The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-04-28

vided the policy IL adopted Of getting out
of the stock the moment the activity
dies with small loss, small profit or big
profit The point to our mind is to avoid
risk Of big losses and be satisfied with
moderate commitments rather than In
creased commitments"
J. s. Bache q Co. The strength OF
the stock market is, in a way. an ex-
position of the country's bet that the In
dustrial and economic situation Ia sound
and that the European and International
situation will clear up The country Is
literally putting up its real cash money
on Its belief. In no other way can the
fact be accounted for that, notwith-
standing the substantial advances. the
large increase In volume OF trading. the
million and over share days. the public
Is coming In to the market largely on
its own money. This. at least, Is the
inference from the lack Of material in
crease In Wall Street loans"
Market Ii Nationwide.
Clark. Chiids q Co.. This market is
nationwide. Every nook and corner OF
the country are trying TO discover where
profits of war are concealed and re-
tained and they are bent on acquisition
Of interest in something that has book
ana realizable value in excess of selling
price, this price being described In
cheapened dollars. 1t has brought O
condition that makes million share
day no novelty and which, It is to be
feared, will introduce us into two
million normal basis Our New York
market is soon to become worldwide, for
II Paris shall discover a basis on which
10 bring exchange nearer parity, most
OI Iah n
to sell American investments at the start
or the war, generally much below present
prices, will be anxious to replace their
interests In things that have long been
80 good to them. The supply Of Ameri-
can railroad and Industrial issues has
not much increased. There Is room here
Tor foreign Investments, which will help
stabilize exchange. The foreign invest
ment trust proposed here should have
field as wide and profitable as the
English Association OF American Bond
and Snare Holders Of some twenty years
ago. 1t is only Liberty bonds that have
supplied new competition with regular
investments"
odd Lo. Revte,o ANY estimate
as to how far the market will
go presupposes knowledge Of the
extent to which the public can con-
tinue to buy. That Is knowledge which
ID In nobody's possession. All that can
be said at the present time IL that the
public's ability to buy stocks 10 enor-
nous. Tar greater in all probability than
1t has been In the countrys financial
history. People who never In their lives
had any surplus money are In posses
sion Of some hundreds of dollars worth
Of Liberty bonds. And, rightly or wrong
ly, those bonds on an enormous scale
hal IN
mitments The great idea underlying
all the buying Is the general belief that
directly ahead Of us lies unprecedented
business prosperity. And while tina,
idea lasts. the buying Of stocks will no,
siacken 1t will constantly increase. Sc
far as ability OF the public to buy stocks
is concerned, 1t Is probably true that the
surface has not yet been scratched. Lei
the cheerful predictions as to business
Improvement SO generally being made b.
borne out by actual developments and
there Is hardly any limit to which the
buying movement may not be expected
to 60"
w. ]. wollman a Co.: We'll sus
tanned activity and generally advancing
prices have characterized the market In
the last two weeks. An upward ten.
cency has been rather broadly main.
tained, although reactions in individual
issues have been sufficiently frequent e
give an occasional appearance Of irreg
ularity. The market continues to b,
one of specialties, or at least this 10 the
description commonly forthcoming be.
cause Of the scant attention paid to the
standard issues. The advance has beer
OF an orderly character. We regard
the heavy volume of trading as due
more to growth Of the market than tc
spasmodic outburats OF speculative
fever. Conservatism in making new
| commitments is worthy of adoption a
| this time. The market has been con
sidered almost shock proof because Of
Indifference with which II has treated
| adverse international developments re
Gently. With public interest growing
It is but reasonable to look for sudder
factions, and overextension under such
circumstances would seem to be unwise
| The ultimate course of the market II
| evidently toward higher levels"