The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-03-16
CONFIDENCE IS FELT
Market Responds to Increase
of Belief in Security.
PRICES GO UP WITH BOUNDS
Improvement Noted I'm Business of
Commission House Traders-Out-
side Spectators and Investors
Alike Getting Back Into Market.
Dearth of Supplies of Stocks.

New York, March 15.-with such plain
evidences preoented as were in the first
week of the month Of an oyersold stock
market and. in addition, of Improvement
in both business affairs and in general
financial sentiment. Il was only inevitable
that rise Of somewhat more than usual
proportions should sooner or later be wit
messed in security prices.
An upward tendency Of the market that
was at first creeping soon threw off its
hesitation and began TO manifest itself in
what were relatively leaps and bounds
There was some increase in commission
house business. and outside spectators
and investors alike are beginning to abate
little their previous attitude of wariness
and caution; but the precise reason for
the advance is that some Of the highest
financial interests in the country have
been and are accommodating stocks
Real financial events OF the week were
not many. The attempt 10 enjOin the
payment of Delaware and Hudson divi-
dends was understood in its true light.
Exports Of staple products for the month
of February showed q falling of from
those in January. but the reduction was
only in accord with precedent, and for
eign' shipments of these staples for the
months were still higher than for any
similar period in the past. There were
many indications OF lowering rates for
money both here and abroad. and the
great labor war in the important Gold
field mining district finally ended.
Crop Reports Good.
The government agricultural report FOR
the month, while entirely without signif-
canoe as 20 the condition OF growing grain,
was still important in that it showed am
pie reserves Of wheat and corn still re-
mailing in farmers hands. and which
at present high prices for these products
represent a vast quantity Of still un-
coined wealth
The market for copper metal was dis
tinCtly frmer, and the brighter prospects
in the iron and steel trade were undim-
med.
The truth is that to a degree seldom wit
messed the market is bare Of stocks. The
commission houses are carrying but a
small quantity. comparatively. and their
loans are down 70 very low figures, and
while the general bond market has not as
Yet been very active. it must be realized
that It takes considerable time for the
plethora OF money following a panic T.
have an effect upon bond prices.
Confidence on such occasions is a mat
ter Of slow growth; and it is often outrun
in its manifestations by the purchases Of
spectators who are the first 10 make up
their minds that the security market has
touched bottom. and that the future OF
business and finance. while still clouded.
is still slowly but steadily clearing.
Undoubtedly the matter that had most
influence Ugpn the course OF the stock
market last week, or at least was the sub
jet that was most talked OF. was the
story that assumed varied form that an
advance I'm freight rates was on the point
OF being inaugurated by the leading rail-
way companies
Talk Of Freight Rate Advances.
One rumOr was that committees repre-
senting the railroads had been sounding
the Interstate Commerce Commission on
the subject and presenting to the com
mission such an advance in rates as an
inevitable alternative to very cOnsid-
cradle reduction OF railway pay sched-
ules. Another story had II that the Pres
ident of the United States had directly
expressed himself as being in favor OF
the advance. All these tales were prob
ably untrue in so far as they referred
TO any negotiations or parleyings Of the |
railroad companies with the government
authorities, although il is a fact that
the railroads have received encourage !
ment in the matter, and. indeed a direct |
suggestion from the highest quarters
Right at the end of the week the i'm |
nv to-
cial district, and apparently with good |
reason. that some sort Of a general re-
vision OF the existing antitrust law in /
the interest of fair dealing to all parties /
concerned was on the point of being pro-
posed at Washington. the plan involving, |
perhaps, in its general features, no more /
than that the acts of corporations and /
people, to constitute an offense under |
the law should have to be proved as 4
being distinctly in a harmful restraint 1
of trade. instead OF being In any way in /
restraint of trade according TO the mean
ing Of the present law. as interpreted by l
the Supreme Court
Hallway Facilities Inadequate.
Be this as it may, it is time that the /
people Of the whole country, who. how
ever swerved by temporary emotions OF
passion and prejudice. are still at heart /
and just. began to consider In
all its wide and important bearings the
present status Of our railway organiza-
ton in its relation 10 existing law and /
public policy II is a demonstrated fact
that railway facilities in the United
States are totally inadequate to the neces-
sites OF the trade Of the country in a
full normal business year.
They are at the moment ADEQUATE be-
cause business Is depressed and may be
so for a considerable time to come: but
nothing is more evident than that double
tracking, third tracking. and fourth track
ing Of existing lines. larger and more
commodious terminals, a vastly increased
quantity Of rolling stock. and a general
immense reduplication of all present ac-
of this nature have be-
come vital 10 the business life OF the
land. Additions and improvements of the
kind that have already come into being
In recent years are, indeed, no less than
Alone, out Of all the countries in the
world. the operations Of the railways
here have been of a wholly forward char
acter and have kept pace with the de-
mands of the people for the comforts
and luxuries attendant upon passenger
travel and for ali the conveniences de-
nanded by an expanding civilization.