Arizona republican., 1900-07-19
STRONG IN SPOTS
Stock Market Has improved
 Within a Week
The Simplification of the Political Campaign The Trade on Tiptoe Awaiting the Opening of China. Crop Reports Vary.


 stock market has developed consider able strength in spots and, as a whole. is stronger than a week ago. It is quite evident that the most vital ques- tion in the next election will be sound money. Other issues, such as imperial ism trusts, etc, will be made to serve electioneering purposes; but, as time wears down the minor points of dis 1 cussion the free silver or sound money cause rises in importance. This is not to be regretted. On the contrary. the squarer the issue on this matter the more surely will American sanity as sert itself; and the prospects of a great sound money victory this fall are in- finitely greater than four years ago. It is only necessary to recall the state of apprehension that existed in July and August, 1896, just before the Bryan meeting in Madison Square Garden, to realize the great improvement in po- litical conditions that has taken place during the last four years. Sectional ism is dead, and the sound money issue is to be welcomed; for the struggle will help to clear our financial horizon. and in all probability pave the way for a modern, scientific and elastic bank currency; the want of which will again be felt as soon as we enter periods of excessive stringency or ease in the money markets.
 Affairs in China are still greatly con- fused. Until the present dynasty is re- moved and China is given 8 clean and | capable government, the future must be problematical That is now the task before the great powers. and it augurs well that so little friction has thus far developed on a subejct re- garGing which th5re has been for years such intense international jealousy. 1 China is now passing through the i throes of a new birth When these are over, the world will witness an "open- ing" such as never bsfore experienced; | that of Japan sinking into insignif- | canoe because of the enormous popula- tion and resources of China. The open ing of China means more to the United States than t5 any other nation. No people is so favorably situated for sup plying the wants which western civil lization will create in China. Rail- l roads and electrical devices will come first: food products will follow after: yet these will be but a beginning of the | development of a grlater commerce that will flow out through our Pacific | coast cities from our established in dustries in the eastern states and the new industries of the west and south American industry, in due time. will ! benefit from the resurrection of China | far beyond what it yet realizes: and as for American capital, that is likely to be as enterprising in seeking new open ings as English. German or Russian
 when a stable and liberal government Is established.
 Stocks have been chiefly influenced by special considerations. Some Of the grangers have been weakened by de creased earnings, by the large diminu-
 lion of the spring wheat crop and also by the expected moderation of trade ac- | tiVity in certain sections. The down. ward tendency of the iron trade which promises to continue has had a de- pressing effect not only upon the in- ustrials, but also upon some of the railroads dependent upon that traffic. | The southwestern properties showed considerable strength, mainly owing to ! the prospect of a big corn crop-the mainstay of important sections of the | country. The southern roads are hold | ing their own, in spite of a short cot | ton crop, because of the genzraI state oc prosperity prevailing in the south | The lessened yield of cotton in 1S99- 1900 Is largely, if not wholly, offset by an advance of about 30 per cent in price; | while the development of industry in l the south. especially in cotton manu- | featuring and iron, has done wonders in l lifting that section out of the slough of | despond. The strength of the coal l stocks and some of the eastern trunk lines suggests that important move | ments of some kind are on. Their pur- | port, however. is yet unknown, unless 1t be In line with the policy of bringing all of the eastern lines under the prac- tical control of the Pennsylvania and 1 Vanderbilt interests.
 Estimatls of the full wheat crop, | based upon the last government report. indicate yield varying from 40. .OOO.- OOG to 510,000,000 bushels The actual 1 crop in 1899 was 574 OOO.0 .0OO: in 1898. 1 615, 5,GOO,C00, and in 1897. 53O. .O0O. 900: so we are likely to have the smallest c-op of | the last four years. The estimates of the corn crop average about 2,20O, ,OOG. 900 bushels, which if realized will be the l second heaviest crop on record. It is 1 howeverStoO early to indulge in any re- ] liable calculations as to the corn crop l Under favorable conditions it might ex- ceed these figures, and with unfavor- | able circumstances it would very likely Tall sLort. The cotton report showed an average condition of only 75.S com pared with an average of S7.9 for the past ten years. In view of the fact thai the acreage of cotton is the largest on record and futures are now selling at | big advance, it is probable that the money value of the 1900-1901 crop will | far exceed any year on record.
 At the moment the market seems to Dc under control of dividend rumors and a few strong leaders who are ad-
 Tancing their favorites. There is ex- | Cellent support to some securities, and | prices may easily be carried higher should no accident intervent. The power | of concerted action by the big holders should not be underrated; yet there is | more risk than usual just now in car rying on prolonged bull movement at this juncture. The market will be par 1 ticularly exposed fer some weeks to