Show DEPLETED STOCKS FAlLING PRICES TO REACT ON MARKET c. c Idleness Called Loans and Freight Lend to lo Evil Err Effects I nr n- n no A DAX Now York May lay 23 Prices 3 Prices of ot commodities commodities com corn aro arc falling idleness both bolh through the action o of union labor and h by choice of Individuals Is Increasing credit Is being deflated at an alarming alarm alarm- In big ing rate and tho the congestion of ot the tho 1 I railroads Is about at Its worst Loading Lending bankers who thought the they saw nw complete destruction of tho iho Democratic Democratic Dem Dern- national party part aro are now fearful earful that tho the remarkable tax program proposed proposed proposed pro pro- posed by the Republicans In connection connection tion Lion with the soldier bonus measure may y disrupt that party also The profiteering by wholesalers and retailers In food products together r with the thc impossibility of oC getting getling- labor has dl discouraged the tho farmer so sor that tho planted acreage this year will bo bc far under tho the normal The Tho worlds world's su sugar ar crop is Js reliably stated to be tons under normal although a a. full CulI crop would not havo have satisfied the world demand The stock market has fallen faIlen steadily under general Jeneral liquidation In indeed eed b by this array of or circumstances looking at the stock market from froma I a a. strictly technical point of ot view there should ho bo a pronounced rally Tho The short Interest Is largo large and the little 1 1 people havo have been slaughtered ht In addition addition ad- ad to this very Important lines of stocks and bonds hold held for or the account of C speculative business ss men havo have been i BrOKers BrOKers' ers ers' loans Joans aro are extreme extreme- I ly small Wall Van street never had such sucha a thorough cleaning out even In a panic I All AU securities aro are really reany at panic prices for If Ir there bo be subtracted s from present presen t quotations the value per share carried to surplus since the war began in Europe it would be e found that stocks never sold so flO low and that some are marked down to less than nothing for tho the properties they had when tho the war began beg For Instance the United States Steel corporation stock which sold at 38 In Ina Ina ina a that marked the beginning of or tho the war is now selling at about 90 After Arter deducting ll 11 dividends paid since sinco the tho war began bes tho the corporation still retains above 75 a share of ot SUrplus surplus surplus sur SUr- plus accumulated 1914 Thus tho the war pro is property marked down to 15 share a That same property sold at ono one time above 90 In the case of Republic Iron the stock Is selling for about O less than what still re remains remains remains re- re mains in its treasury treasur of or the war- war earned surplus Tho The pUblic publio speaks of or panic that ma may come The stock market market mar mar- ket Is In tho the midst of a panic If Ir there is to bo be more of ot a panic Its further manifestations must be Hooked for el elsewhere s ere The railroads tho the midst of or the worst traffic jam in the history of ot the industry and tho the government as Washington Wash Wash- ashin ash in ington ton and anti tho the banks hanks are doing everything everything every every- thing thing- in the thc r r power to mal make e It worse by calling loans at A Arno b time lIme when they well as profiteers who are honest as well as profiteers cannot move their goods to market and liquidate even evon If It so minded The railroad congestion cong makes it impossible to liquidate com corn All that the theatrical cut- cut price sales In retail stores can do Is to deplete the current supplies on the tho counters The stores have no wa way o of replenishing those supplies at the moment mo mo- ment an and tho the public is likely to wake up some somo morning to find rind that retail prices have havo gone higher than ever i S symptoms of or the tho present trouble are aro so pronounced and so easily treated that a ono one Is almost driven to believe bellevo that the tho politicians and the bankers want a panic so stubbornly do they thoy refuse to apply appl tho the indicated reme reme- dies reme |