The daily morning journal and courier., 1907-02-11

slump occurred over the bank state ment and profit taking.
 There was considerable buying by in- vestors last week due to the low range of prices. This is somewhat of a sup port to prices.
 Stocks had declihel on an average of nearly fourteen points since the turn in the market in January, and whether or not there was further liquidation to be completed, or the campaign of the bear element had not run its course, people ibesan to be attracted by the actual rate of income that leading shares re- turned at current prices.
 In other words .aftern nearly two months of steady decline the wall street market reached at the outset of the present week a. level where substan- tial buyers were at length willing to come in. Purchases of this sort appar- ently absorbed the last of the liQui- dating sales of speculators who had been badly hurt in the January break, and in addition they sufficed to take care of the offering on short account which, up to this week, had been made with the utmost confidence by specula- tors for the decline.
 Coincident with these new phases bankers began to import a little gold from London. This was a very sug- gestive sign of our credit position abroad and practical way of denying the repeated statement that we were heavily indebted to Europe through borrowings on so-called finance opera tions.
 Conditions are pretty good. Business Is good railroads have all they can do, Wall street has done some good lidui- dating and our credit balance abroad is good. These facts are not menace to the stock market.
 Then, too, railroads are curtailing ex- penditures for new Improvements as far as they can, but many improvements must be made.
 Congress. too, will adjourn in less than month, after which one menace in the way of hostile legislation will be removed for some time.
 We are finding the opportunity to work off part of our security over-sup- ply in the foreign markets Europe has been steadily buying our stocks and bonds at the declining prices of the last few weeks, and has subscribed liberallg for the new note issue. Cred itable estimates place the amount of these railway note issues taken abroad as high as $5o,OOOO0O.
 With these facts in sight bad slimp in prices does not seem imminent.
 The immediate outlook is waiting market
 Some Walf street opinions are as fol- lows e@ ~a
 Frederick D. Holder of c. Schumach- CT & Co.,: Liquidation has at last run its course. Securities have come down to level where they look attractive to the investor"
 Julian M. Gerard of H. c. Brown & Co.,: "We look for narrow and inac- tive stock market, but with tendency to gradual improvement in the bond market
 Henry Clews: "The monetary outlook is still one that suggests great caution and conservatism in the stock market. Speculative sentiment is more evenly divided and conditions are favorable for a healthy trading market It would be impudent, however, to look for any pro- nounced advance over the present ral- ly."
 Walkers Copper letter in Saturdays Boston Commercial says: Copper con- tinues firm at top prices. Lake and elec- trolytic are selling at 25 1-4 and 25 cents, respectively, for delivery during May and June. Copper ready for imme- diate delivery can be sold for 25 9-4 cents to 26 cents per pound. There is no sign of any slackening in the de- no sign of any slackening in the de-