Arizona republican., 1900-08-02

application and well-directed energy command recognition.
 The speculative situation is controlled by conflicting elements. There is a strong undertone to the market, and manipulation succeeded in lifting a few stocks to a higher level last week, but neither the public nor investment buying responded to the stimulus. and the early half of the week witnessed fresh realiZations, which were precep- tibly stimulated by Mir. Keene's bearish statements. Under ordinary conditions much importance could be attached to Mir Keene's utterances. but We regret that his present state of health is such that he may easily be tempted into talk ing unduly pessimistic views
 Much, of course, depends upon the crop outlook. In spite of injuries here and there the prospects are decidedly encouraging, not merely because of sufficient yields of wheat. corn and cot ton, but because of what is equally inn portant. the promise of profitable re- turns to farmers. The latter are cer- tainly enjoying a period of prosperity: so. too. are the industrial classes. for ' wages are often higher than year or two ago. So long as these conditions continue, there will be no anxiety about the future. Excessively high prices for manufactured products and over production resulting from the rush of orders a year ago. are working out their own cure. That was a buyers panic. From now on the buyers will be more cautious, and ere long more normal re- la ations will be established between sup ply and demand: if, indeed, the read .justment process is not already near it's completion.
 The iron trade, though still unsettled, is in much better shape than three CT six months ago. and new orders are ll- ready coming in with increasing free dom. The textile trades are also ad- justing themselves to the new cOndi- tiOns; prices have been reduced; pro ductiOn is being curtailed. and though interior distributors are carrying over larger supplies than a year ago. still the consumptive demand promises to be large. and this should give produc- CTS another good season. The fall trade in all lines promises to be liberal in
  though not attaining the over-stimu- lating profits of 1899. The election has a remote yet important bearing upon the market. It is generally conceded that Mr. Mckinley will be chosen for a second term, and strong efforts are likely to be made to lift the market in anticipation of that event Elections. however. usually produce some uneX- pected features. and no doubt certain operators will welcome, if they cannot manipulate, scares between now and November.
 Money continues easy. but, later on, as crop and trade demands develop, higher rates can be anticipated. For tunately the treasury will not be a disturbing element in the money mar ket, thanks to Secretary Cages able administration. Europe may be obliged to draw upon us for gold if the Chinese complications provoke any serious out break: but as time goes on and evi- dences multiply that the powers are working tremendously. the prospects of serious disturbances diminish. We are in a better position to spare gold than any other nation, and any serious outflow would be readily checked by higher interest rates. Very soon grain and cotton tAills will be in better sup ply and thE will restrain gold ship ments. The foreign trade balance con- tinues to run heavily in our favor, and this phenomenon can only be explained by the fact that the United States is lending large sums abroad and that our securities, especially bonds, are be- ing returned more freely than generally supposed.