New-York tribune., 1908-02-09
MARKET OPINIONS.
Views Of Leading Wall Street Houses.
Henry Clews & Co. say:

VIEWS OF IcaClnS wall oIreet houses.
Henry Cews & Co say:
The stock market shows surprising resistance
70 Unfavcraale news Unusual trade reaction de-
clinirg railroad earnings and diminishing profits
would ordinarily exercise more or less depressing
effect upon values: but in spite these conditions
prices have been well maintained partly owing 10
continued ease ii money, partly because unfavor-
abe DEVELOPMENTS have been well discounted and
partly because the market has had the support of
powerful interests The most encouraging element
n the financial situation IS the continued demand
for bonds. showing that there funds awaiting
investment and that safety Is Just more i'm
portant factor than price Among large holders
there is The hope that present business depression
v -o- last long n its present stage of scuteness
Already many concerns which had previously shut
down reStartng. and with the approach Of
sprizg further Improvement in this direction should
follow. Recent attacks upon the character of the
New York Stock Exchange are entirely unjustifed
enG have been prompted by either ignorance or
prejudice. II the Stock Exchange were abolished
great enterprises would SoOn be paralyzed With
out its ue5iun Il would be impossible to raise the
capital for conducting great railroad and in
oustriaI generations investors would be deprived
Of the means q finding profitable employment for
Their capital and there would be no free market
for the many millions Of securities there dealt in
Cranris {, Lawrence say:
The market during the last week has been re-
dictionary. and see nothing in immediate pros
pect OF which 70 start a bull market. Easy money
discounted last month in tie prices of active
Hereafter earnings and politics will be the
dominant factors The December net earnings puo-
ushed this week showed some unprecedented
losses and q general inability the part Of the
railroads promptly 10 reduce their operating
penses. Il could be Immediately reduced to
what they were two years ago If would probably
prevent the reduction Of some dividends. February
IS generally an uIfavorable month for bull move
raent. particularly after sharp rise in January.
We nay hope that net earnings 10 be published
next month viii justify resumption OF the upward
movement. The average price Of active stocks is
now hack 10 where II was two months ago.
Price 4 Whitley say:
An things considered. and not wishing TO appear
toe pessiristie. cannot vel see where any great
ara sriH believe that those wishing TO become in
ferested viii lose nothing by waiting until the stu
sto1 becomes more clarified. commercially. fnan
ciaIy and especially. politically. because until the
Presidential nominations shall have been made
the unrest of canita1 and business in general will
pay its usual role in the security market and this
year more than for previous similar periods What
IS wanted is renewal Of confidence and dntI we
get l. cannot expect any revival In trade con-
oitio1s improvement in railway earnings. and
hence any permanent enhancement in security val
4 narrow market Of a professional character
is likely 70 continue, with, We are afraid de-
clining tendency
= a Mcintyre & Co say:
while belief in the country is still strong
erd we -hirk much good will IN the end come out
q the present wave OF reform and recrudescence
c old-fashi5ned but conservative methods in the
conduct Of banking business, We. however, feel the
chances present are more IN favor OF prices
working toward lower level than otherwise Con
f0enCe has been fully restored yet through
cut the country ard there are few rich men in
position with sufficient funds al present 10 invest.
Moreover. TIE liquidation Of the large number Of
recently failed banks and other institutions in the
hands n receivers remains TO be ccrnvIeted. and
teT familiar with the conditions and the
nous amount Of such securities remaining TO be
s1-d can wfHere the buyers are to come from at
t7e moment. n vier Of these considerations there
seems 70 be little probability Of the development Of
any real h-u movement in the general market TO
any extent for some time 70 The short in
tefest Is 5usf now furnishing the chief support and
NE Underlying conditions such that any further
bad news calculated cause fresh lquidati
wosl6 f. el probability rreciritate cutie sharp
VEGT there N-iE rjF21 for
4|er range Of prices before suggesting either in
testre1t o. speculative purchases TO any extent.
saes On strong spots"
J. : EEche q Co. say:
TIE wave Of pessmism that swept through
-I-sEai2l New York Last week soaked every visible
e1te-2-lse with melancholy and left uninter
fupteo eZnzrse OF deep blue depression Invest
nelt IN high grade bonds has slowed down both
abroad and here The failure Of the Bank OF Eng
!sho 70 reduce fits rate further and fractional
oecEeaSs i its reserve have checked bond buying
mere, and kere the approa ching sale Of the New
Aork City issues has led investors await the
tslt as Indicating somewhat the present situation
elr future outlook Under tie circumstance Of
q taese depressing Influences the market has held
Up remarkably well but this is attributed TO short
te->s and professional operations A series Of
tevoEeres and reactions may be looked for, with
efecusl tendency toward lower levels"
carpenter. Baggot & Co. say:
Il Is well for those having the best class of Sc
c--tizs = sig t:ght, and for those making pur-
ases 10 discriminate carefully, ccntring their at
pe1Ion ca those old-fashioned reliable dividend
payers t-at have weaLhered al kinds OF storms
ssek Of the present clouds the is shining
n.-shty. and day shall again be on the
hSA road 70 prosperity. II is long lane that has
no turning
Robert Gocdbody & Co. say:
We have rad somewhat reactionary market in
ne list week but the reactions have not produced
recurrence q liquidation, except on a very sI1ali
tca-e, and = seemed 10 Us il something more
tnaa ordinarily unfavorable would have TO occur
70 cause ANOTHER outbreak Of forced selling. We 20
HY 1hl-k The market IS likely 10 do much on Tie
elae q advance, any more than we beieve IL Is
HAey 10 decline considerably from this level but II
"a SHOWN power Of resistance 10 news anu
tlents u Uufev0rabe nature which encourages
ne belief that although progress VIII proDaoly Le
sS" the movement Of prices Is not unIlkeIy 10 DC
- ne direction Of Improvement
Alfred Ecstre & CO. say:
Tie investment demand for stocks and even ~
o9ids q the highest grade has fattened out con-
eoerably and transactions the Stock ENchaige
nave ~ late ben confined almost entirely 10 tle
professional clement With virtually 70 incentive
sf stocks being placed a permanently hlgHe'
eVes the r4arhet has swung back and forth irresu-
larry under ne Influence of transactions by the
e1siy day speculative class, which SOLD snort cUs
efed and went along pretty much as ~him oic
&c The market has shown an % uhaei ,I,s ,o.,I %
AeaHlIess.. and although much fresh iquiaa-
aon. EXCEPT in spots has been provoked there mas
oee4 notable lack OF investment buying OF % Jam n
ing support. There is nothing now IN prosPectt :.
materially alter the general aspect or lhe MAJ
- promises continue dun. draSsiHs , ai-' -
a tendency toward moderately lo~tt -, - g9,e
xeAer levels, barring some uneApecte1is "a. 20 :.
oeveDpnlert being in iected into the SITUATION
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