Show forward orward March lor National Prosperity Future Is' Is Is IsI I I in Store for Nation 1 Opinion in New Nev York I Importance chanGes or of cuca o und base W taken en the Of week Y Yet the cont con con- ta lit tho Pt past i Ts Is that normal good goodare u t f Dancing advancing on th thU tile are arc ro great r at wave ave of oC C an B nd that a ft Un Under unde er U IS avoided a b bo cannot v T erItY Future I p IA n. n s. s say comp 1 n. n t. t activity ty DC Jle ite transactions continue k V excesS o ot of a a. a million share n to unsettling ruF ruri ru- ru chic F 1 owing 01 delay dela in a peace from 1 ri it wit ith Ger Germany n tho buying buin 1 less and d moro or nent ment Liquidation confined d to a a. few epe- epe ver was industrials in which eJ mong the thC upon a has beep been cut suf- Oi 4 and nd d Whether tho the the most severely I Its course courso or no not reiDS rc re- ell thou on to bas b be run seen and nd tho the selling iDS ics thus far tar developed eloped nt has not ot t rement fem weakness As s S a rule rulo Itri lc jr confidence much with h held Jd i is s arc recent buyers buers are re a l. l num- num t r the jog J In tho the west U cd optimistic 1 hold very the future These decline to be frightened out t holdings A Ao acquired the fl newly cr f of strong Inconsiderable number j o o Jt t l refuse to IQ sell because unto un un- un- un also to turn so large a por- por to tho the federal tax lax tIia o of their profits hector lor The effect of ot withholding 1 Sk lick lck 5 securities from the market natu- natu 1 iy IT l increases Its general strength th creating a 3 new clement element of un- un bo o gh That IhM the tho market et displays in IB astonishingly h strong undertone is kT d dispute Nothing r like It has hasIs In a generation Wo We arc Is n D seen period of or extraordinary con- con conI I truly Ja a T produce corresponding and reactions After the rio vio- iJ fint nt crises and depression caused by brings ne new hopes TIT peace cc Inevitably Inc as well as vigorous and sometimes un unreasoning un- un reasoning optimism In this country has l lost st least and profited most t lj by the war ar extremes of oC this nature late the freest play pIa In the tho world Wo e TC plenty of or food minerals and ther ra raw materials which Europe I sull needs ed Holding as wo do a a. great of or all l these vital rital necessities i we e cannot help If we wo would the big oms from their sale Our pros- pros 1 ft rily f for r a year Tear or more ahead Is as r rs as S mortal can be InI In- In I cannot be avoided a under such t conditions as exist today labor and credit are aro al all als al- al s l T highly Inflated and securities rt rt sow now taking their share In with real estate closely i- i U.- U. Vc We may not like these de- de deI I but we cannot help them Tte stem seem to resemble some of oC the I ther social or psychological phe- phe which cannot be arrested but their course until exhausted l the present rise In values ther of commodities securities or I ages roUt must continue t I until buying per Is exhausted a condition not I let et In sight i Monetary foD Conditions Ia I r l 1 Commenting on the monetary con condl- condl di- di l was s and Dd things in general they con- con 41 ut 1 1 IK- IK 1 Somewhat cisler conditions at pre pres- pres I ut st exist In th the money market owing owin to a favorable n banking position M relief reller of or f pressure incidental to toi i- i Uns of the Liberty Libert loan loan- Tho gov- gov ment ho however ever Is b by no means out ont ct cr the he mOM money mon market Fe Federal e exl ex ex- l J f s continue ale icie an and ud th there re is upon little an nn indication enormous of tV retrenchment nt Heavy taxes and and borrowing In tn tho the form of ot I h rt I term erm treasury certificates are aret t t ed for Bother another year ear t n at least ThIs deans beans h heavy j demands upon the T To Pressure PresUre from this quarter st b te h added j the probability of or great s kV l and s ines activity Our Ouri ervis M Ire i J. J very un unusual usual sums or r handlin Now enterprises iI Hit Hit- taTe 1114 nt foreign Borrowing will al also airo o oI lt I Te JD to be e cd- cd T all these tt 1 dented ent d and extraordinary rc- rc 52 nm arft rn cons considered also alo that f rh i nation inflation L' L diminishes he banking I 1 1 It t will m ii b bl recognized that easy Is r tot sot likely to be that at v later permanent nt on funds will command rood rates its a and may bo be less abundant t i no now III Lii COP r Mi JI outlook Better Detter r g I lock kIn k Detail we find the business on out out- tI t- t 1 very 7 encouraging Dry Dr- goods roo s 1 Ma re report ort a an active business j I L and goods are stead steadily A better Ail tone prevails in te e st 1 W Industry ft and mill managers d looking forward to an earl early tn- tn j ise I steel wt te l I h hu ot ol oj n. n Elp Export rt business f for r not bc t t tt up P to expectations Order orders SM for ra railroad road materials are arc II gre expected as soon as ConI Conf Congre Con- Con nore Clearly makes know n 1 its 1 f to I lt t the d m men n are looking ln restoration of ot their and better transportation I next nat 1 fall fail and l k e t and an winter when or of a I. I Profitable hat harvest are arc d I In the tho oil 11 Industry there Is ii lh accompanied by or of t unhealthy speculation In new issues Copper Copper- PP mines are arc a tu to for tor ke the tho bettor bottor and l lI coi In n is 18 I e 1 benefiting from activity In ship ship- Is i beyond any dr e over er dreamt thanks to Germanys Germany's co colossal Co- Co o- o blunder which virtually transferred trans tram her tonnage to the tho United States This industry is new to us and not yet upon a normal or steady basis but butIn butin butin In view of oC the tho ho worlds world's scarcity of or ton ton- nago o and the tho great development lo