Seen as Critical Wall St. Advises Clients To Be Most Cautious New York, Jan. 17.
Wall Street analysts were practi cally unanimous today in describing the stock market as critical. They advised their clients to be most cautious, but privately asserted bullishness, Most believe the-market will soon advance substantially, although they admit its recent be-havier has been disconcerting.
Favourable factors today included the following:
1. Brookmire ice foresees a rise of '$5,0095000,000 li the national income in, 1938.
2. A record influx of buyers in New York wholesale sections.
3 Reports of high farm buying power sulting. from larger Crops Electrical equipment manufacturers foresee a 15 to 25 per cent. in business this year.
Unfavourable factors included:
1. Anzconda Mining Ca. curtailed operations Fears that France may aid the Spanish Republicans.
3. Lower prices on the London stock exchange.
Most traders predict a severe test of the market position in the next weeks, Brokers heard today that Douglas and United aircraft stocks were being regarded as promising for long range speculation. McCall Corporations earnings for the first half of 1939 are expected to exceed the 76 cents reported for the same period of 1938.
Standard Brands will show about 60 cents per share for 1938 and about he same for 1939. General Foods l show about $2.50 per share for 8, it was expected.
Commercial Credits for 1938 will net about $4.50 per common share as compared with $7.10 in 1937, it was understood.—United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.