Show WALL STREET QUOTATIONS LI By Harold 11 Smoot Company I fc 1 Stoc L I 11 I L. L Ibid Uld 1 Sumatra 10 2 12 1 1 AlA ka Juneau lilt l 42 42 Keel Beet Sugar 78 l Can j Co Cu 41 Ste Aino Car tOry lill 11 Atan Cotton Cutton OH Oil 11 n 41 Syn 17 Ii 12 Vf i. i leather 1 20 O Omu tilde pf Ill mu 5 50 Imn A run I SO 7 lK 01 91 U Smelter I 60 IA inn Smelter pfd I Steel 1 U 41 11 ur 1127 7 11 Tel T Tl l I I 1 Tobacco ce I l tine Writing pfd pOh t Awn Zinc 17 Vs 1 I 07 7 6 K Gulf lit iu to k Ohio ii 37 31 Steel Ii 11 5 it It Try T T. 34 I y r t JL Sup 31 21 21 74 t ICal 1 1 K- K 11 Leather 9 D I 71 75 ilc Ic 4 KIU I o E 57 6 llo Copper 1614 10 16 see 34 3 35 2 c io r. r i. i CC M Cot Com Products 79 7 Ti Eno M l Cane 41 II hi 40 40 i Wi Cub Ciuba Cane ot pfd 73 l. l 32 f 1 A. A Ii IL G. G 7 D. D Si 1 11 U. U pfd 5 13 1 10 I 35 J ll il 11 Ui 37 C. C Cigars 63 CSt 61 0 CG 21 o 66 i 6 36 0 i reat Nor Ore ct 36 Nor or pfd 77 Cananea 3 S. S Mates is 9 Alcohol Si I SOi 60 si 51 1 Taper 73 73 73 WT 0 10 s n 29 31 Steel 66 65 SI 31 SOS SO'S Marine j 4 31 81 S1 Motor Metor I ISK SK M Pet Iet Miami I y Stool 41 I i i K H c T lOvil 0 lOil o 13 Mo Pacific I I Montana tower Power I Enamel I I l lad ad 0 New zi Sli N 3 Y Central il 72 72 Ti COO Nevada Cou 14 I 14 j I 14 51 00 Nor j. j Pacific 77 77 74 1 54 Cities Gas 42 I 41 I 41 i P. P fl t 5 7 7 7 ct I Jinta Seas 7 96 Tan Lan Pet Sl si l Arrow 53 5 52 I 51 91 Oil i 17 J 1 17 o Pressed Sic l Car 31 yi 01 I 51 31 60 lLuy Con 17 1741 1 17 i Reading 76 73 Republic 1 I. S S. S y 17 15 55 ll I 67 04 I. I l ad I ii 11 Island A 76 75 I hitch N. N Y 1 MU ill Kj Stcl Springs SprIng's I 33 11 11 us Ariz I 11 11 11 Oil I i ot Sheffield I Southern Pacific i I ii 34 I i 2 II r oo Railway pfd t C-t 6 aol p-aol ii c. c pfd 53 ST 57 rs K 4 p 0 1 Steel t I I 13 Kl Copper Coper I Teis Oil 1175 c au 5 6 36 c i 7 acco I I CS 65 I 55 Coi CoiMO 66 MO m Union Pacific n Oil Ill I ce il ok s 5 rt lo i i t i 6 sur hI t S. S S I 31 U. U S. S U. U S. S 5 Stcl 93 31 s. s pw 54 Copper 71 I 71 Utah I I 3 Chemical I 62 I li I lOkI 10 10 30 i rl 6 I M 53 i pfd I 3 Union I 50 v 2453 I 2 i 23 l Ti 2 I. I 65 White Motors Pump lump Wo- Wo Won tc n 1113 list 1330 famous Player I I 70 0 Norfolk 4 i SI Slates Oil 1 Total nl 3 shares sales l 1 I Total mien li 16 v lt week weik Total b becs fo eck Cy I Uly n it wt c Virel i 5 2 I ij j a 70 I rj 3 rc eIla Z r 3 1 40 I ew 0 0 34 Io No Unite ICi ri U Coral s 1141 12 IOl Oit Id 31 33 o I 55 I iT dj Mines i 7 I Cul Cd Am tn I 0 I Cl 67 I CD 69 Ca oa 12 ill t U 25 I ivy fl 11 15 1 CO 0 tp Kan c 4 42 I 24 5 P Des Boi Is i Writ Sc Copper si 6 iULi Daly DalyK 1 10 South like SI 1 K F i 1 12 1 I i 4 CJ 63 1 I C 61 S i Co 1113 i S 1 55 1 43 i S j Trinity ITil 2 ale I W re I s I U H i I 1 2 JJ s I lo 10 Old 4 6 70 Aff 2 1 Mi l 1 Ife Utah 3 4 Con Ceri i 3 5 s 3 er S 1 I 5 17 I 13 GyI 6 l 1 73 1 I ti s W in I PM 3 lESING BILL WilL START I INDUSTRIES IN WEST VILEST WESTI Continued d From Preceding Page I of ot gold sold out of ot this country Colo following folIoing ing tho the removal of our gold export embargo em era- bargo last Jast June Nevertheless the tho volume vol vol- 01 time ume of or credit une continued t to expand Thus the gold bold base bare bae grew ew smaller small small- smal- smal er the tho credit structure grew greater Time question queston arises aises as to what what should bo be- bothe bethe To the attitude of or tho the banks bans In this situation It I should be taken as fundamental fun fun- u- u that there thero must bo be no arbitrary arbitrary arbi arbi- tray contraction in the volume of or credit user used to finance business and In Industry industry In- In engaged In the tho production and distribution of or staple supplies and ne ne- ne- ne To the contrary ce every stimulation stimulation should be given gien to Increase o productivity productivity pro pro- pro pro-I In these these- theo lines Among the basic reasons for the worlds world's economic the tho tremendous troubles