The morning journal-courier., 1908-09-07
FINANCIAL REVIEW Market Nervous, With No Alp parent Change in Funda-
 mental Conditions. TOO GREAT EXPECTATIONS SSnelting Particularly Vulnerable to Inferences-Money Plen-
 tfful.

speculative opinion over the exist Ing levt,l of values of securities show ed some tunsettlement last week with out any apparent change In funda- rnental conditions to explain the doubts suggested by the action of the stock markets Sentiment continues hopeful over the prospect for i'm provement of haislness and confident an the present strength of the hnan- cial position. Some misgivings were manifest. nevertheless. that prices had been pushed to an unwarranted lsvel ae a result of an unsual ahun- dance of credit facilities and in am ticipating the coming betterement at too rapid a rate. Special develop .nents during the week weakened some of the purely speculative as- eumptions on which large market op- erauons had been based and dashed the feeling of confidence with which the advance has been followed. The annual report of the American Smelt- ing and Refining company disclosed little warrant for the high price alti- \tude Of the stock In the earnings for hle past fiscal year As the same dis an 'eting rumors were current of the SaA iltions of the market for copper meta and the price of silver contlns ned h downward course. As the .smeltiA stock has been subject to a widesprA ad advertising in the conduct of the \speculative campaign, It's market pA sition was vulnerable to these unfavA -able inferences and its break was oA' important sympathetic effect on the general list of stocks The adverse sen timent of the general public towasds the stock market Is matter of solkttude amongst members of the stock ex,change and the investi- sation of the occurrences in oonnec- t,on with the Gdlure of A. O. Brown & Go. keeps alive the topic of reform nf reprehensible vnethods in the con duct of operations in the market Aside from this phase of the profes- ,sional speculative position, news of ibus.ness recovery and of the progress of the crops suggested some revision of previous estimates which formed the bass for the eanlier advance in prices. In the iron and steel trades the recovery. although proceeding steadily, is reported dtsappointingly slow.
 These various considerations were .only partly effective in off-setting the influence of the plentiful supplies in the money market as broad under living support for prices of securities Money on call fin abundance at about ! per cent pressing for employment at that rate. and witt nothing in the rates for time loans to indicate fears of great change in the situation, con stitutes strong induosment for spec .ulative employment Holders of stocks have small temptation to lioui- date them with the difficulty of find ing other profitable use for funds A substantial investment demand Is a consequence of these money market conditions
 The bond market has shown activ- ity and great breadth Banks and in- sttutions have been large buyers of bonds as means for placing sur plus funds otherwise forced to lie idle. The usual strength of the foreign ex- change situation gives guarantees of relief by importing gold if any profit able use can be found for 1t.