The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-10-02
STOCKS I 0
GO HIGHER
Believed That Upward Move
,ncnt Has Not by Any Means
Reached Its elimination.
ATTITUDE or BIG HoL DERs
Nothing ii, Monetary Situation
i. Is Cause Uncasiness at
Present.
,s.,.,,, = rio r,mes. p,sn,tch,

q e
NEW YORK, October LIN their weekly
review az tin market, Henry clews & Co.
say
The stock marke, is just now in a rather
escen,iona position. Values In many cases
are as high as conditions warrant, but the
technical position OF the market Is such that
the advance may easily be continued to a
higher level, ana the prevalent opinion among
those who olyh, TO know is that the upward
movement has no, ~ any means reached It's
elimination.
There have been genuine and well grounded
rca SIN. for the advances thus far. sails
factory harvest, good prices for farm prouucts
easy money in abundance, partial rev.v1i
~ businessA and a strengthening OF conf.
dance In financial circles have all impaired
n better to- e TO the stock market ana az.
forded legitimate rea sons Tor the iecose.y
which has recently taken place IN seeutl-
lies Conservative opinion Is that STOCKS arc
4 now selling as high as justified upon either
present or prospective conditions as pIiSss
rise ths temptations to realize Increase and
good many shares are already selling at ex-
ceclingly high figures. Not n few cautious
people argue that all the satisfactory m
fiuences In the market have been amply as
q counted especially as some OF the most OPP
t.mis,ic expectations ms to crops ana IN
dustry have not been realized. on the otner
hand experience reminds us that all lnpor-
s5tant movements run to extremes during
:llc last serious declines values went nicn
below Intrinsic worth, ana now that me re- e.
bound is on, there Is nothing in sight 70
prevent the pendulum swinging as far IN to
other direction. That is the almost un-
broken hls,oryof market movements ana an ,h IS
{ future as is the legitimate study OF crops,
finances and the multitude Of other factors
governing values. Human nature IS syn
Responsible for extremes OF fear and cont,
Jence. and II cannot DO entirely ellmir ated
from stock market Illustrations lnye tl RS
may safely ignore this factor oh' pr, ?, ~
less skill and success upon these trahsient
influences, which constitute an important
source Of profit to the sklllful trader.
Attitude of Big Holders.
But really more important factor than
,ner, sentiment in the present condition OF
+ ibe market IS The altitude OF the big holders.
our heavy capitalists were very large BUYERS
of fec,lri.ies on the last decline, cherry rs
,hey still hold, not having succeeded e.. IN s!.;
,tributng tbemSto any extent The powerful!
+ support OF these holders, as well Us that OF
Z the financial institutions which they control.
IS the chief element in the market at present.
These gentlemen have succeeded IN putti%g
III market un upon themselves. They nave
Il GRATED . new ana wide activity among the
various 1Iov eliaues, without, however, thus far
lisposins Of any large Mare Of their sur.
plus. They are thus Of necessity commit. q
in SIGHT to Interfere with their operations. ex-
4 eep, public IndiFererce or Limitations Of the
money margct. tho chances OF their success
arc EtrCu 81 lOIlS $500
together, Whenever the market, is strong
there follows more or less inside selling
which, however, is we'll disguised and does
not Vet seem to have been sufficient to
weaken tic general market s#
40 adverse Influences have developed IN
the outside situation and there IL nothing
& ID tie MONETARY situation to cause uncas!ness
lat pre- sent. 'Nhilc the government Is facing
Il treasury deficit (which may eventually
cause d reduction OF deposits with The de-
pes.tary hanks, such action is rot yet Ing
tight The national banks OF the entire
country, which Number about 5000, show an
tncrsase In cash reserves for the year endtn
September 9Th OF slo7, c,o. 0Dl-aln,ost all in
also bean Issued by the 1fi!ted States Treas 4
u:y during the same period, amounting to
s.3.noo,Go thus making SlaG. po, 90 tncrease in
The gold money Of the country In circulaton
In the local rnErkst easy raies prevail IN sI,. e
Of crop demands and the expectation OF a
poor bank statement this week. The surplus
rsssrre has resn GU; In half. yet lie s;:l'
6oI.b:e TIA. OF 2 year ago. and more than
simple for eil proba hle requirements this fall
The general socldneES OF business and tiH7u- 4
cssi conditions, well as the almost com
raete sbi4nce Of disturbing Issues. leaves tho
market oTAi 10 furthe. manipulation: and
ftnce the !nterex,s Of those IN control are In
II. direction Of higher prices. the prob
liz climax. Not until the large holders have 1
l!shieaed ,hsir burden. OF until less favorable
conditions develop. IS The market likely TO sec
aity fer!ous w.akaess- Moderate reacfiors
may be erected. followed however. by sub
xtsatisI ralisl as. long as present forces sou
3nrn Purchs srs. therefore, vii sill! have 70
exercise raGch ca CtIon and liberalization