The daily morning journal and courier., 1905-09-11

The General Situation One of UndOubted
 prosDerity-Uneasine as to the
 Money Question Still Factor.
 Technical speculative conditions have been. responsible for most of the fiuctu- ations occurring last week i'll stocks The prospects are that they will con- tinue to figure among the influencing factors for a while.
 Active stocks are five points under their recent high level but spectators hesitate to buy them.
 As support is not plainly evident, the bears, though wary, are still in the field.
 With general conditions so fine, no serious further drop in price is antici- pated.
 Were it not for the impending Rus sian loan it would appear plain that sterling would decline rapidly to point involving importation of gold from Eu- rope. As things stand, however, that prospect complicates the situation. and may have the effect of putting the New York money market in the position of lOlllpGLllUT M1lu LIl5 ICuSo4GkLl SOfCAA- ment for Europe's gold.
 As to the query whether any real stringency in the money market is to be apprehended during the remainder of the year, persons in a position to speak with authority reply with an em phatic negative
 The inquiry is well made, ''Is the holder of Steel sinking fund bonds, which pay per cent. and are quoted under par, or of Steel preferred stock, which yields about per cent. as an in- yestment, likely to sell, with the Steel corporation doing 9 record business and the Carnegie plant forced to refuse or ders?"
 , Some of the market opinions are as follows:
 William J. Wollman, of J. s. Bache 6 Co.,: "There was no Justification for the stock market decline last week, as gen. eral conditions do not warrant anything of the sort.'' MT. Wollman also be- lieves that copper metal prices are both strong and likely to hold.
 Albert o. Brown, of A.. o. Brown & Co.,: There is no question that the fundamental conditions are sound and that the country is experiencing the greatest prosperity. The technical po- sition of the market, however, has been weak, with the possibility of monetary stringency within the next six weeks"
 William E. Sheffield, of G. B. Sails bury & Co.,: T think the large men have been getting tired of the load they have been carrying, and that they have not been able to get the public in. They have been dropping stocks whenever they have had the opportunity"
 A. A. Housman: There have been a lot of big speculative accounts liquidat- ed. It looks as though the banking people had made another successful ef- fort to stop overspeculation. I know that the big people are buying stocks"
 H. K. Burras, of H. K. Burras & Co.,: ''I believe all good stocks are a pur- chase again now on every weak spot"
 M. H Hauser of Zimmerman & For shay: The stock market has now reached point where liquidation seems to have ceased. Once the specu- lative public accustoms itself to the higher rates which will undoubtedly prevail speculation will resume it's ac- tivity on advancing prices"
 CharleT II. De Witt, of Charles H. De Witt & Co.,: While dull and irregu- lar period may be ahead, it looks as if the next long swing in prices will be to- ward higher level"
 The Central Leather company is still taking over independent plants and is believed to be in negotiation for num- 1,p +-SxJ f1,, now. Heretofore the main business of the United States Leather company has been in foreign dry hide leather, hem lock and Buffalo, but with the advent of the packing interests in the control of the company there has been an ex- pansion with a view of enlarging the United States company control of the oak and union leather markets, which will necessitate the increased purchase of wet hides which the packers control. It is generally figured that the United States Leather company controls about 80 per cent, of the hem1ock trade, 40 per cent. of the union and 25 per cent. Of the business in oak leather.
 The Erie railroad has arranged for the immediate expenditure of $225, ,O0O for the installation of the most modern and efficient railway signal that has yet been put on the market. It is known as the Hall electric semaphore normal clear system and is operated by stationary storage batteries The line between4Bergen, N. J., and Middletown a distance of sixty-eight miles, is to be equipped at once. For the first thirty two miles the signals will be put two thirds of a mile apart; for the rest of the distance about one and one-third miles apart. It will require five power plants for charging the batteries, which will be located at Rutherford Junction, Ridgewood Junction, Suffern, Oxford and Middletown. The line to be pro