The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-03-16
Railroads Are Doing Better Bust
ness, and Not So Many
Idle Cars.
FOREIGN BUYING SIGNIFICANT
Securities Arc, However, Still
Very Low, and Corporations
Cannot Secure Advances.

NEW YORK, March 15.--The pre-
vailing opinion reflected In the imam
cial district last week was of increased
confidence that the condition OF affalrs
was mending. Evidences were not unl-
Nersal that contraction mad run its
course. but from fields that were con-
sidered most significant the signs of
betterment were accepted as testimony
that the situation was shaping towards
Improvement. Figures compiled by the
American Railway Association OF the
number of idle freight cars showed q
progressive reduction for tho last two
|fortnightly returns These figures
were highly influential in shaping opin-
ion on the general situation. Scatter
ing reports of resumption of work by
factories which had suspended or
largely reduced operations during the
depth of the depression although
mixed will, evidence of further curtail-
ment in other directions, were a cheer
ing factor. Especially in the iron and
steel trade the reports of reopenings
were notable. A recovery in the price
of copper. which had been falling since
the decision to reopen the Butte copper
production, gave some reinsurance to
the confidence in Improvement In that
trade. which was expressed In the re-
opening in Montana Declining money
rates here and abroad were an element
in the situation. and the discrepancy
in money rates here ard In Europe in
duced some Investment of foreign funds
in New York. This was mostly con-
fined to high grade mortgage securi-
ties and to some takings of mercantile
paper.
Foreign Buying.
;pc
ceptible, however, in the stock market.
and the presence in foreign capitals of
some of the most influential American
financiers caused the supposition that
foreign buying of stocks was not un
related to this circumstance. The cas-
ing Of the money market and the STIR
ring of the activity in stocks brought
into consideration the subject of finan
cial needs of the great corporations,
which remain unsupplied, and which
insure attempts to float new issues OF
securities in the near future.
The market for existing bonds was
studied to discern reelection of this
Improvement in the general bond mar
ket, but with results somewhat disap-
pointing.l The bond market lacked
breadth. and the prices at which sen
soned bonds are still selling do not
make a propitious condition for the
Offering of new securities.
The upward movement inaugurated
in the stock market was under some
suspicion of being fostered by the 1arg
er banking and financial powers for
the purpose of preparing the way for
contemplated new issues. This did not
deprive the movement of cheering
influence on financial sentiment. The
advance in stocks was made feasible
by the evident completion of liquida-
ton and a consequent scarcity Of
stocks Offering, which removed obsta-
cles to the operations for an advance.
An obstinate short interest also was
loft at a disadvantage by the cessa-
ton of liquidation, and the necessities
of this element offered basis Cor
raising prices with assurance that
some demand would be met on which
to resell at profit. Outside of this
demand from the uncovered shorts the
absorption of stocks by outsiders and
investors was reported small.
The stimulating effect on the rise in
stocks was undated up to the close
of the week.