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Show raii OF CONFIDENCE II THIBET Appointment of Secretary McAdoo as Director General Gen-eral of Railroads Favorably Favor-ably Received. BUSINESS HELPED BY THE WORLD WAR Recent Advance in Wall Street Only a Beginning; Securities Worth More Than Prices Paid. By BROADAN WALL. LJy International N'uvvn Service. NEW YORK. Jan. U. neaturatlon of confkh-nce in the hu.sinos ability of i he government is the bis? factor In the stock market this week. Not that there was any doubt of the simxrity of the administration, admin-istration, but i hat business men questioned ques-tioned willingness of the politicians to let business men attend to business matters. Appointment of Ser-retnry M'-Afloo as dire di-re i-Lor genera 1 of the railroads has been favorably received because lie lias demonstrated dem-onstrated his willingness to listen to sound advice. He has made a determination determin-ation in handling the coal situation that has silenced mn eh opposition to government govern-ment control or ownership of the railroads. rail-roads. Postponement of the suits against corporations cor-porations accused of violating the Sherman Sher-man nnti-tniHt law is of such Importance that it Is difficult to appraise It at this time. New and reasonable laws are expected ex-pected to take the place of the antiquated anti-quated ones tha't were passed before modern mod-ern business was horn and that were not honestly administered even when they , were invoked. Business Men Inspired. So husiness men h:-ive been mightily in- , spired bv these developments and now for the llrst time In several years are looking to tho future wit h hope. ' , As to tho war itstdf, military men say it will take two or I hree years to right it out. Jf peace comes in the near future it must, come as a result of diplomatic or; revolutionary measures. War is becoming becom-ing systematized and so far as investments invest-ments are concerned must he regarded as ono of the world s industries and not an entirely unproductive one. The net result is of actual value to investments in-vestments even while the war lasts ana after t he war its bene tits are so great that they have been the astonishment of all anea after all wars. That is why the bargains offered In Wall street In December De-cember were so silently gathered up by rich Investors, who were so fearful that1 the people as a whole would wake up to the situation that they had not a word to! say publicly as they bought. Pretended Excuse. Now, as if by magic, the veil has been rent and t he whole world seems to see that securities are cheap and that there was no excuse for t he crazy panic just tmded. The pretended excuse is that business was afraid of the president and his railroad policy. There has been 1 nothing in President Wilson's conduct since the war between this country and Germany began to justify any such suspicion. suspi-cion. " . The factors here discussed should be carefully considered at this time by all investors because they are wha t has caused the end of the panic. Value has played no part in the recent advance of prices in Wall street. Everybody has known all the time that stocks were selling sell-ing in many cases for less than their earnings of the last tiiree years. It has been a psychological problem entirely and is yet. for even with tho advances stocks are at panic prices and far below their intrinsic worth. That statement can certainly cer-tainly be made regarding at least 90 per cent of them. This is regardless of what the government may yet do along the line of control or ownership of any industry. |