Arizona republican., 1898-09-08

New York, Sept 7.--It has been an off week on the stock exchange Many operators and big leaders are away, this being the height of the holiday season, and their return does not be- gin until after Labor Day. The hot spell has also been an added cause of inactivity. As for the general market it showed little change At times prices displayed little irregularity under fresh realizing and renewed bear attacks; but the undertone of the market remained strong and no fresh sources Of weakness were developed
 Much more importance was attached to the prospects of tight money than the situation warranted. Both lenders and operators for a decline in stocks would like to see a more stringent money market, but they are likely to be disappointed. A slight hardening of rates resulting from a better in quiry for crop and business needs is possible; but this is all unless manip- ulation is attempted, and that seems unlikely ill the present monetary sit nation. Europe is still a heavy debtor to the United States, and American funds have been leaning in Europe in large sums for months. Foreign ex- change is already weakening and gold imports have commenced; so that any decided stiffening of money rates here will quickly bring a flood of gold into the country and prevent any important advance. The west is already we'll provided with funds, and the crop movement is not likely to make any serious demands upon New York. AL together, therefore, there is no cause for concern about the local money market. A slight rise in rates is all that is probable.
 The railroad situation is promising in every respect exceps the senseless cutting of rates among some of the grangers, which stockholders whose properties are suffering ought to use their influence towards ending. The best dividend payers have reached very high figures, and they are likely to remain there and possibly many of them may rise still higher so long as the difficulty of finding profitable in vestment of money remains. The pos sibility of increasing dividends and the fact that thus far speculation in such stocks has been of the most con- servative sort, are likely to make these shares the faEorites on the stock ex- change for some time to come. On all reactions they are likely to offer the surest, though moderate profits. For many of the low priced invest ments there is, of course, an excellent speculative future, owing to increased earnings and the improved prospects for a return on the investments. The industrials offer still larger opportuni- ties for profit, as business improve ment is likely to earn dividends in many cases where none was expected few months ago, and increase on old rates as well. Transactions in these must be conducted with care; for re- liable information concerning these is d,mcult to obtain, and outsiders are particularly exposed to inside manipu- lation.
 The market as whole is shaping for a broader and more active move ment Much realizing has undoubted ly taken place, but the situation has been strengthened rather than other wise by the test of bear attacks. Lon don is slowly, but surely changing it's attitude toward American stocks; and the promotion of international good will. as well as improved economic and political conditions, is likely to