The Washington times., 1908-03-15

- BE-ASAe-44F DEAAGHGQs ne
theory that the worst OF the panic OF
lyJ3 Is thing of the past, that TecoV-
cry n business and manufacturing has
set IN, anu that from this time on int
proVement may be expected, Is unques-
Iion4bly dominant
Disturbances May Come.
OF course the tact that a Presidential
campaign is on is liable to cause dis
turbances as conditions tend one way
or the other, according to the views Of
the financial and security interests ur-
on the Importance Of victory for this
interest or defeat for that.
No one pretends that stocks are not
very cheap, that bonds, millions OF
frst-class collateral are selling on a
% basis not warranted by the interest
rates paid, but The uneasiness aad un-
certainty that has heretofore prevailed,
the anti-stock exchange legislation the
absolute Indifference Of the public
toward stocks, have all made the
mar6et LOOK high at almost any price.
Pessimlsm, not long ago thicker than
the gloom OF rainy day IN Germany,
pervaded the market. The bears pressed
daily fer advantage or let up on the
market out of sympathy for a foe, con
sidered next thing 10 down and out
And all at once the worm turned. II
had turned again and again, but only
20 snap back and then give IL up. while
rhe bears took another turn at adding
10 their bank accounts.
A week ago the short interest in the
market was something enormous. The
selling had continued uninterrupted,
save by mOmenrary covering incident
10 profit taking, and then the situation
changed. Saturday Of last week was
sharp rebuke 10 the bears, They
counted on the usual Tuesday break
and when II came they hit the market
harder than ever.
Bears Covering.
Since then they have Deen busy COW
ering. Occasionally the market has
shown some hesitation, but after a
short period OF uncertainty, the doubt
has been removed and the list has again
started on the road TO material ad-
Vances.
The leaders Of the market have been
Copper and Smelling IN the industrial
list. although the action Of the Steels
has been an elixir to the general mar
ket. The United States Steel Corpora
ton has been back OF its own and aC-
cumulating stock whenever necessary
TO prevent any liquidation by share
holders. The stock is held by thousands
OF people scattered all over the country.
Any serious uneasiness would have re-
suited IN liquidation and this the cor
Poration has e1eCtually headed on by
standing between its shares and the
speculative operators looking for soft
spots, and especially trying for Steel
tributiOn would result in demOraliza-
ton.
Copper prices, that is. for the, raw
material, are better. There is more de-
mand. and the stock in the hands Of (
Commerce Commission against the inop- /
can Smelling has been doomed.
Money in Abundance.
IN the financial world things have .
been moving along satisfactorily. The /
demand for money Is not urgent, there /
Is an abundance on hand, and the with /
drawals by the Government from ma /
uonal repositories have caused no I'M /
easinAss.
The rapid recovery in general bust 4
ness is indicated by the fact that the 1
buying power OF the American farmer .
has not been weakened. The years Of .
prosperity have not faded into the past.
lie stiA has surplus grain and surplus
funds.
II is probable that the Iuxuries must
and viii be eliminated, more than they
have been for some time. but the wear
Ing or clothes and the general living
expenses Will continue. The panic has
not been severe on the farmer, the back
bone Of American business.
Railway Earnings Improve.
Railroad earnings have not been sat
isfactory, but they are beginning to
indicate the turn for the better IL
judged attacks on railroads are likely
10 cease, and one OF the very important
factors in causing this is the menace
OF lower wages for railroad employees
The latter are bringing pressure TO bear
on antt-railroad legislation, in seif-inter-
est Moreover, there is a sane inclina- I
ton to be more just in railroad legts-
laUOn- The report of the Interstate
Commerce Commission against the inOD-
eraJiVeness Of a raise in the tariff If
single shipper should object was taken |
as a good sign. Increased freight rates
are possibility of the neal future.
Traders have come to the conclusion
mat the elimination OF the New York
STOCK Exchange is not a possibility
lha[ the Investigation into the conduct
OF the exchange In its uansa Ctions the
exchange OF money for stock on every
trade-Will prove its claims to business
integrity, TO legitimate business. Com
missioner Knox Smith viii make the
eds.
In the advance Of the week the Gould
STOCKS have participate very sharply. n
MOP made an advance Of ga points NJ
Denver preferred like gain, and other
Goulds a fair advance In the rails
Union Pacific was clearly a leader It
scored an SiL-DOfnt advance. while 7 auis-
vile and Nashville was second with a
I-point gain The general market aver
ages at least 10 4 points Improvement. /
Henry Clews' View.
All COMMENTING On the market TOT the
week, Henry Clews & Co. say.
altogether. the stock market outlook
Is certainly more cheerful. and there IS
no indication that the present advance
has reached its elimination. although I
occF siOnal reactions must he ayrertad
whenever leaders in the present move
ment attempt TO take some of the salts
factory prof-s which they have already
made.
THE most disturbing feature is the
political situation Il VIII be another {
two OF three months before the nornina-
tions are settled, and the interval is (
likely to witness more or less political E
agitation. Just now It appears TO be {
good politics TO attack the railroads
corporations, or capital ia any form
This is unfortunate and highly injuri-
Gus; but it is hoped that this phase Of
political dementia viii soon pass off / :
and that politicians as well as the pub
JIG VIII soon some TO saner and more
settled political views
Much OF the agitation AGAINST 80