The daily morning journal and courier., 1906-12-10
STOCK MARKET FEATURES
PROSPECTS, OF 4 DUEL, IN-
 INTERESTING TIMF.
Until the Money Question is Settled One Way or the Other-some opin- ions on the Case.

One Way or the Other-Some Opiu
 ions on the Case.
 The stock market promises to be
 tame affair for some time yet, or unti
 call money and time money becom
 easier or a collapse occurs.
 Probably Secretary Shaw will attent
 to the case when it becomes decidedly
 acute
 Money rates were, of course, the dom
 mating feature last week, and will bt
 probably until Jarpary l.
 All the while the local banks continue
 to lose cash to the interior, and the treasury goes on locking up it's surplus
 An enormous mercantile demand for
 credlt eXpands loans much faster than the slight reaction in prices of securi- tles and real estate contracts them,
 Ot course MT. Schiffs remarks were Keen and cut deep. A money market which demands 36 per cent. for loans in the morning and offers its surplus at per cent. in the afternoon is simply the expression of manipulation as gross as that in any of the pooled stocks on the exchange.
 How much longer the country can en- dure the strain of high interest rates is the question of the hour.
 The trouble is aggravated because everywhere the strain on credit Is about as great as it is here, and other coun. tries are not as free to lend their s1Ir- plus here.
 Then, again, big corporations are reaching out for more money for need ed extensions and improvements.
 some of the Wall street opinions are as follows:
 Henry Clews, of Henry Clews & Co.,: The stock market is held up in the face of a 36 per cent. money rate on the faith, hope and expectation that Secre- tary Shaw will be again forced to come to the rescue by transferring a large sum of money from the United States treasury to the banks. Wall street has been living on this expectation for sev- eral months past, prices of stocks hav- ing been held up largely by manipula- tion.
 With almost a deadlock in the mon- ey market, as at present, conservatism should be exercised in getting into debt, especially as, there is no immediate out look for remunerative profits to justify the risk"
 Atmore L. Baggot, of Carpenter, Bag got & Co.,: January disbursements win probably be the largest in our history. The whole situation recommends the purchase of stocks on fair recessions. as it is more than likely that we shall have an active, broad, upward movement be- fore the winter is over, a market in which fair distribution of securities is possible, Such market the strong in terests who now hold the stocks must have"
 Melville D. Chapman, of E. R. Chap man & Co.,: Had there existed in the financial markets, and more especially in those of this city, any weak, unpro- tected or dangerous points, the devel- opments of this week would certainly have brought them to light"
 R. M Stuart-Wortley, of Edward Sweet & Co.,: AS to the future of the market, 1t is futile to make any predic- tions in view of the inexplicable and al- | most unprecedented fluctuations in rates for money"
 l.. L. Chinn, of Ball & Whicher: | However, until money does become sufficiently easy to conduct bullish op- erations, I only advise the purchase of good stocks conservatively, on the drives, as it is better to be safe than to be sorry"
 Corey, Milliken & Co.,, of Boston, say of New York Central, of which there are many holders in New Haven, some of whom have held it for twenty-five years: october 20 we advised the pur- chase of New York Central, then sell ing at 129 3-4, in anticipation of an in- crease in the dividend rate from to 6 per cent. per annum. The stock has since sold at 136 1-4. The buying of this stock continues of the very best char acter, and it is the highest market opin- ion that on the present movement New York Central will sell at $150 a share, at which price it will net per cent. on the investment, which is fair return on a standard railroad stock. The high est price the stock has hold this year is 156 IA in January The improvement in New York Central, both in physical and earning power, is not generally appreciated, AS result of improvements to it's prop erty in the past two years the road has been brought to condition better than at any time in it's history, and these Improvements are beginning to mani fest themselves in increased earnings. For the present calendar year the road Twill show. a surplus for dividends of about $ll,O0O,000, or 73 per cent. on the $l49,442,500 stock on which dividends will be paid this year. The policy of the New York. Central management in bringing about an increase in the divi- dends of Lake Shore and Michigan Central, it's subsidiary roads, will in it. self give additional dividend receipts which will be more than sufficient to pay the l per cent. increased dividend on New York Central stock. From every point of view We believe that New York Central warrants a selling price 10 points above it's precent level" Doctor want to thank you for