The sun., 1919-08-18
NARKET GUESSERS
SEE LOWER PRICES
Iabor's Unrest and Cost Of
living Agitation Viewed as
Baneful to Balls.
MANY ADVISING CAUTION
Bsars Ready to Pounce If Pools
Il Should Lift Quotations
a Little.

professional sentiment in Wall Street,
~ revealed In the market letters sent
I'd customers at the week end, Indicate
tint the view IL widely held that the
nlarket will work into lower levels. so
isi.E as the Industrial unrest continues
ana the high cost of living problem
remains unsolved. These two factors
have come to the front in the market
a.. considerations for first Importance
ana most Of them receive detailed at
tsgtion in the published outlooks.
Dxtracts from some Of these profess
sibnal advices follow:
ehonnard Mills Co say: Under
the circumstances. we cannot help out
advise caution for the present In the
making of speculative commitments.
while money is apparently easy, many
OF the prominent and high-priced spect-
aides are not accepted by the banks
~ icoilateral except at a sharp discount
b1lDw their current market quotations"
"A A. Housman & Co. give this advice
me market Is plainly in a waiting
attitude, with stocks In a trading area,
ana with price movements largely IN
1uenced by professional transactions.
frrsgularity will probably continue, but
there are no elements now present to
Indicate another open break in prices"
uu7ness Expected After Break.
Iamborn & Co. say: Million share
Gays and less plainly indicate that the
rlfck market IL acting according to form.
progressive dulness being the usual
sequence of a sharp break such as was
recorded last week. The same 70 true OF
ths extreme professional character Of
tn trading, fluctuations with the excep-
tlen Of bakers dozen Of specialties be-
linz moderate. Liquidation from all APP
psarances has run its course, but the
absence OF the public from active par
tietpation makes II easy for~the bear
party to bring about temporary reac-
lions, covering from the same quarter
csnsing rallies"
Goodbody & Co. sum up the present
stetus Of the market in this manner:
s-fhe bears have succeeded at last In
Breaking the market so badly that they
have shaken enough stock out of the
public to enable them to cover the most
Of their short commitments at a profit.
This they were unable to do previous
TO August 4.
1.-THE bears have covered a large por-
ton of their short contracts and are
standing aside and waiting for the pools
TO mark stocks up again. The higher
thu better. The bull pools are doing
their best but are not meeting with
great success. They have the wind Tin
nation) In their favor but the tide
labor and Industrial conditions) is run
ming against them.
Meanwhile, the bears are ready
when they think the pools have lifted
prices as high as possible and are be-
ginning to llquidate-to pounce upon the
market again and to try to break II to
a new low level. This they will prob
ahlA be able to do soon"
Q. !. II dson & Co. say: THE bears
are having things pretty much their
own way these days. letting the market
reppaln strong ~ the morning and ham
mering II In the afternoon at every vul-
nsrable point where there are stop
orders easy to tap or where some over
burdened pool Is becoming weary hold
ing up a high priced speciality"
Halle & Stieglitz say: important
bankers believe that any real upward
swing in the market will be led by the
rails. in view of the brighter outlook for
sound railroad legislation to come from
Congress"
Public Appetite Satisfied.
C. A. Morse Of Clark. Childs Co.
says: That volume of speculation has
declined abruptly. following several
sharp breaks in prices. seems to prove
been largely satisfied. and that II will
take some particular Developments of
importance in matters Of worldwide in
terest to get a bull market under way
again on a large scale. Public accumu-
lation of stocks still remains so large
that we may expect a steady movement
70 liquidate when prices show moderate
recoveries"
Paine, Weber & Co. say: Through
further liquidation and readjustment of
accounts the technical position of the
stock market has been somewhat i'm
proved. We are inclined to expect a
relatively dull period for a time, during
which the underlying status will prob
ably make further progress toward nor
mai. after the excited bullish specula-
ton of recent months"
f. w. Wagner & Co. remark: 1.-THE
market may have to undergo a major
operation before it improves definitely"