The daily morning journal and courier., 1906-02-05

AalA OI bIK OOaA StEAhO anu o AoOA
 Bank Statement Utilized--SOme of
 the Opinions of Wall Street Observers
 --U. S. StecI's Splendid Showing and
 PrOspects--Big Increase for the Rail-
 roads in Cross and Net.
 The bears got in some work in Sat urday's market, and not only checked the rise in stocks but Topped off prices at lively rate. The bears ammuni- tion was the talk of big coal strike, and this was reinforced by poor bank statement.
 Of course basic conditions are still fine. The U. s. Steels certainly make a big showing of earnings, with more to follow, and the railraods are overrun with business also, and the open winter has been conducive of increased earn dngs by the Steels and the railroads. But there are other things that crop up and although it is a little early yet, one fears that the opan winter has not been healthy for winter wheat. Ger tainly winter wheat will suffer if no blanket of snow comes soon to protect 1t.
 The earnings of the railroads report ed for the half year ending December 31 last show great increases. With Achison this increase equals 2 per cent. on the common stock; it amounts to l per cent on Baltimore and Ohio conn., Chase lyn and Ohio about 1 per cent. on Denver and Rio Grande, 3 per cent. on Can- adian Pacific common, and about Is per cent each on Erie and Southern Railway common shares. This is clear gain over the earnings of 1904, and there has been no corresponding in- erase in fixed charges. The surplus ap- plicable to dividends, therefore, should be steadily growing as gross and net earnings expand The winter has been such an open one that the usual traf- fle problems of the season have been absent, and construction and improve ment work that is tied up at this time of the year have been carried forward. The small snowfall assumes only mod crate floods in the spring and conse- quently a great saving to the south western lines
 The opinions of Wall street houses continue in the main Foullish.
 MT. Malcom, of Malcom & Coombe, says:
 For the Hong pull we believe that the prices of stocks must continue to advance. At the same time, for the reasons stated we would urge concerv- atism in the matter of purchases Tn other words, we would not encourage buying at the top" on an advance. We believe that the market for the next few weeks will afford excellent opportunities for trading, and that pur- chases on good reactions and sales on substantial rallies will show excellent profits
 H. G. ToIbey, of Tobey & Kirk: The average investor is scrutinizlng more carefully, looking for security in case of any speculative collapse which seems to be rather half-anticipated owing to the violent advances made in many speculative stock exchange securities within the last few months. Invest ment moneys are plentiful, but are now anticipating securing investments at lower range of prices.
 Andrew V. Stout, of Dominick & Dominick; Tn the immediate future the market seems to be due to go higher but we believe buyers should show great caution on account of the ex- tremely high price level.
 Jules s. Bache, of J. s. Bache & Co. thinks there is something in the talk of copper dealsand also says While traders should be very careful not to over trade, and while the value of many of our stocks fully discounts the inn proved conditions as far as they have gone, it Is probable that the money for the immediate future is still on the bull side of values, barring accidents,