New-York tribune., 1913-07-27
SOME BROKERS' VIEWS
Reflections of the Men Who
Study Wall Street Conditions.

the last week, the volume of business re-
ported and the general tone OF improve
ment which prevailed In the security
markets make the deductions Of the men
who are identified directly with buying
and selling securities of interest 10 the
investing public. The following para
graphs arc timely and express th9 con-
census of opinion regarding uaderiYlns
Conditions and the probabls trend oi
prices.
Henry Clews & Co.
aside from monetary and crop uhcer-
taindes. the stock market outlook Is en-
couraging. The Mexican difficulties VII
not be a serious factor except to limited
class of securities. The high rates psld
by some corporations for financing nota-
bly, the New Haven, are suggestive re
minders Of the necessity for conservatism
in new borrowings. The volume Of gem
eral business has been we'll sustained far
better. in fact, than might have been
anticipated. This is confirmed by con-
tinued satisfactory railroad earnings. AS
for the dispute between the railroads and
their employees more rational means OF
adjustment are being found than former
ly existed. and arbitration Is likely TO
prevent serious consequences"
j. X. Rice, Jr., & Co.
1.-THE steady rise in the stock market
IN the last few days has caused an in
creased inquiry for unlisted securities the
demand being much greater than the
supply. We find very little stock Of sea-
tlower levels established recently. We be-
.lieve continued strength IN the stock mar
fket will create an active demand and ad-
.vancing prices for unlisted securities gen
orally, as the investing public seem
ianxious TO buy stocks, but needs the
coincidence and courage which come only
through rising market"
Wrenn Brothers & Co.
THE market has responded to an over
sold condition, and also 20 gradual I'M
iprovement in the financial situation. Al
home the belief that the railroad strike
Will be averted and that the roads VIII
be given q chance TO arbitrate their grieV-
kauces against the labor unions is helping
sentiment Abroad. the congestion OF Sc
tcurity issues, which has been the princl-
ipal evil 10 the financial markets Of Berlin
}and London is beginning TO aoate. in
iIondon issues are less in total volume
than they were earlier IN the year, and IN
berlin for the first half year they tota4led
only S12S,SOoO00, as compared with S5O1W'- =
1000 a year ago. In spite OF the reaction
ary tendencies Of business. the dividend
I and interest disbursements Of our pr!n-
. seven
I months OF this year will show an in
7 crease of nearly Il per cent over 4s41'
! The change In the situation is not such
/ as to preclude sharp reactions IN STOCK
[ prices. especially in view Of the unsats-
: factory crop situation; but We tnlnk care
! ful buying on reactions is justihed'
Harvey A. Willis G. Co.
while there are some obstacles beset-
ting us. they are not Of character 10
seriously impede progress. Indeed. We
cannot recall time when there was less
70 disturb US.
There is one element however. that
should be eliminated. and that is rear
The person who has an Idle hundred dol
Jars should set it to work while securities
are obtainable at such low figures.
a general investment movement re-
sultng from returning confidence would
soon have the effect Of bringing prices
back 70 normal.
zone need not take chances on wildcat
speculations' when so many well primed
securities are available at low prices
Hayden, Stone G. Co.
Optimistic sentiment continues to gain
in strength. One of the best indices Of
an advancing market is its Indifference 10
bad news and its response to good news.
For the last two weeks this character
istic has been conspicuous.
1--WE think a good deal OF credit for the
Handling Of a ticklish situation is due 10
the banking fraternity If they ned not
set their faces strongly against all forms
of speculaton and insisted on nquidauon
where II was necessary the country coulu
not possibly have stood the drain OF
$50 10000 in gold at such time win so
.rttle disturbance. This IS not TO say that
teu occadon for caution has passed. On
the contrary, with the moving or the
.crons there will again be an acute de-
.roand for money. so that reasonable re-
straint must still be laid upon any at
ternut at undue expansion, but the de-
tnided probability of the settlement OF the
(Ralkan matter has done much 20 relieve
g4he extreme tension that has existed and
: the anal settlement may even avert the
7 money pinch that would otherwise have
T been almost unavoidable in the fall. The
d,sposition Of the Balkan affair VIII not
! only put a Quietus on the present strug-
gle. but will remove danger that mas
! threatened to inhame the whole OF Europe
many times In the last score OF years. II
F! Be- therefore an event Of the first rank.
Moore, Leonard & Lewls'
oJust at present the tendency is TO
I n,ane a rather unfavorable Interpretation
upon the crop developments though TINS
tis a situation that can very reaolly
change almost overnight. In fact 1t is
desirable to bear in mind that with the
many millions Of acres devoted TO the
production of grains and cotton there IS
ample opportunity for good average har-
vests even when specific districts arc
showing widespread damage. A reassur-
ing incident is that the winter wheat crop
! h now virtually harvested and VIII fali
very little. if at all, below record marking
figures"