The daily morning journal and courier., 1907-01-28
STOCK MARKET FEATURES
RULLISH FEELING IS MOSTLY 4
 TIRED FEELING.

Big Call for More Money by Railroads Damper---OpiniOns in Wall Street Differ but Bearishness PrevaiIs--sOme of the Wall Street Opinions.
 The stock market is in the dumps, and depression reigns despite the vast prosperity of the country.
 Liquidation started in again Friday, and more came on Saturday.
 Stocks have not rallied well. To re- establish confidence there should have been more than a point and a half re- coyery after an eight-point decline. It is very doubtful if domestic bor- rowers are paying off foreign loans. There are even signs of desire to in- crease them. But Europe is not anX- ious to lend. Neither is she inclined to buy our securities. Rather there is tendency to sell stocks. The west ward flow of bonds is never of conse- quence. It is the belief of the best judges of the situation here and abroad that we shall have to finance our own operations this year.
 The big prices the railroads have to pay for new rolling stock and track age raises the query, How long will such big prices rule?
 Having reached perhaps the top of our prosperity, it is reasonable to sup pose that the slide downward, if it is at hand, will be slow.
 The new low level of prices for stocks begins to look inviting for in- Vestors.
 It is possibleto purchase stocks of the strongest New York banks on a basis of to 1-2 per cent, with actual book values shown 50 per cent. higher than market quotations. In this class of securities ination has been absent for months.
 But stocks, the experts say, are in strong mems hands, who are not ready to part with them, and certainly do mot want bad slump.
 But these same strong parties can sell now at the reduced prices and still make big money, as they bought when prices ruled much lower than now.
 The real aid to the market will come when the investors take hold and buy stocks.
 Probably before the slumping process is over stocks will rule at prices that will attract the hardened bargain hunters.
 Some Wall street opinions are as fol- lows;
 A. O. Brown of A. o. Brown X Co.,: "Traders seem disposed to club the market every time it raises it's head.
 w. F. Newell of Watson & Co.,: Un- til the poorly managed accounts are cleaned up, it is not to be expected that the market can be other than profes- sional, with a decidedtendeny to con- traction in volume of business.
 Henry G. Smith of Clement & Smith: ''The present is wasting market. Sentiment is undoubtedly bearish, but, taking into consideration the large earnings of leading companies, both railroad and industrial, any further considerable decline in prices would hardly seem warranted.
 Carpenter, Baggot & Co.,: The se- curity market presents many elements necessary for a rally. The argument that stocks are too high surely cannot now apply to investments such as Pennsylvania, Union Pacific, Southern Pacific, Missouri Pacific, Northern Pa eific. Southern Railway preferred American Sugar Refining, United States Steel preferred. and many other standard securities returning in divi- dens 5 to per cent. on the invest ment, while semi-standard stocks like Amalgamated pay per cent. or over.
 Ball & Whicher: On the whole we are bearish at the moment from trad ing standpoint, and would only make commit tments pn the long side on fur ther concessions in prices.
 Dick Bros. & Co. The markets im- mediate future will depend upon whether or not there is to be a re- newal of general liquidation rather than upon news developments. AL though the recent declines have inn proved the markets technical condi- tion, it is not strong enough yet to stand up under the pressure of real selling,
 Walkers copper letter in Saturdays Boston Commercial says: "The lead ing authorities in the copper trade freely express the belief that the aver age price of copper this year will be close to twenty-five cents.
 Grannis and Lawrence: A study of the statistics shows that in prices of many stocks are now below their ae- tual values considering that we are now in a call and time money market ranUino from three to five per cent.