The Montgomery advertiser., 1908-08-17
FINANCIAL REVIEW.

New York. Aug. 16.--without any marked change in conditions bearing on values. the action of securities mar ket last week reflected a degree of uncertainty over the speculative out- look.
 This was largely due to a confusion of operation as to further intentions of the power of the group of capital cities who have been credited with the active leadership of the campaign for the higher prices of the securities. There has grown up feeling that a rise has proceeded to a point far in advance of the level value represent of the actual improvement in busi- ness conditions based on confidence in the continuance of the improvement in general conditions to 8 point commen- surate with the enhancement of se- curities values.
 Evidence of selling to realize spec ulative profit and a resort to some sensational advertising methods to at tract an outside demand for. stocks. have proved the most unsettled fac- tors and have induced a feeling of sus- picion that distribution of speculative holdings were being attempted. At the same time there has been so moderate an invasion of buying orders from the general speculative purpose according to all competent authorities that the accomplishment of any ef- fective distribution is much doubted. The abundant resources attributed to the men accredited with the leadership of the speculation makes 1t improb- able that they would submit to large sacrifices in holdings they have &C., cumulated in the course of the cam paign.
 The maintained ease of the money situation and the prospects of its con- tinuance promises freedom from em. |. .a-N sources to maintain the position. With the period of usual demand from the interior for money to move the crops, the movement has proved mod crate yet as to leave the balance of gains still in favor of New York The assumption is drawn that less than the usual volume of currency will be withdrawn from New York this year. In addition, no doubt is entertained that a call could be made on foreign money markets for relief in case ot need the continued shrinkage in the countries imports so far overlapping the decline in exports as to leave an increasing trade balance in favor of the United States yet to be liquidated. The easing tone of time loans for dates carrying over the end of the year reflects the confidence born of this outlook and Is the basis of the | continuation that idle funds must seek employment by investment In se- curities.
 | A probable consequence or the in. | ternational position pointed out by the statistics will be large purchases | of foreign holdings of American se- curities held in Europe. Some doubt l about the business recuperations were caused by advances in the Iron and steel trade where the conservative views Of recognized trade authorities were in marked contrast with the | sangulne temper which has found ex- | pression in the stock market The | speculatinn was affected decidedly by | the assertion of the Iron Age that
 "those who are expecting a rapid i'm
 proyement in the demand for iron and | steel seem doomed to disappoint'
 ment"
 A reaction in the price of copper 1T
 T.ondon and New York after steady
 and almost daily advances for many l days past was another note of warn ing of the limits approached in thu