Arizona republican., 1897-10-21
Bulls CareIessIy Watching the
 EutiIatiOn Of StGCkS
BUT FUR WILL FLY AGAIN
When the OptimiSts Sec the
 Supreme Opportun
Aside From Transactions In Stocks tha General Business Of the Country Is Good in Spite Of Cn- favorable influences.

J Hbrium after the recent radical pro cess of liquidation. The realizings of large holders have deprived the mar ket of its most important element of strength, and the minor operators are left to meet the shock of vigorous bear attacks as best they may. The pessimists have been doing the work of the prudent optimists who have sold out and want to get in aga h. hy putting down prices to a point at which the latter will buy. How much further this process may run it is not easy to say. As yet, it has not reach ed point at which the bears have lost their daring; but there are indi- cations that the new level of prices is bringing out a gradually increasing volume of buying. When the daily tally of business rises from 300,00 shares to 500,000 without a break in prices, it is rather an evidence of courageous buying than Of bear sales. It is to be assumed that the infuen- tial operators who are waiting their opportunity to buy in for fresh rise would have some regard to maintain ing the bull temper of the market It can hardly be to their advantage to keep the market exposed to the ray ages of the bears until the speculative spirit is crushed; for in such case, after having undertaken fresh cam paign, they would have no active CO., operation from the outside element and might have to unwillingly take from them a considerable amour: of stock. Intending buyers of course have their own ideas of the prices at which they should buy in again, but a comparison of current prices With those of September. r. when quota tions were about at the highest, would seem to suggest that values must now be close upon the buying point.
 recently showed that, on the 18th of September prices had, on the aver age, fallen from the standard of the 17th nine points; the above compari- son shows that since the 18th of Sep tember there has been further av- craze decline of 3A points so that within the past four weeks, there has been a fall of 12A points. That is certainly a very substantial decline under any conditions, and especially market The fall was started less from a conviction that prices were in flated beyond the new intrinsic value imparted by the recovered condition of the country, than because specula- tion had run to such excesses as to threaten a serious break down unless the overriding were checked and rem edied. That check has been most vigorously applied; a vast amount of liquidation has been effected; there is no reckless buying, but rather an excess of caution; and the conviction is general that, when the present mood is past, prices will again ma terially recover.
 At the moment, three influences are affecting the market unfavorably the yellow fever. the election ex- citement and the new phase of Cuban affairs. The latter is not calculated or the part of our government. The promises of the new Spanish admin istration suggest a possibility that something may be effected toward; the conciliation of Cuba; the latest symptoms from Washington are fa- vorable; and on that account our gov. ernment may he expected to refrain at least from any immediate inte- DO sition; in brief. the new situation means postponment. The yellow fever begins to show some abatement it is now well under quarantine reg ulation and the needless interference of shot gIn methods of protection is being so controlled as to proven unnecessary interference with trad' and transportation, which has TUT into ineXcusable eXcesses. Really, a present, there is no serious quaran tine embargo upon the traffic of any important railroads. The interfer ence with the market arising from tbi city election canvass is, after all chiefly a matter of sentiment and hal / no direct relation to the value of tn { properties represented on the stool exchange. The bears exaggerate thi
 factor by magnifying the chances o candidates whose election would b
 least conducive to the interests of tn
 city; but they do not succeed in con
 cealing from Wall street that the 10
 cal interests of Greater New York ar
 not the interests of the United States
 In any event, each of these tbre
 factors has already been made to q