The Montgomery advertiser., 1908-03-16
FINANCIAL REVIEW.

New York. March 15--The prevailing
opinion reflected IN the financial dis-
trict last week was of increased con-
fSaence that tho condition Of AFFAIRS
was mending. Evidences were not uni
versal that contraction had run its
oourse but from financial data that
were considered most significant, the
signs of betterment was accepted as
testimony that the situation was snap
ing toward Improvement
Figures compiled by the American
Railway Association OF the number OF
IDLE freight cars showed a progressive
reduction for the last two fortnightly
returns These figures were highly IN
fiuentlal in shaping opinion on the gem
eral situation. Scattering reports OF
resumption Of work by factories which
had suspended or largely reduced oper-
atoms during the depth OF the deores-
sion. although mixed with evidence OF
further curtailment In other directions
were a cheering factor. Especially In
the iron and steel trade the reports OF
re-openings were notable. A recovery
In the price of copper, which had been
falling since the decision TO reopen the
Butte copper production, gave some re-
assurance to the confidence in improve
nlent in that trade. which was express
cd IN the re-opening in Montana. De-
ciininw money rates here and abroad
were an element In the situation ana
the discrepancy In money rates here
and Ia Europe induced some investment
of foreign funds in New York. This
was mostly confined to high grade
mortgage securities and to some TAX
inRs OF mercantile paper
Buying for foreign account was per-
ceptibIe. however. in the stock mar
yet and the presence In foreign capi-
tais Of some of the most influential
American financiers. caused the suppo-
sition that foreign buying OF STOCKS
was NOT unrelated to this circumstances
The easing Of the money market and
the stirring of activity In stocks.
brought into consideration the subject
Of financial needs of the great cor
norationa which remain unsupplied and
which insure attempts to float new Is
auea Of securities in the near future.
The market for existing bonds was
sfndiad 70 discern a reflection OF this
lmnrovement In the general bond mar
ket but with results somewhat disap-
pointing. The bond market lacked
breadth and the prices at which sea-
soned bonds are still selling do not
make a propitious condition Tor th@
Offering of new securities
THE upward movement inaugurated In
the stock market was under some sus-
nieion OF being fostered by the larger
banking and financial powers for the
purpose OF preparing the way TOT cor
femplated new issues This did nos
deprive the movements of cheering
infiuence on financial sentiment. The
advance in stocks was made teasinie
by the evident completion OF liauida-
zion and a consequent scarcity OF
stocks offering which removed obsts'
eles TO the operations for an ad
vance. An obstinate short interest also
was left at disadvantage by the ces-
"a tion of liquidation and the neeessitias
Of this element offered basis for rails
ing prices with assurances that some
demand would be met on which 20 re-
sell at a profit. OUTSIDE OF TINS ae-
rnand from the uncovered shorts the
absorption of stocks by outsiders and
Investors was reported small.
The stimulating effect on the rise IN
stocks was unabated up to the close OF
the week