Show lANCES NO N IN DUBiOUS l MOOD u A Are Ae Great Disturbing Disturbing Dis- Dis Element in Market B By Major Alva Lee Leele le Department et J. J A. A Iole Iolet M I Co Co- Co be ke advance in the stock market th h b began lan October 31 31 1 continued until t 4 4 DurIng this thi period prod over overprices aver prices price rose roee 10 6 points Since 00 Oo- volume lU o ot sales salee le has bai as been n very eThe T average e day dy has hac b been iter ter than tan shares haree share I usia Is fa Wall Wal street axiom aiom that that periods are marked by dullness I le periods of ot distribution are ara marked I treat reat activity This Is 1 necessarily so Co I usual usually occurs when busl- busl I lis Is quiet Quiet earnings are poor and Ind being reduced The public Is I our ed and i la II soiling Bing at bargain e. e eat On the contrary when stock are p distributed business Is active earn- earn nare nar 0 high and dividends are are being eased Thea facts fact are paraded In ar array pools are energetic and public Is Invited VId d to come In and nd ithe profits VI It u usually alf accepts c ts 4 4 prices rl have e declined e Idly fi and ru rge aro now 2 points net decline wa we WI augmented on 26 6 when Anaconda unexpected unexpected- its Ita Is dividend and unexpected unexpected-I brought to attention of the te Investing public the that exists in the copper in- in 3 consumption of copper the last lut two years year has ha been un- un to det de- de This Ti has been due a id emanating t n from O two sources nad t the building trades g tte ite Ie large laro domestic consumption the lushas has Increased During the put past months monts the visible supply of ot re- re r- r has Increased from pounds pounds FOR roi THE COWERS lK FR T ui iti domestic consumption exception exception- large and visible supply morose morose- f Itcan can be readily understood that hange ange must mast occur in the ratio rato of supply and demand EIther Cither Eiter more ta tibe be consumed or less must roust be If I the copp copper r Industry is I to prosperous production must remain re remit Bit Is or be Increased Conse- Conse lt the hope for this Industry lies lice les greater consumption It I must be borne In mind that our cop cop- mines produce when operating at approximately twice the ut unU- unU of our consumption I price of this commodity then d de dels de- de ls Is lupon the world market market Coppers been persistently weak during the te hOur four years ears because Europe our out customer has been ben unable to to buy pay for tor the amount of ot copper she sAc nally naly s needs need The real crux of ot the r problem is Ls i the European situa- situa fir It I Europe Is to go gC deeper and aud auder ander ando er l Into to o debt as a has ha been the case cas armistice It 1 goes without eay- eay that she ho can bu buy less and less of copper however much it may be beed ed edi But any economic improve- improve tim tUn ed the affairs of ot these war wa ridden tries tre would Increase their buying the e same oam extent that It Im- Im tat t d edi their he cd credit ot of of by Anaconda Inspiration Is a a. a forecast forest of cheaper er stocks In the near future On other hand in Europe look bob more hopeful than at any lous bus time since the armistice This strengthen I S copper materially t Withe J the end of ot the year DAWES DAWE COMMITTEE S o appointment ment of ot General Dawes cad Fa the Fad the tho committee of ot experts to fix Ia capacity of Germany to pay was a st happy choice The a neof Europe have save been quarreling I bick C n f for e years Except ot b. b en of ot Great re reB B Britain I a and dx one I wo woof t the smaller countries the I of each have been directed fe effort Budgets been balanced trade balances continued adverse and national have bave been increased by hr greater nt I each year Given a titUs little more and such luch methods would produce mb chat Certain events have caCI Ired red to t bring this conclusion fort for- for t attention of the people oCI of oC I e The occupation of ot the Ruhr economic o m m mistake puts puta the t t people p In th the frame of mind they are willing to make maximum payments I of the e franc front from nearly nearby y 8 tt t t to slightly I a above nc 4 cents has baa has ba the French to the tho point that ire ready to be reasonable A