New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-10
STOCK MARKET OUTLOOK
How Wall Street Brokers View
the Prospective Trend.

llIO OSlJCOl'FN ~ Si'Ns
The continued advance which the stock
market has enjoyed for the last few
weeks, carrying stocks in some instances
more than 10 points on the rise, has
caused a general inquiry as to whether
the upward movement has reached its
limit for the present. The following eX-
tracts from brokers' opinions will be
found interesting:
Posner & Co.
THE securities market has hesitated
little at times in its forward movement
in these latter days, probably awaiting
authoritative information upon the agri-
cultural production. The large public
has not shown a disposition 10 venture
into the market until II has better assur-
ance as TO the crop prospects. Up to this
time this has proven d serious blunder
on its part as ii has lost many good op-
portunities for profit. While the volume
Of agricultural products is Of great conse-
quence to business and finance. you must
remember that, taking the worst side of
the corn crop. we still will have possibly
upward of 27o0,00O0Oo bushels, without
taking into account that the South Will
cotton and that the wheat crop is rec
ord one. Oats will fully measure up to
1000 10000 bushels, although the second
crop of hay will fall short. Nevertheless
the new wealth produced from the earth
this year will total fully $9o0,@l0O.
Under these conditions. we still feel op-
timistic about business for the coming
year, and believe that the stock market
will continue to improve. The Northwest
IS in particularly fine shape. and the
roads operating there will be highly pros
porous next year. The copper companies
also have a brilliant future"
Henry CIews G. Co.
THE stock market displays a more con-
fident undertone than has been the case
in the last eleven months. Prices have
shown a considerable rise and realizing
spells must now be expected, particularly
on stocks which have led the advance.
The rise, however, has been very uneven
and is likely TO be carried still further
should the harvest prove satisfactory
and monetary developments continue IA
vorabe The tariff problem has been
discounted and almost forgotten, the
public having wearled Of doubt and un-
certainty This question nevertheless VIII
soon be settled. The worst is already
known, and when the final decision is
made business may be expected 10 take
a fresh forward start In many lines
shelves are exceptionally bare because of
enforced contraction in buying for almost
a year. When uncertainty is over rush
of orders is to be looked for. The out
lock for the currency bill grows more ia
vorable and the known determination OF
the President TO secure bill this session.
II possible materially strengthens the
possibility Of success. The Senate prom
Uses 10 be the chief obstacle.
so far as the future IS concerned, indi-
cations point TO a broader, more active
and generally improving market. Reac-
tons will be more frequent, and the crop
outlook must be closely watched Devel-
opments at Washington may also have an
important effect upon values. either for
he rise or the fall"
Williams, Mcconnell & Coleman.
Stocks have recovered from 10 10 10
points from their recent lew level.
much further advance can hardly be eX-
pected The constructive forces seem TO
be gaining in strength. and we are in
clined to favor the long side. even al
these levels One of the most encourage
ing features is the revival in trade cir
cles For a long time there has been
difficulty in selling staple commodities,
even at q reduction. but to-day large
lales are being made in all lines. II may
be there is little profit to the producer,
but higher prices will naturally follow"
Mum Bros. & Co.
Technically, the action Of the market
'emains satisfactory. The general trend
u prices has been slightly upward ever
since June 10, and experience indicates
that two months Of firTnness may usually
be considered as evidence that the mar
<et is in a stable condition. Certainly.
the heavy liquidation seems TO have been
concluded prior 10 the middle OF June.
and there have been no recent indica-
tons of renewed liquidation Of conse-
uuence. Copper stocks were so thorough
y sold out az to hold we'll in face Of the
strike. and the radical tariff position taken
by the United States Senate during the last
few weeks failed to bring out any heavy
decision adverse TO the express companies
was expected-which doubtless explains
why Il had slight market effect II can
hardly be taken as a definite foreshadow-
ing Of an adverse decision in the railroad
rate case, since the two cases are so
utterly different and since almost none
of the reasons which the railroads are
urging as justification for higher rates
could be pleaded by the express com
panies Investment demand for securi-
ties is less glutted than formerly by new
issues, and IN London the July subscrip
ions were q per cent below those of 1912.