The daily morning journal and courier., 1906-12-17
STOCK MARKET FEATURES
BIG MEN STILL HOLD THE BIC
 STOCKS.

Nursing the Money Market Against n
 squeeze-The Big Men and the Big
 Stocks-smuI Fry Anxious-Tight
 MOney-some Wall Street Opinion. The stock market worked Safely through another week. last week with out a serious break. Saturdays better bank statement was q little reviving. but ''plunging" this week will not be permitted, judging from the outlook and appearances.
 The big men rest easily under the burdens of good stocks, as they have borrowed their money on long time loans at quite moderate figures.
 It is the small fry who are on the anxious seat, and would-be new bor- rowers are shy of making commit ments.
 Then again much money is wanted by the railroads. About $30O,OOO,OOO of new | railroad capital, and at least $50,000, 900 more of capital by industrial concerns, is to-day being solicited It is appar- ent that only the wealthiest corpora tions can negotiate successfully for new funds.
 Railroads have been putting back a vast amount of money Into tracks, cars and terminals that might legitimately have been capitalized This is the basis of the enormous equities that have been accommodating for the shareholder in the past five years But at the pres ent great cost of rails and cars will the railroads feel like putting in big or ders for equipment? The net earnings, too, are cut into by the increased wages now paid
 Last weeks dealings showed plainly that only the rich speculators were working in the high-prlced shares.
 Money rates, as 1t looks now, will be dear we'll into next year
 Whether or not this money strain Is something only temporary and will dis appear, as it has always been the case in the past seasons, after the first of the year, is the paramount question in tho stock market,
 One view, not unreasonable, is that the great ma jorty of our dividend paying stocks are selling where they yield per cent, or even more, to the holder, Prices, therefore. are low rath- CT than high, unless rates of money in- terest are going to permanently rule on a Higher level. A good deal depends, so far as the answer to this Is concerned, on the fate of currency reform at the present session of congress"
 A few Wall street opinions are as follows: Carpenter, Baggott & Co. say the difficulties of the next three weeks may present the opportunities to ac- cuinulate stocks. It also seems quite probable that the month of January will afford the opportunity to dispose of securities so bought at above present levels"
 Marshall, spader & O.. The best stocks are strongly held, and are not likely to be dlslodged freely except upon the development of still more acute conditions in the money market.
 Clark, Grannis & Lawrence: The monetary condition ought to be dis tinctly better next week. since most of the benefit of Secretary shaw's relief action will accure then. It would he a safe conservative action for the holders of St. Paul to sell now, and put their profits into an inactive stock, like Pan handle (P. C., c. & S. L), which is l earning at about the same rate and sell l ing for less than half as much, or mod erately active stocks like N. & w. and Southern Pacific, which are also earn ing at about the same rate, and selling for less than half as much"
 An elastic currency is highly desira- ble, but not a cure for present condi- tions, in MT. Clews opinion There is 10 reason for lack of confidence in the general situation, though stock market operations should be governed by ex- cepton9l caution until the money mar 1et rights itself. If that Is not soon accomplished signals of caution will be followed by signals of distress. Con- siderable declines have already taken place, and in the absence of unfavor- lble developments temporary rallies must be expected.