The San Francisco call., 1904-09-22
RECENT STOCK ADVANCE.
Hos Il Is Regarded by Finan-
Cidl Interests.

Tho Nsw York circular OF Henry clevs
sas-
Compared with tie lowest prices OF the
c.r-eut gear. which occurred in February and
A-a-- tle --acius railroad shares have risen
q ut Z" I'd 20 PORTS -1IllAred WITH the
Lowest Ir.-es lf 1908 tbc advances are still
n.lre Pronounced This is q remarkable and
n.- tIllg appreciated recovery and IS the best
answer that CAL 5e given % the skeptics and
pessrls-s al ---le and abroad. who 50 fire.
QLenr-y make The serious error OF underesti-
l'-t.uE rre operative qualities Of the United
States Df course these advances have been
largely brought about by manipulation and
irsi1e support important movements Up or
down always are hut the various cliQues and
le-lers tn the recent rise could not have been
successful without substantial basis OF some
hind. such "a basis has been found in the
revival ri confidence which developed after
r.e drastic liquidation Of 1908 in continued
easy money, and dnally in a satisfactory har-
vest The question which now arises is; Will
tEiz advance oe continued. or has il about
reached its culmination2
THE OUTLOOK
During the past week or ten days the mar
ket resumed much Of its former activity,
transactions running into the neighhOrhOOd of
s million shares a day. This activity could
hardly be- attributed 10 outside buying. for
While tie public has beeli operating with
rather more freedom than Of late. the bulk
a. buying and selling was for professional ac-
count, and unquesuonably has strong banking
support The market Is consequently still in
c.mDetent hands and controlled by the big
leaders. who have plenty OF stocks 10 sell and
would probably Ike 10 put themselves IN good
shape t0 handle some 81 the important new
issues which known 70 be in contenpia-
ton and which have been held IN allegiance
since thc setback ~ 1908. II the investment
demand proves sufficient 70 relieve the market
Cf lts present surplus of securities all viii
- Well and the upward movement may con-
tiule. For once Eelf-interest has brought all
the market leaders into harmony. and as
there are no disturbing deals on hand 70
thre4teu the entente, the prospect Is fair for
their holding together until the buying power
seems exhausted At the moment the buying
power is Improving. Large sums have gone
iEt8 bonds and high-class investments and the
public confidence is growing al a pace which
suggests more activity in general speculation.
j. short tie market Is in excellent technical
condition, and it is likely 10 go stin higher
provided the big insiders hold together and
provided there are untOward disasters TO
fnterfere, hut hereafter the fluctuations viii
d. wide and frequent admitting OF profit
EDe quick turns and making II the safer
way o. operate from now onward
There are, however sufficient elements Of
doubt lu the situation o. induce a very eau
tols policy The fact that active shares have
risen - ~ 30 points is the very strongest pos
FItle incucenerr fcr selling among those who
have been CARR llE the stocks for any length
O. time. The Jess active shares have. mean
while, scored advances u 10 70 20 points. and
even the irduzrrals have risen from 10 l5
points in spite of general neglect The mar
ket. Therefore stands exposed 10 heavy realiz-
iuE on every good rise. this risk increasing
materially as prices 90 upward"