The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-25
MARKET GUESSERS
FULL OF OPTIMISM
Professional Opinion in Brok-
erage Houses Is of Con-
structive Nature.
TWO BIG FACTORS SEEN
Steel Labor Troubles and For
eign Exchange Have Much
Influence.

Professional opinion in Wall Street.
,.sns TO the constructive side and In
,irtually all Of the market advice which
rent out from Wall Street over the
-, end customers were informed that
,hs nesslmisn which has had the finan-
c,al district in its grip for more than
wsek has about past. Two factors
stand out prominently as probable de-
tsrnInators OF the trend during the
coming week. One IL labor troubles in
The steel industry, which Is taken but
iIghtly by men in the trade itself, and
he foreign exchange situation, which
a. giving some evidence OF improve
ment
.rsl outlook is such as to indicate con-
tInuation Of irregularity and trading
movements, pending adjustment Of lead
ing factors In a way that will warrant
resumption OF bullish activities on any
material scale. The fact that loans
would quickly expand again with re-
nswal Of speculative operations for the
rise is a feature that under present cir
cu,nstances will operate against any
thing more than rallies from depression.
eve therefore continue to feel that
the market must wait until later sea-
son for aggressive advances, but, on the
whole, the more conservative level or
nr,ces and improvements in certain as
meets of the technical position provide
reason for more assurance. and re-
coveries from any further declines
should reflect enlarged demand from In
tarests well prepared to ignore tenn
porary fluctuations"
Anderson, Bruins Co. remark: The
feeling Of many investors toward the
stock market Is undergoing change.
They sense that the worst effects OF the
steel strike and the adverse foreign ex-
change situation have already been dis
counted. Stocks which were thrown
over recklessly last week are being pur-
chased again on a scale. A better class
of buying has developed. This Is maxi
ing itself felt in the standard shares.
Halle & Stieglitz's view is: I'VE see
no reason to change our opinion that
declines in standard issues warrant
their purchase, while strong spots war
rant profit taking"
E w. Wagner & Co. say: at would
seem good Judgment for those who have
veathered the storm thus far to hold
their stocks. There were reports cur
rent that several syndicates which were
formed to liquidate have been reorgan-
lied and that an effort will be made to
check any further liquidation"
Maury, Rogers & Auchincloss says that
the recent drastic decline in the secur-
ity market has brought about a much
more sound condition throughout the
whole list, and stocks are beginning TO
look attractive again. The labor sit
uation while not definitely settled or
eliminated bears less menacing ap-
pearance. and even the foreign exchange
market has improved materially within
the last few days.
,ot, q n lfA h
at is reported that plan has been
worked out to stop the drop in foreign
exchange, and IL this Is so 1t will have
quite bullish effect on the market"
]. S. Bache & Co. say: Active buy
Ing by the public is the force which
keeps bull market advancing. If thii
force is withdrawn after a long period
OF advance the market, lacking sucf
support, must naturally decline, and un
til new buying comes in to reverse the
movement, the course Of things is no
apt to change. 1t would appear tina
declines, with subsequent recoveries ant
then further declines, would be inclined
10 continue until lower prices and re
newed interest on the part OF the public
again would become factors"
Hayden. Stone & Co, remark; wv
realize perfectly we'll that there mus
some day come a general uehatioh
the price OF commodities that will carr!
stocks with them, but We doubt yer!
much II 1t will come so quickly as
further continuous decline in the stool
market from this level would predicate
Probably the propaganda against higl
prices and profiteering-though absur'
IL -st,ffrr4e-ef its phases-wnl have its EFF
feet in checking further excuses an
allaying somewhat discomfort. TIL
shortage Of goods, however. is too fun
damental to permit a perpendicular de
cline at this time"