The morning journal-courier., 1908-12-14
FINANCIAL REVIEW
 r~-s-v--=-~--~- General Movement of Market During Last Week and Its
 Significance,
ONE SUSPICIOUS FEATURE
Continuation of Speculative Movement Evidenced by Yrnding in Non-
 dcscript stocks.

An upward tendency of prices of securities was plainly discernible in tnu stock nIaike; movement last week, although the uneven and at times ir- regular action caused some confusion in the tone. The week was notable for the large number and variety of low priced stocks which advanced suddenly and without clear eNplana- ton This feature was the ground for some expressed suspicion of the spec uiatlva position, the more so because many ot the high grade stocks which have absorbed most attention for a Iona time and which are better rep rtsenta.vos of general conditions were almost immovable
 The normal course of a prolonged speculative campaign under skilful conduct is shifting from the high grade stocks after attractive profits have accrued in them to low priced issues the new advanced later serving e sustain tho tone of the market against selling t1 take profits on prev ieus purchases in other stocks, The pursuit of this process reaches in tIlne the drogs If che market and stirs up d lot of non-desclipt instrinsic ral- ul to Dc eharilH handled in times of speculative iniifference 4 movement in such securities is accepted as warning by practiced operators of the approach to q continuation of a specu- lative movcm mt. Tn tho movement HOW in progress in the stock market last week $ emarEencr of some of this distrustcd class 0f securities is not the first that has occurred and their form CT prominence proved without effect in checking tho upward movement of other securities. For this reason speculative opinion over the future course of prices has remained divide cd with the supnosition held hy considerable party that the movement was broadening into general and widespread participation of a kind which oNerturns all ordinary rules and swells into such excited speculative mavements as have proved historical
 1t has proved not unusual for spec ulatiye movements Of the past to be suddenly arrested in full career by q sudden construction of the money market leading to an unexpected withdrawal of credit employed in stock market operations The dread that the approach of the end of the year might develop such a condition has proved an occasional restraint on the money market The past week saw q soasonabe hardening Of money rates under the operation of the forces of the depletion of the money supply Aecumulatlons of reserves have commenced to provide for the great annual disbursements and to meet the demands of the holiday trade.
 \ decline in condition of the Bank of England until the end of inc year is looked forward to as consequence with q possible advance in its official discount rate and the corresponding response in all the great money cen- tors which that action always involves d'ae Bank of France continues it's un- ptocedentod accumulation of gold, with
 fine result of renewing the outward movement Of gold from New York to that center. The recent large bond issues in New York have helped to absorb available credits and to swell the loan and deposit items Of the banks to record figures. The government fs- cal operation including bank note TO- demptons and subscriptions to the Panama canal bonds, are drawing large sums from the New York banks into tho sub-treasury With the de- crease of the bank surplus from its for mrr unwieldN proportions there arises the question of the sufiiciencV of money market supplies to carry over the end of tho year without exhaustion of the surplus and q pinch in the money market The conviction is gen craI that with the turn Of the year there will result a great renux into bank reserves and great ease in the money market,
 The immediate developments in busI- ness and industry have not played much part in thc stock market The assembling of congress and the Prosi- dents message were without the dis turbing effect somc times felt, There was better feeling over the copper trade and expectations were profossed Of an early placing of some large or ders for steel products by the large railroad systems The government re- port on winter wheat was decidedly better than was looked for and anxiety over the condition of that crop has measurably abated. Movements among the railroads to raise freight rates were regarded as favorable to the interests Of shareholders,