Daily Arizona silver belt., 1908-09-13
BASIS
 FOR CONFIDENCE
Generous Crops and Good Prices For Cereals-Europe Buying American
 Securities-Cheap Money.
(New York Journal of Commerce.)

(New York Journal of Commerce.
 Capital, instead of being paralyzed, has given an amazing exhibition of con fidenee, vide the remarkable advance in the market value of securities. the ready absorption of good bonds, and the eager. ness of corporations to resume improve ments and extensions. Again, ealam ity prophets were sure the time had come for a crop failure throughout the United States--they eould read it clear enough in cynical records. What are the factsi Wheat, our principal export cereal, is safe, the yield being above last years. The cotton crop is ample, thus insuring generous exports-the coun- try's foreign trade balance often par. alels the value of our cotton shipments. Corn. the most vital crop of all, promises to fill well over 2,600,000 bushels. or more than last year; the period of dan ger has not elapsed, yet a successful harvest is virtually assured. Hay, an- other important crop, has done well. So has tobacco Other minor crops are not uniformly large. but, on the whole, the American farmer has every reason to be satisfied with the year 1908. Are not his products in demand the world overt And are not prices at famine point corn above soc, wheat approaching sl.O0 and oats at j0e per bushell
 To continue the retrospect; Were not European investors so alarmed over American corruption and the subsequent panic that they were never, never to buy our securities again' Yet since then the largest American loan ever offered abroad has been floated with tremendous success and another of similar magni- tude was also largely taken in London, while New York city bonds and other reputable issues, to say nothing of American commercial paper, have been pure based in tens of millions-all justi- flying the statement made last week by the returning Morgan partner that " great confidence is felt in our affairs. v
 The grave financial stringency that certain legislative luminaries at Wash ington feared would grip the country this fall has not occurred; instead inter est rates have fallen to the lowest point in recent times; circulation has expand ed to the unprecedented total of $3,077, 000,0O0, or $35.07 per capita, and the treasury has been obliged to find outside vaults to store the "emergeney curren cy' it has been manufacturing with frenzied haste under the unavoidable 70 h, erh la st session Standard stocks afford an in come yield twice that obtainable on money, whereas year ago the reverse was the ease The foregoing are con siderations that must not be overlooked in seeking to discover basis for so marked an advance in the quoted value of stocks and bonds.
 <
 No illusions are entertained regarding the status of the stock market. The capi-
 talists who inaugurated the upward movement have been unable to distrib- ute any substantial portion of their very large holdings, and they are granting , support in the hope of attracting pub
 lie buying. They can continue the campaign very easily in a per cent money market. But the public are in cEined to await political developments. There is strong feeling that the rise in stocks has been too radical in com parison with the betterment in business, and short selling has been essayed, yet even a higher level is believed to be ultimately assured