The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-10-16
ARE
in CONTROL
Indications Favor Further 1in-
provcmcrts in Prices on
the Stock Market.
DEMAND FOR SECURITIES
Season Of Great Activity in Wall.
Street Expected After
the Election.
DEMAND FOR SECURITIES

The stock market during the past week
broadened considerably and speculative aenti-
merit continues buliish, Indications favorinE
further Improvement In prices for the coming
week, especially In tho industrials and low
priced railroad shares.
Confidence on the part Of banking interests,
us reflected In the purchases OF new rail-
road bond Issues; encouraging reports regard
Ing the business situation; the gain by the
banks from the sub-treasury, which during
the week amounted TO over s6,ooo.coo. and tho
good showing of Saturdays bank statement,
all operated on the sido OF market Improve
,nent.
latter part OF tho week was the saie OK
s,soo.oo0 Of the four per cent. bonds OF the
= = Pacific Eaiiway s compan Snd uh We q, m.
These sales, added to the issue of !l5, ooo,Ovo
general consolidated four per cent. bonds OF
is fslt ii In the existing f%,naneini situation.
Good crops and the encouraging state OF
the Iron and steel markets. !. i ayan4. i, u ~
In fact everything points to u growing con-
fldence iii the recurity market.
Fears and Not Facts.
with all this favorable news. one should
not be surprised at tho incrsaaing demand
from Investors for interest and dividend pay;
ing securities. The security market has stood
the test Of protracted duilness. following
extreme depression IN a way ns,,es to d1 n5sin now
RI INV IA ! bSAiht a. HMa
thnt the low prices OF September. 1905, ana
May, 1904, were unwarranted; equally plain
that they were brought about by fears anl
not facts.
The real buying since last spring has been
confined almost wholly to the wealthy men
In a position to m accurate information
and with money enough to carry theft Stocks
Indifferent to fluctuations. The small inves-
tor ard the public ilom 'pe ,Ss 9e,d has ,h been bu pynn,
being widely distributed. Against these souni
conditions. pessImism is vain. There Is. how
ever. always persistent effort to discredlt up
ward movement; hence the stories OF manipu-
lation SO common at this time.
The bears appear alarmed at tho advancing
money rates abroad, saying that these pre-
clude gold imports here. Theia appears no no
cessityg for gold imports, but the bear thinks
little Of this argument. Should the operations
OF our market make gold imports desirable:
there is no doubt that we could command
them at pleasure. for our credit balance
abroad is steadily rising. Should we need
money from that center. our Interest rates
At present, however. there Is no sign OF any
scsrcity of funds, which is evinced by the
low terms ut which loans are negotiated,
despite the falling bank reserves. 1t Is the
curity market has nothing to fear for q
long time from the money market.
Growth OF confidence means expansion OF
strength. ard, as a natural sequence, small
gushing feature: following that revival OF
speculative activity is certain to come: This
confidence, In the Opinion OF Wall Street:
leads to the belief that after the presidential
election we will see a rapid development IN
the present bull market and a seaoonF OF great
activity In Wall Street. for the reason that
people generally and thu speculative public
in Particular. will then be able to turn their
attention from the absorbing theme OF poll
tics to the no less attractive subject OF
mn ktr - ~