The Washington herald., 1908-08-10

New York. aug. s.-Another week has
been added 20 the long period OF almost
unbroken advance in the stock market.
and not only have most Of the active
stocks made new records for the year
within the last few days. but prices on
The average have gone vel above the
highest previously reached since the
panic
The trading has broadened to a notable
degree, so that the active list now in
cludes about twice as many issues as al
the time Of the upward movement which
eliminated in May last, and almost every
day brings new accessions- Il has been
eontended that the activity in some Of
these erstwhiIe inactive stocks has re
suited from manipulation and the opera
tons OF pools. but assuming that this is
correct, there IS no reason why the ac-
uvity should not be welcomed. It Is
hardly likely that the operations for the
advance would have been continued 70
such lengths had not those who were op-
Grating on the bull side received encour-
agement in the way OF buying by out
slders. and It was abundantIy evident last
week that there was a broad market.
which made the execution Of selling or
ders in the active issues at all times an
easy matter
No Chance for Outsiders.
On other occasions when there was. pool
activity in the market within the last
year or two the operations for the rise
ceased when outsiders attempted TO sell
stocks and the fact that this has not
been the case recently makes il easy 70
r7z.-Tr H.=a 81
lati0n has been good and that there is in
the market AZ the present tine a large
amount OF really sturdy buying. The ease
OF money has. perhaps. been the most i'm
portant factor in promoting interest in
the market, but that advantage has been
taken Of Il in this way is a fact the i'm
portenCe OF which is worthy OF the deep
est consideration. for II means THAI con
Icence IS returning largely as a result OF
the Indications OF good harvest and a
SATISFACTORY outcome Of the election % be
held next November T. would De Uufor-
tunate Il the efforts TO start a hurried
buying movement in the market as sense
less IS the hysterfcar selling movement Of
last fan and winter should succeed. for Il
a large number Of people buy stocks
Ilols 1tleSsly their position wlI afford an
invitation for a good "shake-out." and
viii constitute, i greatly extended. a seri-
Gus menace
The present is good time for the e1-
erclse OF thought. and. perhaps. Of eau
Uoo; and there are many subjects a care
III consideration Of which may afford
reasons for hopeful optimism Hur i- viii
be safer and better for each person. be
fore entering the market, % find some
reasons OF his own than 10 allow himself
70 De carried away by stories Of the
profits made by others or OF those in
store for him If he buys now
Rains Avert Crop Damage.
Timely rains have averted the threaten
ed damage 20 the growing crops. and the
prospects for a bounteous harvest are as
good to-day as they were AZ the begin
EirE Of the month. when the data were
gathered for the government report. with
this difference. that as there is uov-
plenty Of moisture in the ground and the
corn crop IS ten days nearer maturity ]
there Is far less danger Of damage than
there was then With a corn crop about
vhe equal Of the largest except one in 4
the Coultrys history a crop Of wheat
little under that Of last year. with cot
ton well above the average. and nearly I
every other crop Of large proportions The
prosperity Of the farmer is assured. as IS I
also a season OF good business FOR the 4
railroads
The railroads are well prepared 70 han
Gle the crop movement for they have
lt--r cars ana many OF them have n
proved their terminal facilities since last
season For some years mast f-aizr-
blockaGes Ar the height OF the freight
moving period were Of frequent occur
renee. and as q result the operations Of
the roads were UudUlv expensive al thar
time This viii hardly be the case in The
present year. and the cost of handling
business viii therefore be relatively low
and net earnings relatively large not
V-thstanding that the percentage Of hizh
class freight is likely 10 be lower than IN
1876 or 1217
That the railroads look for a sub
stantial improvement in business IS tndi-
Gated by the fart that few orders have
recently been placed for steel rails beyond ]
ordinary requirements for renewals and
Of similar significance IS the intention OF
the Union Pacific to resume double track
ing along the sections Of its line where
the work was suspended last year. The
Improvement in the demand for COPPER
cortinGesr and the advance in the Quota
tons FOR the metal in London appears
10 indicate that the bettarDent IN the IN
cUstry is not confined 10 this country.
Railroad earnings for the month Of June
snow that the roads retain the command
Of their operating expenses assumed AZ
The end Of last winter. the statements Of
several roads showing increases in net.
notwithstanding decreases. stfu quite
France AbsOrbs Gold.
Abroad France continues 10 absorb
practically all the gold brought from
South Africa probably as a measure oil
preparation fCT a large Russian loan. for
the financial world does not appear 10 be
appreEeusive that the restIessness Of Ia
Dor in Paris viii result in anything very
serious; and while the most recent state
meuts OF the Bank or England and the
Imperial Bank of Germany were rala-
lively not quite as strong as some others
presented within the past few weeks by
the same institutions. they were stIu far
from weak.
There arose during the week a prerna-
ture rumor that the suit brought 10 res4 (
the constltUt!onality Of the so--7ua5
commodity clause OF the Hepburn act !
would be decided in the near future ana
in favor Of yhs railroads The facts
appea7,to be that the decision. cannot be /
rendered before October and that the
railroads succeeded IN making out such
& strong case against the cOnsututionalfrv
OF the measure that there is little room