The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-07-29

on a Creeping Bull
Market.
The bank statement Saturday was
poorer than expected and failed to
arouse any enthusiasm.
Underlying conditions, all except
money, are good.
With all the fluctuations in stocks
last week but little progress was made
toward higher prices.
In a few instances the market broad
ened showing that the bulls were play
Ing for higher prices.
The market has been practically
Standard Oil-Harrilnian market and
certainly as to Southern Pacific the
years statement of earnings is big. The
stock is evidently going on a 6 per cent.
q basis and the price is still low COM
pared with that Of old seasoned divi-
dend payers like N. Y. Central and st.
= Paul, to say nothing Of Great Northern
i and Northern Pacific.
The market has very strong back
& ing, but it is a question how far 1t can
compete with the prevailing high rates
! for time money, the low bank reserves,
the position of exchange which hovers
! around the gold export point and the
\ demands which come from all mercan-
j tile centers for discounts.
Other things considered 1t seems
n probable that stocks might have a fair
j advance during the next six weeks, for
the crop situation is satisfactory, the
4 trade raction is only moderate and has
Il probably been discontinued in the
market and there is "a general inclina-
tion to worry leg about the effect on
securities of corporation investigations
and attacks.
The demand from the interior this
8 year may not be as heavy as it was a
81 year ago, but the chances are large
sum of currency will be shipped from
this center not only in connection with
II the crops, but also with the necessities
OF interior merchants and manufact-
urers,
There must be decided shfinkage
= In business or else the rates for mon
ey In the last three months of this year
will do serious injury to trade inter-
ests.
Trade reports received at the end Of
The week indicated healthful conditions
In Industrial centers, with no signs Of
In unfavorable change In the immedi-
lite future. Merchants look for an ac-
live fall season, and as a consequence
heir monetary requirements will be
heavy.
TWO stocks that .bobbed up strong on
saturday are M. X. T. ana Texas Paci-
nc the conditions and earnings Of boEh
pf which are showing up handsomely.
Opinions concur that there surley
will not be a better time for the accu-
mutation of high grade investment is
sues than exists to-day. Investors arc
s pppreciatlng this fact and issues that
= have been unstable for mouths are
now slowly passing o1t Of syndicate
hands.
The market this week will depend a
8 good deal on the showing made by the
United States Steel Corporation for
the June quarter. 1t is expected that
the net earnings will be about 49,
coo 900, the largest for any quarter in
the history of the concern.
Some Wall Street opinions are as
follows:
charles G. West of c, Head 6, Co.:
.sThe market for a long time lacked
leadership, and that now seems to be
FULLY supplied. The public viii not act
he its own initiative, but will follow a
eader in speculation. We advise buy
no on weak spots for moderate profits,
: hr a traders position for the time be-
ng."
Charles w. Miller, of Miller, Adams &
Co.:
1--WE are particularly bullish on some
,f the better class mining stocks on
he curb-we mean mines backed by
kueh interests as Messrs. Ryan and
,ole and F. Augustus Heinz, as these
people stand for legitimate propositions
ind produce results.
Body, Mcclellan & Co.:
The pinch in money Is more notice
BILE at the present time in mercantile
frcles than in Wall street. Very high
ates are being paid for commercial &C
ommodations. The movement of pric-
5 at the Stock Exchange must de-
END for some time longer on crop re-
borts and monetary conditions. wall
treet is disposed to be conservative
nd the same feeling is evidently
preading in business circles. While
IL this Is true, railroad earnings con-
inue unusually large; and in the
lain, railroad companies are adjust
hg themselves to the new conditions
reduced by Legislative Acts"