Arizona republican., 1898-01-20
Condition of the Stock Market
 GrOViuS More Favorable
CONTROLLED ON THIS SIDE
In Spite Of Heavy Realization
 by Foreign fiolde
The I'm proved Situation in Railro2d Construction Schemes Has Clarifying and Sceadying Effect Upon the General Market.

New York. Jan. 19.-(Special)- During the past week the course of the stock market has followed the di- rection foreshadowed in our adv.ces of the Sth instant. The investment movement has been very active, and railroad bonds have made further ad- vances, in which the dividend paying stocks have sympathized with the improvement in bonds. The trans- actions reported in the stock exchange have averaged about 450,0OO shares per day; and the tone of business is distinctly firmer and prices have steadily risen. The outside clement is bringing into the market cons der able amounts, derived from divide ds and interest payments, for transient employment and altogether the feel ing preponderates strongly in favor of a steady upward course of values. For a time this prospect had to con tend with realizing by parties who were caught by the large drop in prices during the fall; this, however is only transient incident, and when it disappears prices will be more free to respond to the pronounced bul1ish sentiment, and more or less of a "boom" may be developed.
 The foreign markets begin to show a turn in favor of New York, no. ony in London but still more at Amster- dam and Berlin, from which some important buying orders have been received during the week. At the moment, the condition of the fore gn exchanges is against European buy Ng of our securities. Large amounts, aggregating probably not less than ? $40 100000, are due to this country by the European centers, which are permitted to run for the sake of the difference between local and foreign rates of interest. A similar cpndi- tion of things has existed for some months past; and this fact has a nat ural tendency not only to check for eign buying of our securities hut to induce realizations here On the other hand United States takings of European merchandise have been di- unfinished, and on the other, foreign purchases of our food products have been very largely increased through short crops in nearly all the other supply countries. This has inevft- ably brought home a considerab'e amount iof our securities, and the drift may continue for some time longer; but this situation seems to have passed it's climax, and with an increase in our imports of merchan- dise-which has distinctly set in we may expect to see some ca ly abatement of the discouragenent which European money lenders have been systematically showing to pur- chases of our securities. The dis tinct growth in the force of the sound money movement in this country ap- pears to be producing a recovery of confidence in our investments scrogs the Atlantic; but that factor is not likely to have any positive buying effect until the foreign exchanges have recovered their normal balance. There is evidence enough, however. that we are quite able to fake care of our own market and of all the securities that may be sent here from Europe. The latter factor may have a certain measure of infiuence in med flying the effect of bullish tendencies here, but it is by no means like,y to wholly tneutraliZe ,;thosei tendenciss; for, after all, the available floa' ing supply of foreign held stocks and bonds must now be approaching it's minimum.
 The successful working out Of rail road construction schemes is gradu. ally eliminating those sources of dis turbance from the market The i'm proving earnings of the roads fsc.li- tate those settlements and help to bring about better adjustments than in some cases have been expected The improving position of the Pa cifc roads has a conspicuously whole some effect. The reorganization com mitte of the Union Pacific has ob- tained a controlling interest in the Oregon Short Line, which gives them control also of the Oregon Railroad and Navigation company As the Northern Pacific and the Great North ern railway also held large interest in the Oregon Navigation company, this arrangement binds more closely the cooperation between this inn portant group of transcontinental roads.
 Although there has been some fall