New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-08
STOCK MARKET COMMENT
Views of Commission Houses
on Present Situation.

EItWS vi CUlIllIlISSlUIl TlUuoCo
on Present Situation.
Wall Street houses have been per-
picked by the exhibition made in the
stock market and are somewhat unsettled
regarding the near future movements OF
prices. AS a rule optimism is tempered
with exceptions involving the business sit
uation. politics and money. three handi-
caps which make the struggle of the mar
ket toward higher levels a difficult one
Most observers acknowledge that securi-
ties are selling at bargain prices, but they
hesitate to vouchsafe a guess that lower
prices will not he seen. The market pre-
sents many attractions to the investor,
and from reports gathered IT is evident
that considerable investment buying has
been and will continue to go on during
the tendency downward. A few extracts
from the market opinions of the week
are published
Henry CIews & Co.
AT the moment neither the railroad
nor the Industrial section Of the market
is in satisfactory shape. Quite a decline
has been already experienced and fair
reaction to cover shorts would cause no
surprise. but fundamental conditions are
still unsatisfactory. The attitude at
washington and of the public toward our
large corporations continues to he a
source of uneasiness The proposals OF
the Attorney General regarding the to-
bacco trust caused also increased un-
attitude
Of the Interstate Commerce Commission
toward the railroads is far from encouras-
ing The strong roads may be able TO
stand the pressure. but some of the
weaker ones may be easily brought into
critical position, the ST. Louis & San
Francisco being merely symptomatic Of a
condition which applies to the weak rail-
road properties"
Posner & Co.
The acute stages Of liquidation in the
market during this week may be attrio-
uted TO several causes. Professional
operators are quick 10 take advantage or
any piece Of news that will influence APP
prehension in the public mind Washing
ton has contributed nearly all Of the
trouble that was occasioned In the mar
ket during that period. The Frisco
trouble lent a handle TO work the market
on. and the alleged interviews with the
Attorney General published In the news
papers also had a depressing effect.
Nevertheless there are still several weak
spots 10 be eliminated before the nnal
cleanup in liquidation Will be effected.
and the quicker this is accomplished the
better It will be. II is therefore expected
that, from a speculative standpoint there
will be further recessions in the market,
but you may look for and expect sharp
rally in the first days OF the coming
week"
Wrenn Bros. e. Co.
Foreign selling of American stocks has
been heavy in the last week as the natural
result Of the St Louis & San Francisco
?eceivership. Investors abroad are, Of
course. not familiar with the varying
merits Of our securities, and the weak
ness Of one bond is apt TO be attributed
TO all. Much of the same lack Of discrim-
ination has prevailed at home, and where
as the St Louis & San Francisco system
as whole is not earning fixed charges
there has been indiscriminate selling dur
ing the week OF the stock OF roads which
are earning their charges two or three
times over. Such a rush OF liquidation
might under other circumstances mark
the end Of the long downward movement
OF prices: but there are several important
factors which the market is likely 10 wait
for before starting upon an upward
course Among these are the final form
Of the tariff bill; tho real crop outlook
which will not be known until the second
week in July, and the Union Pacific disso-
luton. With these points definitely known
an upward movement might well begin
without waiting for the ST. Louis san
Francisco readJustment, or the Minnesota
rate case, or even action upon the petition
Of the railroads for higher freight rates
in the mean time We think that any raj
lies will result chiefly from an oyersold
condition.
Finley Darrell & Co.
Many stocks are selling at prices under
the lowest level reached In the l9)I-'OS de-
preston as a result Of Industrial, COM
mercial and banking overextension.
which has resulted in a large volume OF
undigested securities and because Of I'M
certainty regarding tariff changes and the
administrations attitude toward corpora
tons. The market has ignored the fine
crop outlook and various other favorable
features Of the situation. Much Of what IS
unfavorable has been discounted by the
declines already experienced. and the
stock market presents fine opportunity
for investors TO buy good securities for
cash. Bargain buying is going on In no
small volume.