The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1908-05-20

ou"oHceu idSI week with
growing impetus and increasing VOL
ume of transactions, the total sales
on Thursday rising to the largest of
any day since last summer, before
the financial crisis developed. The
persistence of the advance and it's
freedom from influence or check by
events seeming unfavorable to values,
gave 1t impressiveness and had the
erect of converting a growing num-
Der of sceptics in the professional
operating class, who had contested
the advance by short sales at various
stages and had been forced repeat
edly to cover at a loss.
The abandonment of the opposi-
ton by this class and their turn to
the long side had not little to do
with the increased animation and
buoyancy of the market. The easi-
ness with which obstacles were over
come and prices aggressively advan-
ced from the inception of the pres
ent movement has been convicing
proof Of the wide resources COM
manded by the leaders of the move.
ment. who are commonly believed to
include great banking houses and in
dividual capitalists, whose influence
commands the resources of the most
powerful group Of capitalists in the
country. The suspicion Of a manip-
lated origin Of the rise in prices, with
the purpose Of creating a semblance
OF improvement where the reality
did not exist served to hold aloof
from the market most of the general
public which generally joins in an inn
portant market movement. The
confidence and constancy with which
the movement Is pursued had grow. +.
ing influence on sentiment last week.
and had the increasing effect of caus-
Ing a belief in the satisfaction thus
expressed on the part Of the great
capitalists with the degree in i'm
provement Of facts
Ihe development of the money
market was clearly enough percept-
ible. For the easy money market
to further the success Of financial
plans Of corporations, however, there
was necessary the addition of a DEM
onstratiOn Of confidence in the securi-
ty of values. The rise i'm the stock
market has operated as such a DEM
onstration. The scepticism with
which 1t was accepted at first
was due to the conflicting evidence
of news affairs in general. This dis
crepency continued last week, in
spite Of the growing forces Of the
rising stock market tide. That
prices Of securities continued to rise
in spite Of unfavorable industrial and
commercial advices was assumed TO
mean that promising signs could be
discerned beyond this immediate sit
uation that prompted the large COM
mitments to holdings of stocks which
were being made from day to day
In the stock market. For instance.
the declared purpose Of the princi-
pal allied interests in the iron in
dustry to hold prices Of that great
basic commodity was evidently uui-
etiy abandoned and practically an
open for iron established. While
conditions there are still greatly nm
settled and no change is reported in
the demand for finished products. it
Is conceivable that the way to i'm
provement may be opened by the new
demand for iron brought out by the
concessions. The same holds true
or the copper industry, where sue
cessive reductions i'm price have been
or discouraging effect, while neces-
sarily representing progress toward
the stage of stability, where demand
VIII overtake supply and revival OF
the industry set in. Great influence
IN reviving effective demand for
commodities is derived from the
success Of the new bond issues nv
the railroads.
AS speculative medium, which
'he STOCK market undoubtedly is, fu-
ture and not present conditions are
expected to be outlined i'm its action
The comprehensive and agrressive
uplift of prices must be read in this
"sh'' ana as representing views that
pierce beyond a present that in
ciuoes the largest surplus of idle
ire'sht cars in the history of the
country an iron market with but
shght stirrings from a condition Of
stagnauon a shrinkage i'm bank clear
ings that Is an unmistakable indey
OF commercial uniot r,;lrno,a o,..,