New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-21
FINANCIAL MARKET
Wall Street Commission Houses
Look for Higher Stock Prices.

Inc general SUCK fIldThSl was lol dO-
tive, and prices. as a rule. moved within
narrow limits, the only important fuc-
tuations being reported in the INTERIOR
ough- Metropolitan issues. which suffered
material losses, and in Brooklyn Rapid
Transit which advanced more than one
point. the movements in these securities
being based upon the latest subway de-
velopments. In the opinion Of Wall
Street the subway situation is a decided
tangle While the big decline in the
marlborough Metropolitan shares and
bonds encouraged some bear pressure, In
other parts of the list quotations held
remarkably well, and declines when
made were not large enough to encour-
age any enthusiasm on the part Of the
bear element or TO suggest TO the most
careful market observers the possibility
Of the development Of an important
downward movement in the immediate
future. The local traction shares, Union
Pacific, Reading, United States Steel and
Northern Pacific supplied the better part
of the days total dealings. The So
called public was not a factor in the
market, nor were there any operations
of Importance. for European account.
Wholly speculative business between
the local and London stock exchanges
has been in light volume for many
weeks, while at the moment foreign IN
vestment operations in American securi-
ties likewise are inactive, the falling off
in the investment business, however,
being due more to an absence Of at
tractive new offerings than to unwilling
ness on the part of European capital TO
move into issues representing American
enterprises That there is plenty Of
money here seeking investment is re-
Elected in the substantial subscriptions
10 the New York canal bonds at prices
that will yield the state we'll in excess Of
the par value OF the issue. Money rates
showed no important change yesterday,
and domestic exchange, except In the
case of the rate at Montreal, did not fore
shadow an immediate call upon this CEN
ire for currency. General business and
crop conditions in Canada promise an
active demand upon New York for funds
IN the autumn, II not before that time.
Money conditions in London are strong,
and the Bank Of England's position indl-
Gates that no objection will be made to
shipments OF gold from the British capt.
tai 10 New York in the event Of de-
ba
In these days Of hoped-for reviving
life on the Stock Exchange the many
readers Of The Tribune should know
what Wall Street commission houses
think of the prospects for higher or
lower prices for securities, and we
therefore print for the benefit Of The
public the views OF some Of the best
known commission firms in the financial
community without mentioning names.
One prominent house says: THE en-
trance of the market into new territory
means that the opposition hitherto met
al these levels has been overcome. 1t
means that the bull party has become
aggressive" Another prominent house
covering. and we rather look for a small
setback. thus affording an opportunity
10 buy stocks" Another house says;
I'VE look for higher prices. followed by
a reaction before the end Of the week.
stu another house says: I'VE look 10
see a broader and higher market. and
the mystery Of IL all has heen why II Is
DELAYED" Looking over another letter
inst received, the following gem is found
THE fact. however that banking inter
ests are holding on TO their securities
and are willing 70 see the market ad-
vance q little is sufficient inducement for
one to make n conservative purchase at
present figures, thus leaving leeway 10
average in case Of reaction. or complete
what he can afford 20 buy even at
higher figures when It is proven more
clearly the larger interests are lending
q helping hand" II is quite evident that
commission houses are bullish, and the
question is, VIII the public respond 10
appeals 10 buy stocks on borrowed
money at prevailing prices? According
10 the Wall Street point Of view the pub
lie is mighty obstinate. Nevertheless,
people who have money on hand are
buying good investment securities to
lock up in strongboxes. Operations in
the bond market prove this statement.
An enormous amount of investment cap
ital has gone into mortgage issues in the