s today today are aro shortages caused by hy wars war's destruction and the running down roWn of ot the tho worlds world's Industrial plants during the stress of the conflict These basic causes cause must bo ho corrected 0 n Retards Turnover fT Unter Under ordinary circumstances when business was normal the loan account l freely since Ine credit credi wan cn nf usel b which goods to finance transactions by were purchased and held until sold and then as collections came In the proceeds were Immediately applied to topa I pa pay off of th the loans which were cre thus promptly Re self However However I these are arc not ordinary times There Thero have lao been strikes and transportation difficulties that have ha e retarded turnover turn turn- over o there have ha been heen great greal shipments of or supplies to Europe Etrope on which collections collections col col- h have hc c not yet been made These and other factors h have e necessitated th the I renewal tl of many nani loans loam that would otherwise ha have been paid and the I I I credit Involved released to t stimulate i another cycle of oC pr production The liquidity ily of the credit structure h ha hathus has thus been impaired and tho mount Amount oCI of oC productive work It can accomplish h im ira- I This has produced I. I to II cite only one of or many man f factors a for a more credit credi hut but as the tho figures furos show sho the gold old basis will not permit of oC much further credit expansion The Qu question slon arises as to what should be bo lh the attitude of oC the banks in inthis inthis inthis this situation It I should be ho taken a as fundamental that there mUt must be no arbitrary contraction In the volume of credit used to finance business and Industry en In tho the production and distribution of ot staple supplies and I n necessities To the contrary every o er stimulation should bo be given to Increase 1 productivity in these lines Amon Among I Ithe the basic reasons for tor tho the worlds world's orIe economic eco ceo troubles trouble's s today toda aro are the the tremendous tremendous dous shortages caused by wars war's de destruction de- de and tho the running down of the worlds world's industrial plants during the stress of the conflict These basic cU causes must be corrected Speaking int of or conditions Hayden Stone company say It I Is I doubtful if i there thero has haq ever been beena a 3 time when hen there are so tO mn many conflicting con con- Influences On the constructive side aide is tho the K great nt factor fator of or tho the worldwide worldwide world worM wide demand for goods tho the steel mills mis aro Ioro generally booked up to capacity I for the balance blano of or tho the year er textile machinery concerns even further ahead such sch articles as su sugar paper I railroad equipment are arc In great i cal shortage oil 01 which v was heavy hea six Rix months ago tod today is bein being j in b less quantities than consumed and with wih the th great Increase of or oil burn oi ing ing equipment both hoth afloat and ashore a n market et for this seems ll Ine able alle All this timis means a continued demand de lle- he- he mand at satisfactory prices and assurance as as- of oC employment In short shortS a n continuance of earnings for perhaps lh time the majority erf rf d industrial concerns nut But turning to the time other oilier side sille sub arc are adverse factors with which b by now nowal all al arc are well vell wl acquainted lir First t. t the time strained over condition of oC credit time the r o cret 11 the shortage of oC capital throughout world S Secondly as a result resul of or the unbalanced trade movement the t tate tc drop In la foreign n c m c. c 1 with the threat of oC throwing bark barlt on 11 our I hands many of or lh the goods for which I Ie we ie e have hc counted on a foreign n market I There Is tho ho tremendous Hort effort required to unrig bring oula outlay both national and ant in individual in- in I