The daily morning journal and courier., 1906-09-17
STOCK MARKET FEATURES
BULLS APPEAR TO HAVE FULL
 CONTROL.
Hut Are Not CrOwding Up Prices Owing to Tight MOney-Market Opinions.

to Tight MOney-Market Opinions. The bulls are still in full control of the stock market and are manipulating matters so as not to further increase the money tightness, and embarrass the money market.
 The improvement in securities the past week is readily explained by the $2O,OOO,O0O gained from government de- poslts allowed during the transit of gold from Europe. This does not rep resent all of the gold engaged. The total is nearer $90,000,O0O
 If we fail to draw more gold from Europe, and if money remains tight, and it undoubtedly will, there will be legitimate reason for the government officials desiring using their large treas ury balance to reduce the strain on the New York center.
 So long as there is this uncertainty regarding money rates a sustained and general advance in stocks is possible. The outlook is for a. trading market until the money situation is adjusted. The large interests are not going to
  At the same tirne they are against fos- tering speculation that would require any large amount of bank credits. When the whole average of prices for the past four weeks is considered, it must be admitted that there is very lit tie change. The whole difference is not over per cent.
 It is hardly conceivable that with the present measure of prosperity there can be any general liquidation of securi- ties. At the same time it is very ap- parent that the shifting of ownership of large blocks of railroad stocks is go- ing on with prices at the present high level,
 Some Wall street opinions are as fol- lows:
 Carpenter, Baggot & Co-The market would be in a healthier condition if prices could be held where they are or allowed to seek moderately lower lev el until the crop demands are over and relief is had from natural causes, and then a resumption of bullish activity could be based not only on the sound ground of general prosperity and abundant crops, but also on a proper financial and technical market condi- ton.
 Marshall, spader & Co.-On Friday the market resumed a strong tone, and the advance seemed to point signifi- cantly to the fulfllment of several plans in connection with the readjust- ment of railroad affiliations made nec- essary by the new law. In this con- nection also the separation of the bus iness of producing and mining coal from railroad properties was pointed to significantly by buying, and advances in the coalers and suggestions that this process would result in valuable rights to stockholders,
 Clark, Grannis & Lawrence.-"Good stocks should be purchased on moder- ate reactions and profits should be talk en on the rallies.
 John Muir & Co.--We continue to feel very conservative, and think the time mot ripe for wild speculation in stocks; in fact on sharp bulges prefer making sales, with the idea of taking reasona- ble profits.
 A. o. Brown & Co-The banking in- terests are evidently still back of the market and resolved upon raising prices to materially higher levels. Pur- chases on all recessions should prove highly profitable.
 John G. O'Keeffe, of H. L. Horton & Co.-The market is acting all right from a bullish standpoint. The enormous gain in cash, over $14,OOOOOO, by the banks insures a good bank statement which should give the market good send off for this week. Cuban trouble is not a factor
 Chandler Bros. &, Co.-We believ, purchases of Erie, Amalgamated Cop per, Shelters Reading, Ontario & Western and United States Steel vii profitable.
 Dick Bros. & Co.-The bull leaders are giving evidence every day that the, have their faverite stocks very well in and while reactions are to be expected the indications seem to us to point t continued improvement.
 Watson &5 Co.-With the exception O the single item of money, all influence strongly favor higher values for tn better class ofsecurities, and these in huences are of such a character the will undoubtedly forcibly assert them selves at the proper time.