New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-13
MARKET LETTER VIEWS
Extracts from Weekly Sum-
maries of Exchange n ,uSeS.

IIIdi ICS VI EAOlldItyC ''|UoSo'
Regarding the present and near future
trend of the stock market and interpreta-
ton Of conditions there is difference OF
opinion In Wall Street. Some OF the
views OF Stock Exchange members are
given in the following extracts from their
weekly market letters.
Henry Clews & Co.:
THE financial outlook. though not lack
ing in favorable features. is still confused
by several fundamental difficulties. Chlel
of these is the monetary situation. Loan
able funds for short term use are coin-
paratively abundant al reasonable rates.
But capital requirements are numerous
and can only be satisfied at excessive
rates. Investors at the moment have tue
upper hand and often seem disposed 10
await still better terms in the bids for
new capital. In some cases the shyness
of investors is due TO excessive caution
resulting from a confused outlook. That
unsatisfactory monetary conditions are
not confined TO the United States Is shown
by the similar situation prevailing III
Europe. 4 number of government loans
have recently met with poor success the
latest example being the Brazilian sSo'-
100000 loan, of which the underwriters,
the Rothschilds. were compelled 10 take
90 per cent at a discount
Wrenn Bros & Co.:
"Uncertainty is the foremost character
istic of the market: and this uncertainty
doubtless finds its cause In the unstaoie
political and legal conditions under when
corporations must do business and in the
CONSEQUENT instability Of earnings. No
body knows what the outlook is ana
therefore nobody wants 10 buy securities
The manufacturer would like TO know
how the tariff IS going TO affect him. the
wholesale and retail dealers are trying 70
find out whether II is safe 10 lay IN their
usual stock Of merchandise. and an I'M
usual number OF consumers are practising
rigid economy because Of the fear that
their Jobs are not secure. Meanwhile. the
corporation manager is still guessing
what the Sherman law really means
what the new administration Is going 10
do with Il, and what changes Congress
may make in il. With no definite prospec'
to tie to. the market is gradually drituhg
TO lower and lower levels. Investment
buying Of real bargains is always timely
but we think that purchases FOR quick
profits should be made only on very sharp
breaks. and that moderate profits should
be accepted"
Posner & Co.:
Foreign affairs are adjusting them
selves TO a nicely. and the overhangins
menace in domestic financial AFFAIRS VIII
soon be dispelled. The price level ana
WELD Of high class stocks and bonds are
AZ the lowest and highest in their history
without excepting the panic period Of iVe
years back. The swing of the pendulum
has reached its extreme point and Is now
ready 10 swing In the other direction
There Is convincing evidence ready for
every body who will mingle with the peo-
ple that confidence s. returning gradually
but surely. and that is really the only
thing requisite 90 bring about PERIOD OF
activity I'm the public and among invest
ors They realize that this is one OF the
best OPPORTUNITIES In five years 10 make
Investments AZ the most advantageous
prices. and we are confident that the
securities are AT or near the lowest level
they will touch"
Keane. Zayas & Potts:
In 1901 the public emptied it, savings
into Wall Street and took down large
profits. and II may be waiting 20 repeat
the process on any future wide open
break The gradual recession IN prices
In Ia. Ia. II
months represents a decrease OF perhaps
90 per cent In values. but as there has
been nothing spectacular In the decline II
has failed TO attract general attention.
Had the decline occurred within period
Of two or three days. or even In week.
public attention would have centred on the
stock market and the public eye would
have discovered and the public hand
would have seized the opportunity to OBJ
tain investment bargains. There are
many who believe that a sudden ten
point decline from the present level OF
prices would be sufficient TO set the public
clamorlng for stocks and supply the need
ed impetus for long forward move
ment"
John Muir & Co:
Putting aside the temptation 10 dwell
on what often happens when sentiment Is
one-sided and has been one-sided for some
time. We wish To point out three posi-
bilities out of which n real forward move
trent can develop. We refer 10 better
money conditions to higher freight rates
and TO good crops. We regard the strain
on credit as the one real factor which has
caused the present depression. The Euro
pean troubles have caused this strain
The European troubles are I'm the way
OF settlement. As the situation clears the
boarded money will return to circulation
The return OF the money boarded In
France and Germany Will permit OF an
expansion OF credits as large as sSOOSO,-
go"