Arizona republican., 1897-10-14
Late Boomers Of the Market
 on the Outside
WhITING ANOTHER CHANGE
Explaining the Quiet Prevail-
 ing in Stocks.
The Top Notch of the Market Has Not Yet Besn Touched = c Roseate Condition of Trade and Manufactures

New 4OTh, OCl. IO-"tOpCCldi.J the securities market, the past week has been unsettled and irregular. The effects of the two weeks of realizing and decline are apparent in a more conservative feeling and disposition to follow the course of the market rather than to force prices and hold on for a fresh rise. There is no doubt that, during the late reaction, a very considerable amount of Hong stock has been distributed by capi al- istic owners. who have been waiting an opportunity to liquidate and were satisfied with the large advance in prices of the three previous months. Those realizings have materially changed the position of the situation. The men of large means and influence who have thus iQuidated are no long CT behind the market with the sus- taining power of their prestige and their various resources for support. They are rather outside of it. and more or less influential in discour- aging bull influences, in order to re- place at lower prices the stocks they have parted with. Perhaps, few or none of them regard the upward movement as having touched its apex; nor is it likely that they have retir- ed from the market; but, as intend free play to all influences calculated to enable them to buy in again on fla vorabie terms. Thus. for the mo- ment, the market has lost much of the impetus 1t had previously receiv- ed from many influential bull lead CTS.
 It results from these changes that stocks are now largely ill the hands of holders of modest calibre, backed by moderate margins and without the lead or sup1<S ox s55HHoagg-eemsiaa- tsons There is no reason for sus- pecting that these holders are failing to keep their accounts we'll protect ed; their large recent profits should enable them to do so: and it is per haps safe to assume that, in this re- spect, the market is in reasonably conservative condition. But a mar ket made up principally of large number of comparatively small hold CTS, though in some respects safe one, yet lacks some clements needful to the accomplishment of large re- suits in pulling. It needs organiZa- tion and the force of large capitals and the skill of experienced operat ors. The difference between the mar ket of today and that of three weeks ago lies mainly in the absence of these elements of support. It has, however, this important but unnoted factor in Its favor-that large DOT tion of the strong men who have re- gently got out of stocks apear to be satisfied that an average fall of full seven points in prices is a very sub stantial one, sufficient to make many stocks again relatively cheap, and as much as the market, in it's present temper and under existing material conditions, is likely to yield. These operators have their eye upon the chances for another upward bound in prices at no distant day, and they think it better to lay in fresh holdings upon the drops in prices rather than to force values down and sacrifice the mass of smaller holders whose CO., operation they may be glad to have ,yJ>c h1111 or1f steady and covert movement Of this kind towards the return of stocks in to strong hands apears to be in pro- cess; but the buying is conducted quietly so as to avoid the effect of prematurely starting up prices. Just now, this is perhaps the most impor- tant influence affecting stock exchange business; and it is of no small value as a means of holding the market against reactionary influences.
 The extraordinary interest taken in the mayoralty canvass acts as dis turbing influence. Investors are nat urally sensitive to any seeming pos sibility that either the Tammany or the George tickets should succeed; and, with so much confusion and un- certainty as exists as between the chances of the four contestants In the field, the temper of the market oscil- lates with every change in the polit- ical kaleidoscope. The attitude of the bear contingent Is significant Considering the weakening effects ot the past reaction, they are much more cautious than might be expected avoiding large lines of shorts and gen. orally adopting mild tactfcs-barring their enterprising canards, which are far from mild.
 While Wall street is taking resign ed1v this interruption in it's 9diust-