Arizona republican., 1898-06-17
THE STATE OF TRADE.
The Effect of the Prospect of the Com
 ing Bond Issue.

New York, June 16.-lSpecia] a- Stock exchange interests are in a tran sitional state. The larger operators have lately been doing considerable in the way of realizing of profits on the standard stocks; and that process seems to have now reached it's results in generally lower range of prices for
 that grade of securities. The fancy and lower grade of stocks, however,
 which have received little attention ;and stood at relatively low prices dur
 ing the manipulation of the better class, are now coming in for their turn
 ir the game and are being actively
 dealt in, with some considerable ad-
 yances. This is a common routine in
 Wall street campaigns, and the only
 question in this instance is-how long this movement in the cheap list may continue and how far their prices will
 be further advanced? We do not care
 to venture upon predictions on either
 of these points; but at the moment
 this particular branch of the specula- tive movement is decidedly buoyant.
 It may prove to be of some import
 ance that a relatively high range of
 prices is being reached at the time
 when operators are. contemplating their summer vacation and when spec
 ulative accounts are apt to be closed
 for two or three months. Ordinarily high range of prices at this stage of the year would be apt to be conducive
 to realizing and sone reaction in prices. But present conditions are not entirely ordinary. The bull feeling still runs high, the market is funda- mentally strong, and it is sustained by an expectation of a series of successes by our army and navy that will bring he great boon of peace at a eompara- lively early day. The drift of the war chimes in with the preponderant bull sentiment; and the two forces working together may easily keep up the ac- tiyity of the stock market through the summer months. ~
 The high priced stocks which for some time past have led the upward
 movement have risen beyond a range to make them inviting to buy for an additional np-turn. There is no dis zuising the fact that many of the large operators through whose efforts prices have recently been advanced. have sold out and are now more interested in making lower prices than higher ones. to enable them to load up again. The incentive for selling was mainly the re- vival of the silver question. It is, re- garded as menace to the business sit uation, and IS being used as a pretext 10 mark down the prices of stocks Ap- peara2ces indicate wayering prices before the market again gets into a position which will form a basis for another upward whirl. The increase of silver money or its equivalent to the extent of $42,000,0 ,000 at time when money is being required to so great an extent for war purposes. is matter in itself of no very serious mo- ment excepting for the ridiculous fea- ture in connection therewith-the idea of calling it so much profit for the treasury, when as matter of fact the government stands as having made loss of over $S0,000,000 in the deprecia- tiOn from the average price at which the silver was bought and the present market. price of silver bullion; still. congress has legislated on the basis that the government will realize a profit of $42,000,000. erY
 The prospect of an early issue of war bonds does not escape the attention of but it excites no misgivings as to the course of the stock market. With such an extraordinary accumula- ton of money in the banks, the pay nents for the bonds are not likely to affect the ease in the loan market. The treasury may be trusted not to lock up the proceeds of it's bor- rowings; but, as usual under like ne- gotiations, it will deposit the receipts in the national banks until they need to be drawn against in the ordinary course of the governments disburse- and thus the currency will maintain it's normal activity of move ment. Nor is the creation of a large sum of new investments likely to have my serious effect upon the prices of stocks. A considerable portion of the lew loan appears likely to go to other and those taken at home will go to financial institutions and to class of investors who are not accus- omed to put their names into corpor- 4te stocks. It is quite likely that the l arge offers for the bonds and the rel | lively high prices they will bring may l trengthen the financial markets at | arge.