Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1908-03-19
Prevailing Opinion in the Finan-
cial District Is That Situation
Is Mending.
MORE FREIGHT CARS USED
Plenty of Money for safe nud Attrac-
tive InycstmcDts-Still There Is
Little Encouragement for New
sccur,ties--IittIe Outsitl>
Demand for stocks.

New York. March 15.-Tho prevail
kng opinion reelected in the financial
strict last week vas of increased
confidence that the condition of affairs
vas mending. Evidences were not
Universal that contraction had run its
-ourse but from fields that were con-
idcred most Significant the signs Of
,etterment were accepted as testimony
hat the situation was shaping toward
Improvement. Tho figures compiled
ny tho American Railway association
f the number Of idle freight cars
howcd a progressive reduction for the
st two fortniChtly returns and scat
criug reports Of resumption Of work
- factories although mixed with evil
henco of further curtaifmcnt in other
directions were a cheering factor. t.s-
pccially in the iron aud steel trade the
-cports of rc0pcnncs were notable. y
recovery in the price of copper gave
some reinsurance to tho confidence IN
Improvement in that trade which was
expressed in the rcopcning of n
3rutte mines. Declining money rates
here and abroad were an element In
he situation and the Discrepancy N
honey rates here and in Europe In
.iuccd some Investment Of foreign
Funds in New York This was mostly
|'onnned to high grade MORTGAGE So
,urities and to some takings or mer-
|rantilc paper. Tho casing Of Ia" mon
W market and the stirring Of activity
IN stocks brought into consideration
he subject Of financial needs Of the
great corporations which remain un-
3supplicd and which insure attempts to
eoat now issues of securities In tn"
bear future. The heavy oyer sUbsCrip-
J ION at good prices to n small issue OF
New York state bonds was considered
jttentively as siGr Of q plcntituI"
! IF capital seeing safe ana attractive
fnvostment. The market for existing
onds was studied to discern rc1ec-
zion Of this Improvement in the gen
|rral bond market hut with results
|Fomewhat disappointing. Tho bond
hnarket lacked breadth and the prices
nt which seasoned bonds are still sell
Iing do not mako propitious condi-
/ ion for the offering of new securities.
Tho upward movement inaugurAted in
i he stock market was under some sus-
|ricion Of being fostored 10y the larger
banking and financial powers for the
purpose Of preparing the WY for con-
|templatcd new issues. This did not de-
|rrivc tho movement Of a cheering innu-
|ence on financial sentiment. Tho advance
lin stocks was made feasible by the evl-
|dent completion OF liquidation and
consequent scarcity ~ stocks Offering
(which removed obstacles to the opera
|tions for an advance. An obstinate short
Interest also was left at a disadvantage
|hv the cessation Of liquidation ana the
|nocessitios of this element offered
| sis fo~ a|sing prices with assurance
|that some demand would be mot on
(which to resell at a profit outside of
|ths demand from the uncovered shorts
1.-The absorption of stocks by outsider and
inve. tors was reported small The diges-
! ton Of profits was a constant process at
Va rious stages Of the stock market
movement but the manner in which this
was conducted was impressive as evident
OF the skill and resources of the sp"Cu-
lati leadership which had asserted it.
self in tho market ana added to tho
confidence with which it was followed.
Overlying tho basic factors Of the ar
rest Of the business contraction and the
moderate revival which had set in a
number Of less clearly defined Influences
were brought into play in the week $
speculation. The most influential of these
was the impression that measures We're
projected by the national administra
ton designed TO afford opportunity to
the railroads to secure increase Of rates
which will obviatc or modify tho ncces-
rty Of wage reductions. The stimuIat-
Ing effect on the rise in stocks was I'M
nbated up 20 the close Of the week.
Rumors that tho Union Pacific invest
ments segregation plan was inn
mncnt with an extra stock dividend
Involved. were an active influence in tho
speculation Reports of a governmental
Investigation Of stock trading 20 decide
the cxpedicncy Of laws to prevent stock
gambling had a rather chilling cfo0t or
the aggressivoness Of the speculation hUt
the ofiicial denial Of the reports helpot
10 a sharp rebound in stocks