The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-10-05
money and can do at present as they

money and can do at present as they
please.
Technical conditions are generally
held TO be the sole governing infiu-
enees in the stock market for the time
being. Close observers Of the trading
believe that there will be some further
retirement of short contracts today
which will result in further rally in
prices. As soon as the shorts have
covered their lines. however, it is ex-
pected that the market, then deprived
of this support. will resume it's sag
ging tendency.
Monetary conditions are such that
the more influential financial factions
are not disposed to take any hand in
the market except the shape of ex-
tending occasional support when the
declines becomes too abrupt So far
as the public is concerned, commission
houses report that they are receiving
orders now and then for investment
purchases, but the volume of these is
not sufficient to have any material in
fiuence.
There was very little response to the
Improvement in London, but the tone
was fairly good. Traders seemed will
ing to operate for a rally with any en-
enlargement. Canadian Pacific respond
ed in the first transactions to the bet
ter tone shown in London. Traders
do not believe that the stock is any
thing like so scarce as it looks. They
say line of stock held in Canada is
being sold and borrowed to make the
amount is liquidated.
The market developed a fair amount
of strength in the afternoon, with 3.
r r. and Anal. in good demand and
apparently wanted by interests con-
nected with the management of those
properties. Both stocks moved up
easily and helped induce buying of a
number of active issues including the
Hartman and Hill stocks. The moder-
ate demand was large enough to alb
sorb all the stocks in sight at a range
OF about one point from lowest and in
the late trading the majority of the
list showed fractional net gains.
The squeeze in call money was the
outward cause of this last break. Man
ipulatjon of course was the real cause.
We don't think that certain big inter
ests want prices lower so much as to
create scare among investors and the
public at large, perhaps to arouse re-
sentiment against Roosevelt's policies,
perhaps to pick up stock market bar
gains themselves; probably both, and
for other reasons as well that we can
only suspect. There has been nothing
extraordinary about the action Of the
market the past few weeks. Septem-
Der is usually a retrograde month.
Many industrials have gone lower than
we thought but the railroads have
held as well as could be expected.
The movement of money, of the week
would appear to make an unfavorable
bank statement, possible and even
apart from this there is very little to
encourage the hope of active support
to the market of a speculative char
acter. It is quite possible that business
reports will continue to show some
moderate activity in the harvest sec
lions of the country, but there is no
doubt of the fact that in nearly all dir
ections where plans for future devel-
opment of a structural character are
under consideration, that the utmost
conservatism will be pursued. 1t is
needless to state that after the neces-
stiles of the harvest of various crops
shall have passed, that the labor mar
ket is quite likely to be overstocked, a
development which may present a ser
tous problem at a time when railroad
and other structural business will be
less active.