The daily morning journal and courier., 1905-08-21
STOCK MARKET FEATURES
CONTINUED STRENGTH AND AC-
 TIYITY.

Higher Prices Talked Of-Big Men
 Under the Market and Ready Too to
 Unload When the Proper Time
 Comes.
 The stock market was weak Saturday and looked as if about to receive "a healthy reaction," but braced up and rallied again.
 Great things continue to be indicated for Union Pacific.
 The "big fellows" are reported to have their broad shoulders 'inside the mar ket," but with the kindest of intentions to let the public have share of their good stocks at sufficiently high prices.
 That prosperity exists is unmistaka- ble, and the prices of stocks indicate it. No big slump appears to be in view, say the critics, for months to come, ow- Ing to the aforesaid prosperity.
 The basis for the markets great ad- vance is to be found in the business and crop outlook-as brilliant as the United States has ever seen-in tremendous railroad earnings at the present time, and even greater earnings in prospect, Rs the enormous harvest of 1905, now almost ready for the reaper, begins to move; in equally great earnings of the rountry's leading industrial enterprises, and in increased dividend returns al- ready decided upon by the managers of many of the leading railroad systems, increases which would not have been announced had not these managers come to the conclusion that the higher dividend rates could be maintained. One of the chief, if not the most strik- ing, feature of the. weeks dealings in securities was the evidence that large measure of what is designated as out side interest has finally been created in the stock market. Such is the practi- cally invariable result of a long period of rising prices.
 By and by it will be found that stocks have passed from stronger into weaker hands.
 Sentiment, however, remains, it is claimed, optimistic for the long pull, and the general opinion is expressed that speculation would be the more stable and healthier because of the set back and the resulting shaking out of weak accounts and the toppling over of inverted pyramids built upon paper profits. It was only among those shak- en out that pessimism ruled.
 Stock exchange houses generally look upon the stock markets slight reaction as a good thing, and continue strongly bullish in their views as to the markets future.
 Dick Brothers & Co.,: "We have re- gently been pointing out the certainty of some reaction in the market. It has been delayed by manipulation, which at the same time made it all the more cer- tain and necessary. We think the de- cline will strengthen the markets posi- tion and afford opportunities for pur- chases of the well-established stocks"
 Charles G. Gates & Co.,: "A natural reaction in the market took place to- day, which we think was expected and, to our mind, is healthy and proper for a good bull market"
 J. s. Bache & Co.,: "The short inter- est in the market was increased to a considerable extent to-day and the market is all the better for having had a setback. We look for further im- provement next week.
 Atwood, Violett & Co.,: "This bull market may and probably will run to the extreme, but the end is not yet, nor is it in sight,
 Bartlett, Frazier & Darlington: There was less activity and marked reactionary tone in the stock market to-day. The trading was not of na- ture, however, to disconcert those who are bullishly inclined''
 T. A. Mcintyre & Co.,: eve think the position of the market has been materi- ally benefited by the profit-taking movement and reaction
 Marshall, Spader & Co.,: we see nothing in this to disturb market con-
 (Continued on Eighth Page)