Arizona republican., 1900-09-27
A RENTING MARKET
Signs of an Early Activity in
 Stocks
There Is No Fear of Bryan's Election But an Apprehension of Demo cratic Gains Which May Be Mis- interpreted Abroad.

New York, Sept. 26.-(SpeciaD D.-The inertia which had settled over the stock market in July and August seems to be finally dispersing, and greater activity is developing in all sections of the mar ket, now that absentees are returning from their vacations. Somewhat con- trary to the expectations of many, the market has displayed more or less weakness, and the large operators show no disposition at the moment to lend their support to bull movement. The sound conditions of general trade industry and finance are freely admitted; but for the time being the many favorable conditions which un- doubtedly exist are overshadowed by the approach of the elections and purely speculative influences. While very few judges of public opinion doubt that tn. silver forces will meet with another and final rout, still there is much likelihood that the election will develop some un- pleasant surprises. Now that the ele- ment of fear is less pronounced than four years ago, it is probable that many who voted for sound money in 
 party, and thus apparently lessen the sound money vote. While this would not indicate any national change of sentiment in regard to that particular question, still such results would he ac- cepted unfavorably in many quarters, and especially abroad, where faith in our national integrity is apt to be. judged more by our action than by our !, 2 latter may be. Moreover, the market would not take kindly to losses on the sound money side, such as may happen in several states; and in case the next. congress should have an increased number of ''16 to l" members, as is not impossible, that would be still further cause for dissatisfaction among certain holders of stocks.
 Another fact of particular importance from the speculative point of view is that. in spite of the preponderance of optimistic views, buyers could not be found for stocks and bonds al the re- cent level of prices. There is an abund ance of money both for investment and speculation; yet the inducements have not yet become sufficiently attractive. There are few bargains besides. The
 
 vance. and the public, which never buys at the bottom, is waiting to see an up ward movement of some force inaugur- ated before it takes part. Some shares are selling at considerable recessiOps from the high figures of 1899 and 1900; others are still held at prices which of fer no apparent attractions to new buy CTS. Hence some future readjustment H, der; and no better opportunity than now is likely to be offered for getting the market into form for a fresh bull movement later on. A decline of a few points in some of the active shares would in reality bring back activity to the market. and lay the basis for re- newed large speculative operations.
 During the last few days the bear traders have assumed an aggressive at titude, owing to the let-alone policy of the bulls, the political uncertainties, the talk of higher money rates, the unset tied condition of the iron trade, the strike in the coal trade and the fear that it may incite further labor troubles. It would however be easy for the market to become oversold in pres ent conditions; so that sharp rallies may be expected to follow any pro- nounced declines. This increased ac- tivity will encourage trading on both sides of the account, but any large commitments on the long side should be postponed until the speculative out look brightenS. or prices have more closely touched bottom. As yet the market has not had a thorough test and liquidation does not seem complete.