The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-13
INVESTMENT VIEWS
AND THE OUTLOOK
Writers of Market Letters
Differ in Opinions More
Than Usual.
MOST STILL OPTIMISTIC
Several Think Sharp Reaction
May Be Looked For at
Any Time.

Trained market observers. who weekly
put their thoughts on paper for the bene-
At OF customers OF brokerage houses are
more at odds this week on their prog
nostications as to the markets immedi-
ate future than they have been in sew
eral weeks. Some are rampantly bullish,
others appear to be 30 bearish that they
tween those two extremes stands the al
ways cautious prophecy 'they may go
up or they may go down"
But while several of those market
prophets declare in their weekly stock
letters that sharp reaction may be looked
for at any time, the majority continues to
display the optimism which characterized
their early summer writings. The fol-
lowing extracts from yesterdays letters
give some idea of the variety OF opinion
expressed by these tape experts:
Richardson. Hill & Co. say: 1.-THE ir-
regularity in market fluctuations which
was q cause OF some uneasiness at the
close of last week soon gave way to a
which has been a characteristic of the
last three weeks sessions as n whole.
When the character and number of the
factors which temporarily cooled bullish
ardor are considered, the wonder grows
that so little momentum was lost. A
satisfactory ending of the British labor
troubles and further disintegration in
the ranks of the American steel strikers
have been among the weeks develop
ments, while the condition of the Presi-
dents health has relieved fears that his
collapse would be complete and final
This kaleidoscope change in the features
OF the hour naturally has found imme-
diate reflection in the security markets
Attention being no longer distracted by
negative factors. there has been a dispo-
sition TO emphasize the extraordinary
prospects for American industry. based
on fundamental conditions which are
too familiar to need repetition"
Anderson. Bruins & Co. say: ''The
stock market appeare to be discounting
many factors. especially the successful
outcome of the steel strike. Within the
last week rates for money have indicated
clearly that the available limit of loan
able funds has been reached. Stocks. 1t
is true, are selling at high prices. but
which are well worth holding and accu-
mulating on recessions. When money
becomes easier, we should expect re-
sumption of the upward movement. In
the interim We may have reactions. but
these are to be expected in a broad move
ment. Those who keep their accounts In
good shape need not worry"
Too Few Seasoned Issues offered.
e. w. Wagner 4 Co. cay: Coverings
Of seasoned issues are altogether too linn
tied to suit the Spectator committed to
the bear position. Bear operators have
sustained heavy losses. Old school trad
ers in Wall Street are amazed at the
daily performance of those industrial
shares soaring TO new high attitudes and
then the following day climbing still
higher with every Indication that they
have nowhere near reached the top
While developments have been favorable
| the news does not seem to justify such
| bulhsh demonstrations. 1t Is no doubt a
| fact that we are, as Theodore NJ Val
| predicts. entering upon the greatest pc.
| riod of prosperity America has evei
| known, but the stock market in some de.
partments is clearly getting out OF
bounds. However, as long as wealthy
men who own speculative securities with
large paper profits do not sell because o.
excess profit taxes and certain specula
tive groups bid prices up with the gen
eral public following these spectacula,
/ advances. just that long will the fioatini
supply of securities continue so small
that 1t will require no great effort t
keep the market boiling. Bullish enthu
| siasm seems to be seiging hold of tn,
multitude as never before.
Merrill, Lynch & Co. say: "Th'
| nsrket this week has continued on It!