New-York tribune., 1908-02-02
MARKET OPINIONS.
y;sTs of the Leading Wall Street Houses

tzs--- Clevs & CO. say:
----a fr-.-e o. the market is for the present
- ~ less uncertain We are assured OF easy
,,o,ev fo- months 20 come. and that is support
.-r influence which cannot be lightly underesti-
60 Il must not be lost sight OF that q sub
-r-+sl advance has already taken place since
-. O-,nhe- panic AS q result liquidation in many
.-,ss over accounts has been greatly facilitated
- -na,v Of the stocks bought 20 check the panic
-. go heen sold at handsome profits Under
-s,,s-v conditions Il might be possible TO carry
- -nsrket to stiu higher level. but speculation
& restrained By the unfavorable Developments out
ss5s the market ana the prospects Of declining
s,-sserds for bosh railroads sno indUstrfals This
tesvss the market very evenly balanced as TO
s,-,7-s No excessive advance seems likely just
rcu while any decided break would undoubtedly
-. ,s7v -,---chsses Under such conditions active
.-ss,rr IN stocks should revive. and the better
60 ~ securities VIII no doubt find ready pur
rhsssrs o. Ell pronounced breaks. especially IN
,4szv q. The strong banking support which Is evil
ss-.lz, hesnr accorded. The Presidents message
oo-+efned little that was new Of Importance, and
- ,e-pslv confined 10 q reteratioI OF his former
,,os,-ior rs main object evidently to stir
Congress into artion-something very difficult 10 do
80 n advance OF q Presidential election
? A Mcintyre & ca say
=, ;s felt ty most conservative snd well posted
,bss-rers thst security values are not likely TO
s-c-ns-e re-y much either way AZ present The
i,-rsg+ and most influential banking interests
.rrerres 70 take of the market and prevent
s-r aggressive bear raids pending the readjust-
rnare o. this support and the EQuidated condition
a the generality CT operators and commission
h-rsss nc very important declines are expected
su-lng the ensuing week On the other hanc- there
e ssn So much scattered liquidation 10 be accom-
rHShed arG the general business OF the country
tss bee1 SO slow IL recovering from the effects or
r. pz-ic that there Is 10 inducenent for any eH-
;srde5 bulish activity Moreover sentiment mas
A. -oo adversely affected by the surprising char
seer Of the Presidents message TO Congress for
-. h:g interests 10 encourage such q bull move
-s-; and outsiders cannot be expected. under the
Circumstances. 70 load Up with stocks under the ex-
is-irg conditions We think the market viii be
dang -.-y vel 10 maintain the current range OF
--ces under tie circumstances
AIRED Nes-re & Co say
The stock market at the present time may be
described as II a state OF equilibrium awaiting
srs new impulse 10 turn Il in a more pronounced
-srns- 2 one direction OF the other AT the mo-
sut rhe-e seems bs little incentive for the IN
suru-sss9- q & fresh rise OF much consequences;
,sths- are there IN sight any prospective develop
re1ts of su absolutely new nature TO give tns
/ -s-kst grounds <or q sharp downward turn II
szsus 10 have struck 6 sort OF a dead centre, and
frruates within comparatively narrow limits, IN
tacu-ds1oe with the rapid shifting OF position py
;ls Professional element
Iohr Nuir & CO. say
a7r ssZaral occasions lately the market has
AIRED tired and for other reasons as well mas
rTg1 the impression that a rest would De eoNisA-
fs We are now in q period when bad reports
n commercial and Industrial conditions are cir
alstlnE While il may be said that these reports
-sss- -9sf-v = The pasr and not to the more I'M
rr-srr future. their publication undoubtedly mas
ds1-sss!nE effect. especially az this time, wheil
Il Incentive 70 boom prices seems lacking rev
Ez1s Of Improvement in business are 10 De hoteo'
sni the few are OF moderate degree indicating on
u whole that the beCternent VIII De Slo"ei AZ
s-pee-ng tneu had been expected Inc poIlNCai
t--loOk. also is not clear The adverse lealuIeS
tsIs teen pretty well discounted o. the oecIhe
Z. z ves--thev are no longer strong bear argu-
rszu OF the other hand after the rise OF the last
~ months they suggest caution 10 nncluaIe
within comparatively narrow limits, TO Sleep SO 20
EszE- to- z time. while uncertainty 6faoohi.s
rTss way 70 conviction, while pessimism grad
rsly changes II optimism. would inpart heailn
e ne market and make the awakening fresh anu
rgD-ous"
Tie week has furnished preponderance OF
utgyo-sb!e news We have had four panh iaIi-
G-ss tie forecast o. radical message py the
President the fact Of Mr. Bryan's working more
EsE,sn1ly and more a6roitly than ever, and 40"
rscc Statement from the Steel Company IN splte
G a. these adverse influences the Market mas
E1Fu general Improvement. Tnls seems 70 oe on
tU1Elce that EcuiGariOn is about complete anu
as, vel established securities may be bought st
Eas for investment with assurance lha1 norma
p-se-i figures"
Prince & Whitley say:
Tie hank failures during the last few weeks
tro1sh their ra1ntdcations bound to tie up
tzi,zl e-nong trade and manufacturing branches |
f@s-al systems Of railroads are in straitened CIR
instances and already looking around ioF
a. caI1Ia al time when their earnings are 90
t-l q 70 menace ETaVely their olFioelio pioe
e-s. iet alone the anabated antagonism OF feo- |
z a1c state legislation The proceedings ae anss |
-ssoa1Ilen q the Hartman system are peins
'e'caso With great interest and are not likely 10 1
1reass Confidence n the manner OF railroad man
s-las1i Politics frUrn on will play pafs II
57---a1tye markets. and from the present OUTLOOK
- are net 1Ee-y 70 give great comfort 10 enter
80 q Incentive for capital 10 become acu'eis
~i-9ye9 Taking it altogether, therefore. we see |
: aaTry 70 buy stocks for the long pull and iooh
:. lie continuanc= Of the present highly proies-
aa-a- market. sale on strong places ano Fice
x -or z Turn on soft ones
efietie-. BaEg0t q Co. say
- period ol adjustment. and. this out OF tne
r-esr Gan 0i '
5.sanls {, Lawrence say
n iooE fCr an excellent trading market IN
:. =. si5cks during February. due 10 frequent re-
-'1is n The direction Of price movements. with
= ace SWING either way. We think the prlce
a. ss'iner1 seclrl-ies will continue upward WITH
siF marked sethscks''
rsls-- spa6er d Co. say:
mere n cooperation in the iron ana steei |
- ane conservative cIrtaiinent in the coaI
:. must be taken fsvorably. snd there Is noth-
- - ne immediate future which appears 10
t-s-es anything startling of an unfarorabie chaf-
=. Brown d Co. say:
g.. ,.- stocks had been as wideIs distributed as IN |
~ MS. e-ther the bank failure or the execu. |
ss,sse IA va might have precpitated wave Q!
rt = -eli1aIlCu. but the fact rs apparent that
a. - - osik Of holdings is securely intrencheo
e. 10 . oe easily dislodged."
fssS~ so0o opinion that the adverse effect OF the
szs - - message has already been discounted
i-7urs n.s lamentations have very little OPP
kzriyes = being seriously considered BY the reg
is az SoeleS In Washington. We look for bet
hgAer market"