Evening star., 1928-11-28
Observers Wonder About Limit
To Upward Movement i'm Stocks

pates that they, too, will have earning
power"
THE public Is the dominating fac
tor" asserts the Indianapolis Star, with
the suggestion: Business Is good,
Christmas trade will be good, and the
January / dividend disbursements will
be large. Hence there is nothing ahead
to change things greatly save public
sentiment-which is the most tickle
factor in the world" The Erie Dis
patch-Herald also points to. "the long.
steady. upward tendency during the last
four years of sound security values"
and adds that "booms have come and
booms have gone. yet this continuous
rise, having little to do with pure specu-
lation. has clearly manifested itself"
The Dispatch-H Herald. however. warns
that 'the man who does not know his
way about in such market is treading
dangerous ground"
y \
THE big operators who set the stock
market pace are evidently In an opti-
mistic. Christmas mood" remarks
the Syracuse Herald, with the cautious
hint that "the line must be drawn
somewhere, If anything like judicious
balance is to be struck between specu-
lative zeal and venturesomeneSs, on the
one hand. and the actualities of the
business situation and prospects on the
other" To the Asheville Times sit
appears that many Of the captains of
industry. having reached a most salts
factory liquid fiscal position in their
enterprises, owing the banks little or
nothing, having their business houses
we'll in order, simply divert their sur
plus, money onto the most profitable
market"
Quoting prophecies of a corrective
reaction" the st. Paul Daily News
states: "One thing seems reasonably
certain: That is that the small traders
who make up the public market
rather than the professionals and the
diate sufferers" Caution for the in
experienced is advised by many parsrs.
including the Kansas City Journal-Post.
the Richmond News Leader, the Salt
Lake Desert News, the Montana Rec
ord-Herald. the Brooklyn Daily Eag'-
and the Columbus Ohio State journal
~ &*
There is a vast deal of uniustifad
prejudice against New York City and
the Stock Exchange throughout the
country" says the New York Evening
World, but 1t is easy enough to yet
the reason for this feeling BY follow
ing the discussion of governors at the
Governors Conference in New Orleans.
No special good is being done this city,
its financial center. or the country by
the wild gambling in stocks"
1T is no secret" according to the
Birmingham News, that expert judg-
ment is gravely apprehensive. not only
that present prices of a great many
stocks are too high, but that for more
than one year these various stocks have
been quoted at purely speculative prices.
From this expert opinion the buying
public is apparently in dissent. In dis
sent also-according to reports from
Wall Street-are highly responsible in
vestment security holders--that is. men
of ample fortune who ordinarily are
satisfied with relatively low dividend
return on their investments"
The Treasury Departments an
nouncement of the last income tax re-
turns is quoted by the Omaha World
Herald as showing corporation earn
ings actually to have fallen off," and
that paper sees the situation as more
like that of group of poker players,
all Of them blufing on deuces and treys 4
In the hole and never completing the
play"