Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1899-08-31
Toward Maintenance Of a Bull
Campaign.
OPENING OF FAIL BUSINESS
The Money Market Has Taken Flore
Favorable Course Than was Ex-
pecfed-The TranSVaaI and Drew
fus Affairs Somewhat Affecting
Financial Conditions In Europe:
Quick Turns Are Advised.

Quick Turns Are Advised.
New York, Aug. 3O.-(Special. -
| The period of summer recreation is
now nearing its close, and from this
time forward the ranks of Wall Street
| operators will be reinforced by the
return of absentees. 1t would seem
that they may be safely expected to
resume operations only with buoyant
expectations. During their two months
of absence, the whole drift of affairs,
both in finance and trade has been to-
wards the maintenance of an active
/ bull campaign during the fall months.
! The activity of our industries far ex-
ceeds anything ever witnessed in the
past; nor is there anywhere an indi-
cation of impending oVerproductiOn
nor of any reactionary tendency; and
what is still more important. pro-
ducers have now a guaranty they
never had before, in the rapid growth
of their ability to command foreign
outlets for any possible surplus of
supply in the hcme markets At the
beginning of the summer, there were
some uncertainties in the situation
which produced a degree of hesitancy
in the securities market and made
operators the more willing to take a
breathing spell after several success
SiVn months 0f avfraord;,.rr avo;%a
ment. Those obstacles have now dis
appeared. The crops, taking them. as
a whole, are more than good average.
Our grain market may 9e expected
to receive the stimulus of another
season of short crops in other coun-
tries; and, judging from the present
temper of business on the produce
exchange, it seems possible that while
the quantity Of our expcrtable sur
plus of cereals may not fully equal
that of the last two seasons, yet their
aggregate value may easily approx
mate that of either OF those years. So
that appearances indicate the prob
ability of a continuance of the remark
able creditor foreign balances that
have marked the fiscal years 1878
and 1889. These are prospects the
Importance Of which it is not easy to
exaggerate
Again; the money market has taken
a course much more favorable than
was feared a few weeks ago. Those
who have put much reliance upon the
I3rOnnnSS nf hal
banks of the interior have been justi-
fed by the current drift of the inter
nal exchanges. At time when money
is usually flowing from the metropoli-
tan banks to their country correspon-
dents, with a consequent depletion of
the reserves, we find the surplus of
reserves steadily rising. Those
most closely intimate with the facts
of the banking situation have the least
misgiying about any possibility of any
remaining six weeks during which the
domestic exchanges are apt to rule
against New York There is every
reason to believe that the local banks
hold both the foreign and the home
exchanges well in their hands, and
that while they will raise no obstacle
to good rates for money, yet they
will steer the market clear of positive
stringency
Under these circumstances and in
view of the still increasing earnings
of the railroads, it seems highly prob
able that the market for securities
will henceforward be borne along by
strong bull currents, and that the ef-
fects of that tendency may soon, begin
to appear
The past week witnessed several
sharp attacks upon values. Results
were anything but encouraging to the
bear side of the market Two or three
Of the active shares were singled out
and more or less liquidation induced
by the circulation of doubts and SEN
sational predictions of lower prices.
Such shallow tricks, however, were
soon exposed and there was no real
to the favorable condi-
tons and news which are now influ-
encing values. No change was made
in the Bank of England rate of dis
count, the reserve standing at about
he same point as year ago. London
has apparently been a more active
buyer of American railroad shares;
the market there showing consider
able excitement at times. but thus
,ar there has been no corresponding
increase in the supply of security bills