Arizona republican., 1897-12-09
Favorable Elements Suddsnly
 Appear on Wall Street
AND THINGS BEGIN TO BOOM
The Market Has Had q Severe
 and Satisfactory Test
There is . Prospect of Prosperity at Homo. Peace With Foreign Nations and n Absence of Any Disturbing LesisIatiOn.

N6W OTk, OtC. .-\OpSCldlJ.- "A decided change for the better has come over the Wall street markets. I have repeatedly noted, in these advices, that the stock market appeared to that, so far as respects intrinsic ele
 ments of value, there existed condi- tions which warranted buying move ment; but that there were lacking cer
 tain elements necessary to give the upward tendency a starting impulse.
 Just at the moment of greatest stagnancy, these lacking elements have unexpectedly appeared. Per haps, the more immediate cause of this change has been that the room traders have found it impossible to any longer make profits on selling and therefore changed over to the bull side. This was a natural test of the market, and the response has been a general increase of buying orders. The response came the more rapidly because there has been steady mtti gation of certain outside influences which have been tending to the post ponement of operations. It becomes more evident that we are likely to have business like session of con- gress with the sensational faction aries held in restraint and with pre- ponderating regard for policies and measures calculated to encourage con- Iy,ci irSo Among the things which now are considered as assured are the support of the presidents pacific policy on the Cuban question; a fair chance for the adoption of a good bankruptcy law; an earnest attempt to effect some real improvements in the condition of the currency, though possibly not at all what some may desire; and an effort to afford some equitable adjustment of the railroad questions. The mark ed public neglect of the silver agita- ton also warrants the hope that that issue will influence congressional ac- tion less than has been generally feared. The feeling in Washington among congressman is very confident as to the abatement of the agitations raised by the Bryan campaign of last year and the increasing desire of leg islators to deal with the pending large questions in a moderate and concilia- tory spirit; and I venture to predict that this disposition will gain ground as the session advances.
 These symptoms, coming to the surface at this moment, have an inn portant bearing upon the tone of the financial markets, and have directly contributed to the revival of buying which has been apparent on the stock exchange during the past week Or dinarily, December opens with a post ponement of buying operations, owing to the winding up of accounts and the liquidations incident to the close of the year. Now, however, the sit nation appears to be regarded as war ranting a departure from that usage. and operators deem it safe to promote an advance preliminary to the rise in prices that usually results from the large dividend and interest disburse- ments made at the opening of the year. The result of this buying-a rise of 11s to 3 points-in some meas ure sets at rest the fear entertained in some quarters, that the very large amount of stocks marketed in Sep tember and October by large holders would prove a load very difficult to move in any attempted bull move ment. The purchases have been dou- ble those of preceding weeks, and the rise in quotations proves that the demand exceeds the supply, and no haste is shown to realize on the all ready good profits. One of the in spiring aspects of the market Is the appearance of large operators who have been cautiously standing aloof since their realizings of two months ago. They appear to realize that, with so many assuring factors iu s1ght-such as the hopeful prospects Of congressional action, the coming great abundance of money at this center, the promise of booming spring trade, and the probability of congress making at least hopeful beginning in currency reform-it will not be possible to hold prices at the recent semi-panic level, and there fore the present situation affords a good opportunity for buying. We do not pretend to say how far this re- covering tendency in prices may inn mediately run. Possibly, the rise may halt until the presidents message and Secretary Cages report have been di- gested, after which further advance may occur. But, in any case, it would appear that purchases at the present range of prices will prove profitable.
 The concessions now offered by