New-York tribune., 1908-01-19
MARKET OPINIONS.
Views of the Leading Wall Street Houses.
Henry Clews & Co. say:

Henry Clews & Co say:
confidence is reviving at rapid rate: money is
coming OUT OF boarding; currency is returning in
large volume from the interior bank reserves are
rising with unexpected rapidity and the whole
tendency OF existing forces is toward recuperaton.
The patient is stin somewhat reduced by past ex-
cesses hut his constitution has not been impaired
suehgtn Is returning and the disease is being
sraouaAy conquered. The most encouraging feat
0e IS the growing ease in money and the very
pronounce improvement in the credit situation;
the lattes very vital matter in commercial at
talrs In view OF the large additions to
IthGy supply and the nations stock Of gold we
might be in danger OF rather too violent
cry and accompanying imitation: especially low
{. prices ior securities and commodities have in
enect materially increased the available supply of
iunos One Of the most satisfactory features is
the Improvement in the foreign monetary outlook.
The Bank of England rate was reduced TO per
cent and may go lower; the rate of the Bank of
france is now Sls per cent and the Bank of Ger
ease abroad show that apprehension regarding the
situation here is subsiding, and that there is no
prospect OF serious trouble over there, Germany
having fortunately aveTted its long expected crisis
This lowering of interest rates abroad and the
placing of considerable American securities in for
eign markets Will strengthen hold upon the
gold imported during the panic. In the long run
the tendency OF values should be upward until
the market has adjusted itself radical change
In monetary conditions. Tie advance however
will be accompanied by temporary setbacks.
Grannis & Lawrence say:
There times when bonds and investment
securities generally are attractive a specua-
ton: think this is true at the present time
Bonds have had substantial advance in the last
eight weeks-simply as a result of change in in
terest rates. We look for 1Opoint advance within
the next two months from the same cause. Pre-
ferred stocks whose dividends can be relied on
have moved, and will continue to move, in the
same way We have no reason TO chanse our opin-
ion regarding the future movement of active stocks
AS stated in letter of November 2S. We be-
lieve the upward swing for such stocks VIII con-
tinue. subject to less interruption, until
the high prices OF last April and May are reached.
We have had already fully one-half OF that rise
Marshall, Spader & Co say:
The close OF the week finds the market in
improved technical condition, with renewal of
speculative activity now covering nearly all of the
active list. AS Offset to the unquestoned
duction in business activity and its reflection in
railway industrial earnings. the much improved
monetary situation and large accumulation of funds
is finding expression in an investment demand for
nearly all classes Of securities which may for the
time obscure other considerations and in any event
Will form the basis for strength later on, even
should speculation make the market unsafe for
casual onerations The action of the Attorney
General in the coal road Is distinctly favor
able outcome Of this problem and foreshadows
conservatism on the part of the administration in
dealing with such questions in the future
present levels the utmost care should be taken in
making investment or speculative commitments.
Influences likely to prevail in the future in
olude some which can hardly promote full conf
dence In security values. but have full faith in
the ultimate outcome"
T. 4. Mcintyre & Co say:
Under all the circumstances the best that can
be expected is a continued comparatively narrow
traders market for moderate turns for the present
especially there will be much backing and
filling IN the operations OF the big interests and
the efforts of the trading element to follow their
movements until the general commercial situation
and business outlook for the railroads becomes
reassuring."
Dick Bros. & Co. say:
THE transformation in the money situation
whereby a large deficit IN reserves has now been
turned into a substantial surplus furnishes
strong bull argument upon stocks. Nevertheless
Il must be remembered that there has been ma
terial advance in anticipation of this Improvement
in financial conditions and that this advance has
gone on spite of decidedly unfavorable develop
view of the business situation we cannot advise
purchases of speculative stocks
E F. Hutton & Co say:
Unless there is some response in the business
world ere long cheap money, which is now a
fact we cannot how there can DE any further
material advances in stocks
Prince Whitley say
with the exception of periods when realizing
OF profits caused temporary reacuohsI the III
provernent in Wall Street has made further prog
ress during the current week. chiefly attrfoutaoIe'
we think 10 the power of money There were de-
velonrnents of nature sufficient TO call halt 10
the plunging operations OF manpulauVe cliauos
and professional traders, but IN the momentafy
tennner they passed by unheeded. nor were the
larger financial interests adverse to these upward
Inovemants as they gave chance for dlstr1ouuoh
of properties acquired ana csrfioo 0''' --o 49,
period of depression
Chandler Bros d Co. say: Ill, -. .,o
..This much Is certain: The powers back OF tne
market viii not be denied, and they are not nheLs
10 withdraw their buish activity uhli u'eS ha''
forced all the big shorts 10 cover
par+Iett Frazier & Darlington say:
s.7be advancing movement has evloenuy ColI-
x;serably further to go. and purchases on every
reaction seem to be advisable
] S. Rache & Co. say: :. -. ha,,.y.
We sS,-o~na ,a over and advise buying on the set
hack