A. year indi would not ot listen to plan pla Today oday the French eady acly ad to accept the Dawes commit commit- before they know Its con- con the details of 0 the plan dLott by th the committee have not made public we can be certain construct constructive ve in nature It I provide a a method for rebuilding trUl UI E of central Eu- Eu o other t things n it will rec- rec t plan a for the stabilization fl Woe of n an International loan which will wIli wil take precedence claims I balancing of the g t probably b under r tg the su- su lon ot an allied commission the I tion of the Ruhr by the French of German bonds to the theIn amounts In amounts and end bearing interest h. h rates that Germany will wil be able abe elude the C costs In her budget d In Inthe f S I bl fi 11 the plan l will be such as will e en- en d f assist Germany y to regarn prosperity but will r Insure atlon tIon I payments s by Germany of as t fo tf amoUnts as se i Is sJ J possible sl without s ge- ge the e first objective ehl ll I has n not no o only the brains N experience to devise a work work- business like plan but he has just personality necessary to get Iet opted He Is probably the tho hard hard- lan ln the world to quibble with is that th the turning point affairs is II about due Bethe Bethe Bethe Be- Be the end of the present year conoe con- con should Uld be on their way i toi normalcy oe TICS A AND AD D BUSINESS Spencer once said laid that a na- na ets the government it deserves The Street Journal in a 0 a recent recent- edith disagrees and expresses the hat the mob into which v c this h deicy de- de lt ls Od n Og icy c degenerating r does not ile- ile government it gets Certainly disheartening to note net the petty pol- pol whIch are ar now being played over Unless at strenuous means by the business men of country to prevent it the Mellon Melon Ian lan is b now doomed to defeat Not Not- that this bill bi has ha Ithe unanimous support of the en- en business contingent it Is to bo ho ted by a a handful of at radical connen con- con nen hen mostly Republican in name ed edv by nearly all al the Democrats Democrat the tbs radicals should oppose a bill mu much couch h merit I Is to be bf expected Any Any- Os Is s sound economically must every elvery nature of the case arouse pp of th the se m gen gen- temen But that the Democrats should should oppose this thle merely because it is a a. Republican Republican Re Re- publican measure Is I to b be deplored The crux of ot the Mellon Melon plan Is the tho rut Ut in surtaxes from CO 50 61 per cent to 25 pet per cent e Such a r reduction would stimulate etim- etim r t business in every line bins No one would be assisted more by this than the man with the small smal Income The opponents of this bill bitt bi believe beleve they gain popularity by using I the h old political I n h PO rallying cry ry Soak the rids rich On the contrary political bunk In this country country country coun coun- try ia is II beginning to be recognized os es s such luch That hat you can cal build up the weak by tearing down tho the strong ii I. the rankest rankest rank rank- est sort of it po political I bunk We Ve do not believe beleve that hint Utah's representatives In Inthe Inthe Inthe the senate and house would lend them them- aches's to ouch uch political ends if It they feet feel realized about b ul fully this matter how their We e are constituents Jf inclined f to agree aree with Herbert Spencer rainor than with the Wall Wali Val Street Journal If I the Mellon Melon tux tax reduction bill bi Is I. de defeated defeated do- do it will wi be our own fault Cault and we shall Khali Ihal de deserve e tho economic Ills ibis I. I Weslia we wc aba ea I fair fall heir to 10 1 Ner prices followed by t ra rallies Iles are arc aI aIto to bo be expected In the clock market This downward trend e continue until summer However not next fall fal we expect re real 1 improvement both bothIn In general 1 business 1 conditions condition and in lii inthe the e stock market k t rone Money Honey should r remain eay easy as 8 It I In la now Bond prices prIce will wi probably remain at ae their present levels level a or advance for for- some month months yet In n general we recommend recommend rec rec- tho the sale of speculative stocks on rallies ralIe and the purchase of ot sound Investment stocks and bonds bond |