Arizona republican., 1899-04-27
There Has Been a Slight Over
 Stocking of Wall Street.
A PERIOD OF DIGESTION
Of inc Mass Of InduSfriaIS Which Have Been poured Into The Market Since January I-Flore Attention Will LlksIY Be Given Now 10 Railroad SfoGkS-UnSaf- iSfacforV Crop Prospects.

New York, April 26.-(Special)-- During the past week, Wall street has
 shown some abatement in speculative
 operations. Such high state of ex-
 citement as has prevailed for nearly
 four months past, almost without in
 termission of the tension of exception ally high prices, cannot be prolonged
 indefinitely. It must encounter re-
 actions, if not sharp breaks; and. at
 the present moment, affairs seem to
 be drifting towards a breathing spell.
 The capitalization of new industrial
 organizations since January 1St has
 undoubtedly been quite large and the
 distribution of such mass of securi- ties requires some time, and it is not
 surprising if there be some postpone
 ment of further c1aations until this
 process of distribution has made con- f siderable progress. It is not to bs
 supposed however, that the entire
 gross amount of these issues arc
 placed, directly on the market. A
 large pcrtion is taken by the stock
 holders iil> the concerns going into
 the combinations, in exchange for their properties;;' and that stock is likely to be held mainly as a more or
 less permanent Investment by it's re- cipients and therefore, to that extent,
 at least, can have no important effect upon the security maAcket. Another
 considerable portion or the issue will
 be held in the treasury of the new or
 ganizations to provide a rekserve re- source. Tihe stock to be placeI on the market, in probably most unsSRncesr represents prrncipally the Srrc- quirenents Of the combinations for working capital; and j1dg- ing frcn appearances, those requirements are wisely being provided for upon a liberal scale, SD as to provide the concerns with az large ready money resource and make them the less dependent upon bor- rowing facilities. From these facts 1t will be seen that the probability of the market being dangerously flooded with the issues of the new combines may easily have been over-estimated through hasty differences from the largeness of the aggregate of the new creations. People are apt to draw dis proportionate conclusions from great totals; and it may therefore be pru- dent to arrest the pace at which this movement has been running for the last four months. That course would mitigate the halt which has been ap- parent in some quarters; 1t would also invest the future of the money market With more assurance; and any further creations of these issues would find their path easier, while the con solidaticn movement would become less of an clement of disturbance than it has be5n
 l take it that the present abatement of activity in the industrial and trac- tfon Stcck is due to these engaged in these new interests having concluded that the policy of moderate movement rather than of hasty rushing is most conducive to the cultivation of industrial capital. The movement has come in obedfence to series of nat ural causes; and if it Is protected against the taint of over-capitallza- tion, these issues must have their place and standing in the stock market. the sama as they have Iu London and Continental exchanges. But violent movements. no matter how intrinsically legitimate, create distrust and prejudice when they ars pushed with an energy and speed for which the public are unprepared.
 In the absence of acute excitement in the industrials, somewhat more at tention has been given to the railroad list, and an improved feeling has pre- vailed in that branch of operations But, while the market has been fairly we'll sustained, it has not been partic- Ilarly animated. The reports Of damage to the wheat crop have given courage to the bear side and lessened he ordor of their opponents. There $ disposition on the part of the az sressive operators to await definite information as to the winter wheat. nore or less conflicting. There is no question, however, that it will prove pad enough; still, it must be consid- sred that there will be very largs of wheat carried over from he last crop and the increase of acre. lge will give an ample supply for ex. port home consumption and seeding. Besides there remains still the opeL Iuestion as to spring wheat. The bring crop generally expands as the