The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-05-25
BETTER
RECENT DEVELOPMENTS
LEAVE NO ROOM FOR
DOUBT AS TO MUCH I'M
PROVED CONDITIONS.

in a resume of market conditions
the Boston Financial News says:
! The rise in stock market prices has
proceeded far enough TO show a re-
viyal of confidence on the part of
monied interests. This much Is
clearly evident. no matter what may
be the future of the speculation. II
has become known through state
ments from the officials of many OF
the leading corporations that the
number of their stockholders was
largely increased during the past few
months when prices for securities
were low. and when many were COM
PEELED to sell under stress of circum-
stances. These statements as to the
increase in the number Of he stock
holders show clearly that those who
had idle money were not slow to uti-
lie the splendid opportunity present
ed The rise and fall of the stock
markets are due to money conditions
more than anything else, although
there Is tendency to ignore this
simple explanation of the long swings
/ ND ana uONH+ ne lhtl 10 ihdi iuooA
spectators do not have the patience
to wait for the primary movements
and are tossed about on the ups and
downs which really do not indicate
any change in the foundations of the
credit structure.
There was an urgent demand for
funds for several months preceding
the panic, due to the inflated con-
dtion of the stock market as well as
general business. 1t is safe to assume
that many of the largest holders of
securities sold while the many were
buying, and were quite content for
the time being to loan their funds
and wait until the bubble had been
pricked The political situation gave
the blow needed to puncture the
balloon and down 1t came. A large
part of the liquidation would have
taken place anyway. but undoubted-
~ the attack on capital from all sides
led to greater losses than there need
to have been. They certainly result
ed I'm IA boarding of money which
would not have taken place other
wise We do not refer to the hoard
ing in a small way which followed
the closing of the Knickerbocker
Trust company. but that of com
paritiyely well-to-do people who lock
ed up sums running up to the hun
dreds of thousands of dollars. The
great capitalists who had sold during
the period before the bad conditions
! became generally known, We're slow
4 to reinyest, for because OF boarding,
| the conditions did not mend as fast
as they should
There was then a period during
which the possessors of liquid capi-
tai took a look over the situation and
| the decisions of the Supreme Court
came in 30 guarantee the protection
of property rights. II was also then
agreed with the Administration that
Secretary Taft should be the oandi-
date and this promised a cessation of
/ the agitation and unrest that has
marked the past two years. II was
not long before the vast aeeumula-
lions of idle capital began to be in
vested in the securities of the lead
ing railway companies and 1t seems
safe to assume that the stock market
advance up to this time has been on
this buying. Ii is not all of a strictly
Investment nature. but the men be-
hind the movement undoubtedly
carry the securities until the smaller
buyer has become interested and
money rates are higher. when there
will be distribution of the stocks
taken during the past few months
and more especially during the past
few weeks. This time now seems To
be some months on for it will not
come until general business has re-
M
that the development of the country
is to go on and that the volume OF
business will be larger than ever.
We have lately witnessed what
may he termed the last stage In the
recovery for the stock market shows
the renewed confidence of the great
speculative investors, and the de
mand for good bonds shows that the
more conservative class of investors
Is also willing TO place idle funds at
work. The savings bank official finds
that depositors are no longer elamor-
ing for money and are now increas-
ing their deposits, while the in
surance companies and trustees of
estates have recovered from their
tlmidity. mis- movement of money
into securities will undoubtedly con
tinue for a long time. although we
may not see such an active buying
of stocks as we have lately. IL will
be the policy of the leaders to allow
the market period of quiet after
this first stage of the recovery has
been passed, but with the improve
ed sentiment throughout the country
there should be continued de
mand for bonds which will facilitate
the recovery in business by provid-
ing the corporations with funds, with
which to make extensions and i'm
provements. 1t has been definitely
shown that the large capitalists are
now confident of the future.
Such land may be appropriated either
| as lode or as a nlacer claim aa the