Daily Arizona silver belt., 1908-02-20
MORE CHEERFUL
IN WALL STREET
BROKER SAYS STREET is GET.
TING ACCUSTOMED TO KNOCKS
LITTLE OPPOSED TO TAFT.
New York, February 10.

ANtN iOih y 0biuoi iCs
The course of the stock market for
the week has justified the analysis of
the situation made in this column a
week ago. The tendency both on the
exchange and on the cub was steadily
downward until Thursday when the in
evitable reaction began. This reaction
should continue sharply for several
days.
Stocks have acted since the panic
strictly in accordance with Dow s the
DRY that after severe financial crisis
there is always very sharp recovery
followed by slow decline wiping out
from one-half TO two-thirds of the ad-
vance. The decline of the past three
or four weeks wiped out more than half
of the previous advances and conse.
quently students of Wall street history
argue that both speculative and invest
ment purchases should be made now.
Certain il IS that no buyer of in
vestment securities on these levels will
lose money if he buys outright unless
the country goes absolutely to the dogs.
With the essening of liquidation the
bitterness of feeling which arose on ac-
count of the Presidents last message
has subsidized, and more cheerful feel
ing is now evident. Wall street is prone
to accept the Taft victory in Ohio as
indicating the likelihood of Taft We
tory IN the Republican convention next
I Gt,ann'arc
| seem to be resigned to government SUI
pervision of Corporations, and l believe
there will be no real Wall street oppo-
sition TO Taft s nomination when the
convention meets.
The advances Thursday were largely
due to short covering. There is big
short interest, which can be squeezed
hard when the pools get ready to put
the market higher. Before this. oc'
ours. however, the annual statements
of the great trunk lines must have been
I made public and the rumored dividend
reductions put into effect. 1t is said
/ that Atehison. New York Central, st.
| Paul. Baltimore & Ohio, and Pennsyl-
yauia will all reduce the dividend rate.
Railroad reports coming in are about
rs bad as they can be. For example
/ the Rock Island report on December
business shows $l,l45,096 decrease in
net earnings.
Copper also is weaker on lessening
/ European demand.
On the other hand. wholesale mer.
chants report reviving trade, and a
rush of business.
All these influences will make for
markets huctuating around figure
slightly above present levels for some
time to come.
The curb market has been irregular
Nevada Utah, after week of inact.v.
ity. developed strength Thursday morn
Ling. More Lawson advertisements arc
expected after the stock has been lifted
above the present level.
Coppers generally are weaker, but the
weakness is merely the result of the
state of the trade. When the trade re
wives, copper stocks will see much high
er prices.
In the Goldfelds it is generally con
ceded that a boom is impending. The
better Goldfeld prospects will proba
bly, come in for quite as much atten
ton as win the market leaders them
selves. The favorites among the spec
Iulative element are Kewanas, Red Hills
and Atlanta. Hayden, Stone & Co
are now prominent in the handling o.
! Goldfeld Consolidated. 1t is said tina
they will endeavor to make up for tn
public s lasses last fall when the Nip
, iss:ng boom came to an untimely end
Nipissing, by the way, is strong OF
the report that the company will install
a reduction plant.
The mining market is increasing Il
r Importance and S attracting the atten
| tion of both large traders and small
r A revival of the mining excitement o
t last year is expected by many of IN
}. best authorities.
DONALD c. CATLIN.