Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1899-11-25
They Are Held Down by a Lack
Of Cash.
The INVESTMENT MARKET
Two Avenues by Which an Easier
Financial Condition May Be
Reached One Is De Cisivs Vir-
tory Over the Bners which Is Nnf
VerV Imm,neaf at This Time OF
writing.

New York. Nov. 24.-(special)-
Again, Wall Street has been in a con-
dition of struggle between the upward
forces incident to a position of extra
ordinary national prosperity and an
insufficiency in the supply of credit
and circulation facilities. Outside the
monetary situation, there can hardly
be said to be a bear element
in the situation. All other tendencies
are admitted, on all sides, to favor a
higher range of Values and as a con-
sequence holders are indisposed to sell,
strong operators are ready TO buy on
the declines, and bears" confine them
selves to transient ventures based up-
on monentary features. In brief, the
preponderant disposition is to stand
well for the bull campaign which all
are anticipating. Nobody, not even
the most pessimistic bear seems
prepared to sell upon the reasonable
possibility of the money stringency
continuing to hold speculation in re-
straint. Hold on to what you have
and buy on the Drops seems to be
the controlling policy all round. The
bull factors are considered so trust
worthy that all are willing to wait for
their fruition and unwilling to follow
the adverse currents of the money
market.
During the past week the foreign
markets have caught the same spirit
The political disquiet in the European
capitals appears to have produced a
feeling abroad that, under the present
unsettling conditions on the continent.
American investments are likely to
prove more steady than those of other
countries,-to say nothing of the
chances of an improvement in their
value when our money market be-
comes easier,-and this feeling has ex-
pressed itself within the last few days
in net purchases of about 25O 900 shares
on foreign account. This significant
movement comes in an important
reinforcement of the home tendencies
towards an ultimate general rise in
prices. 1t means that, in the estima-
ton of foreign investors and specula-
tors, American securities afford better
promise than certain classes of con-
tinental issues with which their mar
kets have recently been over-supplied
and, thus interpreted, it has an en-
couraging bearing upon the New York
market. To some extent, this drift of
foreign investment is to be attributed
also to the impression produced abroad
by the great outburst of industrial ac-
! tivity in this country and to the un-
mistakable evidences of our immediate
destiny as one of the foremost compet-
itors for the worlds international COM
merce. 1t is a very significant fact
that, just at the moment when our
state department authorizes an an
nouncement of it's firm adherence to
the policy of the open door and equal
ity of opportunity in the far east, the
/ European bourses send extraordinary
orders for our securities,-showing
that, however much foreign countries
may deprecate our competition. they
respect our investments. 1t will prob
ably be found, however, that there is a
limit to the extent to which these for
eign purchases will be at present car
ried. At all the European money CEN
ters, credit is about as stringent as it
| is here and the balance of trade with
Europe as whole is largely in favor
of the United States So much is this
the case that it would not be surpris-
ing if some Of these purchases of
stocks should be sent home again at
an early day; but, however that may
be, these export operations are signif-
cant and assuring features of the mar
ket.
Whilst all intrinsic conditions of the
investment market,-outside the recent
issues of the industrial consultations,
are solid and promising of higher
prices, yet the problem as TO when the
rise may be expected still remains en-
tirely a question of the money market
not easily solved. The reserves of the
city banks remain close on the dead
line" There is a notable abatement Oh
the shipments of currency to the in
terror; but the receipts from the west
are still less than they should be at
this season; and there are no indica-
tions of the extent of the ref1ux from
the country which always places the
banks in an easy condition in Novem-
ber A sudden rise in prices and
wages and a large increase in the VOL
ume of trade have together very great