The daily morning journal and courier., 1906-12-24
STOCK MARKET FEATURES
OUTLOOK FOR UP TURN CON-
 SIDERED,

Varying views on the Subject-The Immense Business Prosperity and the Immense Demand for Money - Is Further Liquidation in Stocks the Only Remedy
 AS to the outlook for the stock mar ket opinions, of course, differ, but the general consensus of opinion is that this week will be week of uncertainty, owing to the money situation.
 Some experts hold to the view that after the New Year prices of stocks will be pushed up considerably. Others hold that the outlook is for tight money flor months, and that the only remedy is more liquidation in the stock mar ket.
 It Is certain that liquidation in the stock market would be the easiest way to get relief.
 Money is in grate demand all over the country for business purposes,-real es- tate speculation and by the railroads and other great corporations,
 The railroads alone want $500, 100000 new money for extensions, new rolling stock, etc, etc.
 Business conditions throughout the country are splendid,
 More liquidation is needed to get val ues, not so much those of stocks as of commodities, real estate, etc, on 8 proper basis. The imitation throughout the country is so great that fresh cap- ital supplies are nearly exhausted; pros- perity is, close to it's apex, and gener- ally the strain needs some easement. The smallest part of the imitation is in there have a free market and are sale able at price five hours in the day, Without liquidation of some kind there can be no very great betterment in currency conditions in the early part of January and should money rates con- tinue firm business, as a whole, must soon begin to reflect the strain.
 The situation is not peculiar to the United States. It obtains in every country where there is industrial ener- gy and good credit The ' per cent. Bank of Germany rate, established last week, reflects the same conditions ex- pressed in our high rates for call and time money.
 Some of the Wall street opinions are as follows:
 Carpenter Boggot & Co.,: Conditions excepting money, were never better as a basis for a big distributive market, and when the solution of the money problem Is in sight it would be well to have on hand good securities bought on the December dips.
 Stocks cannot justly be considered high.
 Marshall, Spader & Co. Hard money rates continue, and restrict speculative support to the market, and 1t is even yet matter of doubt as to whether, with fairly comfortable conditions in this respect promised with the turn of the year, if real speculative interest would resume,
 Clark, Grannis & Lawrence: For the next fortnight we shall probably con tinue to have good trading market, with plenty of irregular movements, and with general trend according to the money market The movement this week depends almost wholly on Secre- tary Shaw
 Miller Co.,, There is a great deal of confidence on the part of professional traders but there is also quite large distribution of stocks,
 Watson 6 Co.,: It seems needless to call attention to the almost daily de- velopments which occur of favorable importance to present and especially to the future stability of values, so cen- tered is consideration on topics relating to money
 Dick Bros. & Co.:We think the mar ket will continue irregular until after the holidays and until the money mar ket quiets down. Fears of a money squeeze around January 1 will naturally block bullish operations for the time being. On the other hand, we sec no reason to fear renewed liquidation un- less the money situation becomes real serious again.
 Henry Clews says: Events of the week abundantly proved the correct ness of the persistent intimations in these advices that liquidation was the only cure for the present abnormal con- dition of the money market.
 The curative process which has been going on-though unwelcome to many is the only thorough and effective one. Liquidation is the only means of right ing the money market Neither more currency nor currency reform at this time would bring the relief equal to that produced by liquidation.