not on only 1 within Income but lul In-I In within time iho actual means of or S supplying it I. I in short chart the very cn great re need of ur readjustment to lo more nearly a n normal basis hasla and ml rca readjustment Is uS usually ih a n I synonym non m for tor temporary I in value alue Lower I The drop in foreign exchange ch u e is al already already al- al ready recy h having hIn In an effect la particularly I ai-I on fn the foodstuffs which is Indi Individually largest lar est Item From an average of well weIl over pounds of oC pork products products prod prod- In the time first eight mouths of or 1319 1919 19 time the In lost last t four months saw a drop to toI I hence there has been heen a sharp drop trop In price and discontent len t tamon among amon the time farmers Now oW we would auld auldan all an Wee like to see se our prevision hills bills his re reduced re- re but bear In mind that tho the agricultural agricultural azri- azri agri agri- cultural purchasing power ower Is hI normally I tho lie greatest of any Ion single Bingle group roup and anc If It the price oC of tho the farmers farmers' pro product drops more rapidly than timan thin timings things 8 he hc buys It means a n. lessened demand from th that t source and consequently a a. a sharp Shari drop In the timings supplied to him This Timis is rot not an argument nr for tor a a continuance continuance contin contin- of high prices on the contrary If it the time process can be le worked out gradually ual no harm will wm be done dona but much good but ut too loa sudden a n readjustment read read- Is to be greatly calr We c cannot but f feel 1 that at nt an any rate we e have seen the worst of or time the price I advance and also aso of the tho drop In foreign for tor- eign exchange c so many Instances arc ming coming to ones one's attention of ot foreign goods good coming in an an 1 nt at ft prices lower than obtainable bore that the temptation lion tion ton to purchase these goods In preference prefer efer- efer once ence to lo thoo of domestic manufacture ure will wil go far toward restoring restorIng a normal nor- nor mal balance of o trade One Ons On item that has haR not received much attention that will viii wl h help lp still sti further will wi bo be the expenses ex ex- es this summer of or American tour lour fen IMs This used use t to- to to tob b 0 j f figured at t around and this thin ye year r will wi probably bo he at t least let twice that that Says the Bacho Review of or Now New NoW York A tight money market generally affects n af at- feets the tho stock market ny any other other other oth oth- er and if H long lonG continued Wall Vali street has to give up funds first before tho ho business at nt country's yields all al Liquidation of oC securities accompanies I paules th the tho milling milking process and if I carried car car- ned ried on too far wholesale unloading of or red holdings follows All Al unfavorable factor fac- fac I cac-I tor toi-s t then become Impressive and If It the tho situation Is la clouded with other ad ami adverse nIl nIl-I verse problems besides tho the lack of ot runt funds real liquidation by Investors In may i take talc place This point had hd been reached on the Wednesday before Lincoln's birthday ny February 1 12 and towards thelast the tho last hour homo of that session thero there appeared to bo be Je some selling from trots what Is called caled strong strong- strongboxes boxes forecasting a much more moro serious situation This was happily ar arrested arrested ar- ar rest rested d tho the ta day after tho holiday and uld the price list has since advanced the advanced th tho rails rans after a lon long period of drooping being most Improved Impo I This latter later Improvement ement Is duo due tuo to 10 th fact that the conference bill bi will wi he be tho first constructive railroad legislation I which has been enacted for Cor years cars While very er deficient in n provisions for rebuilding railroad credit