Arizona republican., 1899-08-03
But Most Thugs are Favorable
to an Advance.
CROP PROSPECTS ARE BRIGHT
The Need of Money for Their fiove-
menf May Have a TenndeRcy TO
Check Speculation in Stocks.
The Eastern Dema ID on The
Treasury Department for Gold
Certificates.

New York, Aug . Especial THE
stock market is apparently taking lis
usual summer rest; and more of tlie
prominent leaders are absent on .aca-
lions than is general; presumably en-
joying the profits of the last bull cam
paign and w&iidng developments be-
lore inaugurating another. What The
future of the market will be- during tl,a
next six weeks is not easy to deter
mine Generally speaking. lhe conGi-
tions are highly favorable to an ad-
vance; but any forward moxement>is
likely TO be held more or less in check
by apprehensions concerning ahe
money market. Our bank reserves are
low. and an active demand forsmouey
is expected very soon to meet crop ana
trade requirements; so that sorfowsis
generally seem unable to forecastzahe
future with real confidence 4 little
tfmidity ON this score will do no nar:n;
for '.lDe creation of a bull movement at
This time would probably precipiate
an undesirable twist in the nloney
market. Should. speculation, however,
be kept Within moderate bouEds we
see no reason for alarm about the
money market. Firmer ia tes are both
probable and desirable, betng a nat
ural sequence of prosperous sirles A
good demand is likely for crop pur-
poses; but. it should be renaan;3ared
that every year the west becomes ltss
dependent upon the east on this &c
count. A brisk demand for -o}nsltr-
ciaIl paper seems probable owing 10
trade activity: but here too there are
offsets flUm the facts that merchans
have better resources than ordinarily.
and the big trusts which generally
carry heavy cash balances viii sup
plant large quantities of commercial
paper that formerly came upon tie
market. Added to these offsets are the
of time loans Will mature in August
and September; and any sharp rise
in money rates would probably hasten
gold imports from Europe. Naverthe-
less, the money market will not be
bull factor for some time to come.
Indications Point to a scarcely Of pa
per currency during the Autumn
AS currency reform is still
question of the future, it is imperative
that the treasury deparauems take
some steps for relief. One Of the best
and most practicable methods would
be the issue of gold certificates SEC
retal-y Gage cannot afford To be over
scrupulOus abous The limits OF his au-
jho:-ity When Secretary Carlisle
doubted his right to Issue gold cr,siiti-
O00.OOO Now the gold reserve is AZ
about its maximum. over S246,O00,000
ard increasing daily; 50 that what
mfgl1s have been prudent in the one
case becomes inju bus timidity in the
other Mr.. Gage however, is IL pracii-
cal financier of high reputation; ana it
is hardly likely that he will permit
minor technicaEtieS to prevent his
making our present financial system
work az we'll as possible. Soma re
lief may be afforded by an increase of
bank circulation. but this is problenat-
cal while present restrictions remain.
The general business situation IS
highly promising. Nearly all rle prin-
.ipal indus tries are actively employed,
md the iron trade is experiencing a
COON beyond all precedent. An ex
-raortinary fact is thu comparative alb
sence of speculation. Our mills are
crowded With orders fo- goods fhat
ire wanted for aetna. consumption;
and for once in history 81 ieast the
,peculator has failed to anticipate fu-
lure wants. A.o:her striking feature
IS ,tlfa uniform hei;af that We aae 10
nave one or rwo years OF prosperity
ike the present Nth littie Interrupt
-ion. The w3riG, and especially the
United States. is recovering several
-earrS of retarded groWth With rush.
In about a year, however, producslon
will have partially caught mp With con-
and We may then expect
.ome abatement of activity. The nriln-
,r4ous advances In wages. and the
,taltfng of new enterprises, viii suffice
o carry Us along for Il considerable
period. Crop prospects are not I'M
avorable. There is every likelihood Of
our having an average amount of
wheat for foreign and home conSunp-
ion, with prospects of 4 good demand
N the latter account. Corn promises