The daily morning journal and courier., 1906-06-18
STOCK MARKET. FEATURES
MARKED WEAKNESS ALL ALONG
 THE LINES.

Pools Discouraged at Public Apathy Business Conditions Fine, Crop Out look Not at All Bad -- Various Theories.
 The weakness of Saturdays stock market was disappointing to the pools which have been boosting stocks and some of them have lost money.
 Business conditions are excellent, the steel and iron business is booming, United States Steel has $1Ooo0o,ooo sur- plus and so forth and so on.
 But all the same there is discourag- ing apathy on the part of the public and time money Is dear and likely to continue so.
 Affairs in Russia are worrying the foreign bankers and the holders of the Russian loans.
 Crop prospects are fairly good and there is nothing yet to indicate any thing alarming on this score.
 Yet the market sells off easily.
 The investigation business is haxing a bad effect on Wall street operations for the rise.
 Then there is a vast demand for money, both in business and in the tre- nendous real esate boonis east and west.
 To an extent the great activity in real estate is facilitated by the life insur- ance companies, whose enormous in' comes are being turned from the old fields of securities investments to real estate mortgages.
 The situation in the bond market is just as. bad as 1t was three years ago in industrial and railroad stocks. An estimate has been made this week that fully $250,O00O0O of unsold bonds are in the hands of syndicates. JAS for the average investor he will not buy bonds so long as he can get per cent. for his money or can put his available cap ital in real estate, which he believes will appreciate 10 per cent. in value within a year, Unless Europe Is willing to take the new offerings of securities which are impending the corporations will have to postpone borrowings to some future time. This would be to arrest the natural development of the country.
 Some Wall street opinions ar as fol- lows:
 Maynard C. Eyre of Prince & White ly: "The market for the past three days has been chiefly noticeable for lack of the manipuIative support so ap- parent for several weeks past, and proves pretty conclusively that neither the public nor the large moneyed inter- ests were responsible for the late strength displayed. Everybody seems to have stocks for sale on strong places. The uncertainty as to the money outlook for the next six months and the congression elections this fall in which the slogan is almost sure to be the trusts and tariff revision, are not likely to encourage en1barking in new enterprises, and we think 1t is a time for conservatism to say the lease
 l.. E. Blackwell of White & Black well: 'I look for a dull narrow market with a downward tendency until some thing definite is known about crops Everyone is preparing for active money in the fall.
 A. o. Brown, of A. o. Brown & Co.,: ''The market has been almost wholly professional since the continuation of the break following the earthquake With sound underlying conditions and the great bulk of securities in the strongest hands. the prospect seems ex cellent for an active bull market little later on.p
 J. s. Bache & Go: "0f course, crops and money are the foundation of things 1narketwise It is well to be discrimin- ating in judgment as to absolute faith ln crop scares, but the facts from week to week will tell the story and although temporarily the market may have Its ups and down. the real future of the summer market depends on the crops The investor for long pull should be prepared for scares: the long-and-shori trader must take advantage of'them Neither need fear a dropping out of the foundation, which is, materially in oaaaci,,e, vz-aaitb in all SireptiOnS