Arizona republican., 1899-06-29
Financial Matters Allowed to
 Take Their Own Course.
RELIEF FROM 4 LONG STRAIN
A Feeble Attempt Was nade 10 Establish q Bill Regime on inc Late Extraordinary Industrial CoDSOIid afiOnS, but Inc Weafher Was Too Waam and ihe r1oVe- ment Failed.

New York, June 2S-lSDeciall-
 Wali Strect is gradually drifting into
 the season of recreation and absences
 and there seems to be 17ttIe reason to
 expect any important exception from
 the quiet that usaully prevails during
 the hot weather period of the summer.
 The many operators who have made
 exceptional profits during the lasr
 few months will be apt to court relief
 from long strain of excitement which
 has not often been equallCi in the
 history of speculation: and the posi-
 tion of the market presents no par
 1icular inducements to them to forego
 the desired rest
 There has been a steady process of
 realizing for some weeks. and affairs
 appear to be still more or less. in a
 state of reaction: and this produces q
 disposition among leaders to let the
 present drift take it's course and waf-
 until T more stable basis has been
 reached. Tn some quarters. it has
 been thought that the new speculative interest, developed by the large crea- tIoI.s of industrial consultations
 would probably make an effort to re-
 vive the bull feeling with q view to protecting their special properties.
 And operations during the earlier half of the month appeared to indicate that an experiment in that direction
 was being made; but results havo shown that there is little present dis posIi1oE among outside operators to participate ill ahy suich side cam. pIigns. The movement fell fiat; slight advance in prices brought out more sellers than buyers: prices there fore steadily declined. and the small volume of transactions shows q pre- dominant disposition 10 leave thr market to find q natural bottom m der the test of the summer duIIucss and the manipulation of the profes- sional bears. And there are reasonz which may easily dispose conserva- tive operators to such course. There has undoubtedly been a great deal of eXtravagaut speculation: impossible expectations have been encouraged: T considerable fall ill prices from tho top figures has occurred which has discourage at least the most san, guine class: the introduction of the vast new issues of indusiIia1s has brought q new and influential element IrtO the market, he effect of which cannot yet he foreseen: and. in view of rhe strained condition of the for ei@n banks. especially of the Bank of England and the Reiclsbank. it is I-Jt certain whether we may net have to face further returns of our securt- i lies from Europe in addition to the net refluX, estimated at S5J0. GOO coo | that has occurred within the last eighteen months. Besides. without al i all questioning the reasons which have l induced so many of our industrialists l to consolidate their interests. it is not 10 be overlooked that there is T large | ard important class who entertain | very opposite expectations as to these new inVestmentS.-Wh is T phase of i sentiment not favorable to eIfcitInn outside participation in bull move ments. 1rgleed, in many ways. the powerful bull tendencies that naturally attend the extraordinary revival in our national trade are subject 10 T | certain amount Of counteractiOn from | q series of conditions entirely new to ] our experience and yet of far-reachfnr interest and influence Coming con, currently with the reaction from an extraordinary speculative excitement. ii is natural enough that these new elements in the situation should ar. rest attention. produce some postpone nent of operations and incline cautious operators at least to q policy of wait irg. 1n view of these general condl- tiOrs. it is not difficult to account for the comparative stagrancy that Is steadily coming over the market and the absenteeism of operators incident to the season can only be expected 10 give force to this tendency of affairs
 But while the coalitions and fore castings above referred 10 are not 10 be overlooked in q prospective esti- mate of the securities market. there Is ! limit 10 the extent to which thsIr in fuence Is likely to be felt. In some measure these factors have been aI- ready feIt. Tie chilly days on the stock exchange to which we are be, coming accustomed mean that atten- -ion is being occupied with these self ame matters; but it takes q clear head lEd a cool one to see the end of set # new and perpleXing conditions. This preconsideration. however helps ; 0 break the force of any apprehension { which the new conditions may excite. (