New-York tribune., 1913-07-13
VIEWS OF THE BROKERS

VIEWS u IHE BRUKERS.
Extracts from Reviews on the
Wall Street Situation.
The action Of the stock market last
week was so irregular and events were
so confusing 20 those who attempted 70
base future movements on the daily &C.
velopments that the following paragraphs
Will be read with interest:
Henry Clews g. Co.
Fortunately the stock market IS not
without some favorable clements. The
crop outlook. though spotted. Is encour-
aging According 10 the government re-
port for July. the indications are for \
corn crop of 2.97l, 10000 bushels, against
crop last year Of 3.l2i. 900 bushels. The
wheat outlook Is somewhat disappointing,
the expectation being 100000 bushels,
compared with 100000 a year ago
The oats crop promises 10oo.Oooooo bushels.
The crop prospect can be considered rea-
sonably good Reports from a number Of
bankers IN the west show much conf
dence in this respect. In fact. strong
optimistic tone prevails throughout all
the agricultural districts in that part OF
the country Trade there IS fairly active
and none Of the depression so noticeable
in the East can be found west Of the Al
leghanies."
Wrenn Brothers & Co.
Disturbing events have ruled the mar
ket during the last week but without
causing any marked change In price levels
In the Pittsburgh bank failure there
seems 10 be no sign OF general danger
since the failure was caused not by any
condition which generally prevails but
rather by a special situation which has
little or no parallel in the other banks
and trust companies Of the United States
This was the investment Of more than %
per cent Of the banks resources in Sc
curities Of doubtful value. whereas with
other institutions security holdings are
small. Monetary conditions remain sound
and call money remains cheap. In spite OF
both this failure and the renewed outflow
Of gold"
Posner G. Co.
''The situation in the financial markets
is somewhat peculiar just now. From
the point Of view Of experienced obserN-
prs. the people whose expressions are wide
" circulated in the newspapers In the last
few weeks are influenced entirely by their
political affiliations and the sections they
are interested in. Neither does there
seem 10 be any experience OF thoughuul
opinions. craftsmanship or patriotism or
anything but self-help among the leaders
In Congress BY their actions everybody
outside Of their own circles seems TO be
entirely secondary 10 their consideration
The conditions engendered by this pecul-
lar state Of affairs are manifested In the
difficulties disclosed in banking circles
There Is a worldwide disturbance In
monetary affairs. and it is and has been
made more acute by domestic politics
Hayden, Stone & Co.
Bank failures, resumption OF hostiIues
in the Balkans. renewal Of gold exports
and threats Of serious railroad strike
have failed to bring out anv liquidation
more long stocks for sale, unless there
arc further unfavorable developments.
THE Pittsburgh bank failures were ap-
parently due 70 causes peculiar 20 those
banks. and arc not at all typical OF bank
Ing conditions as a whole. While deulor-
able. their chief importance. aside from
the effect on those Immediately concerned
Is IN making for a further loss Of conn.,
.ence abroad in American insttuuons
Tor this reason particularly they are re-
yrettable. but probably will soon be for
rotten. as they will not lead TO any iur-
her consequences.
"The resumption Of hostiliuos In the
Balkans IS very disappointing. We need
not deceive ourselves with any eXpecta-
ton Of European purchasing Of securi-
ties until danger from this source has
been entirely removed. Fortunately, the
atest news at the moment OF writing Is
more encouraging.
The possibility Of a strike on all the
Eastern railroads is not to be belittled,
There is this 10 be said, however that
anything but firm stand on the part OF
the railroads would be suicidal and that
the matter Is so serious II must be set
tied shortly The railroads simply cannot
afford 10 pay more. and we believe II
they insist on this point the public VIII
back them up. strike without public
opinion behind II Is lost before It is BE-
gun"
Williams, Mcconnell & Coleman.
1T again looks as If the situation abroad
Uas responsible for the sagging tendencies
Of the stock market. Europe has again be-
come a seller and Washington news does
not contribute much 20 cause enthusiastic
support Despite these factors, evidence
continues 20 multiply that the critical
point has been passed. The silent piling
up OF funds is the strongest possible
foundation that can be laid for new era
OF expansion. There are also indications
that readjustment conditions will reach
labor This should be the turning point
Moore, Leonard & Lewis.
The market for securities this week
has successfully withstood a severe shock
IN the form OF tho financial embaHass-
ments in the Pittsburgh district The
First-second National Bank Of that city
was closed by the Controller Of the Cur
pf rfh