Arizona republican., 1899-03-04
A GOOD FINANCIAL OUTLOOK.

Henry Clews of New York writes
 The Republican under date of February
 % as follows:
 Wall street still retains the extraor-
 dinary exhibition of strength devel-
 oped with the opening of the new year. The strength indeed amounts to pos
 itive stubbornness of holding; and it
 applies equally to nearly the whole
 list. The extensive realizing of two
 or three weeks ago has left no signs of weakening in it's wake; the stocks l then sold appear to have passed into hands capable of holding them through
 the ups and downs in prices; and those who were then sellers have again become holders, and, as such, are con tributing to the general strength of the market. Indeed, it is safe to say that never in the history of Wall street has there been such evidence of the ability of operators to carry large lines Of stocks and to hold them with un- Wavering tirmness. The pessinists have no place IT the struggles of the market, nor do they appear to have any expectation that their opportunity will soon put in an appearance; they can scarcely find a pretense on which to summon courage to sell, and have to be satisfied with the merest crumbs of p:ofit
 Such frmnes3 at the present un- usually high range of prices might very naturally be expected to give rise to some misgivings and to some import ant realizing by the more cautious class of operators. But there are no symptoms of any such feeling. No doubt there is, among the more experi- enced, an expectation that time for realizing lies somewhere in the future but nobody seems to think it near at hand; and where sales are made it is mostly to reinvest in some other stock 1 which seems to have a better future. i This extraordinary confidence is not re- nlarkable in view of the general pros 1 perity of business, the spirit of hope fitness that pervades every part of the ! country, the plain evidence that a great | commercial expansion is in progress, | the ease in money, the continued in crease in railroad earnings, and still | more the entire absence of any factor calculated to cast 9 doubt upon the | continuance Of these golden condi- tions
 It is true that some misgivings may seem to be suggested by the fact that we shall soon have to remit S20,000, GOO t. Spain on account of the peace set And 1t is quite possible that this operation, coming outside the or dinary transactions of the exchanges, may in some measure harden the local rate Of interest And yet for these ex- times, this is a relatively small matter. The available resources for making the settlement are super ample Outside the gold reserve, the treasury has an available cash balance in it's vaul s of $86 000 900 and s86,000,000 on deposit with the na- tional banks There is thus ample margin for the treasury avoiding any demand upon its Repositories in New York city calculated to sensibly disturb che lean mar Iet; and what it can do in hat matter it is quite likely to do. I1 There is in Europe however, 8 still arger outstanding floating indebted / less due on demand to the United States. A slight advance in the rate ,f interest here would make it a pay ] ng operation to effect the $20, 900 'emittance through bills drawn against hese funds, ill which case there would f e no transfers of money in the opera ( ion, Spain collecting her award from l )ur European debtors and the opera ion at this end being confined to trans CTS of deposits, with little or possibly T 10 effect upon the loaning ability of : he New York banks. This remittance t Q Spain therefore, come when it may, $ not likely to cause any noteworthy disturbance of the money market.