Arizona republican., 1900-08-10
But the Business Situation is
 Generally Good
The Crop Outlook Is Rather More Than Fair and the Political Out look Is Still Brighter and More Pleasing.

healthy undertone. Absenteeism is the chief obstacle to an advance at this time. Many of the big leadera are away on pleasure: and, until rheir re- turn. any concert of movement towards an aggressive advance in prices is inn possible. The public never jumped into the market without distinct signs of leadership.
 There is an abundance of money seek ing investment. At present this is rot going into either bonds or stocks: but both investment and speculative buyers are waiting until the market develops more visible strength. The reasons for anticipating a better market later on are plentiful and sound. The most seri- GUS impediment to speculative opera tions has been the Chinese situation. Fears that serious foreign entangle- ments of some sort might arise which would derange the foreign money mar kets. draw gold from New York and send back American securities, very naturally deterred any upward move ment in this market. Other retarding influences have been the crop uncer- tainties and the signs Of trade reaction shown by declining prices and cur 
 tile trades. Election doubts have not been factor worth notice thus far.
 While these are all conditions that will bear watching there is good reason for supposing that they have been well discounted or are partially losing their force, The Chinese situation displays distinct improvement.
 American diplomacy is winning great
 
 dence and unselfshness. The attitude which President Mckinley and Secra- tary Hay have taken has been exceed ingly effective in checlkmating the plans of some of the powers for the dis memberment of China-a course more likely than any other to precipitate war and international jealousies. By standing disinterestedly for the integ- rity of the Chinese empire and offering tne Chinese d fair chance to settle their own affairs, after making adequate in demnity for the crimes already perpe- trated, our government has done in- calculable good towards maintaining the peace of the world. Now that the march to Pekin has commenced, we may expect some stirring news and possibly further bloodshed: neverthe-
 
 Chinese question without a disastrous war is brighter than at any time since the troubles began; and the financial situation abroad must be correspond ingly relieved.
 The crop situation shows improve ment owing to more favorable weather during the last week or ten days The serious damage to wheat has been con- Df Minnesota and the Dakotas, where only about half crop is expected. Busi- ness in those sections and the railroads also will be unfavorably affected by this loss; but elsewhere the outlook is promising. In spite of the damage and the shortage on the Pacific coast the indications favor a yield of about 550, COG. GOO bushels of wheat compared with 547, GOO bushels last year. Higher prices, be it noted assure a money value considerably in excess of last year. Corn is in excellent condition; and. if the next few weeks pass without in jury from frost, the yield may reach over 1000 GOO, 900 bushels and prove one of the biggest on record. a fact of much consequence to the business interests and railroads of the west and south 
 Ous than for many years; in fact it is doubtful if the south was ever in bet ter condition than today. Cotton cos5s less to produce than formerly, but is , bringing very profitable prices both to grower and distributor. The south is also benefting greatly by the diver sification of industry, the wonderful de- Velopment of cotton manufacturing
 
 of prosperity to which that section has | long been a stranger.
 Railroad earnings are generally show ing wonderfully good results, when it is remembered they compare with two phenomenal years. Such gains cannot always be expected. At the same time | expenses are often increasing very very heavily; hence unreasonable ex- pectations of extra dividends are likely to meet with disappointment A num- Der of roads have lately increased cr paid their first dividends, and this fact ! has proved the strongest support which the market has had. There are a num- Der of 1 per cent dividend payers with permanent prospects, which are likely to sell at considerably higher figures when the investment demand again sets in. A good many buyers are hold ing off for lower prices, who may at any time he obliged to shift their po- sition.
 If the various conditions be balanced one against the other the outlook is cer- tainly favorable. The foreign situation 1 is improving; money is easy; the poli- | tical campaign promises to re-elect MT. Mckinley; the crop outlook is sat | isfactory, and trade has undergone a I readjustment which should pave the | way for a good autumn business. On the other hand, the foreign outlook is not free from danger; a good many | timid souls are waiting for an election scare which may never come, and the ! unsettled condition of the iron trade throws a shadow over the market for all the industrials. As the vacation i period passes away. a better and more active market may be looked for.