The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-18
Powerful Interests Force Prices
Upward and Drive Bears
to Cover.
FUTURE OUTLOOK IS GOOD
While Cars Are Idle and Iron
Market Dull Money Is
Plentiful.

NEW YORK, May 17.--Prices OF Sc
curities advanced last week through
a growing impetus and increase value
OF transactions, the total sales on
Thursday rising to the largest of any
day since last summer, before the
financial crisis developed. The per-
sistence OF the advance and It's free
dom from influence or checA by events
seeming unfnvorable to values gave
1T impressiveness and had the effect
OF converting growing number Of
skeptics In the professional operating
class who had contested the advance
by short sales at various stages and
had been forced repeatedly to cover
at a loss. The abandonment Of the OPP
position by this class and their turil
to the long side had not little to do
with the Increased animation and
buoyancy of the market. The easiness
with which obstacles were overcome
and prices aggressively advanced from
the Inception OF the present movement
has been convincing proof OF the wide
resources commanded by the leaders OF
the movement, who are commonly be-
lieved to include great banking houses
and individual capitalists whose tnflu-
ence commands the resources OF the
most powerful groups of capitalists IN
the country.
Public Not In Market.
The suspicion OF manipulative
origin for the rise in prices. with the
purpose of creating a semblance OF I'm.
provement where the reality did not
exist. served to hold aloof from the
market most of the general public
which generally joins in an important
market movement. The confidence and
constancy with which the movement
Is purposed. had growing influence on
sentiment last week, and had the IN
creasing effect Of causing belier IN
the satisfaction thus expressed on the
part OF the great capitalists with the
degree OF Improvement in affairs. In
the department of the money market.
this Improvement was clearly enough
perceptible. For the easy money
market to further the success OF imam
cial plans of corporations, however,
there was necessary the addition OF
demonstration of confidence in the Sc
curity of values. The rise in the stock
market has operated as such demon
stration The skepticism with whlch
1t was accepted at first was due 70 the
conflicting evidence OF new AFFAIRS IN
general. This discrepancy continued
last week. in spite of the CROWNS
force Of the rising stock market tide.
Look to Future.
That prices of securities continued 70
rise in spite OF unfavorable industrial
and commercial advices was assumed
to mean that promising signs could be
discerned beyond this immediate sign
that prompted the large commitments
to holdings of stocks which were be-
ing made from day to day In the stock
market. For instance, the declared
purpose OF the principal allied inter-
ests in the iron industry to hold prices
OF tat great basic commodity was
evidently quietly abandoned and prac-
tically an open market for iron 2es-
tablfshed. While conditions there are
still greatly unsettled and no change
Is reported In the demand for finished
products 1t Is conceivable that the way
to Improvement may be opened by the
new demand for iron brought out by
the concessions. The same holds true
OF the copper industry. where success
sve reductions In price have been of
discouraging effect. while necessarily
representing progress toward the
stage OF stability, where demand will
overtake supply and revival Of the In
dustry set In Great influence in re-
viving effective demand for commo-
dities is relied on from the success
OF the bond issues by the railroads and
the consequent supply Of resources for
resumption OF buying and construc-
ton.
Present Condition. Bad.
AS vertable speculative medium