The sun., 1919-10-06

competition between domestic and for
eign buyers. and later on to a lowering
OF commodity prices, and believing tina,
our banking condition will not permit
Of the speculative extravagances which
have occurred in the last few years,
and have absorbed SO much OF our re-
serves. we feel that the time has come
for the investors in stocks to take ac-
count OF the situation. They should take
cognizance of the high average OF prices
of the Industrial shares and begin to
scale down their commitments accord
ingly. reinvesting their capital In fixed
interest bearing securities of high
order. These are now selling far below
their normal levels, and WILL sooner o.
later. advance under the same condi-
tions which will lower stock prices"
Anderson, Bruins & Co. say: THE
stock market has had a substantial rise
and irregularity must prevail until the
technical condition improves. Good
stocks should be bought on the breaSs
Their prices will be inflated like, in a
measure, the current prices OF the ma
terial things they represent"
Have Not Changed Views.
e. w. Wagner & Co. say: There
Is nothing in the situation so far as
fies any change in previous views ex-
pressed in these letters. The reaction
of the last two days Is a natural result
of overenthusiastic buying Of specialties.
The technical position Of the market Is
undoubtedly much improved. and we are
approaching the time when many con-
structive plans will be put into opera
tion. l feel that one Is safe in taking
confident bullish position on repre-
sentative shares that have not bee4i
continuously doomed"
Hayden, Stone & CO. say: "Sefore
there Is renewal of stock advance there
should be more positive favorable de-
velopments. Especially is this true of
foreign exchange. In short, while we
by no means take a broadly pessimistic
view, for there are many stocks that
even at their current levels are, we
believe, well worth holding-we do not
believe that successful men are buyers
Of stocks at this level. with some
pause and perhaps a slight reaction they
may very well become so."
Halle & Stieglitz say: THE stock
market seems prone to recognize only
domestic happenings so that a fairly
firm opening would not be surprising.
AS regards new commitments however
we would go very SLOW, as lower prices
and at best a trading market only is
likely for a few days. On any real
reactions good stocks of proved asset
value should be bought"
c. l. Hudson & Co. say: while we dc
not look for much OF setback, we are
still of the opinion that as far as the
general market is concerned the best
that can be expected for a while is ir-
| regularity, The capital-labor conference
next week is bound to have an important
| effect and therefore the news from 1,
should be read with careful considera.
ton"
Clark, Childs & Co. say: There are
still displayed cautfonary signals SO
familiar to conservative, such as the
serous railroad position. renewed de.
preston of exchange and closeness OF
money The Treasury seems to be rub
bing 1t In little in its money control as
, 1t affects Wall Street. perhaps not SC
much in its large purchase and retire
ment of Liberty bonds as in its re.
ported purchase on lower than the issue
| interest basis of war finance paper that
might at least be kept out to maturity
or extended after maturity at rates more
| favorable than the issue rate. Vagaries
OF Administration policy do not helr
matters"