The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-17

pandlng demand for good securities.
such as has been in evidence during the
past few weeks"
Enthusc with Caution.
w. J. wollman & Co.. MANY stu
dents OF the market have been frankly
puzzled over the strength and activity
or the last two weeks. Under the load
ership of some OF the popular special
ties trading has broadeued out and the
whole plane OF the market has been APP
probably lifted. Numerous tips have
been In circulation and there has sell
dom been a period during which more
OF them have made good. This has
given renewed confidence to outside buy
ers. Those who weigh and consider
the conflicting elements are likely to
reach hopeful conclusion on the future
course of the market Enthusiasm
should be tempered with caution. how
ever. We have not yet made n return
to conditions even approximating nor
NAL no matter how hopeful we may be
OF such an outcome"
Eject OF Advance Not Over.
Hayden, Stone & Co--"After a period
or such excessive activity as we have
contrasted with the former period of
guinness. it. s quite natural to look for
| some pause. and predictions of a re-
action are frequently heard. 1t SCENE to
us. however, that such predictions
| scarcely take into SUFFICIENT considera-
tion the background of this market Tie
outstanding fact ts that. after two year
of liquidation and reimbursement. we have
had about one month Of advancing
n he ,lS1N Ia,
havo scored rather sensational advances,
but this is always true OF the early
stages Of an vpswing. Taking the mar
ket as n whole the gain has been but a
small fraction OF the previous loss. Tho
factor that, In our opinion, will have
perhaps the greatest single influence on
this market henceforth will be the prog
ress made toward the signing of peace
terms. While we have had n taste Of
economic and social unrest In this coun-
try 1t is. after all. but n taste OF the
tremendous upheaval that Is going on
abroad. It Is now absolutely essential
that the whole world should be given q
chance to resume production. The great
est panacea for our present Ills would
be the resumption Of ordinary work1day
conditions While we realize that the
technical position of the market must
have been somewhat impaired by tho re-
cent advance. which must modify slight
ly the attitude taken previous to the
rise, yet we believe that We are In a
constructive period of such magnitude
that the advance that has so far been
recorded has by no means measured its
full effect"
Outsiders Arc Buying.
Odd Lot Revictc--"All the evidence
points overwhelmingly to the fact that
the buying is coming from the outside :
that 1t Is not originating In or around
Wall Street. The buying which welcomes
tho chance to take all stocks offered at
enc and two point recessions is coming
through the commission houses. and to a
large extent Is coming over the commits
sion houses Western wires. Practically
every commission house IN the Street
naturally has gained stock on balance
during the last four weeks, but Il is
| among the so-called wire houses, the
firms with extensive Western connec-
tons. that the Increase in stocks car
ried on margin has been most marked.
The West has got money. more money
than 1t ever had before. And the West
is In the market not only for automo-
biles end other things-but for stocks''
Lyman D. Smith C Co-"Our con-
fidence In an improved railroad situation,
as expressed early in January, has been
Justified by events in Washington. The
McAdoo plan TO hold the roads for an
additional five years has been definitely
| eliminated. indicating disposition on the
part of Congress to legislate construc-
lively as soon as possible rather than to
continue the period OF uncertainty. The
failure OF Congress to replenish the re-
volving fund OF the Railroad Administra-
ton has made necessary makeshift
n Na- toA- Sc I,,t
manent financing will be one OF the first
acts OF the extra session.
while the ultimate solution OF the
railroad problem probably will not be
effected for several months. nevertheless
the rails. for the long pull. still look
attractive. Members of Congress and the
Interstate Commerce Commission are in
accord as to the necessity for remedial
Legislation. and 1t seems certain that
such legislation. beneficial to the rail-
roads as a whole. will be one Of the
early products OF the new Congress-