Arizona republican., 1898-02-10
POINTS TO THE TOP The Hand Upon inc Dial Plate
 of Prosperity
IS AN EASY CONFIDENCE
Bull Influences in Control of
 the Market
A Dive, sion of Interest From Indus tria. Stocks to Ra lroad Shares on Account Of iale Great Improve ment in Properties.

New York, Feb. 9.-(SpeciaL)-In Wall street affairs still remain under the control of bull influences. The movement is steady and the one con- fident, but there is no over sanguine enthusiasm nor any attempt to force extreme prices by artificial manipula- tions. Transactions seem to be well distributed between the larger profes- sional operators and an intelligent class of outsiders, who pretty well un- derstand what they are doing and are not given to visionary anticipations. The multitude of small operators who cut a prominent figure in the summer and early fall months and by their indiscriminate buying helped to force up prices to the high figures of Sep tember were pretty we'll cleaned out by the subsequent reaction, and their place is now filled by people of larg- CT means and more moderate ideas; and hence there is generally health fer and safer condition of the specu- lative interest. One feature of the weeks business has been some mod crate selling on foreign speculative ac- count, mainly to realize profits on the recent advance. Some consequent out local buying, which caused quick recovery in prices.
 One notable phase of the speculative business is the diversion of operations from the industrials to railroad stocks. This is the natural result of the great improvement in railroad properties within the last half year, This class of investments indeed are in the beginning of a general and per manent improvement in their status, which is calculated to give them not only higher but also more stable value. The railroads are reaping the benefits of the great expansion of trade that is naturally succeeding the four years of prostration of business. Those years have brought them eccn- omies in management, and have in- troduced a lower range of prices in all their expenditures, except for wages. The check upon competition, by the comparative cessation of con- struction of new road, has tended to put a restraint upon the cutting of rates; and the amalgamation of number of competing lines into large systems has had the same effect, whilst it has materially helped to economise the expenses of manage ment. The several notable examples, within the last twelve months, of rail- roads exchanging their outstanding bonds for new consolidated issues bearing 31a to 4 per cent interest have set up a precedent which is likely to be very generally followed by all con- panies in fair credit; and it is to be noted that the general fall in the rate of interest has made these operations the more easy and at the same time gives an increased value to dividend paying stocks. All this has been seen by shrewd observers, but it only now is becoming apparent to the common eye; and its effect is to create a high CT appreciation of this class of se- curities. How much higher these tendencies may be expected to carry prices, I do not pretend to say; but it is very safe to predict that, from this time forward, railroad stocks will have higher standing among invest ors and that their future market value will stand higher than the standard of past years. This view is one of the causes contributing to the present up- ward tendency of prices, and it's effect is far from having yet been exhausted.
 It is healthy symptom that intrin- sic considerations like the above are now the main factors affecting the market. Cuban affairs are not men tioned. The Chinese situation, though a very sensitive one with certain countries holding our securities, oc- cupies no attention. The position of the money question in congress is ig- nored; and the Teller resolution has been viewed more as a matter of poli- tics than of finance; all of which shows the deep interest now taken in affairs connected with the railroads.
 Among the railroad stocks that are now attracting special attention and strengthening the tone of the market are Chicago & Rock Island, St. Paul
 New York Central. Union Pacific and Great Northern, each of which is de veloping strong bull features. In Rock Island interest is revived by the expectation that it's January net earn ings will show as large relative in crease as it's gross. New York Gen. tral is stronger on the assumption that