of or new markets and new transportation routes largo large returns aro assured for tor torman man many months to come So far tar as the stock market marlet Is concerned con con- much activity and frequent rc- rc actions are arc to bo be expected but If It tho tilo old a adage age of or making hay while tho thu thoun it will be durin during dur dur- sun eun un shines shines' over ever applies in lug ing th the year car 1019 Building Conditions Condition Relative to the great building move move- ment ment in the thc United States and tho the market conditions J. J S S. S Co say sIy There is no question that the building building build build- ing ing- industry Is awakening even awakening even that activity is Increasing dally daily and certainly cerI I 1 tho the deficiency of housings I throughout hout tho the whole country countr Is 13 such that under given conditions a steady growth In building construction both for hOU houses es and offices Is liable to set sel setIn selin setin In and become a boom A recent estimate of oC the United States department of oC labor for in instance instance in- in stance shows that In tho the north central In I states there thero Is a building deficiency of oC I and a recent survey of or I build building Ins Ins- conditions in the north Atlantic Atlantic At At- I i lantic lanti states made mado b by the samo same de department do- do I places place the deficiency In that district at U This estimate estimate esti estl- I I mate mato was arrived a at t b by a survey of oC the building permits Issued In the tho principal principal principal prin prin- cipal cities In each state In war pre years ears and during the war var The Tho department o of labor states that I the current year yea is like likely 1 to prove one one I of unprecedented building activity and that their reports on building building- permits and contracts let Indicate that building buildIng build build- Ing InS construction work the tho country countr over o Is rapidly getting settin back hack to war pre-war figures Cis They al also o estimate that tho the new normal will be far ahead of oC prewar pro pre pre pre-I war w u figures res The rhe borough superintendents of oC Greater New ew York report port that building in iii the last four months has been on ona ona I Ia a larger lars scale than for tor the corresponding correspond correspond- ing lug period of oC the last five or six years In tho the borough of oC Brooklyn It Is per cent greater s-reater than in 1918 According According Ac Ac- According cording cording- to these reports building is speed speedily lb reaching war pre-war proportions The effect erect of a building boom upon all markets would bo ho electrical The market this week ha has been somewhat reactionary with gains nevertheless In various sp specialties Those who prefer to translate tho the action action action ac ac- ac- ac tion of stock marl markets ets Into reflections of oC current news attribute the Irregularity irregularity larity to uncertain uncertainties lies as to the tho signing sign ing of or the tho peace treat treaty B By the ex extension extension ex- ex tension granted to Germany German this theory theory the the- or ory will have eight days das more moro of oC serice ser ice Probably more moro nearl nearly an ex explanation explanation ex- ex of the tho movements mo of or the market Is arrived at through h study stud of or the technical situation The Presidents President's Pres Pres- ident's message translated as constructive constructive constructive con con- camo came out while tho the market marlet was reactionary and a raIl rally fol rol- oh- oh lowed But the translating was done louo by the speculating public and ind not b bj b the traders and the thc buy buying In which re revived re- re the market marlet was tho the work worle of tho public and not I of the brokers Traders ha have hac c become bearish as they always do after acter n. n period of prolonged rl rises cs on tho the theory which has invariably invariably Inari ably prove proved l true that some ome timo limo after continued a advances a a. fall faU must como come The bear belr takes chances on whether the fall will come como soon or later and andIs Is always thankful for an any reaction On the other hand reactions are arc tho the vital and necessary ry props to a bull market in keeping it out of danger danler from over o Tho The trend of the pr present sent market for tho tim long pull Is upward and Its Us underlying strength has not nol been sapped Nevertheless I tile the bear theory Is correct correct namely namely I that every bull market marlet Is Js liable to a a. pronounced pronounced pronounced pro pro- reaction somewhere along In Its upward cour course c. c This reaction maybe maybo may bo be severe but only temporary Unexpected happenings which are arc unfavorable and important furnish the tho bears with ammunition whenever the technical situation through over- over speculation or otherwise has become vulnerable Thirty or more million million- share days have transpired but hut it Is 18 Isa isa a question whether this volume Is now nowa a gauge Ube o of excessive activity is ts It used to be There are very numerous now new goods on the shelves and the buying buying buy buy- in ing public is multiplied into many thousands of or customers with more mora money than any American n public over ever had before Consequently wo we believe I that the lon long trend is still upward ir irrespective Ir- Ir respective of oC possibly Important reactions reactions and this belief bellet Is 18 due to basic I favorable factors factor which have hav t t. t to do o othe with the country's pre-eminent pre financial man finan cial Industrial and agricultural position post post- lion tion In tho the world also with the force of public opinion which has driven I the Democrat party Into assuming a constructive attitude toward l business s. s |