The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-09-29
INVESTMENT VIEWS
AND THE OUTLOOK
Brokers Advise Conservatism
in Immediate Commitments
Because Of Unrest.
EXPECT SOME ADVANCES
Most Weekly Letters Are Mod
erately Optimistic as to
Markets Course.
EXPECT SOME ADVANCES

Although they counsel conservatism
IN immediate commitments because
Of uncertainties In the big In
dustrial and business circles OF
the nation most Of the brokerage houses
arc moderately optimistic on the course
Of the stock market according to their
weekly letters to their customers. They
are for the most part, of the opinion
that the prices OF the important securi-
ties will reach higher levels, but, as one
house puts II, at is better to be safe
than SORRY" and for that reason they
advise great caution in all market &C
ton The following extracts from the
letters give an idea of the general trend
of expert opinion in Wall Street:
w. ]. wollman & Co. say There are
too many elements of uncertainty In the
general situation. too many questions to
be settled-and settled right-to suggest
the ACCESSIBILITY of new commitments,
except along the lines of conservatism.
Eventually we will work back to normal,
TO a sane, safe basis for abiding pros
perity, but we may find the road tedious
end beset by difficulties. Under the cir
cumstances II Is better for the present to
be safe rather than sorry"
Stocks Are In Strong Hands.
Merrill, Lynch & Co. say: 1T is the
watched the market that the steel strike
situation is clearing up and that the
worst is over We are at the present
time In a trading market with an up
ward tendency and 1t has been shown
this last week that stocks are in strong
hands and there has been practically no
liquidation"
Anderson, Bruins & Co. say: Until
the labor situation is clarified we should
be inclined to look for trading mar.
ket although special stocks will un
doubtedly predominant. On recessions
we think it would be a good speculation
TO buy the general list"
The Odd Lot Revieio says: 1.-THE mar
ket is acting very steadily. This is as
much due to the hope that the strike
will be short and decisive as to con-
fidence In the ultimate victory OF the
steel companies. Certainly the action
Of the market shows the solid foundation
On which II is built. Many speculative
and weak accounts have been eliminated.
with the result that stocks are APP
rarently in strong hands. This is also
a point to be considered. Whether stocks
ore in strong or weak hands, however.
will make no difference IL the strike
gets to the point where earnings of tho
steel companies are so affected that they
will have to dip into accumulated earn
ings to meet their dividend require
ments."
Watch Daily Events with Care.
Clark, ChildsN& Co. say: "ohe now
must merely watch daily events with
care, but always with readiness to
espouse the constructive side of mar
kets when favorable solution seems to
be likely of great questions of the hour.
With matters SO shaped. 1t Is not sur
prising that only in oil shares. motors
and few others has the market broken
away in any decisive way from it's
,lethargy or fear. In such issues even
present doubt makes for confidence in
the long future. Oil and natural gas
WIN constantly displace coal. With rail-
road rates to further advance, to cover
the Government pledge Of responsible
ity, one can see only constant increase
OF motor freight transportation. At
present, with many railroads, dollar
moree gross earnings means a dollar
more operating cost, which is bad busl-
ness for road. shipper and Government"
E. w. Wagner & Co. say: Summing
up, the writer is impressed with the
large potential buying power that will
undoubtedly assert itself in the spec
ulative marts when the two most i'm
portant adverse factors are eliminated
Definite Indications OF diminishing labor
troubles and ratification of the peace
treaty In some form or other the two
principal market deterrents. will in all
probability induce a big flow of invest
ment funds to Wall Street"
Block Maloney & Co. say: "The bank
statement was decided surprise Il
showed a complete reversal of form.
Excess reserve increased 1000, 900
surplus now 1s.422.o00. The condition
due to the heavy Treasury withdrawals
was corrected. as we anticipated 1t
would be. This will favorabiy affect
sentiment We look for higher prices for
stocks next week Advise conservative
purchases"