Arizona republican., 1897-09-23
The Speculative Movement Con-
 tinueS to Broaden
FAVORED BY ENGLAND
Even London'S Datracting in-
 fIuenCe Is Weak
The Wave of Prosperity is Fully Ac- knowledged and OVerW9eps All Distractions Good Times Are Here.

knOwledRed ana OVerWSepS
 All Obstructions-G Good Times
 Are Here.
 New York, Sept 22-(Special.)- i've have had another week of great ac- tivity in Wall street, with a complete ascendency of the bull element, con- tinued defeat and loss to the bears, and further considerable gains in prices. The speculative movement continues to broaden, and orders from the interior are upon scale perhaps never equalled in the history of Wall streets greatest booms. Coming con- currently with revival of trade the most sudden and complete that has ever been witnessed in this country, those having idle funds on hand seem to have come to the conclusion that an opportunity has arisen for using them proftably in transient purchases of securities, such as oc CUTS but once in lifetime. With volume of demand such as is thus created, the large professional opera tors find no lack of material for forming pools for the manipulation of stocks upon any scale that their means may permit; and they can safe ly depend upon the outside element for cooperating for almost any ad- vance of price that they may deter mine upon. The bears stand nowhere in the face of sIlch an upward propul- sion and the sales and pessimistic pre- lenses have only advanced prices. Even London, after incredulOusly inn agining that the great rise is but a temporary effervescence after long strain of repression and consequently unloading upon us some 200, 900 shares of railroad stock, has at last been caught by the infection, and during this week has been quite a consider able buyer of our issues. Having seen us take all they had to sell without a vince, the British metro politans have come to the conclusion that there is more solidity than froth in our boom, a1fd are becoming eag- CT to take a hand in our game; and have to confess that the time is past when, in financial operations, Lon don can control New York
 All this has been, from time to time foreshadowed in these advices; and I have yet to discover any evidence that this great revival has exceeded what, as rule, is warranted by the broad recovery in the national condi- tions which regulate the value of our corporate securities. On the con- trary, to my view, the movement is far from having reached its culmi- nation. Yet, at the same time, it is undesirable that the market, however regulated by solid considerations. should run into stage of unref1ect- ing excitement. It is important that caution should be maintained against wild phase of speculation; and such caution must be exercised by the buy, ing element. Business prudence and cool judgment cannot be ignored without danger The current i'm mense operations are conducted all most entirely upon a credit basis; in other words, upon margins. The ability to resist bear attacks or un- expected adverse conditions is there fore measured by the strength of these protective balances in the hands of the commission houses. The ex- posture of a market like the present one lies largely in the fact that per sons holding stocks are easily tempted to use their profits as margin for further purchases. Those purchases tend to further force up prices, and such advances encourage again furth- CT buying. By this process, prices may be artifcially forced up without at the same time providing adequate means, on the part of the holders. to support prices against assault In such condition of the market, it matters little how much values may be warranted by bona fide conditions. The bears find the holders carrying more stock than they can protect under pressure; their attack is there lore directed to the exhaustion of margins; and, that accomplished, they reap rich harvest while the over sangulne holders are slaughtered. It IS worth considering whether, from the too lavish increase of holdings. through this sort of process, the way Is not being prepared for a bear cam palSn later on which might greatly change the present hopeful aspect of the market and indefinitely postpone the further advance which, with pru- dent moderation in operations. would be sure to come. A word tSNthe wise fss sufficient
 The very large shipments cur
 pcy to the interior are begin to