Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1899-10-27
Labor was Never So Fully En-
plOyed as Nov.
IMPROVED MONEY MARKET
The Last VestIgeS of The Effect OF
the Silver Craze and over Pro-
ducfion Observation-Disclosures
Benefited by Continuous In
crease In the Value OF Their
Goods.

New York. Oct. 26-(Special) 1.-THE
Wall Street horizon looks somewhat
brighter. Extensive covering of Short
contracts and reader buying by the
larger operators indicate a change of
tone, and on the whole the tendency
of the week has been towards .buIl'
ascendancy. There has been no not
actlons' and as yet the gain is chiefly
seen in increased snap and confidence;
which is perhaps all that could be ex-
pected in the first moments of escape
from a protracted depression. This
recovery is largely due to the improved
aspects of the local money market. The
drain of currency to the interior is
abating, and the near prospect of the
ref1ux of money to this center is trust
ed to bring about an early revival in
speculative securities.
An ultimate active and much higher
market is almost universally accepted
as foregone conclusion, and for mani
fest reasons. Upon a wide range of
stocks, prices are low as compared
with such an extraordinary activity in
trade as now exists throughout the
country. All accounts from the west
represent the prosperity among the
farmers as surprising everything in
past experience. The manufacturing
centers also present an activity ex-
dustrial plants appear to be running
to their full capacity and in many
cases day and night. Labor was never
so fully employed and never, as Il
rule, received such high wages; the
effect of which must appear in a large
increase of general consumption
among the working masses. The re
cent increase in the foreign demand
for our manufactures,-now amount
ing to $685.. .OOO,O 900 per year against s15s,-
100000 six years ago.-appears to be
losing none of its remarkable pro-
gress, in spite of the enlarged home
The mercantile classes
are being benefited by a continuous
rise in the value of their stocks of
goods, and their profits are in welcome
contrast to the unsatisfactory results
of the last five years of depression.
All this reflects the release of enter
prise from the restraints of the de-
preston consequent upon the silver
craze and the production of the
last five or six years. 1t means that,
for that period, the demand of the
country, in every department of con-
has been restrained to the
last point of endurance; and that now
with common CO. sent, the people are
n the act of COMP -nsating for their
past curtailments in supplying their
wants. 1t also means that, during
his contraction of consumption, some
line millions of new population has
come into existence with it's large
additions to the wants of the national
It is doubtful whether,
even among the keen observers of
Wall Street, there is any adequate
conception of what this change of con-
iitions implies as to the magnitude of
he demands now pressing upon the
markets. ana lnS OI lAAC
True, it is nothing new to
lave a period of trade depression fol-
owed by run of prosperous activity;
,ut we have never before witnessed
ituation in which this kind of re-
-ival has existed upon a scale of such
as we now witness. We are
low only in the beginning of this
eaction and for that reason it may
,e expected that the movement will
un on for considerable period before
t reaches the point of OVERRIDING.
)uring the interval, the excitement at
ending such a condition of things can
ardly fail to develop bull specula-
Ions in every direction. but especially
4 Wall Street. The profits of busl-
ess will naturally drift to where spec
lation has its chief market; and the
tocks of prosperous industries and
he securities of railroads reporting
earnings will afford ma
arial enough for a boom on the stock
sooner or later SURPRISING
nything recorded.
This is the picture of the future OF
usiness and of Its early effects upon
ne speculative interests as it presents
self to the Wall Street imagination;
nd the expectation must be conceded
be backed by no small degree of
reliability But while all this is very
enerally regarded as likely to be
,alized at no very distant stage in the
1ture, the disposition to make specu-
tive purchases is less pronounced