The daily morning journal and courier., 1906-10-29
STOCK MARKET FEATURES
PROSPECTS OF ANOTHER DrLl
 WEEK AHEAD.

And Likewise Little More Benrisbnexv
 Comment in Wall Street and Opin-
 ions--A Boston View of the Outlook
 as to shannon Copper Stock.
 Another dull week in the stock mar ket Is ahead varied probably by fuctu- ating prices and little accession of l bearishness.
 The country is prosperous as never before, but there are various dIsquiet- ing features in the situation Our money market has no simple course ahead of it. There are many reefs that will have to be passed before the January disbursement period is reached. There are $6S ,OO0 of inter- est and dividend payments to be nnanced on the first of November. The cash losses of the banks to move the corn and cotton crops are bound to continue for another month or six weeks. Apart from the domestic gold production there is nothing to add to the cash supplies, with the doors of all of the European banks closed to us and the treasury order facilitating imports cancelled
 An expansion in loans is inevitable. Under the circumstances banks that conform with the law to maintain 25 per cent. reserve will have to force li- quidatfon from some quarter.
 Prices of stocks are not dreadfully high, especially when earnings and in- creased dividends are considered. Out of twenty-five active stocks, fourteen are lower than they were twelve months ago. Of the others that are higher ten have paid increased divi- dends. St. Paul, Great Northern, New York Central and Delaware and Hud- son are lower in spite of good -sied rights that they have offered sharehol- ders. Amalgamated Copper is 22 points higher, which hardly reflects an increase in dividends from 4 1-2 to 8 per cent. Atchison, at SS 1-2, paid 4 and at 1O1 it pays per cent. Balti- more and Ohio stood at 112 1-2, With 1-2 per cent, returned in 1905, and is now ll9, with s per cent, promised for this year.
 Southern Pacilc is 21 points higher as per cent. stock than It was when It paid nothing, and Union Pacific is not high if 1t is to continue paying 10 per cent.
 The stock market is uneasy over the New York election as well as over the money question. This caused a cessa- ton of buying for investment and the bears are busy looking for weak places Some of the Wall street opinions are as follows:
 Henry Clews, of Henry Clews X Co.,: "The rates of foreign and domestic ex- change are against New York and the carrying rate for American stocks in London is per cent, which are not fa- vorable factors in cur stock market Neither are the threatened strikes on the New York Central, Rock Island and St. Paul. which, if they material ie, are likely to affect other roads. This shows the unrest among railroad en- ployes, as they feel they are not get ting their share of the big profits of the railroads, as indicated by the largely increased dividends.
 About all the increased dividends have now been declared and the mar ket has fairly discounted them. With the result of the elections for congress as well as for governor of this state in doubt, and the adverse factors already noted, l still continue to advise against getting largely into debt by overbuy- ing stocks"
 R. c, Lawrence, of Clark, Grannis & Lawrence: We are to have an irregu-
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