attempt large de- pressions; and equally no bulls who think the situation promising to en- ergetic manipulations for a pro- nounced rise. The Cuban idea having largely lost its force, the jingo senti- ment being apparently on the wane, and the Nebraska railroad decision having again been postponed. there is less material for the creation of sensations, and operators are driven to pay more attention to current tac- tors relating to conditions which da- rectly affect the earning value of se- curities; which is a hopeful symptom in the situation, as facts of that na- ture are generally making a good showing and yet have been long dis regarded, or not sufficiently apprec- lated. The result of this change is a greater discrimination in purchases. selections being more regulated by the merits of the several securities than by mere sensations. This Is a dis tinct gain in the morale of the mar ket, calculated to encourage conn- dence and to produce more rational regulation of values.
 There is, however, one factor which is secretly exerting greater infiu- ence upon the market than any other, perhaps more than all others com bined, but which Is comparatively ht- tie regarded. The amount of stocks thrown upon the market in the re- cent great liquidation is probably much greater than has been general- ly supposed. The sales were not merely from the ordinary floating supply being carried on the markc.. Since the great breakdown of 1893 and pending the silver excitement, the friends of railroads and other cor porations had found it necessary to protect their interests through buying the stocks which were coming in large volume upon the market. But for those purchases, the effect on val- ues through the three years of sup pressed crisis would have been much more serious than it proved to be. Those accumulations must have been immense; and, for that reason, the holders of the stocks were: the more ready to seize the first opportunity to realize. The sanguine outside ele- ment saw, in the recovery of confi- d5nce and trade, legitimate basis fer great rise in prices, and on thai impulse they bought without stint or fear They overlooked this vast u-- seen accumulation, and before they had awoke to perception Of it's ex- istence the tin boxes of corporate cap italists had been emptied on the mar ket at the highest range of prices. This has been the great controlling factor in the market since the begin ming of October, and few of the rank and file of operators have noticed it. Herein lies the answer to the question SO many are asking-why does not such generally we'll situated mar ket react from the great fall in prices? The reply is-the supply of stock on the market has been inn mensely increased; and a recovery in prices calls for a corresponding in- crease in buying capacity and carry ing ability. It takes time to digest and distribute this large sudden ad- dition to the floating supply of sa- curities, and to collect the needful new set of buyers.
 It is a significant fact that this avalanche has not produced more seri- ous effects on prices than have ac.u- ally occurred. That fact plainly inn plies great confidence in values and a large purchasing ability in the mar ket. It is to be remembered that the break in prices was stimulated by the large fall outflow of currency to the interior and the consequent check up- on the ability of the banks to extend their loans upon stock collaterals. That restraint is now abating. The money is coming back rapidly and. at the opening of the new year, the banks will again be flooded with loan able resources. When that point has