Show PRICES WAGES TO BE PUT ON BUSINESS BASIS Public Urged to Best Decree of of- Liquidation Loss Losses Loss s' s Foreseen By Wall all Patent Office n I U. U S. S New ew Yo York r I. I Jan 25 The ThO The final au authorities flu flu- of or the United States govern government ment mont have luwe decreed that there shall bo nationwide liquidation of or commodities securities There Is no use uso now nOV and wl of oC such a. a I. I i arguing about the wisdom must make e tim the public decree Instead the situation the best it can n out of oCl of oC said In favor o be lie things can l such Many ich uch notion action There will be lIo good results Ils onos Spec Spec- peculators pec- pec unfortunate but also man n In commodities ha flave been treat treat- tOck S In n tenderly and InvestorS In d too LS Is Isto score bonds too harshly and somewhat to ho evened e up there thero Is no doubt u that the investors will will suffer at first with the speculators specula specula- commodities tors in The people as a whole ma may gain gam when It Is over but that is ms n. n moot question aYS Alwa's alter after great wars there Is tremendous ls speculation In commodities and what has hns happened Of oC the tins tIIS Limo lime 1 is 15 i i I V universal experience o of or man Never No had such compete complete com corn before has a government 10 pete control of oC the tho situation as ours a n so govern before has has and nd nd never ne what do b by statute ment mient attempted to has always alwa's been left eft to the operation L deman de do- and of or the natural law of supply S i Interesting experiment is man mand The Tho and ma may bo successful ny Will Contract with Interest In th the Meantime men th the should loot look well weB to Jo tock market Is before I Ithe ticker licker in olden oMen times that Is Into I the present reserve bank came caine existence the liquidation of oC securities I Imade I made an increase In currency because currency once once- Issued d could not be re retired retired re- re re-I re I t tired Irell q quickly I Now ow however the tho liquidation dation laton of oC commodities means a n. contraction currency The loans outstanding out out- outI I tion of the I Ithe commodities are inthe in inThe The the standing f hands against of or bankers who when they f through Pre re paid off will pass them The channels and withdraw Just Justo usual O the much currency from circulation j II I flO o market will wilt get et Therefore the mone money I from the liquidation of or com com- itte relief reller cornI j I I who have va j I I t A t the the same ame time persons I vIew lc to these stocks 8 with a profits will be 6 constrained con con- strained making to large larse dispose of or the their r con I 1 knowing that th the expected profits will be obtained This will cause I n never ver a new flew selling movement mo a real liquida- liquida sion Professional traders aro arc alre heavily ih short ot of tho the market and their I covering will absorb much of this but o i it I 1 Is quite k I likely h that for foa a time the thu I liquidation will vIll be heavier than the I purchase by shorts florid lo tu J Decline Another factor to be considered is Ute I low records that will be ma made e for lot I Liberty new bonds from day to da day The me I about t of the United States own people I M i-M of oC w war r bonds and the they already have hac a paper loss of oC more than 1 In them When hen hen the thc they I bought hought tho bonds thc they were ere assured that Ithe they would always l ays be the best I collateral on earth and millions million's i of oC than the they could bought more I persons ons thought the afford aCCord to pa pay for because they that loans secure secured by these bonds i could always s be renewed Now ow they find the i rate mate advanced to a level le a arf as high a as I 6 per lr cent in many cases Holding bondt bonds bond t that yield Iel 1 13 U per cent at the tho mo most t. t with borrowed at 6 per cent Is not mane money good business arid and even en th the dullest citi- citi I will xen cn en will quickly discover that Mt it pa pay him to sell out I Therefore a nationwide nation liquidation of oC Liberty bon bonds s is sure to come with an au avalanche a of sales from day a to da day This will mean mean mean- great losses an and perhaps perhaps per per- haps add md another billion to the paper decline In these securities This will dishearten the public an and kill of oft not pl only l stock market marlet enthusiasm but general general gen gen- I era eral business enterprise Disheartened Another r factor of or market importance Is If the tIle railroad legislation For years For years ears the Interstate commerce c commission ha had full Cull authority to to grant railroads living rate rater but never ne did so sQ The They were justified In this to some extent J because heel the railroads wasted asted tho the money monc that the tho they got ot But lt the Ime Cummins bill b which provides for rates guaranteeing S vcr per cent on Olt the Valuation of the I property Is in the tho dl discard card an and anil It looks I now no as If IC the tile interstate commerce com com- lon once more would become the Uw I Isole With ith commission commis sole arbiter of or rates a sion sion favorable Ca to tho ho railroads s. s those properties might get rates enabling them to earn not only onh 5 51 but C G 7 7 S Sand Sand Sand and even CIl 0 per cent But there thero is little chance of such BUCI a development The rho railroad railroad rail rail- road people are arc much discouraged ed and the lon long railroad legislation Is not mot a sustaining tl Influence In the tho mar mar- mar mar-I marIkit kit ket Whether the railroads ds will go o Into I receivership when hen the they are arc turned back ack I into private hands depends much on tilt tile extent to which the lie government o makes I It Il possible for them to do the hundreds hun butt hunI I of millions of oE new financing that i Will he be necessary f I IOn On One good feature In the situation i mav outweigh everything c else That the is is the fact that the country countr at al once I will 1111 get down don to lo a I Business s basis In prices wages and rind the management of or railroad other properties 1 The rue reserve board by raising the discount dis mits- is- is count rate has put a a. check cheek for Cor some sometime sometime time to th the development of International international trade H It has destroyed temporarily temporarily tem tern the speculative value of ship ship- pin Pins Pins' shares It has hurt tho the chances of or c exporting our raw materials such as copper steel and cotton That how how- over ever may prove a good thing timing IJ by corn com their distribution at home homo thereby reb not on only reducing but increasing quantities of or things so needed by the American people i The Tho outlook therefore though home home- what whal uncertain both in business and th the tho Mock market has an un undertone of or great possibilities for good soud times |