The morning journal-courier., 1908-08-17
FINANCIAL REVIEW Doubt Over Intentions of Recent Support Unsettles Securi-
 ties Market. RISE AHEAD OF VALUES Less Than Usual Volume of Currency Expected to Leave New York
 This Fall.

New York, Aug. 16.-Without any marked change in conditions bearing on values, the action of the securities market last week reflected a degree of uncertainty over the speculative out look. This was largely due to con- fusion of opinion as to the further in- tentions of the powerful group of cap italists who have been credited with the active leadership of the campaign for higher prices of securities. There has grown up a feeling that the rise has proceeded to point far in ad- vance of the level Of values rcpresen- tative of the actual improvement in business and industrial conditions, bas- cd on confidence In the continuance of the improvement in general coalitions to point commensurate with the en- hancement of securities values. Evid- encc of selling to realize speculative profits and resort to some sensational advertising methods to attract an out side demand for stocks have proved the most serious unsettling factors and have induced a feeling of suspicion that distribution of speculative hold ings was being attempted. At the same time there has been so moderate an incurslon of buying orders from the general speculative public, according to all competent authorities that the accomplishment of any effective dis tributlon Is much doubted. Tho abundant resources attributed to the men credited with the leadership of the speculation makes 1t improbable that they would submit to large sacri- fices in the disposition of the holdings they have accumulated in the course of the campaign.
 The maintained ease of the money situation and the prospect of its con tinuance promises freedom from em- barrassment in securing banking re- sources to maintain the position. With the period of the usual demand from the interior for money to move the crops, the movement has proved so moderate 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 The assumption is drawn that less than the usual volume of currency will be withdrawn from New York this year.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 en- tertained that a call could he made on foreign money markets for relief in case of need, the continued shrink age in the country's imports so far over tapping the decline in exports as to leave and increasing trade bal ance 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 conf dence born of this outlook and is the basis of the conviction that idle funds must seek employment by investment in securities. 4 probable consequence of the international position, pointed out by the London Statist will be large re-purchases of foreign hold ings of American securities held in Europe for home account.
 Some doubts over the rate of busi. ness recuperation were caused by ad- vices from the iron and steel trade where the conservative views of rec. ognzed trade authorities were ir marked contrast with the eangu!ne temper which nas found expression ir the stock market The speculation was affected decidedly by the asser ton of the Iron Age that those wht are. expecting rapid Improvement in the demand for iron and stee seem doomed to disappointment"
 In the textile industry interest cen tered on the great auction sales Q cotton goods in New York, the larg'
 
 attendance and heavy sales pointint to relief from the congestion whcl that trade has suffered from. Rail road earnings continue to make poo comparisons with last year, but al lowance must he made for the unpre cedented level to which earnings hac risen at this time last year.