Arizona republican., 1900-12-07
Disclosed By the State PreSi-
 dentiaI Election
The United States Will Be Hence forth and Important Figure in the Finances and the Politics of the World.


 vance Since Nov. 7th it's activity has been wholly unprecedented; prices for many of the active stocks have risen to figures about equal to the highest touched within the last two years; and the large advance has been made with in the short period of three weeks. | Considering what has been accomplish | ed within such a comparatively short time, and contrasting it with the pre- l ceding months of dullness and rela- | lively low prices, it is not surprising that during the past ten days there should have been a large extent of re- alizing. Profits were tempting, and, although there was no abaGlamsnt of the strong bull sentiment. yet a conserva- tive, or itimid, class of operators have ! thought 1t wise to realize on at least a 1 considerable part of their holdings, and | the more so because they were will | ling ito see the market tested in order to find out what extent of staying | power there iS in it.
 Viewed as an experiment, this rsaliz- ing movement has been a success. Those who were doubtful of the con- i tinuance of the boom have had their confidence strengthened. Those who
 
 again at lower figures have found buy | CTS prompt to accept their large real izings with little shading of values. | This buying has not come from the country merely, nor from an enthusi- astic crowd of small local speculators; it represents, for Iuhe most part, a class able to carry considerable lines of stocks, and who are convinced that the market has not yet reached it's high est point of advance. The realizing sales have also been taken to an impor- tant extent by investors. who, from their characteristic caution have follow ed the advance tco slowly and there fore found themselves compelled to pay unexpectedly high prices. IL would therefore be a mistake to suppose that the sellers have Unloaded upon set of | buyers whose weakness imperils the ma rket. Some of those w.lio have re- aliZed may find that short contracts 1 to which l.hey then committed them | selves will not be so easily taken care Of as they have hoped
 It is EJt fully realized to what an ex- l tent the present market is concerned | with large capitals. The extent O which rich men and great financial in | sl-itutions had put themselves in pO- | sition to face the ruinous results of the l election of Bryan has not been general | ly realized. The consequences of such | an event would have been so dire that capital deemed it prudent to discount the worst possibilities. Instead of the worst, however, the best has happened; and it is the undoing of the damaging anti-election precautions that more, than anything else constitutes the force of this boom. But the breadth and practical force of this factor is rot sui | ficiently appreciated in estimating the vitality of Ithe boom.
 | The consciousness of escape from | great national danger is not the sole impulse of the current movements. Be sides that negative benefit, there is the positive one of added security to the finances and the public order of the na- tion. And, beyond those contributions i to confidence, the country discovers i that we are in the midst of the most remarkable expansion in the history of our industries. It needs no exercise of | the imagination to see what such q concurrence Of circumstances means for the future of the United Sltates. It is not likely that Wall street has yet done with a situation so full of stimu- Jus and promise It is not unlikely that prices, having had such a large per pendicular rise, will in future show more of an oscillating movement; but, amidst such a set of conditions as now prevail, it seems likely that values will | reach a higher range than has been : touched within the last three weeks of advance. We are approaching the end of the year without any probability of  | ly attend that season or settlements. | The bank reserves showed a surplus of SIP, 2,27O, 900 at the close of last week, and there is nothing in sight to suggest any special activity in money for some months to come. Congress has open ed with no prospect of disturbing ques- tions arising to excite distrust. The commercial outlook is suggestive of years of sound and prosperous busi- ness. The flood of "industriaP' secu- rites that created so much apprehea- l sion in 1899 seems to have sWbsided, \ | and the new issues are finding their | places without detriment to legitimate | investing interests. Indeed, taking the country in all is interests, there has never been a situation so uniformly calculated to bespeak confidence and t0 assure national prosperity.
 Wall street, however, has got to learn that this is becoming less and less an independent country. Time has been when our chief dependence was upon borrowed foreign capital. With in a very few years this position is re- versed, and we are dependent on funds loaned to foreigners. Our interests have become inIterwOven as never be- fore with those of Europe. We have been drawn into international politics; our troops are marching side by side with those of the great powers and our navy is spreading it's ships over all the seas. This closer political affinity car ries with it closer financial affinity. Our relation with the trans atlantic bourses must become more intimate, and we must be more in evidence in