New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-27
SOME MARKET COMMENT
Views of Commission Houses
on Present Situation.


bined with the element Of hopefulness,
presented in the different deductions made
by Wall Street houses from the combined
factors which have bearing on the
speculative and investment markets.
Owing 20 the change in the economic sit
! uation as at present and the disturbed
condition of the money markets of the
| world even the most experienced observ-
ers Of the past are exercising conserva-
tism in forecasting the near future in
stock market movements.
j. S. Bache & Co:
Whatever the uncertainties enyelop-
ing us at the moment, it must be cOnced-
ed that the foundations are sound. Credit
is not unduly extended. whatever may he
the strain FOR capital primarily made
tense by the boarding abroad. For the
first time since the gold standard was
securely fixed by legislation We are near
sound readjustment of our banking laws
The fact that much business is from
hand TO mouth is favorable to its sound
ness. our foreign balance is piling up
in itself bulwark Of advantage. The
unfavOrable features are largely political
They will readjust themselves eventually.
People who have money 10 pay for them
may buy good bonds at low prices, and
stocks. such as Southern Pacific Great
Northern preferred. St Paul, Union Pa
cihc. etc. and put them away Then the
ticker should be disregarded for the time
being"
Henry Clews & Co;
AS TO the outlook for the market, We
advise continued caution. The chief draw-
backs are a strained credit situation at
home and abroad, high rates Of interest.
symptoms Of a more general trade reac-
tion and a general weakening Of conf
dence. The offsets TO this which should
receive their 'uli value are that tie crop
outlook is fine that business generally is
in a sound position. that liquidation has
strengthened the general situation, that
many securities are selling at very at
tractve investment prices, that lower
prices are discounting further reaction
and that pessimism is certainly being
overdone."
Pouch & Co. give five reasons why 1t
is time TO buy bonds. enumerated as fol-
lows:
FIRST. low average now recorded for
ten active first class listed railroad bonds
for past fifteen years. and equal 10 panic
prices in November, 1901. second. stand
ard railroads have spent hundreds Of
millions on their properties IN last fifteen
wears out of earnings or through the issue
Of new stock; third, railroads are now
free from old destructive rate wars and
prohtless rebating; fourth, the Interstate
Commerce Commission must soon allow
fair increase of freight rates to insure
stability Of income 10 the railroads: nth.
modern currency system soon to correct
many banking difficulties and. incidental
IT, to assure an Improvement IN the
general market for the best railroad OBJ
legations"
\. \. IIouseman & Co.
There is a natural inclination among
those engaged in production and distribu-
ton to condne their activities 10 the ne
cessitics OF consumption. instead OF lax
ing any risk for the future. and. in the
same degree there Is An inclination
among bankers to limit their activities 10
the needs Of the minimum business doing
That minimum of course. Is very large
are talking about. Prosperity consists
i'm discounting the future. In the circum-
stances the future is too uncertain, for
the reasons We have named. and every
body is doing business strictly in tho
present"
Moore. Leonard & Lewis.
Should the tariff ill that has been
enacted by the House Of Representatives.
become a law without important modi-
hcations 1t could hardly fail TO exercise
an unfavorable influence upon certain OF
our industrial combinations. We 90 not
believe that the political situation so far
as Japan is concerned has assumed suf-
ficient Importance to convert II into a
menace from the market standpoint New
crtheless. il is one Of the influences that
will require watching in the near future.
and to that extent may be regarded as an
unsettling feature