The Birmingham age-herald., 1908-08-17
UNCERTAINTY IN
 STOCK MARKET Weeks Trading Shows That Gains Are Substantial MONEY SITUATION IS EASY Crop Movement Is Still Very Moderate and shrinkage Continues in the
 Imports From Foreign
 Countries.
MONEY SITUATION IS EASY

New York, August 16.-Without any marked change in conditions bearing on values the action of the securities mar ket last week reflected degree of un- certainty over the speculative outlook. This was largely due to confusion or opinion as to further intentions or the power of the group of capitalists who have been credited with the active lead ership of the campaign for higher prices of securities. There has grown up feel ing that the rise has proceeded 10 point far in advance of the level or values representative of the actual ln- provement in business condition based on confidence in the continuance of the 1m- provement in general conditions to point commensurate with the enhance ment of securities values. .
 Evidence of selling to realize specula- tive profit and a resort to some sensa- tional advertising methods to attract an outside demand for stocks have proved the most serious unsettled factors and have induced a feeling of suspicion that distribution of speculative holdings was Del1B dlltIlpltQs AL JilC ouiiiC ehiiS sASA V has been so moderate an incursion of buying orders for general specula- tive purpose, according to all competent authorities that the accomplishment of any effective distribution is much doubt ed The abundant resources attributed to the men accredited with the leader ship of the speculation make 1t im- probable that they would submit to large sacrifices in holdings they have accumu- lated in the course of the campaign.
 The maintained ease of the money sit- uation and the prospects of its contin- uance promises freedom from embarrass- ment In securing banking resources to maintain the position. With the period of unusual demand from the interior for money to move the crops, the movement has proved so moderate yet as to leave the balance of gains still in favor of New York The assumption is drawn that less than the usual volume of currency will be withdrawn from New York this year. In addition, no doubt is entertained that a call could be made on foreign money markets for relief, in case of need, the continued shrinkage In the country's i'm ports so far overlapping the decline in exports as to leave an increasing trade balance in favor of the United States yet to be liquidated.
 The easing tone of time loans for dates carrying over the end of the year re- look and is the basis of the contention that idle funds must seek employment by investment In securities. A probable consequence of the international position, pointed out by the London Statistic, will be large re-purchases of foreign holdings of American securities held in Europe. Some doubts over the rate of busine Js recuperation were caused by ad- vances In the iron and steel trade, where the conservative views of recognized trade authorities were in marked con- trast with the sangune temper which has found expression in the stock mar ket. The speculation was affected de- cidedly by the assertion of the Iron Age, that those who are expecting a rapid improvement In the demand for iron and steel seem doomed for disappointment
 A reaction in the price of copper in London and New York after steady and almost daily advances for many days past was another note of warning of the limits approached in the present expan- sion. An incident of the week bearing on metal and mining industrial shares was the fall in the price of silver to 511s cents an ounce, a level not reached before since April, 1903.
 In the textile industry interest centered on the great auction sales of cotton goods in New York, the large attendance and heavy sales pointing to relief from the congestion which that trade has suffered from. Railroad earnings continue to make poor comparisons with last year. but allowance must be made for the un- precedented' level to which earnings had risen at this time last year. Feeling has been tranquil concerning the crop pros poets, although the question as to the amount of harm done to corn and spring wheat was subject of controversy.