Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-04-24
Brokers' Opinions

Newburger. Henderson & Loeb
"Any lingering doubt as to the funda.
mental strength Of the constructive
movement which has been in progress
in the security markets since last sum.
mer must surely have been dispelled by
the remarkable exhibition furnished by
last weeks market, both rs to the alb.
sorption capacity and recuperative pow.
ers. For fifteen consecutive days the
daily turnover on the Stock Exchange
has been in excess of I 900 900 shares.
with one day OF more than 1000. 900
shares within this period. The first
real setback to the prolonged advance
in security values also came last week,
from which there was a remarkably
spirited reversal. Experience, however,
has shown the following up Of such
bulges seldom proves profitable, and
we doubt if it will be in this instance.
While we remain confident still higher
levels will be attained during the cur
rent year, vet in view Of the neces-
sary adjustments which must follow
the violent variations Of the last fort
night, with the wide change of owner.
ship. VIC feel that both discretion and
discrimination should be diligently ON.
ployed in making further extensive
commitments. There is no denying the
existence Of an old-fashioned bull
movement, but reactions such as expe.
rienced last week must be expected from
time to time, as overconhdence places
the markets technique In vulnerable
position"
H. F.. Bachman & Co." Strength in
the new crop positions and relative
weakness in the old have featured the
last week in cotton. with October on
Wednesday selling ten points over July
and December three points above. with
May continuing to hold q premium Of
approximately forty points over the
midsummer position. Another feature.
too, has been the broadening In the vol
ume Of business which has resulted in
the first real movement OF values away
from the stagnated position they have
maintained for period of many weeks.
Better weather conditions in the belt,
er summary and the shock of the Rus
sian German treaty at Genoa, which at
one time threatened the very existence
Of the conference there, brought about
considerable liquidation. causing a loss
of most of the gain that had been scored
during the first half Of the week."
Hocker & CO.---"The most bullish
factor in the present situation is the
easy money conditions that exist and are
likely to exist for some time to come,
When prices of stock at the present
time are compared with prices of other
years, when money was bringing the
same rate as It Is now, stocks look very
cheap. When compared with the low
prices of last year, they look compare
lively high. Rails, coppers and steell
| look attractive at these levels, while
many seasoned preferred stocks art
yielding good returns.
Edward h. Smith & Colt is gen
orally recognized that il compromise
/ OF the labor controversy could be &C.
ccmplished, another serious obstacle
now retarding the development of in.
dustrial activity in this country vii
have been removed. The requisites fol
the Nations prosperity are only full!
satisfied when its productive resource,
are we'll employed. when its factories
are busy. and when its labor forces
are at work. Therefore, restraints upol
production either on the part of capita
to protect abnormal business margins
or on the part of labor to maintain al
uneconomic level of money wages ar
attacks upon the ultimate means of in
dustrial welfare.
From this point Of view. the leader
of organized labor when calling strike
to enforce demands for the continuanc
Of wartime rates--or even higher wage
Are not only delaying business recov
cry and demoralizing all lines OF re
lated industries, but are injuring tn
interests of their own adherents.'