The daily morning journal and courier., 1905-10-02
STOCK MARKET FEATURES CAUTION AS TO COMPLIMENTS
 ADVISED.

nuI NO PanIc Ahtieip"te"--St"S
 Strong Hands-Higher Prices Ex-
 pected Later in Wall Street-sus-
 pfciOn as to the Exactness of the
 Bank statement-The Fries New Ac-
 quisitiOn.
 The stock markets strength Satur- day was attributed by some chiefly to the belief that the present money strln- gency will be of short duration; py others to the fact that stocks are i'll strong hands. On the whole caution IS advised in conservative Wall street quarters until the money tightness yields.
 The splendid prosperity of the coun- try and the immense corn crop and the tremendous iron and steel business bespeak good times for many months to come. The only cloud on" the sky is the money question
 A good quantity of gold is expected to arrive this week. and this, it is ex- pected, will afford some relief
 Henry CleWs says in his letter speak ing of the grand crops and the big earnings in sight for the railroads, as follows:
 "Extreme conservatism can hardly at this time be too strongly recommended in trading, especially in stocks that are now at record making prices, as the high and mighty may fall like other mortals. Speculatively held stocks at abnormally high prices-at prices not warranted by dividend disbursements are for obvious reasons particularly susceptible to the adverse influence of difficult banking accommodation.
 There have, it is true, been active and successful bull campaigns when money has commanded much higher range than that now current. At the same time it is hardly probable that a readjustment of accounts to 8 niger money level can be accomplished with out period of active liquidation mark ing the progress of such readjustment." !"
 Edward Sweet & Co. of New York say:s Naturally the advance in stocks yesterday in the face of money rates ranging from to per cent created comment in the street. The explana- tion is that commission houses are not extended; that stocks are in strong hands, and that for some time past it has been a rich mans market, and that the rich men are not shaken out by moderate declines nor by temporar- fly high rates for money. All those who are in close touch with the business of the country are convinced that there is better basis for a bull market than at any time for long period of years" :" J. S. Bache & Co.,, New York, say: General business is in excellent con- dition, the banking position is entirely sound, and the enoromus crops will be reflected soon in greater activity in in- dustrial and commercial lines. Coupled with these conditions there is a large and increasing gold output, forming 8 basis for increasing credits. Railroad rate legislation and higher money rates seem about the only clouds on the speculative horizon.
 "The period of stiff money will prob ably not last over few days, and, judging by the action of the market recently, it would not be surprising should prices See improvement in Co., tober.''
 F. D. Underwood president of the Erie railroad, yesterday outlined the : plan under which the newly acquired r Cincinnati, Hamilton and Dayton rail- way system will be linked to the Erie and operated by it. He emphatically denied 8 report that the new railroad property would be split up, the Pere Marquette going to the Lake Shore. On the contrary, the Chicago, Hamilton & Dayton will be absorbed in it's entirety by the Erie, losing its identity and in- dividal existence. It has been decided