The daily morning journal and courier., 1906-08-13
STOCK MARKET FEATURES
STRONG SUPPORT EVIDENT AND GOOD TRADING MARKET.

Bulls Not Strenuous but Persistent--
 Money Market to be Guarded and
 Stocks Held Strong--Such Is the
 Bulls PrOgramme-GGssip of the Day
 The stock market Saturday on getting the news of poor bank statement re- sumed its upward tendency indicating plainly that strong interests went to keep the bull spirit alive and kicking.
 Crop conditions are ideal railroad earnings grand and to continue so with such big crops and lively export de- mand for them, and the iron and steel trade is booming. Such are all good bull arguments. On the other hand the bears urge that present prices have about discounted everything good in sight. The bulls, however, promise more new bull ammunition in coming increases of dividends. The bears talk on the other hand about tight money now and tighter money by and by when the big crops have to be moved
 Call loans have risen to per cent. and five months money is up to 5 3-4 per cent. Sterling exchange, however, breaks sharply and drops to the gold importing point.
 Some of the Wall street opinions are as follows:
 Frederick T. Chandler, of Chandler Bros. & Co.,: "Our present feeling is that unless some important deals are to be soon exploited, such as the New York Central or Southwestern, or the United StateS Steel-Great Northern deal, it is wise to take advantage of all sharp rallies to take stocks. The polit- s teal as well as the money conditions will act as brake on bullish enthu- siasm,, and will continue to make the public coy and hard to please
 Charles E. Ball, of Ball X Whicher: ''We are led to believe that the market at present hinges upon the promise of a dividend declaration on Southern Pa cifc, and this means an increase in the Union Pacific dividend. For the imme- diate future we look for somewhat higher prices, but for long pull we ad- wise extreme caution"
 R. E. Lawrence, of Clark, Grannis & Lawrence: Union Pacific is earning about as much as Illinois Central and St. Paul, and as per cent stocks they ought to sell et about the same price"
 Dick Brothers & Co.,; "The govern ment crop report seems to us to present a very important bullish point on the market, and we doubt that it has been discounted or even appreciated There now seems to be great possibility of gold importations if our money rates advance even slightly. We see very lit- tie to argue against the purchase of stocks at this level"
 w. J. Wollman, of J. s. Bache & Co.,: Ut seems hard even to dispose of gilt edge bonds at any satisfactory figure. Bearish arguments are in plenty, but |, against this may be put the crops and i, ,sblendid business conditions Tempora- rlly if prices sell off, we believe money twill be found on the long side rather ,fthan on the short side for the long tpull."
 I Henry Clews: ''For the future good ~ trading market is promised. Outside conditions are splendid in every respect, and large railroad traffic stimulates ex- pectations of better dividends to stock holders. Basic conditions, therefore, are sound. But these have all been well discounted. Prices are high; they have just had a recovery of ten points and over Manipulation is very apparent and operations in some quarters plain ly suggest inside realizing under cover. Meanwhile there is little outside buy ing and the investment demand is slack because investors find many attractive opportunities outside of the stock mark ct. On the other hand the big capital ists are nursing the market, and in the absence of unfavorable developments good stocks are likely to be purchased on the decided breaks or a sale upon pronounced rallies. Another adverse feature Is the advance in call money rates resulting from western crop de- mands, which are always felt at this center, In spite of contrary theories"
 J. S. Bach & Co.,: "Bearish arguments are in plenty, but against this we put the crops and splendid business condi- ttons. Temporarily, if prices sell off, We believe money will be found on the long side rather than on the short side for 4h1