Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-15
Brokers' Comment

BY the Associated Press.
NEW YORK. August 15.-Stock Ex-
change commission houses adyices to
customers today showed considerable
difference of opinion over the pros
poets of the latest bullish campaign.
There was a considerable inclination
to feel that the prospects of real
rally would depend upon the character
of new developments in the near
future. Comments follow:
Hornblower g. Weeks.-Both technical
and seasonal considerations favor a
more extended rally and the market
during recent days would seem to fore
cast Just such a development. There
fore, we would buy stocks here in
anticipation of an intermediary Fall
upswing of SUFFICIENT proportions to
make available worthwhile trading
profits before the middle Of next month.
Shields a. Co.-There would be more
confidence in the current effort to turn
the market If 1t hSd better leader
ship and IL there were less option pools
at work. No real turn in price trend
was ever effected while this kind of
distributing operations constituted the
main incentive Of the most active lead
ers. There Is no evidence of important
bankers taking an interest in deal
foreign financing plans are arranged
and the current defiation of labor costs
nears an end.
Charles D. Barney 81 Co.-While we
believe that further advance I'm the rest
of the market viii taSs place even If
the rails continue TO lag, the technical
assurance on this point would be in
creased II the rails show sufficient
strength TO break through the average
level at which they were halted on ths
first day of automatic rebound. A few
rail stocks yesterday did exceed their
highest prices established on Tuesday.
We believe that the advance Of the fol-
lowing rails through the prices indicated
would aid in increasing confidence in
the current constructive movement
Atchison. l46; Baltimore & Ohio. 40
Chesapeake & Ohio. &c. New York Cen
trail SIS; PENNSYLVANIA. 40. and South
ern Pacific. 1917.
Jackson Bros. Boesel g. co.-while
we feel that the market may be SUBJ
Jected 70 q minor selling test before the
close today. we consider It probable that
this would be followed bY efforts TO re-
sumo the advance next week and II
early indications begin to appear that a
Fall trade recovery is IN the making. /,
would be logical not 10 expect an i'm
portaTlt reversal of the up line during
the remainder oG the month On the
other hand il nearby trade barometers
prove disappointing We would expect
that the current recovery would be
short-lived Because Of this possibili,y
we cannot help feeling that long TRADING
commitments at current levels should
be protected by reasonably close stor
orders.
HameTshlag, Borg s. Co.-At the pres.
ent time there seem 10 be three i'm.
portant factors influencing market SEN
tinent, namely, foreign conditions, the
commodity situation, and the railroad
situation. These three influences have
all been adverse to price Improvement
both because OF their psychological ef-
feet ard the probability that they vii
retard industrial improvement. On tn,
other hand, we feel that they have bee.
discounted marketwtse to a large ex.
tent and do not warrant the expectation
Of further serious declines. We thina
that the market is apt to fiuctuat,
within narrow range barring unex
pec1ed good OF bad news la one Of tn
three fields mentioned, and that thu
mere element OF time viii work in ii
favor. Thus we believe that nloderat.
long-term commitments are juStifeg
during periods Of weakness.
Pask g. Walbgidge Foreign affair
continued TO dominate financial opin
ion. The seriousness OF the British
situation has been reflected IN errati
sterling quotations IT is doubtfN
whether any one at this moment ha.
sueacient grasp OF all the ranifacation
"a forecast accurately what the solution
may be when found We seem TO b
in position TO recover az gslcna tim
as the European and South American
difficulties can be overcome. Bushes
IA many industries has improved ap
pFeciably during the past two on tkre
nouns. =. - !. :