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Show MOFESSIOBIL COHEIICE II STQGflKET Wall Street Bankers, However, How-ever, Not Satisfied That Everything Will Come Our Way. SOME DISQUIETING FACTS AND RUMORS I l Russia $70,000,000 Behind jpn Munitions Payments ; British Loan in Good Demand. EROADAN WALL. lv International cvs Servke. X I'i W ) , J . A niiii that I li is muni ry iy to ko' out of tbf u;ir ami tlinl. the war will oixl in tlio i fii '(triiiUly nor r future, it is easy to look n li.-ad into hot li i lie hi vesi meat uml siu'.-uljitivc future. Hut Unit as-Miirtitiun as-Miirtitiun in the opinion of many well infniiiie-l li;inkers of Wall .street is nut jn?l i tier , Therefore i.ut few of them )iltenit to lioll (iMiiion on the stock market with any decree of assurance. Tlic iiWesf, hankers are continually do-in do-in the nut inconsistent tilings in nv ard to IxiHi spri-nlnt ion and invest.-in invest.-in en 1 . Some of t lie. most f-K il tu 1 mar-Vet mar-Vet operators have on up in despair mul have iine far from Wall street on H-Mtion lest they do MwnetMn;; they "will rerot. l.'nder the circumstances it is no wonder won-der that the stork market flounders up Mid down with every little pieco of news. Within the last week there have lieon three disiinet up and down movements. move-ments. And each of them when it Parted had the appearance of a genuine t- win. JJmul Issues Being Floated. Underlying the whole, market is the Vi roTessional et'iitideiue that cornea of a k nowlcdo that tho pu.blic has been slaughtered and that but few storks are in weak hands. Tho professionals know ylutt the b insiders cannot afford with-C.i'nt with-C.i'nt provocation to let the market lorak now because, of many important bond ifsurs are beine, floated, 'lno professionals pro-fessionals know that the banks are anxious anx-ious to have the public forget what 1 happened in Pecember and to that end arc very accommodating to brokers. iStocks that, would not be cousidered in December for tuilaleral aro now wel- come in loans. i But alongside these constructive in I Alienees urn several disquieting facts and rumors. One of tho latest shocks the street received was announcement ' .by the Bethlehem company that the i L'lissian government had to date neg-i neg-i Jceted to pay for some $70,000.(1OU of munitions actually received. Disquieting Influences. Another disquieting influence is the presence of German raiders in the At Jantic. .Furthermore, although tho big "people are talking of peace as an argument argu-ment for higher prices of stocks, they admit that they expect it to be an itrgunient for higher prices thau the ones that, will be found current at the time j'eoee becomes a certainty. This is quite different from saying stocks should be bought now in order to take advantage of a peace bull market. Superabundance of cheap money is c a vising a bargain count er rush for in-vestniont in-vestniont bonds. 'onsorvat ivo issues of tinted vnlus are showing surprising advances. ad-vances. Being backed by collateral, the latest British issue is in good demand, .but railroad and industrial bouds that lire well secured are being taken in preference even to the. British loan. It 3s in times like these that investors should nor buy bonds by name alone, but should see that the security is am-pie. am-pie. When Peace Conies. Bookiug ahead into peace times, it I Tafe to say that business in this country and in Kurope will be restored i to a level far above the one that pro-' pro-' vailed for rive years before the war. hiring those five years all Kurope was apprehensive and a larsro proportion of it was preparing for the struggle. Business Busi-ness operations were restricted and a return To normal, therefore, means not a return to that level, but to something very much better,. In this lies the hope of continued big .business for the United States, for with the world's gold concentrated con-centrated here and with factories spurred to abnormal efficiency and output out-put there is certain to be a commercial advantage in favor of this country for a few years at any rate. That will be the backbone of the bull market to be built on the fact of peace when it comes. |
