The daily morning journal and courier., 1905-11-20
STOCK MARKET FEATURES

(continued from Seventh Page.) and have amply discounted the pros perity of 1905; but should 1906 be year of still greater profits, what then? However undesirable it may be, how ever deplorable the consequences, it seems that it will be difficult to indef- nitely restrain the speculative spirit. It will therefore behoove our great bankers to restrain and not encourage such an outbreak as far as is within their undeniable power.
 Good stocks will be a purchase on sharp reactions, yet we continue to ad- wise sales on the good rallies until the monetary outlook becomes more satis- factory. Liquidation did some good, but it would have been healthier had contraction been a little more drastic" J. s. Bache & Co.,: At the moment there is a temporary Hull in the iron and steel trade. and the Steel corporation's | earnings for the current month are not expected to exceed $9.OOO,OO0. This con- dition, however, Is seasonabIe after the 1 heavy summer business, and will per- init much needed repairs and renewals to plants. Recently it was estimated that orders for finished steel on the va rious companies books aggregated over l0,000,000 tons. fulfilled rail orders for 1906 delivery are between 1,SO0,000 and 2,0oO,00 tons, and the equipment com panies have many months, work on hand. The business situation is entire- ly satisfactory, and indications point to q resumption of bull markets after the temporary stringency in money is pass ed, Meantime we look for a traders market within a moderate range of prices, and feel that profits should. be ta,I>n on bulges and stocks bought on sharp declines"
 Dick Brothers 6 Go. say; While 1 there has been relaxation in the money market, however the money situation is still strained and it will not. do to consider the difficulties in that quarter as past. Moreover, the foreign situa- ton is still critical. We continue to advise against purchases on the ral- lies."
 Bartlett, Frazier & Darlington say: There are possibilities of serious inn pert in the money situatio yet, and there is no use haIlooing until we are out of the woods. Furthermore, if the fsrsign situation becomes more com plicatsd that 1t is at present we shall undoubtedly feel the effect of it here ! The weekly market letter issued by Carpenter, Baggot & Co. expresses fair i ly the favorable factors in the situa- | 1r. warnings.
 The General Electric company, in a circular just issued to stockholders, says:
 Tine orders received by your compa- ny since February 1, 195, have exceeded the orders for like period in the pre- vious year by 10 per cent. It Is obvious that a largely increased business will require additional capital and your di- Tactors therefore recommend to the stockholders the increase Of the share capital of the company. Should the in- crease be authorized by vote of the stockholders, it is the intention of the directors to issue part Of the new stock ct the present time, and the remainder eo Iilb 4lGOuS OL L4AS SSALARoAAS AAAeSS AV~ quire,"
 A special meeting of the stockholders has therefore been called for the pur- pose of authorizing the increase of the capital stock, and it will be held in Schenectady, N. r., Tuesday, December 5, to vote upon proposition to increase the capital stock of the company by the amount of $11,e745OO, consisting of 116,- I45 shares of the par value of $100 each, so that the capital stock shall be in- creased from the present amount, viz, S48, ,325, 300, consisting of 1884, ,255 shares of the par value of $10O each, to $6O0OO, GOO, consisting of 100000 shares of the par value of s10O each. The transfer books, closed at the close of business hours on Saturday, November il, 1905, will re- main closed until Wednesday, Decem- Der 6, 1905.