Bisbee daily review., 1908-05-14
THE OUTLOOK
 IS IMPROVING
 IN AE STOCKS
Banks in Possession ot Greatest Surplus Reserves They Have Had In Many Years-con- servative Feeling.
(Boston FYnanclal News-

kDoSlOn FfuauCkz1l N6NS
 The stock market clearly indicates a better feeling toward the future. This is the result of improvement in the three directions that have been unSettling factors for many months. The past two years have been mark ed by an utter absence of invest ment demand at times. by very high money rates periodically and by polit- feal agitation which kept inyestoc~ on the edge as to what might b@ppen next The banks, afteE passing through two years of s16au reserves and large demand/~for aecommoda- tion, are now>m possession of the greatest ssfplus reserves they have had ip/nany years, while the demand fc<1oans is on a small scale. This also is not a local condition in the great banking centeTs, but exists pret- ty much all over this country, aun is also noticeable in Great Britain and France There is still some strain in Germany but that nation de- bends on a foreign market for it's manufactured products to very great extent, and it can only Dv gt short time before there must be a, slackening in business that will buno up bank reserves.
 We are getting the reverse of the conditions that so long troubled us and caused fear of our financial and business situation. The high rates for money were caused by the ex- tended condition of spectators and corporations as well as general busI- ness. and the large surplus reserves are now the result of the absence ot just these conditions. We have therefore instead of an inverted pyra- mid, a strong foundation upon which to build. The large over-subscrip- tions for the loans recently offered show that investors are taking hold, and the total dealings in bonds yes terday on the New York Stock Ex- change amounting to more than s5,- 000, ,00o, points in the same direction There is every reason to believe that this demand for investments will grow rather than decrease, for the sun available for investment is ex- ceedingly large. and confidence seems to have been restored sufficiently to make the holders of the idle funds willing to put them where they will earn something. An element in piu- ducing this improvement has been the strength shown by the leading
 
 cumstances of the past six months.
 There has beyond doubt been q vast change for the better in the DC Iitical sentiment q the country. rais has been shown by the different at titude of the railway commissions of the various states and by the ab- sence of the continuous attacks O1 corporations that were noticeable for so long The depression has here. as in the money market, been largely responsible for its own cure. The game of corporation batting was popular so long as the players were not harning themselves or the gen eral business situation, but when it was found that everybody from the wage earner to the great manufactur- CT must suffer along with the corpor- ate interests. then there did not seem to be the same enjoyment found iH pIaying at it. The decisions of the supreme court have also opened the eyes Of many people to the Tact that much that had been done was uncon- stitutional, that many of the things contemplated were undoubtedly so. These decisions have led to more conservative feeling, and besides the movement against capital became per sonal when it reached home
 The conventions are still ahead of usi and the election is some months of. but it is realized that the reDIh- Hcan party will not wish to enter the campaign with industry prostrate and men out of work It is realized also that attacks on business inter ests. means empty campaign treas uries and this is the last thing that the political managers wish for Hence it seems that it is now to the interests of the republican party to cultivate business interests and dc everything possible to foster industry and help to restore the prosperous conditions that prevailed up to Ast year. The efforts being made tc mass certain measures in this con gress show that the leaders of the party are exerting themselves to ap pear before the country in a better light. but all the argument in tho world will not convince the man oui of work that the republican party i' the party of prosperity. high wage: and steady employment.