Arizona republican., 1899-09-14
The Bulls Engaged in COQuet-
ting With the Bears.
SPECULATIVE ENGINEERING
Buyers are Content 10 walt and In
duIge and Even Encourage the
TimidiiY of PeSSImISIIc Specu-
IafOrS. So fhe Market Is not
Likely to Run Wild In the Very
Near Future.

New York, Sept S.-(spscial)-
| There seems to be no haste to turn the
extraordinary hopeful business out
look to practical account in Wall
Street. The transactions at the ex-
change average about 100000 shares
per day. Operators are returning from
their summer haunts; but, for the
present, appear to be content to mere
ly familiarize themselves with the fac
tors of the situation. This is a con-
dition which suits well for the pur-
poses Of the speculative leaders, most
of whom are more bullish than they
just now care to declare. Their posi-
tion is that of expecting much high
er future range of prices while hold
ing but moderate lines of stock. 1t
therefore suits their purpose to have
the market drift easily and even to
coquette with the bears" SC, as to
make additional purchases at lower
prices. They are quite willing that
timid people should feel timorous over
the prospects of the fall money mar
ket; they do not object to the warn
ings of the alarmists who see danger
in the political situations in France
and in Africa; they are quite tolerant
towards pessimistic estimates of the
crop outcome; all this suits their pres
ent purpose, which is to buy stocks for
rise when the surprising commercial
movement now getting under headway
reaches its climax later in the fall
markets.
1t is not easy to say how much long
er this speculative engineering of the
market will be continued 1t is not un-
likely that we may witness yet a good
deal of checking and restraining
and throwing of cold watsr upon out
siders; for there are symptoms that
the larger operators have yet to get a
large amount of stocks before their
wants have besn satisfied; and it is
not at all impossible certain events
may take a course which will favor
their tactics. War between England
and the Beers would produce a shock
in London which might make the New
would certainly discourage outsiders
and make them sellers rather than
buyers. Serious complications in
France,-which under the phases upon
which the Dreyfus matter has now
entered are cnly too possible,-would
have serious effect upon the Euro
pean bourses; to which New York
could not affect indifference; for it
could not fail to aggravate the partial
financial strain which already exists
here. Assuming, therefore, that the
market is to be held under conserva-
tive control and not allowed to run
wild on loose rein, it would seem
will be held under restraint until thssa
outside events have developed into a
fnality of one kind or another. These
foreign eventualities, however, can
hardly be kept much longer in sus-
pense; and, if the worst should hap
pen both in France and Africa, there
is after all a sharp limit to the ex-
tent to which their effects would con-
tinue adverse on this market Lon
don would soon recover from its first
financial shock, which would con-
tribute towards repair at the ether
European centers; and then would
come into play a series of commercial
on this side of the At
antic, which always occur as a second
effect Of foreign wars. Whilst, there
fore, there are external conditions
which may be reasonably expected to
hold the strong bullish tendencies Of
the local market in restraint for the
future, yet it is not to be
assumed that these conditions would
argely couTteraot the irrepressible
endency towards ultimately higher
prices inherent in the existing unprec-
'dented state of national prosperity.
t is unnecessary to -recite the condi-
ions contributing to that great ma
iCnal BOOM" everybody knows the
acts and expects that they will carry
he market value of our investments
o unequalled figures; but those who
intend to invest might be prudent in
Waiting until it has been demonstrated
law far prices are to be temporarily
fected by these foreign contingen-
les.
A word of caution seems desirable
egarding the money market We are
onfronted with low bank reserves just
S the annual crop requirements be-
in to assert themselves; also when
rade demands promise to run much
eyond the usual limits. 1t is true
1cnntinnnd IN. Eiuhth paraN