The New York herald., 1920-01-04

In their weekly letters issued yesterday
The following brokers had this to say 10
their customersi-
4. j. JOHNSON a. CO.;-Just now the
stock market has no particularly interest
ing features aside from speciai moves III
special stocks. Money conditions shouiu
he easier later In the month. But th-s
does not necessarily mean that another
upward movement is getting under way.
An advance now should be regarded as
only a technical recovery from the decline
last November. Well informed business
men believe that this country Is In lot a
sery large volume of business during isIo'
hence there is every reason TO expect .i,a |
deyelopments between now and the miuuie
az Februarv QUAINT to be of such nature
as to make one optimistic over the out
look. When there Is absolute ease III
money conditions and foreign eNcnaht'
IN stabilized the stock market ousnt 10 re-
fleet this healthy phase. Meanwniie l,i'
man who is conservative Will not fdhe
q mistake in buying the better class oi
steels equipments. rubber. tire ana snip
Mn, stocks on reactions, also some of the
coppers.
w r. UENsLEY, WRITING FOR
rrTJE FIRM OF T.. w. WAGNER e. CO.
Never in the history of the country mas
the dawn OF q new year presented so many
problems of vital importance to the people
as are to be solved in 1920. All eyes wiz
be riveted upon Washington the conins
week. There seems little DOUBT tnat
the peace treaty is nearing compromise
Railroad legislation will be watched Win
anxiety. The Supreme Court conVenes
tomorrow and Wall street seems to be con
fidept that favorable decision VIII NC
handed down in the very near lu.u, a.
the question Of taxation OF stock olvlueLua ,.
The meeting of Federal Reserve pahhei '.
;x
House experts throughout the country ioi
The nurpose of analyzing the credlt s'ruc@-
lire is of prime Importance. LII suiii.s 80. {, e
IN one may see a. year OF great az. 49, .
On the Stock Exchange Inc appta.ei -
securities at this writing is suoJeot
varied interpretations Aiii,ost "Hy t',,ther IN
agree that the dollar Will go lur
he ;pvestment marts than anywhere eiee,
which ia another way of saying that soou
securities are cheap. That does noI ie 4
bowever that prices will advance 1orth,
With The law of supply ana oelhanu
works unhampered in the STOCK iiia, ,i,,th
- the same were true in connections w" 49,
aitios which includes labor, there
would undoubtedly be very little uI.ese ..e
ard d;scontent in the country. SecuI llies
tha+ annear to be in the most laVoi -,
,,osition AZ the present time are s'eoi
The copper and railroad issues
HENRY CLEWs & CO.-The shrink.
a~o of prices in the market whlcn ocoI , 80 :
5rring the early part of last week anu =
Followed by partial recovery Is hhely ~ -
only one of a series or SUCH oco'i -, 49,
shouId like conditions recur from lnns 20
ti.,a while conditions just at the emu VI
- roor are probably characteriZeu w
Greater strain than at other oates ~ -,
o,.;ns true that the immaculate Sauso w.
a,Ss;c,,,ty such as the reducing OF rese[v
,,ercentages. followed by rising ra.eS ''a rvs
rau money and the advance III ~ INeeol .
paay rodiscount rates, are nkeiy " 80
- almost any moment and must oe -.
.d With q elements in the iuture eiu"
- r,ho market, however, Is tar iroiii ~
~. "a /, nature to discourage lnNesthien.
osnecu,atiop. but in making heasy 80
rornitments one should not lose slshS Va
money conditions
uaJJE A. NEUTRALITY-SUSPICIOUS. tan
..,,,ia developed over the END Oh 'ne
49, a,hich might be interpreted as
rs,np Of immediate market ihliuonIN ~,
.sontinat ton Of the rebuying moVeiien. ~
investor who had taken losses ior -
tax reasons is to be expecteu' iiiipo ~ -
hankinr circles in England loon ioi 49,
e,,nd s,erling to get back to Sf.oo py tne
49,, -, tosn Tcnglands unfavorable traoe
,nIso. through the increase in her eS
,ar,s the trimming of her imports anu
.ha increase of her revenues from shipP'nS
;ns,rance &c, is rapidly being feduceu.
w. continue our advice to purchase W
r.actions as we look for steadily n'shei
prices this month.
PAINE. WEBER & CO.-The OUT
,ook for 1920 is encouraging IN Hahy io
meets. 1t has taken more than year
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