The daily morning journal and courier., 1906-03-05
STOCK MARKET FEATURES
PESSTMISTIC TALK AND SPLEEN DID BUSINESS CONDITIONS.

No Sign of Abating Prosperity-The
 Money Question Seems to be Where
 the Shoe Pinches-Some Wall Street
 Views.
 The nations prosperity is great and shows no signs of abating. Railroad earnings are tremendous and the fac tory wheels are busy to the utmost. Wall street is, however, uneasy be- cause of the great demand for money in all parts of the country for business purposes. Secretary Shaw's $1O,OOO0OO contribution of treasury funds is reas- suring, especially as it shows his desire to help out should any real pressing emergency arise. But Wall street is making up it's mind that it will have to go slow for awhile, for in addition to absorbing more capital than ever before we have borrowed of foreign bankers in the past four months an amount that is now said to be nearly $150,000,0 000. For these reasons it seems inevitable that, in certain directions, there will have to be liquidation if the situation is to per- manently improve. Exchange has been working toward the gold importing point this week, but the inflow of few millions of foreign money would only benefit sentiment-not help the actual position of the money market in the matters of supply and demand. The liquidation in stocks the past few weeks has helped a little
 J. s. Bache & Go. say in summing up their weekly financial review: For the next few days the presumption is in favor of a rally on technical posi- tion as the market has been somewhat oversold."
 Henry Clews in his letter says: "The speculative situation fails to show any improvement. There has been a no- tieeable dwindIing of numbers in the bull ranks, and waning courage on the part of those who have been con- spicuous on that side of the market The impression that the top wave in the securities market has been reached, for some time to come at least, is stead fly growing, and from day to day it be- comes increasingly evident that the technical situation has been materially weakened by liquidation quietly effect ed when the market was at it's best in December and January. As prices de- cline there is singular absence of in- side support, even from the prominent leaders or insiders who are popularly supposed to be on the bull side of the market As a matter of fact, many of these gentlemen are convinced that the market must seek a lewer level before any substantial inducements can be found for reinvestment or for the con- ducting of fresh bull campaign. At the moment the market is suffering somewhat from absenteeism.
 T. A. Mcintyre & Co.,: Tt is still simply a traders market. We think the rallies will be slight and temporary, and prices are likely to work gradually lower after such rallies.
 John J. O'Keeffe, of H. L. Horton & Co.,: Think market entitled to a good rally
 Dick Brothers St Co.,; 'The selling side has recently been overdone and liquidation is nearly over"
 Carpenter, Baggott & Co.,: "The rail- road stocks now average lower than they did a year ago, and in view of the great improvement in their earnings we incline to the belief that the market has about touched bottom and is nearing a turning point for the better"