Arizona republican., 1898-05-19

Mell euuplOy Su, dilu lutIt Is uO SHlIuh- age in values to indicate a falling off in demand, but rather a general firm ness in the commercial markets and, in some, material advance in prices. interruption of supplies from other countries, for the Spaniards have so far been unable to check the current of our imports.
 The state of feeling in the financial markets surpasses the most sanguine expectations. In anticipation of the war, there was some anxiety among the lenders of capital, which showed itself in material contraction of the loans of the metropolitan banks and disposition among the interior banks to draw home deposits from their agents in this city. Money on call was cheap, but only because there vas an indisposition to employ it on time loans or discounts. Within three short weeks, all this is changed. From the interior, all reports show a settled and confident feeling, and currency Is flowing hither from the subsidiary financial centers.
 The note brokers of this city, who in April found it almost impossible to secure buyers for their paper, are now able to dispose of it in about the normal volume. The city banks are discounting quite freely and have re duced their rates on time loans by 11z to 2 per cent In brief, credit opera tions have resumed their normal course. New enterprises, requiring large investments of capital, which have been held in suspense for many weeks in view of the possibilities oi ! war, are now coming to the front again, and bankers in the fiotation business seem to be quite hopeful ol | the prospect of investors supporting meritorious undertakings.
 In the stock market the reaction from the ante-war depression exceed. all expectation. Upon seventeen ac- tive stocks, the rise since the opening of hostilities has averaged about nine points; nor does the upward movement appear to have yet exhausted itself
 It began with the room professionals next came in the large speculative houses with their wealthy clients; ana the latter having realized freely within
 the last few days, their stocks have since been freely and profitably takeI
 by the outside public, who show con
 fidence in a. still higher range O
 values
 The extraordinary course of thing,
 expressed in the foregoing facts de.
 serves to be considered in estimating
 the probable future course of the SC.
 curities market. It plainly show!
 that the possible depression and stag
 nation which was deemed possible 1T
 anticipation of the war has not beer
 realized That fact is full of weighty | significance. It demonstrates how much Wall street has learned in the
 way of estimating complex and dis
 turbing situations since the silvel l CIlSlS LII IoJO, uOW uuuCn u Has Sdluol
 in clearness of judgment and in cour
 age to act upon common sense con
 viction- It proves that the men O
 finance have learned where to fix tht
 limit to the legitimate effect of events
 disturbing the normal current of busi
 ness And, above all, it shows tha'
 Wall street has, at last, learned the
 much needed lesson that it needl
 much more than transient troubles
 than even such a war as we have un.
 dertaken, to warrant a surrender ot confidence in the steadinees uf thu
 vast machinery of production and
 wealth which constitutes the materia
 greatness of this foremost of all na tions
 1 It has taken war to teach us how 1 much shock and how much sacrifice the United States can stand without suffering or real occasion for wincing The whole cost of the war is cheap price to pay for this inestimable les son. It is the greatest contribution to the stability or public confidence and to trust in our commercial and finan- cial frame work that has been forth coming in the history of the country