Arizona republican., 1899-09-28
Probably the Worst Has Hap
 peled in Wall Street.
BUT HAS NOT BEEN MENDED
No Great Relief Can Be Felt By Spectators Until Inc Gold Tide Begins 10 Set in From Europe About inc Middle or Last Of Ocfober.-The Reserve Running Very Low.

Nsw York, Sept. 27.-(Special)- J.
 Last week it was suggested that there were factors in the Wall Street situ-
 aticn not very assuring and which
 called fer caution and prudence in
 buying. The subsequent course of
 affairs has justified those forecasts.
 The fall in the surplus reserves of the
 banks to the verge of the legal limit.
 and the more threatening position of
 the Anglo-Boer question have affect
 ed adversely both the home and Lon
 don markets, with the result of heavy
 realizings and sales on Monday az
 gregating upwards of 1000, 900 shares,
 resulting in generally heavy declines
 in prices. The distIust was encour-
 aged by extensive selling and large
 declines upon certain speculative spec
 ialties which have long been a weak
 spot in the market and have encour-
 aged timidity among conservative buy
 CTS.
 Mondays break was followed on
 Tuesday by sense of relief. The
 drop in prices added to the continuous decline Of last week,
 has made many stocks apparent
 ly fairly cheap. The African question seemed at the moment somewhat war
 like; London was therefore more hopeful; and the local money market showed some abatement of it's strln- gency. Under these circumstances the stock market recovered tone; Mon days break was construed as a culmi- nation of the adverse influences, and between large purchases to cover shorts and free buying. by strong operators on long account. the days business summed up 750O0O shares. with advances upon 110 listed stocks ranging from 1 to g points and aver aging 215@3, while the declines were entirely nominal Wednesdays ex- perience dealt roughly with the hopes excited by Tuesdays recovery. With no change in general conditions. it soon became apparent that the buying of Tuesday was more for transient turns than from expectations of the upward reaction proving permanent. The sanguine buyers of a day previous became urgent sellers, and 92O,OOO shares changed hands at prices little better than those of Monday. This 'ecord of the half weeks business shows brisk and eager speculative spirit, willingness to both buy and ell around the reduced prices of Mon lay, but also clear appreciation of he importance of the uncertainties hat beset the market It appears to 'e very generally understood that it would be reckless to disregard possi- 'ilities in the money market and in oreign politics which, for some weeks head, may keep business in suspense. We are yet in the woods in respect to he bank situation Probably the out low of currency to the interior has cached its climax; but although it nay be expected to diminish from this ime forward, yet the beginning of the efiex movement can hardly be ex- ected before the middle or end Of fctcber; and, with the bank reserves n their present depleted condition, 1t 5 not easy to see how the still re- demand for money from the ountry banks is to be met without ome exposure to spasms and squeezes. Tor can we expect to be delivered t an early day from the uncertainties lat center around London. The Afri- an affair has entered the tedious hase of diplomacy with its daily hanging promises and disappcint- rents, which are always demoralizing ) speculation. There is little prob oility of the final stage in the quarrel eing reached until England has Efficient military force in Africa to auant her declaring her ultimatum; or is Kruger likely to commit the lily of striking until he must. The gnif1cance of all this is that there re still (and may be for the next few eeks) uncertainties of sufficient mag tude to perpetuate the past suspense i'd possibly to preeipitate adverse rs- ,tions.
 Something must depend cn the 'urse of the foreign exchanges. but it
 difficult to form a satisfactory esti- ate Of the real position of that fac q. The course of our foreign trade
 still drifting towards a balance that uSt sooner or later start a flow Of ,ld to this country. But London atcheS the drift with much precau- on, as well she may with a probable reign war hanging over her head. hat center may be expected to do all
 it's power to keep it's gold at home,