Arizona republican., 1899-01-06
DAZZLING PROSPECT
The Continuation Of Prosper
 ity is q Year Distant.
Statistical Authority Showing Why inc Upward Movement is Sound 10 Continue. S

New York, Jan. 5.-The stock market
 closed today with a greater expansion
 of values than has been known since l the beginning Of the hard times. The
 majority Of the standard securities at
 t2ined their highest prices, contrary to
 what had been the general expectation
 at the beginning Of December Esti-
 mates of the authorities on the differ
 ence between the present level and the
 earning power prices Of all the standard
 securities vary greatly. Several believe
 that present prices as a rule are high | enough and that there will be advances
 this year only in individual casss and l for reasons peculiar to each property
 in question. Yet the majority cf au-
 thorities think this is not the highest l level possible, and the figures of other
 years before the hard times began seem
 to bear out their statements. Before those hard times, however, standard se-
 curities were paying dividends around
 the 6 Der cent level. Whil5 now the level i is conceded to be around 1 per cent It
 is with due consideration for this fact l that the most of the authorities. on
 values say that the number and variety ] Of securities now in the market are not
 enough to meet the demand of the gen eral public for opportunities for invest ment. They think it possible that prices
 as rule will go one-fourth to one-half higher during this year than they stand
 now.
 | One of the pest known statisticians cf
 the street says that the normal prog
 ress of this expansion means that the year 1900 will be the climax of the great upward wave. The crest Of it will De
 at the highest level then, after reach
 ing which there will be an indefinite i period of ebb and fiOw There is no haphazard theorizing in this. This stat istician and those who believe as he does base their calculations on the
 gradual increasa in the amount of mon ey for investment. The fact is patent though, that the returns upon all forms Of invested capital are to be in the year 1899 greater than since the hard times began. There is no way Of escaping this fact. Engagements, contracts and orders ahead are not for a season only, I'but for the whole year ahead. Profits will be probably the very lowest
 known. In the sugar trade, f5r in stance, they will bs tin bar5st fractions
 on each pound of sugar turned out The expansion of fol eign and domestic itrade is what makes the difference. The aggregate amount Of new capital seek ing investment is bound to be so great
 that no calculation of it is possible. De- ducting all sums possible that will be spent for luXuriss and pleasures, it will remain that the residue is larger and the money seeking employment greater 1 in amount than it may be possible for even those acquainted with the facts to realize in figures approaching the truth.
 It will take at least a year or more i to absorb this new capital. The prob ! ability is that it will take several years | before the bulk Of it is absorbed. Where ] it W all g ID man can pretend t0 Say. ! but it is supposed that great many { millions are bound to seek inves ments ! in Asia and in our new possessions. | This country alone cannot furnish all i the opportunities needed for 8 fair re- turn. There is a larger return in scne enterprises which Americans are but just beginning to find cut the facts about. Before the plans of the famous Brice syndicate in China, 2s an in stance, are completed more than $50,- 900, GOO Of American capital will have been placed in that country. It is req sOnable to suppose that there will be a large absorption of funds by the gov ernmentS of Cther counties seeking to place their bonds, and the Russians have already learned that they can get an indefinite amount of m9n-y if they are willing to take the terms offered by the American bankers. The terms are as good as any offered by foreign bank CTS and the Russians have hasitated only through ignorance of our ability to hold to our own demands. Once tha1 it is appreciated over the world that we have good reasons for dictating the best terms possible, there is no doubt about some of tha waiting capital l going out to the help of other govern ments.