The daily morning journal and courier., 1906-08-20

Continued from Seventh Page.) wealth and prosperity of the country add as follows.
 Tt Is not likely that the strong in- terests which undoubtedly hold the bulk of securities have entered into bull campaign without considering the in- evitaIble drain on the money market which always comes at this season. They have the stocks and they control the money. A novice knows that both cannot make material and sustained advances simultaneously.
 "A chosen few stocks have already been advanced; others will follow. Carefully selected securities well forti- fled against the natural swings in q bull movement can hardly fail to find profitable results. We understand that Amalgamated Copper will be one of the most profitable purchases"
 Marshall, spader & Co.,: The import ance of the action of the Union Pacific directors can hardly be overestimated in this connection as it is quite mani- fest that other great corporations like Pennsylvania and New York Central much needs have under consideration such action in order to sustain their issues at present levels of value It is quite logical to expect the same policy adopted in connection with the coalers among which Reading and Erie should be mentioned, while an increase in div idend on the Copper shares has already been made the subject of circumstantial l discussion.
 Charles Head & Co., We believe that the big men are doing their utmost to make a bull market. With general con- ditions satisfactory, the prospects favor higher prices and we advise purchases on all reactions,
 Henry Clews & Co.,; The outlook is one that calls for prudent operations, and purchases should be attempted hereafter only on the pronounced breaks which may come when least ex- pected, especially after the largely in- creased dividend influence of the Union Pacific and Southern Pacific has spent it's force. The announcements of $100,- I0OO,0OO new stock by Chicago and North western, and $25,0OO000 by St. Paul are not good arguments for higher prices.
 Edward Sweet & Co.,: Higher rates for money are looked for this week, but this likelihood seems to be without effect upon the speculative fever. We are inclined to look for increased &C., tivity in the lower priced shares of both railroad and industrial corpora tions.
 Watson & Co.,: For years past the thousands of owners of OUT large rail- roads and industrial companies have by great patience, expressed unusua, confidence in the presidents and direc. tors in charge of their affairs, who deemed it a wise policy to expend vas earnings in permanent betterments ant to improve strategic positions, rather than pay dividends in order to create fictitious market quotations. In other words the plan has been to let tht properties make the market, ratheI than The market make the properties.
 A, 0. Brown X Co.,: While profit talk ing will occasion some irregularity, in- dications point to much higher prices.
 Clark, Grannis & Lawrence; Undei ordinary circumstances g severe reac tion from such a violent rise could b' confidently predicted, But the condi. tions are not ordinary.
 T. IA. Mcintyre & Co.,: As the none. situation is extremely uncertain nor, discrimination and greater caution thai ever should be observed by those wh are inclined to buy stocks in following the present boom in the market.
 J. c. O'Keefe of H. L. Horton & Go The street accepts the new dividen' rates as permanent. BuI. leaders com prise nearly all the prominent tinancia interests who may do similar stunts 1 in the matter of dividends to facilitat unloading at higher prices.