The daily morning journal and courier., 1907-03-04

this year, and especially so provided the crops turn out all right; and they look for a good rise in prices when the sap is climbing the tree trunks and branch es
 There are others who say that stocks have fallen because their dividend yield was too low compared with the inter est paid on the notes floated by the railroad companies and that prices of stocks must go lower yet for the req son that from now on the net earnings of the roads will be less because of the high cost of materials and labor.
 Prices have fallen fifteen points since January, and a shrinkage in values mounting up in the hundreds of mill Hons, has taken place. The selling comes mainly from well-to-do people who are now accepting quotations the lowest since May and many under those that have ruled in several years This means, of course, that securities are being offered at a loss The second class of sellers includes the so-called ''insiders' who are still able to hquidate at a profit, though very much small CT one than they might have had a few months ago. Compared with fairly re- cent prices stocks look cheap. On this basis there is a very good volume of investment money flowing into the market. But a different standard of values for the reason above stated has been established since the first of the year which has to be taken into ac- count by both the investor and spec ulator.
 The curtailment by the railroads of outlaws for improvements will mean a, setback for business in these lines It means that there will be a large can cellation of orders for all kinds of building materials and that thousands of unemployed will be thrown back up on the labor market The initiative of the railroads is most always followed by the manufacturer, the merchant and the aSriculturist
 Some of the opinions of Wall street brokers are:
 R. M. stuart-Wortley of Edward Sweet & Co., "As to the outlook, it is difficult to make predictions for the reason that the market is almost who'll ly in the hands of the traders"
 Robert Cutting Lawrence, of Grannis & Lawrence "The chief reason tc doubt a continuous upward movement at present is the lack of public inter- est and the habit of professionals and sone large operators of changing their market positions every day or two. But the real values of many stocks as shown by their earnings are so fal above their present prices that we eX- pect for them at least more than a small rally"
 James B. Clews of Henry Clews & Co: "Until the large moneyed inter- ests come into the market again there can be no substantial improvement, and it is safe. to say that no help can be expected from that quarter while the various state legislatures are passing antagonstic railroad measures, such as compelling the carrying of passengers for two cents q mile"
 Prince & Whitely say: The situation offers little for the announcement of confident buying particularly as the in crease of capitalization in various forms and various corporations is an almost daily occurrence. So far the money market has not been particular Iv affected by the demands put upon capital, but it is hardening from day to day"
 R Williston & Co.,: "Now that the market has had a big drop it is safe +o buv although bears will fight the advances. Southern Railway is as good or better than anything at the price, because it has had clean-out."
 T Bache & Co., "The passage of the Aldrich bill is step in the right direction. It is the part of conserVat- fem tn buy securities on scale down now. after such a big drop Spring is at hand. Congress adjourns to-day; better weather will help the business of the railroads and even though the rail roads curtail expenses we believe the drop in prices more than discounts any decreased earnings either of railroads or commercial enterprises due to this recession of activity in trade.
 Corey. Milliken & Co.,, of Boston says: Capital is notoriously timid, and