Arizona republican., 1899-12-07
An Object of Great Con-
 Cern Until JanuaryI.
SLIGHT IMPROVEMENT
There Is no Expectation of Return of the Acute Stringency Through Which the Country Has Just Passed, Yet Spectators Have Grown Cautious By Recent Ex- perience.

New York, Dec. G. Special 1.-The stock market is still chiefly dominated by monetary conditions, and until these show a more favorable tendency the upward movement in securities is likely to meet with considerable diffi- culty if carried out upon any consid- erable scale. Apart from this factor has been repeatedly explained in our previous advices. The chief concern, therefore, is the course of the money market until after January 1. The ad- course, means that no relief can be expected in that quarter in the form of gold imports; especially while the Transvaal war shows no sign of an ap- preaching end. Considerable hope has been entertained that the return of currency from the interior would bring the supply of loanable funds in New York nearer to normal conditions, but it is not safe to place too much reliance on these anticipations. Funds are now returning, but less freely than expected, the great activity of trade and industry everywhere retarding the movement. Meanwhile, the treasury receipts continue to exceed expend- itures; and had it not been for Secre- tary Cages offer to buy bonds some sharp manipulation of money rates would have been possible. The secre- tary has shown his wisdom in extend ing the time for offers of bonds until December 23; that being the only avail able method of offsetting the effects of cumbersome treasury operations. Up to date the offers have amounted to nearly $17,00O,OOO. The market shows decided disposition to run on special ties; and some excitement was mani fested on reports of a deal between Pennsylvania and Baltimore & Ohio which seems to have had no other foundation than some sort of working understanding which will prevent losing competition.
 Although the bank reserves are show ing an assuring rate of recovery and there is no expectation of any return of acute stringency, there is yet an in- disposition to venture upon large spec ulative operations in dependence upon any real and inflating ease in money. The stringency of the last three montiS; has been so severe and persistent and has caused such sweeping liquidations in the stock market that those in fiuences have made large operators unwilling to take anything for grant ed as to future ease in Wall street loans. Spectators are preponderantly very bullish and in no quarter do they find any reason for abating their atti- tUde; and that feeling will cause them to cling to their present holdings with great tenacity; but it is not likely to induce them yet to materially increase their holdings. Intelligent men are wanting to comprehend more fully the causes that lay at the bottom of the late disturbances in the money market; and the more they study the situation the more they incline to the con- clusion that the chief adverse in fiuences are implanted in the laws reg ulating the national banks. During the present year, there has been an ex- traordinary increase in the currency and credit wants of the people.
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