The daily morning journal and courier., 1907-10-07
LATE FEATURES OF
 THE STOCK MARKET The Money Question Again to
 the Front. BANK RESERVES ARE LOW No Immediate Relief in Sight Outlook for Dullness.

No Immediate Relief in Sight
 Outlook for Dullness. The stock market, barring the un- expected, bids fair to be dull for some time to come and dictated by small professionals. Surplus bank reserves in New York city were cut in two last week and are now down to $2,65S075, compared with s9. .429, 900 at this time year ago. The shrinkage is due to a loss of $7631,0O0 in cash, one of the largest of the sea son, and very direct evidence that the interior currency is now in full swing. Loans decreased $11, ,2S9,1 100 and depos- its $1S,490,000.
 To restore the equilibrium more help from Uncle sam's treasury will be needed.
 The average price of stocks is lower than last March when the largest re- GOIQGu illNGollnCill III ASctA1 SCSd4A- ties by people of moderate means took place, and it is nearly as low as in August. But there is a pronounced lack of investment demand. The fact that stocks and bonds bought six months ago, at which seemed bargain prices, are now lower still accounts for some of this hesitancy.
 
 An effective influence is the lack of confidence. Not all corporations are misgoverned Or not all trusts are open to censure. But all the same, conf1- dence is weakened and mstrust is felt
 A falling off in business is indicated. Wall street has been discounting this for some time Railroad expenses have also been heavily increased.
 Opinions from leading Wall street houses are in brief as follows:
 Carpenter, Baggot & Co.-"Notwith- standing the presidential utterances clearly more emphatic and radical than ever, investors should take courage, as much has occurred to form basis fol better values in the future and con- gress will, in our opinion, be conserva, tive in passing new laws drastic il their effect. In the meantime good se curities are gradually but surely find ing secure Judgment"
 Grannis, & Lawrence.-"Our stocl market remains very professional which means narrow and rapidl, fuctuating market. It is a good trad CTS market
 We look for gradual but irregula, advance in the prices of active rail. which may average 5, 8, or 10 point within the next four months. We art still bearish on New York Central. St Paul, New York, New Haven & Hart. ford, and all of the southeastern rails and we think the industrials should be bought only with great caution"
 Miller & Co.-"It Is more than likel, that the market will have to pas through the confirmation of many nor, pieces of adverse news before it shal have gone through that period of di gestion which would warrant any ID ward move of any consequence. #. 'The technical condition of the mar 4 ket Is good and a rally of small pro portions would not be at all eurpris ing, at any time."
 Henry Clews & Co.,: "The stoc, market has received its worst shock from liquidation, and doubtless soro # of the better class of railroad securl ties have now about reached a poin where they are selling below their in trinsic value. It remains to be see, however, how the industrials wi stand any business reaction"
 Boody, Mcclellan &5 Co.,: 'eWe thin the chances, therefore, favor du M times in Wall street for some montI longer, particularly as we are ente, ing upon presidential year, and du, ing those months many securities i, sufficiently supported by financi N strength may work to lower level On the other hand, the time will SOC come when capital released from el terprises which have recently been a tive will find its way into the ordina, M investments of the country And if ally after the adjustment which w take place in general trade, buye will again appear in Wall street al our stock exchange will again antit pate and discount better times al this will occur even before the cou try at large has realized that t storm is over"
 Prince 6 Whitely say: There nothing in the immediate situati which leads us to change our viev so persistently expressed of late, til I there is no hurry to buy stocks, a @that they should be sold on stro places"
 J. S. Bache & Go. say: "The sto market during these days of uneerts trend either way reflects merely [ operations of speculative clans"
 H. l.. Horton & Go. say: TT q market may continue dull and uncl
 tain for time. In our opinion, ho
 ever, the combination of dullness a
 firmness is a rather encouraging sig
 Chandler Brothers & Go. say: ''Pl
 gress toward lower prices seems VI