The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-04-30
STOCK MARKET FEATURES
LIBERALIZATION AND WHAT
WILL HAPPEN.
The Heavy Drop in Prices in Many
stOcks-DiGerences of Opinion as to
the Outlook.

stOcks-Dlfrerences of Opinion as TO
the Outlook.
Stocks have had a lively drop since
the San Francisco catastrophe, and be-
gan to look good deal cheaper than
they did two weeks ago.
A bull market was well started
when the Francisco earthquake
came, and the ensuing fire, and the
pools held up we'll for time, but IL
quotation finally began, and has been
well continued.
The question now going out is as to
what next. The bears are confident of
their position. They hold that as big
amount of capital was wiped out en-
tirely in San Francisco, and as there
is a big draw on the insurance COM
panies, owing to their losses, while
money continues also tight that there
is nothing to bull stock on. Moreover,
they maintain that there is so vast an
amount of new stocks and bonds over
hanging the market that they will
absorb money, and keep money tight.
The bulls claim that the very fact
that big men have big amounts OF
new bonds and stocks to sell, argues
that they will try to lift prices and
restore confidence in order to get bet
~ a1I 1vt1Ir
also that the drop the market had has
already has discounted the bad news.
On the other hand 1t is claimed that
so many people have been hurt in the
tumble in stocks that the bulls are dis
heartened.
Our trade balance has been favorable
to accumulation of foreign credits.
This month some $25,000,00 or $4,000
900 Of gold has been taken abroad. But,
all along, the country has discounted
these benefits and consumed beyond the
scope of her receipts.
The great prosperity Of the coutry is
pointed to as bull argument, also
the big earnings Of both railroads and
industrials.
It is now very evident that, had not
the flow Of gold from Europe been in
progress, and had there not been an
easement in money rates on account of
it, the San Francisco disaster would
have been followed by a money panic.
But foreign money markets are now
in position to help right the money
market here,
Some wall street opinions are as
follows:
Robert Goodbody, of Robert Good
body & Co.: 1.-THE stock market IS not
frightened, and I very much doubt
whether it Is going to be frightened. 1t
has exhibited a curious amount of I'M
DERIVING confidence"
Charles e. Ball of Ball and Whicher:
1--WE look for a nervous, irregular mar
ket, but are inclined to advise pur-
chases at this level; there may be some
more liquidation, but prices, for the
time being, look attractive"
r. M. Stuart Wortley, of Edward
Sweet & Co: The selling of invest
ment stocks may be largely attributed
to the fact that for some time past
there has been little or no der..and for
bonds, A bull stock market and bear
bond market is a contradiction in
terms"
Carpenter, Baggot & Co.-Sentiment
and not fundamental factors is the
chief guiding influence Of market move
ments at the moment.
Watson & Co.: Wall street will feel
greatly relieved when congress is ad-
journed.
T. A. Mcintyre & Co. We have been
maintaining very bearish position on
the general situation and out look of
the market for some time. We feel
now that there ought to be some rally
from this extreme depression on gener-
al principles, and that it might be well
to secure profits on recent short Gales.
A. o. Brown & Co.: Further liquida-
ton may occur, and the market be at
.times vulnerable to bear raids, but I'M
doubtedy the better class Of stocks will
sell considerably higher when the mon
etary situation RECEIVERS its equilibrium.
John G. O'Keeffe, of H. L. Horton &
Co.: 1t is good opinion that the mar
ket would have scored material recov-
erv had it not been for the surprising
liouidation in the Hill stocks. This de-
noralized the street. We think short
covering and buying by bargain hunt
ers will soon turn the market.