New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-27
WALL STREETS VIEW

Expression of Different Market
Letter Writers on Outlook.
In their weekly reviews OF the stock
market situation and the investment out
took a tone of optimism runs through the
various expressions of well known houses.
which study each change in mood of
,radiug sentiment and estimate the effect
~ prevailing adverse conditions. as will
no found in the following extracts:
Henry Clews & Co.
zone Of the most potent influences in
the stock market is the monetary situa-
,ior. New capital issues can only be
made at exorbitant rates of interest. as
ebown by the ST. Paul and other issues.
which none but the favorabiy situated
borrowers can afford. This means a
reinforcement OF new application for capi-
,al until easier conditions prevail During
the last TWO weeks number of impor-
,snt issues have been offered. but only
AZ VI Unexpectedly high rates. OF course.
the consequent delay in these contem-
Mated enterprises will tend TO lessen the
activity I'm business. II will probably ar
feet the steel trade more directly than
anv other industry. although the steel
mills OF the country are occupied with
orders that will keep them busy for
months Many of the worst features have
been more or less discounted, and as soon
sfr -t,,..~ s,f- he
and 10 monetary conditions are completed
We may confidently look for better times.
orders which have been held back and
accumulated viii come forward and bust
ness will then doubtless resume greater
activity Fortunately. crop prospects are
excellent, and a good harvest viii do
much toward offsetting present unsatis-
factory conditions. There has of late
been good deal OF quiet absorption of
the best class of securities by investors.
and this class of conservative buying is
likely 10 continue"
Hayden, Stone g. Co.
The clouds have gather ed a little more
thickly this week. and il is not surprising
that stocks have yielded somewhat in
consequence. The fall of Scutari brings
the Balkan question to more acute
stage than at any previous time. The de-
bate on the tariff is about TO begin in
earnest. the Japanese matter scarcely
can he conceived as resulting in any
actual break. but is disturbing. senti-
mentally. Considering these difficulties it
IS, if anything. surprising that there has
not been more anxiety to sell. Lack Of
severe pressure. under these circum-
stances. seems further evidence of the
strong hands in which stocks are lodged.
A development that is adding stability to
the situation is the easing Of money. TO
he sure. this is partly the result Of
slowing down of business: this, however
was bound 10 come with tariff discussion
and the benefit resulting from a plentude
of money sufficient TO finance corporate
requirements would be far greater than
the disadvantage resulting from tenn
porary letting up Of business. one great
benefit that would result from easier
money would be an Improvement in the
bond market sufficient to enable corpora
tons to provide for their needs in broad
way. instead of the handto-m mouth meth
Cd which they have been doing for the
last year.
We believe this may shortly be expect
ed In this connection it is conceivable
that slowing down Of business. and
therefore easier money, would be posi-
tive benefit to the copper industry. per-
hitting. as il would. the railroads TO pro-
vide for electrication OF their lines in
large way. The consumption % copper
on this account would likely amount to
very heavy item.
The situation is. then. one OF business
reaction. of the approaching settlement
Of factors of great Importance. notably
the tariff and the Balkan question. and
above all. of very discouraged sentiment.
Posner G. Co.
While there are many questions of fact
10 he disposed of before the public will
fee satisfied with conditions. that element
of doubt will be eradicated from the
minds Of the flnanciers and market OPP
orators long before the public Will know
Of Il. We think that good deal of 1t
has already been eliminated from their
thoughts. and they are more than half
satisfied that they can see the worst that
can happen from the results of tarih
legislation in Congress and are very hope
ful Of the benefits from the currency
legislation proposed TO be enacted in the
extra session.
The stock market has been thoroughly
liouidated up 10 the first of April, and we
believe the accommodating period has been
going on since then. The financial dis
tnct has been in a very pessimistic mood
up to the present time. but we can now
see a change in the atmosphere and In
the hopes OF the speculative community.
We cannot find among the people outside
Of Wall Street anything but cheerfulness
In their outlook for business in the COM
ing wear. All manufacturers are busy,
orders are large and recorders have been
numerous. In very short time all OF us
will find ourselves in period of active
prosperity which the stock market will
shortly begin to anticipate and which
great many people have already begun ID
do. Stocks with intrinsic merit are now
purchasable for profitable ventures.
Moore, Leonard G. Lewis.
"a development Of the week that has
been d source of encouragement 10 hoid-
ers Of railway securities has been the
formal notice given BY the Department OF
Justice that il will intervene as a party IN
the Minnesota rate case. This news was
at first considered quite disappointing on
the ground that an immediate and favor
able decision on this important case had
been quite generally expected. 1t was
feared. therefore. that the intervention by
the Department of Justice would mean
considerable delay in presenting what