The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-09-10
STOCK MARKET FEATURES
TIGHT MONEY BUT BIG LOT Oh
GOLD COMING.

New York Bank Reserves Wiped Ont
but News Caused Little Alarm--Bulls
to Work Hard to Put Up Prices
Some Wall street Opinions.
Saturdays bad New York bank state
ment did not upset the bulls, for after
it came out up went prices.
The bull leaders had their eye on the
big imports of gold expected this and
next week
About $15,oOo,OOO in gold is expected
to be available for the New York mar
ket to-day.
Some Wall street opinions as to the
outlook are as follows:
F. E. Ballard, of Ballard & De Cor
dova: THE stock market, think is all
right. The action of the secretary of
the treasury is bound to relieve our
strained money condition, at least for
the present. In my opinion it would be
very unwise to start big bull cam
paign at this time, although 1 look for
higher prices in the not distant flu
ture."
Dick Brothers & Co.: Money market
relief is in sight and assured but I'M
til the treasury plan is put into opera
fiOn w
increase in the supply of funds. 1t is
quite natural therefore, that the re-
sumption Of bullish operations in stocks
should be delayed until the relief is &C
tually tangible. We look for greater
activity and higher prices during the
next week."
Richard H. Swartwout, of Swartwout
& Appenzellar: Il look for money to
hold very firm until January !, with
need at later fall period for help from
the treasury department. With call
loans having touched 40 per cent. dur
ing the past week, some heed should be
given to the views on the money situa-
ton as expressed by Jacob H. Schiff
some months ago"
Carpenter, Baggot G. Co, say: Fun
damental conditions remain unchanged
and show no backward STEP nor even
hesitation. The market would just now
be easy to guess if the money question
could be eliminated. 1t wants to go up,
it has the bullish conditions back of 1t,
and it has the powerful interests in IA
vor of it, but the demands for money,
no matter which way you turn, are
great, and the stringency is no idle Wis
ion, but reality that Is at hand"
w. F. Newell, of Watson & Co.. 1.-THE
prices Of established securities, and of
others of even less merit, will move to
a much higher level unless something
Of generally adverse bearing not now
disoernible presents itself"
Clark, Grannis & Lawrence: 1.-THE
really serious feature of the situation
this week was not the advance of the
call money rate to 40 per cent. Wednes-
day afternoon; it was the advance of
the time money rate to the equivalent
of s per cent.
Barring any unforeseen event, stocks
should have an upward trend, and as
soon as the money market is more nor
NAL we are Of the opinion that the low
er priced shares will have their turn for
the better"
A, F. Beales, Of H. K. Burras & Co..
1--WE feel like buying good stocks on all
reactions"
Henry Clews: THE meaning of such
boldness in forcing a bull movement in
spite of high money rates is that the
big leaders are extremely anxious to
lessen their holdings and to distribute
them while the public is tempted by
prospects Of increased returns. The
reason they cannot wait until crop de-
mands are satisfied, which may be only
few months distant, is that they fear
to lose their markets Present high
prices alone are ample inducements for
selling by many who have held stocks
since the low level of several years ago.
One thing at least is certain; that is,
that the big holders are gradually SELL
ing and that stocks are steadily pass
ing from strong into weaker hands.
1.-THE future of the market is increas-
ingly uncertain. 1t is useless to deny
that the general situation is very IA
vorable. 1t must also be remembered
that the market is manipulated by OPP
orators Of great skill and unprecedent-
ed power. The weak element in the
situation is that they are quietly dis
tributing stocks, and that monetary
conditions are increasingly adverse.
The uncertainty as to their success and
as to how long they will stay on the
bull side renders it advisable to take
profits on all good advances. Reactions