The sun., 1919-09-01
VIEWS
AND THE OUTLOOK
Market Letters Express More
Confident Tone Regarding
the Prospect.
ADVISE CONSERVATISM
Some Writers Expect Stocks
to Be Irregular--0thers
Say Traders to Rule.
ADVISE CONSERVATISM

Some houses Ialleu 10 ei1pnhslIo INC I'M
provement in tho labor situation, and
one or two expected irregularity to pre-
vail, with stocks buy only on recessione.
Others looked for domination of pro-
fessionals. In general, however, Wall
Street houses were inclined to look for
further constructive developments.
Block, Maloney & Co. say: We have
reached a point where we can see order
displacing threatened chaos. and with the
calling OF a general conference, which
Is altogether probable, there 10 ground
for cheerfulness such as we have not
seen for some time The peace outlook
Is also improved and when peace Is on
cially here the foreign trade situation
will be cleared up. paving the way for
expansion OF our commerce We think
the stock market prospect for the imme-
date future Is very good. We look for
higher prices and favor conservative
purchases. The weeks closing prices
for stocks showed increasing optimism
The market should broaden during the
coming week."
wrenn Bros. & Co. say: we DO not
look for more than partial recoveries in
the stock market. The break OF August
20 carried prices below the levels at
which supporting orders had made their
appearance all through the previous two
months; and besides this the monetary
conditions and the political situation are,
to say the least, not bullish.
Still further, there are so many
groups of stocks which in order TO go up
very much would have to overcome great
obstacles. The steel stocks are now faced
with great danger of strike, and in ad-
dition scrap steel. which Is first TO show
changes in the condition OF the market,
has begun to sag again. The copper po-
sition while specifically atrong Is upon
rather thin foundation because OF the
worlds visible supply OF about $50, OOo,-
900 pounds of refined copper. The rails
are in a weak position. owing to the
growing disposition at Washington to
again try trust busting as a means of
appealing to the farmer and labor vote.
The stocks Of the packing companies are
face TO face with prosecutions and leg
ielatlon entirely unwarranted but none
the less harmful. The railroad equip
ment stocks, when the roads are returned
to private control. are likely to see some
pretty poor business because OF the
shrinkage in railway net earnings. The
marine stocks have before them the
rather steady fall in ocean freight rates.
the huge among of new ehipbuilding and
ton. The oil stocks as group are act
ing rather heavy. presumably because OF
the increase in the visible supply OF
crude oil and of the Accommodations of
case ie and fuel oil at the refineries
The traction issues are in n bad plight,
owing to high wages and costs and TO
inadequate fares. The coal stocks are
suffering from high costs and curtailed
output Thus there are few groups of
stocks which are now in a satisfactory
position"
Expect Irregular Market.
shonnard. Mills q Co. say: I'VE can
reasonably expect only an irregular
market pending The solution of the per-
picking problems now confronting us.
Opportunity will be afforded and for the
present should be seized to take rea-
sonable profits on stocks bought on re-
cessions. This fall, however, we ex-
pect higher prices, for we still have con-
fldence in the constructive side of the
market predicated upon active business
during the Eext few years of reconstruc-
ton"
Josephthal g. Co. say: Next week
should bring forth a decision in the
steel workers strike and II favorable
market might show further improve
ment. but until then We would not adj
wise making speculative commitments.
We feel. however. that leading shares
In the copper, shipping and railroad
groups are selling at advantageous lev
els and should be accumulated on a
downward scale for long pull invest
ment. For the time being the market
VIII remain traders affair with the
professional element predominating."
E. w. Wagner 6 Co. say: at 10 a
noteworthy fact that the stock mar
ket has displayed very good tone dur
ing the last week. 1t Is apparent that
liquidation has under the present cir
cumstances run its course and that hold
ers OF securities are disposed TO await
the clearing of the labor and political
atmosphere. Naturally. II the labor sit
uation or the peace treaty controversy
assumes a serious aspect and some of
the worst things happen that have been
predicted. it win not be surprising II
another outpouring Of securities takes
place. At the present time speculation
on the Stock Exchange is ruled largely
by sentiment and fluctuations have no
special significance. Uncertainty Is in
a bearish influence because IL
is the SPECTATORS disposition to sell
when in doubt. Many farseeinR In.
vestors are looking favorably upon rail-
road securities as the best medium for
long pull speculative profits at this
time"
Caution Calmness.
Gillespie, Needs & Co. say: "The
American public must not be unduly dis
turbed by every passing fiuctuation in
world politics. In the past it was not