The daily morning journal and courier., 1906-02-26
STOCK MARKET FEATURES
BULLS TALK BULLISH BUT
 BEARS NOT HOPELESS.

A Trading Market With an Improving
 Tendency-U. P's Strength-The Big
 Bond and Stock Issues--views Pro
 and Con.
 The bulls on stocks are talking of higher prices, while the bears claim they have some grounds for looking for lower prices.
 Business conditions are splendid and money is on big demand for business purposes, but money will be in big de- mand also to float the $600000,O0O new bond and stock issues that are now of fered. However, one-third of the bond issues are for refunding purposes and a part of the issues will be marketed abroad thus helping our money market,
 A market on high-price level which refuses to advance any further in spite of widespread tipping and general at mosphere of enthusiasm, is ordinarily a market where stocks are being distrib- uted and which is about to go down Conversely, a market after a large de- cline, in which everybody is thinking about selling and nobody cares to buy, is quite often one that is ready to turn for the better.
 Railroad earnings are magnificent and the steel companies are laden with business All this means prosperity but again it's is to be recalled that prices already high and the winter outlook is by no means determined.
 Then there is the turmoil among the coal miners and the possibility of coal strike.
 It is thought that a soft coal strike would fizzle out owing to loose organ ization of the labor organization in the soft coal region; and that hard coal strike would meet defeat owing to the big supplies of hard coal on hand
 The foreign trade balances is strik- ingly in our favor-another bull card.
 With all the pros and cons it looks as If there would be no excitement in the market for the present.
 Union Pacific continued to be the key note for the bulls, and will be as long as the talk of the undivided surplus can be utilized.
 A few Wall street opinions follow
 Carpenter Baggot & Co; A serious decline from present prices does not seem likely in the face of the funda- mental influences at the basis of the market.
 Marshall Spader & Co.,: The close of the week finds the market in much improved technical condition. Tn the main, we expect a good demand for money which at times may become &C., tive during the early spring. J.S. Bach & Co.,: In consequence of the various influences over the market we will probably have an irregular market in the immediate future with higher prices later on, should none of the un- favorable developments culminate in hostilities whether between France and Germany or the coal operators and their employees.
 Henry Clews: For the present we continue to advise caution in making investments. The country has been de- veloping too fast, and too much money is locked up in various enterprises, in- terrupting the natural flow to and fro of money. It is time to call a halt in order to facilitate digestion of new se- curities and return of normal condi- tions. Stocks should be sold on all ral- lies and purchases made only on pro-t nounced breaks Technically the mark ct is weaker than for many months, and any stringency in money, such as Is likely to occur between now and the first of April, would certainly induce further liquidation and lower prices for securities.