anti and making available the vaz vast t sums needed to get the roads rods into position to adequately care for the country's countr B business it Is la nevertheless a step in the time right direction direction tion ton and on this long Jong look almond oine ore speculative e uplift in iii the railroad list has hs taken place Time The h tl o of restoring In ing time the ra railroads 10 1018 18 to any aimy such h basis basi o 0 of prosperity ro as UI exists In some of or our best Industrials Is a Herculean ou one S C N I J t r bot body Co of or ew York makes tha thy following comment 1 The Time recent recent rise In the prices of oC steel products has been Interpreted In some soma quarters as meaning unus unusually nl larg large j demand Wo Ye are inclined to believe beleve much tho the result of ot I I that it I Is 8 resul restricted output t. t In 1917 In 7 and 1918 the United States production of oC crude j steel was about tons TheIron Tho The j jIron I Iron Ago Age estimates our 1919 output at 3 Tho decrease is due I of course to the lie cessation of ot the tho wartime war war- i I time timime demand If I the 1920 a aggregate reGate than that thal of or 1319 1910 demand Is no greater reater j I the steel Industry is likely to operate a at l no 10 more than timan 75 per cent of or its is I CUl capacity The Tho January Januar rate Is given l hy y the American Iron Steel In institute is as about per cent of capacity or ot at the time rale rate of of sy say tons annual an an- nual Some Soma of or the thc aftermath of ot the steel strike Is und undoubtedly reflected in these figures Industries lk likely ly to tl I uso use less steel in 1920 lO than lust last year aro time tho oil 01 Industry and aud the shipbuilding I ing InS Industry Vc Yo also face In the present condition of ot foreign trade a I considerable railing falling off or In exports export These three markets market could coult readi readily tuko tons less in 19 1920 0 than thair In 19 1913 1919 1 The Thu railroads the tho automobile trade and I general l building operations can bo ho 0 re relied relied re- re lied Herl on to increase their consumption If I the railroads could get Set into their I I purchasing stride the they alone would probably consume enough steel more j than thau thc they did last year car to offset all al the tho decreases In other In lines s. s hut but It does not seem likely that the they wilt will wi know mow just where they stand gland until the year is nearl nearly o e over Time The automobile Industry should reach rach its Is pak ak of oC production I We shall bo be boer this year yer 0 er very greatly surprised If IC this Industry docs doc not find fin I that It has overestimated o the normal I demand for cars car Building operations I Ire are re hamper hampered d b by high costs and ald we I think tend cad more moro to housing housing- and o I buildings than to industrial plants public pub pub- pUb pUb-I lie lic improvements and ant tho the like Views of or Henry Clows Clews Co of or New NewYork NewYork York arc are Thero Thera has certainly been a very Yen decided de decided de- de curtailment of bank credit in In New ew York and be districts adjacent cent thereto therelo but Ul much of oC what has been beon saved there has been bean by rca cot coro- coro coroI I expansion In iii other parts of oC the I Ii i count country The resumption of gold CA- CA ports to tl South America upon a largo large i scale during during tho time pas past pas few Cew days also gives prom promise Iso of or a reduction In tho the thoC gross amount of or reser reserve at reserve C I banks which is H likely ely to bo reflected in a corresponding falling or off of oC the time ratio rato of or c reserves to liabilities even cven I if the present high discount rates should be effective In curtailing the loan ac account account account ac- ac count In the way ay that that Is expected of ot them It I will wll bo be some time before the outlook in the reserve system |