The Birmingham age-herald., 1908-09-07
.FINANCIERS ARE FREE IF ANXIETY Full Confidence Is Reposed In
 the Market Situation SOME FEAR OF HIGH PRICES Developments of the Past Week Had Tendency Toward Caution In
 Trading, But Generally sentI-
 ment Is Bulish.
SOME FEAR OF HIGH PRICES

New York. September 6.-Speeulative opinion over the existing level of values of securities showed some unsettlement last week. without any apparent change in fundamental conditions to explain the doubt suggested by the action of the stock market. Sentiment continues hopeful over the prospect for improvement of business and confidence in the present strength of the financial position. Some misgivings were manifest, nevertheless, that prices had been pushed to an unwarranted level as a result of the unusual abundance of credit facilities and in anticipating the coming betterment at too rapid a rate. Special developments during the week weakened some of the purely speculative assumptions on which large market oper- ations had been based and dashed the feeling of confidence with which the ad- vance had been followed. There was some discussion over the absence of any addi- tions to the American Smelling and Re- fining board of directors at the annual meeting as the acquisition of large hold ings in the company for Standard Oil in terest had been alleged as a reason for the strong tone of the stocks.
 There were statements made also of a dminption in the holdings of the interest in control of the company as voted at the annual meeting. The annual report itself disclosed little warrant for the high price attitudes in the stock in the earnings for the past fiscal year. At the same time disquieting rumors were current of the conditions of the market. Copper metal and the price of silver continued its downward course. As the Smelling stock has been subject to a widespread advertising in the conduct of the specula- tive campaign, it's market position was vulnerable to these unfavorable inferences and it's break was of important sympa- thetic effect on the general list of stocks., The adverse sentiment of the general pub lie toward the stock market is a matter of solicitude among members of the stock exchange.
 Aside from this phase of the speeuia- tive position, news of business recovery and of the progress of the crops suggest ed some revision of previous estimates which formed the basis for the earlier ad- vance in prices. Reports of net earnings of railroads for July and of gross earn ngs for the later weeks of August failed to show the rate of recuperation that had been hoped for and here also some re- vision of opinion was called for. In the iron and steel trades the recovery, al- though proceeding steadily, is reported disappointingly slow.
 These various considerations were only partly effective in offsetting the influence of the plentiful supplies in the money market as a broad underlying support for prices of securities.
 The bond market has shown activity and great breadth, embracing convertible issues secured by mortgage, and with as- surance of a share in the advantage of possible enhancement in value of the shares of the companies issuing them.
 Interior demands for currency are late, and the large reserve held by interior banks indicates that they will be light. The usual strength of the foreign exchange situation gives guarantee of relief by inn porting gold if any profitable use can be found for 1t.