The daily morning journal and courier., 1907-06-17
LATE FEATURES OF
 THE STOCK MARKET Country Prosperous All Over but Wall Street Blue. SEEKING TROUBLE. Monetary Conditions, Un- certainty, Fear and
 Doubt.
SEEKING TROUBLE.

The stock market refuses to go, up and hesitates. Every day some new stumbling block gets in the way of the bulls When good bullish news comes 1t is ignored. Even real out and out summer weather, such as yesterdays, will probably be used as a bear argu- ment for some obscure reason or by some pretext or other. The country is prosperous-was never more so. Rail- road gross earnings continue to pile up although the net earnings are lessened by the high cost of material and labor. The country is on per cent. inter est basis; securities of high merit are selling to yield that and better. A year ago stock market prices were 25 per cent, higher than they are now and the volume of trade was 10 to 15 per cent. less.
 Good railroad stocks are selling from 20 to 80 points lower than they did a year or more ago.
 There is some ground for expecting falling off in business after a while as pessimism seems to be predominating.
 With a rising sale of loans and gold exports, bank reserves are declining. The prospect for higher money is clear July disbursements will be between $150,OOO,O0O and $175,O00000 They have never been equaled in size.
 Great improvement has taken place this week in the crop outlook. Wheat Z has been falling steadily under the in- fiuence of good weather here and abroad. The government report does not suggest the partial failure of wheat that earlier unofficial estimates pointed to,
 A few Wall street opinions are as fol- lows
 Henry Clews & Co.-The outlook for the market is uncertain. Owing to the unsatisfactory crop and monetary con dtions already referred to, the ten dency appears to be downward. Liqui- dalton in some quarters is still incom- plete, and the immense supply of new securities and short-term notes issued during the first half of the year weighs heavily upon an already overloaded se- curity market. Stocks are only a good purchase on pronounced breaks, and may be considered good sales on all pronounced rallies.
 H. l., Horton & Co.-Lower prices caused by foreign doubt and uncertain ty are liable to continue as the feature here until the situation is cleared by willingness abroad to turn buyer. If Europe must sell, it certainly will be at lower figures,
 Carpenter, Baggot & Co.-A week ago a strong combination of market lead CTS and financial interests was formed to make bull market of importance. The initial effort was successful, but the movement stopped. Whether this cessation of action Is temporary or the whole plan abandoned for the present we are unable just now to ascertain.
 E, R. Chapman &. Co,-We are still bearish.
 Boody, Mcclellan & Co.-In great speculative movements securities swing too high on good news and too low on bad news. It may be that these influ- ences to which we have referred have been more than discounted in prices on the New York stock exchange. The liquidation in Wall street has been thorough, and news that would ordi- narily cause declines seems to have lit- tie effect Stocks continue to fluctuate within narrow range. Unless invest ors lose faith in their present holdings and sell, we do not see where any great pressure can be brought to bear on the stock market,
 Prince & Whitely-The prices of some issues and their comparative interest return certainly look inviting. The trouble Is that the public has little con- fidence in the maintenance of the divi- dend rates, and besides, the bonds and notes offering in the market show al- most an equal investment return.
 Chandler Brothers & Co.-We believe that real liquidation has ceased in the market, and that declines come as the result of heavy short selling against the feeble buying power.
 
 Alfred Mestre & Co.-We still believe that stocks are a sale on all rallies.
 T. A. Mcintyre & Co.-We still see no inducement to favor the bull side or advise loading up with stocks
 Miller & Co.-The outlook for engin- eering any bull campaign is very poor and the general situation, in our opin- lon, warrants sales on good rallies, es pecially of industrial shares.