Show STOCK MARKET conditions the stock market situation Is not entirely satisfactory says henry clews while outside conditions with few exceptions continue encouraging the technical situation of the market Is ono that to say the least excites doubt tho plunging operations in certain stocks such as coal iron and the reactionary tendencies of other securities such aa hock island illustrate the need ot sharp discrimination although general conditions aro sound and satisfactory there is a remarkably remark ablo absence of bullish activity among strong conservative and leading banking interests the latter parties may be called standi patters and arc naturally not avers clo seeing better prices tor investments but their absence from active participation in many of the recent stock market op Is at least suggestive here and there istocka stocka have been singled out and pushed up to lop heavy prices by abo plunging operations of a few very bold and lien operators needless to say such securities are liest left alone by the buyer of ordinary mean and information particularly aa there are indications that some ot hie pools in the active 1 stocks havo been a portion very attractive profits which havo kieen offered to them notably ia the chalers Co alers which have declined without any other appear cause than liquidation little regard has been paid to the limitations of the money market bank reserves are still low and loans high so that the margin continues slender on which to conduct any bull campaign of importance this probably explains why the market leaders select one stock adja time for advancement in preference to engineering a general advance a movement which would quickly tall to pieces under existing monetary conditions A favorable feature was the successful placing of the japanese loan but it must be remembered that only a small portion of these subscriptions tails due in new york and tho period of payment is extended until nest march when the risks 0 monetary stringency will be much diminished funds are still wanted at the interior owing to the activity ot business in that section and wo shall not bo entirely out of the woods so far as the local market in concerned until after the december and january disbursements which will be much larger than usual the international money market is also a source ot doubt if not anxiety russia is still a disturbing issue since no one can at present foresee the outcome of the chaotic conditions in that empire for while the proposed new issue of bonds has been indefinitely postponed foreign bankers remain exposed to the necessity of supporting russian bonds as a matter of self interest in the event of serious consequences accompanying the revolution berlin it must also be remembered haa been considerably weakened by ov in german industrials with paris and berlin therefore fully occupied in looking after their own immediate self preservation and london not by any means oversupplied over supplied with funds it is evident that ew york will not be able to secure any great amount of monetary assistance from abroad until real improvement develops in the conditions referred to for the remainder of tha year we should advise much discrimination in the buying of securities bargains aro scares and many securities are selling at top heavy prices in the event of sharp recessions good stocks will no doubt be a profitable purchase and on a further rise we would addiso taking profits on clique stocks these may bo carried to still higher figures but they are not the sort of material which the investor or speculator can absorb just now accept at great hazard the neglect of good railroad stocks in favor of cheap industrial is neither a satisfactory nor a safe tendency moreover we are exposed to a pinch in money between now and january ast 1st were it not tor high interest rates we would be exporting gold though it rates advance sufficiently we are quite as likely to import the precious metal |