Show I Financial and I B BA A M 31 1 CHAPMAN New ew York July 1 18 R. With the U or of f J. J P. P Morgan gan early this week It I is lint much greater act activity ty will wi bo ha den developed loped In the stock market that hat the trading will wl be he broadened prices advanced and a n general huh bull hul market created In the tue hope of or Inducing the ho speculative public to purchase se- se cUlle So o far fal however howe cl the lie public has Ims not shown much disposition llon to lo lako tako hold lold H It I seems to lo realize that so tar fat fata taras farus a us as the actual dividend Ile payments payment are concerned d prices for ni the m of he the stock arc are high AH AI a I rule the tue tle public does docs oes not concern con- con corn cern itself Iselt so much muCh with what whal is behind ho tho stocks stoCks as to whether there are are nn any melons so called to be cut In tho tIle distant future future in in fact fad just what Is he tue Intrinsic value of or no securities The only thing that attracts Its Is aten- aten ritten- ritten lon tion ton is I its dividend dl Under those these thes clr- clr It ii is not surprising It I Is halting Not only docs Iloe it I believe c that thai present prices are high but bul it Is IR doubtful doubt- doubt ful ul If Ir the prevailing pre rate can be maln- maln It I Is looking hooking for Cor H it I reaction not lot perhaps to the lie bargain counter Prices of panicky days lays but to a f figure uro live or ten points below the average today oday tolay It I mn rna may be that thai the lie market managers I this anti and will wi Jack jacc up tip the prices it a i few points higher with wih tho intention o of marking them down to a figure that Will wil make mOke them thom In comparison look cheap One thing Is certain In the lie present Plesent narrow market with operations confined almost entirely to the tile professionals It Is Impossible for the lie big bull bul speculators to unload But Dut no great break will wi he be brought about The magnates have no desire desireo to o smash tho the boom The They have financed their corporations fought rought their political political cal hattie bailie and anil ane have o conserved their Interests interests In- In crests all 01 through the days das of or lousiness s depression They have sown son their seed In iii bitter r weather and now l that nt the crop stands ready for the tho reaping they certainly will w not still the lie tempest Listening as us it I did to Irresponsible brokers and the lie public de declined do- do dined to touch the lie Issues when the they ee twenty to thirty points lower than they the theare are today Can It li be Induced now Il by 1 the lie mere merl process of or marking up prices and starting of or a l general uproar uproar up up- roar to fall over o Itself Iel to get In an any bu buy at nt a hl big premium what chat It could coull have obtained at al a discount On the lie other hand plent plenty of oC mone money Is to bo be had hind on good terms and a stock market boom Is fed ted on cas easy mone money The Tho banks hanks are arc gorged and will be glad to lend until they see sec ee prices of ot stocks going to 10 a dangerous height While quotations to today ay are hl high h thoy they are arc not dan dangerously lr so 80 The Thc banks hanks therefore will wJ continue to lend The Tue rt rates 8 tot for mone money ma may be lie advanced ancel slightly In the tile fall raI owing to the necessity sity for providing plo funds for the move o ment mont of or tho lie crops but the lie ldrich emergency currency bill hii enacted to lo meet Just such luch emergencies should preclude tile the possibility of ot the lie mone money kings bringing about an any artificial stringency Next week Is the lie fateful week WEek In c connection with wih tho the stocks of or tho the U States StateN corporation j If I the tho o or of directors of or the trust at ot their div divi meeting on Tuesday next advance the lie rate rale of or payment to common nl anee share holders trading in this security is like like- ly iy to do develop dolop lop tremendously The Tho general industrial outlook though encouraging is not as tory ton as aM might be He le expected Another notable feature In connection with wih the lie present market conditions Is that thai the iho sale Inlo of bonds Is not harmonizing the thie price movements of or stocks While wih several fc new Issues ha have been hlo sold Hold U it is 0 I said Maid the lie fact remains that the they have Im been sold to lo anti and not nol to lo investors and In that the syn- syn still sUI hold hol the major portion lyn of the them m. m The die promise e of excellent crops con can h excessive rains fell In seme some sections last week No Xo matter fel material injury has haM been ben done and anti the iho situation therefore remains practically U unchanged Ti chian god ed n |