The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-07-08

Bulls at Work Despite Tight
Money.
A BETTER OUTLOOK
Crop Prospects Better and
Money May Work Easier.
The stock market acts as if it was
bound for higher prices despite the
money tightness and poor bank state
ments,
Strong banking interests are evil
IDENTIFY at work to bring about a higher
range Of prices.
A higher range would help the sale of
bonds. The bond market has been in a
state Of stagnation for months.
Will Street believes there are some
strong interests behind Mr.. Lawson's
campaign for higher prices, and it was
limited yesterday that he had been en-
gagged by No. 26 Broadway to engineer
a movement for better quotations. The
story goes that the Standard Oil crowd
have forgotten for the time the hard
things Mr.. Lawson said Of the "sys-
tenn" in his %Frenzied Finances" AMI
are willing to give MIN the Job Of
boosting prices, believing he can de-
liver the goods.
The rise in prices has been slow but
sure.
Even if Japan feels belligerent to-
wards this country she is handicapped
by lack of money. That country has an
enormous debt and though highly en-
terprislng and smart is 100 sagaci1us
to grapple with the United States, while
burdened as she is with debts.
Our immense resources would enable
us to provide ali the money needed for
war purposes.
But it is questionable If this is a
good time to start runaway bull
market. Hence the tendency of the
bulls is to go slow in pushing up pri-
Ces.
Byeand'eby money will be needed to
move the crops, hence the further need
of caution.
Prices of stocks and ponds are, how
ever, cheap yet, for investment pur-
POSES.
General trade sentiment is lettering
decidedly. There is no evidence of any
serious retreat anywhere. In the rail-
road field net earnings have generally
been Improving.
Commission houses want to make
some money, and with this help Or adj
roit manipulation in prices by skilled
operations they may b. able 10 induce
a considerable public following.
One thing is to be borne in mind
however, and that is that the money
situation, 10th here and in Europe, is.
; however, improving. Dicounts on both
sides of the water are tending down
ward. The United States government
is in very easy financial position, and
can extend help if it is needed when
the period OF crop moving sets it.
This week should also develop an
other important thing, and that is the
extent OF the July reinvestment de-
mand for securities. Should this show
strongly it will go far toward evidenc
ing the restoration of investment con.
f1dence.
Some of the Wall street opinions ar
as follows:
Edwin N. Chapman, of Chisholm
Pouch. I'VE feel that the turn ha
come and that good stocks can b
safely purchased for a substantial rise
With money conditions as they are,
does not seem possible. that we ca
have any broad bull speculation, bu
undoubtedly stocks have been sellin
below their true value and Shout
come back to normal prices"
Sidney w. Curtis, of Curtis & Re
maine: What Wall street most need
is a bond market in other words, in
vestment buying of securities to re
lieve syndicates of their tremendou
load; and what the country most need
is more liquid capital We speak {
syndicates in Wall street being loade
up with undigested securities. Til
condition is not peculiar to Wall stree
Every large city in the country ha
had Its local undertakings. =.
I conclude that a speculative blu
movement in stocks at this tim
further increasing the strain upon tt
money market, is ill-advised and cal
not be long sustained"
e. Hicks Herrick, of Herrick, Hicl
C Colby: we are of the opinion tn;
good securities bought now will,
the course of the next few years, sho
substantial increases in value.
Henry Clems & Co.: There is notl
ing in the present situation to warral
further distrust, and in the absen
of unfavorahIa DEVELOPMENTS the gu