Show WAll ILL STREET VIEWS I IWAR WAR AR AS GREAT I INDUSTRY I I Upsets Calculations but i Does Not Discourage I age Business I I By Wall Wal I NEW V E YORK March 17 MIlitary 17 Military movements mo seeming to bc be deadlocked e for the tho time being the thc financial world Is looking In other directions for or stock market Influences Not ot that tho the war does docs not remain tho the greatest influence but that the thc wisest have proved themselves themselves them them- selves unable to look deep enough into tho the future to dec decide e what they ought to do about It In a stock market way The Thc disposition Is growing growing to look upon war as 18 one of tho the established industries industries industries indus indus- tries of the world Thus regarded it becomes much like tho the weather which with wih It Its storms and droughts and floods upsets calculations but bul does docs not discourage industry Preparations for or the bond Issue that will wi bo he the bJ big thing next month cannot cannot cannot can can- not bo ho made definitely until uni it in Is certain tam tain what rate the bonds will wl bear and what their particular features will wf be It l is still uncertain whether r the third Liberty bonds will wi compote compete sharply with savings banks or whether the they will wil cause renewed liquidation of or in In- In vestments One very ery hopeful feature is the thc introduction in congress s of ot a abill abill I bill hH authorizing banks to len lend mane money I Ion on notes note note secured b by Libert Liberty bonds I This means that such notes could be rediscounted Thus the Liberty bonds would gradual gradually reappear in the shape of bank currency and automatically finance themselves This raises the question of ot inflation queston again Wall Val street Is divided into two camps on this question queston One parly party under leadership of or tho the National City bank Is waving dan danger cr signals nn and callIng calling call call- ing attention to the derangement of ot business caused b by inflation In the American civil war The Morgan lorgan people people peo peo- plo take the thc opposite view and say that con conditions lions are re so different it ft is impossible to make comparison When this country countr went through In Inflation be before be- be fore fote re it was as a poor country an and a country country country coun coun- try whose very er existence was doubt doubt- ful The whole world stood by br taking advantage of ever every weakness de cl devel devel- op d. d Such mistakes as were made be became became be- be came disastrous Now conditions are arc reversed re This is the tho richest country in the world worM andall and all tho tim civilized world orld is 15 cooperating in ever every way possible in every movement made by In Ameri America il Mistakes will wi be I minimized and the wisest st men In all al countries will wl be quick to make mao suggestions suggestions sug sug- and tender lender friendly l advice There is no stron stronger er nation naton to take advantage advantage ad al- vantage vantage of or any weakness that may be developed And Inal there is an urgent d demand mand for tor more currency because the volume of ot business has outgrown the thc present supply Necessity compels a n vast in increase increase In- In crease of or the currency and reason reason re reassures reassures re- re assures the thc nation naton In regard to the financial consequences And Ant anyhow all al the objections that arc are being made mado to in inflation are useless use use- les less because it is coming The Tile only question queston Is how to handle it IL it The Wall Wallstreet Wallstreet Wal street opinion i IB Is that inflation will wl hurt investment In estment securities in which there Is no hope of oC an Increased dividend but butwill butwill will wl help all al speculative Issues It I will hurt investment securities because the dividends paid will wl ha have 0 a n smaller purchasing purchasing power It will wi help Investment Investment investment Invest Invest- I ment issues because such mch companies will share in the lar larger er mone money profits to be reaped and will 1 be able to pass them on to their stockholders In like proportion |