The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-04
Last Weeks Sales Larger Than
at Any Time Since
Panic.
ROADS NEED HALF BILLION
News of the Iron and Cotton
Markets Are Not Of Cheer
full Import.

NEW YORK, May 3.--The mixed
movement In the securities market last
week was fairly representative OF the
influence carried over from previous
developments In favor OF higher prices
and the overcoming OF obstacles In
cvitably encountered at some stage vi
such movement. Tie volume of deal
ings expanded early in the week to a
daily total larger than on any pre-
vious day this year. or in fact since
the troubled period of last October.
The rise In prices at the same time
developed buoyant character, and the
market took on an appearance OF spec
ulattve excitement. Subsequently re-
there was decided shrinkage In the
proportions OF the market. The active
rebound to the best at the end OF the
week ended with an unsettled tone.
The influence responsible for the ad-
vance was the cheerful feeling aroused
by the pronounced success Of the Penn
sylvania bond sale and the hopeful
augury from that event for the ability
OF railroads TO secure capital to resume
their activities in the field OF construc-
ton and Improvement. The needs OF
the railroads in this respect arc very
large.
Great Railway Needs.
Tho Journal Of Commerce estimates
that notes and bonds maturing and
stock subscriptions falling due during
the remainder Of the year reach a total
OF nearly s2s4,o0o,ooo. In the field OF
new financing less e1actness can lie
assumed, but the same authority traces
probable new demands to the extent
OF about $2so.ooo. 900. With these finan-
81 al Ia pafovna6S
the Pennsylvania bond sale was regard
ed as Immensely Important, as an ,ndi-
cation that the deadlock overhanging
railroad credits for many months had
been broken. The condition VI the
money market was confrmatory of this
prospect. The uninterrupted flow OF
currency into central bank reserves
gave assurance that the banking posi-
ton would remain strong. and would
serve to foster the financing measures
in contemplation by the railroads. The
promised abundance of banking re-
sources is so great that little effect has
been produced on the money market
by the credit operations already per-
fected by the outward flow Of gold
to Europe or by the call OF the Treas
ury for the return of $45ooo,0oo of
government deposits held by the banks
in two instruments during May. These
various developments were made ground
for the assumption that the usual
stages following a financial crisis had
arrived at the condition of renewed
accumulation Of capital in sufficient.
supply to work restoration OF invest
ment demand and a replcnishment OF
the needs of enterprise.
Outlook Not Satisfactory.
Accompanying this improvement in
the money market and investment con-
ditions, and In part flowing from thcn'.
are certain influences Of less cheerful,
import The heavy tide OF the cur
rcncy movement Of banking centres is
indicative Of the contract needs OF the
circulation and the impaired demand
for use OF money and banking faetlt-
ties Of active business.
Instability in the iron market and
fears that prices Of finished products
must come down to an adjustment 10
the lower price for iron have been sub
jects for discussion in estimating the
Immediate financial outlook. Parallel
conditions exist In the copper market,
where the unstable state OF the price
for the metal has reflected the con-
tinued hesitation OF buyers.
The weeks influences from the crop
req ions were helpful. the good condi-
ton OF the growing crops serving to
keep alive a hopeful feeling in business
and railroad circles, even where I'M
mediate Conditions were unfavoraoie.