Show I PITHY P PERSONALITIES ANI AN AM I INSIE VIEW OF OF I WA ILL IAL STREET EE Adams Adas writing In the Boston Bureau the er market rk makes t and sd tr the the e ef f following men o who goc go c comment create it it- on Matters are much Improved The nez V i.-V ard of International ItZ complications present of course coure But the big market Is still makers and banking Interests 5 believe beleve that the security market aget is I to it that it-that that i-that that In fact prices allow adJusted adjusted ad- ad for this as well wel as for other bearish phases li They They below also hold holdI I that h Ire IreThe v pric are materially Ish t on fundamentals be f ow values I and and the n are e very b bullIsh bull bull- I outlook market The Personal Factor There Is plenty of evidence that when the head of a great Morgan trust com company Corn com pany announced that Ambassador Gerard Gerad GerardI was kaiser I e bringing the I I mar market r peace et t makers proposals referred sr sro from o tn to hoS had the I largely reduced their a commitments Today TO To- I I day these operators who represent the I Morgan Rockefeller First National bank inv I and National City bank Interests have there Is reason to believe beleve largely I replaced replaced re- re placed their holdings Incidentally a I large rge section of ot the public that had hart a waited for reaction reaton has taken the Place 1 o of othe the section of It which went ent by by birth the board on th the peace bombshell and th I 1 I exploitations of U-boat U 53 Technical conditions are therefore bettered Commission Commission Com Corn mission houses who are affiliated with big people and who played notable parts Jn tn the melee of a week weel ago tell teil tell me that accounts account of the tile rank and file of bulls buls have never been so liberally margined as they are now One broker says sas With public accounts margined 20 per cent and andIn andin In many cases 25 per cent cent I I assume our ou case is typical typical starting starting starting liquidation becomes becomes be- be comes a difficult job As a matter of ot fact it looks as if tt the market leaders and the new public are In a position to force sooner or later lter liquidation of another kind that kind that of shorts The Tile bear account is heavy On the other hand reinstatement of potential potential poten poten- a holdings o by capitalists s who believe I in the h constructive fu side rJ of the e market rk lr and general business Is based O on their dence in the domestic IC political prospect and the continuance t of prosperity rF sI following fol 01 lowing the election electon of ot a Republican president president dent and a a. Republican W I Ct congress fl le lee next ni month irrespective re p of whether h the e conflagration conflagration con con- overseas lasts one year more or even develops Into another seven years' years war which of ot course Is unthinkable In other words the financial powers that be be to say nothing of a 0 large part of the public are long of ot stocks because they believe Charles Evans Hughes will wl be beat beat beat at beleve the head of the nations nation's naton's affairs affair after March 4 next Sanity This forecasts be beyond ond question the substitution of sane for Cor half hal baked laws fathered by the Wilson Bryan Bryan Wison-Bryan administration tion during the tile past four fou years eara The ine hour eight law the latest supposed vote catcher but lw which a large body of Independent Independent Inde Inde- pendent electors promise to turn tur Into a boomerang Is doomed So also Is the Clayton provision against interlocking di directorates di- di Both Democrats and Republicans Republicans concede there never was a a more senseless law than this Timely reminder of this by the way is furnished by some current board changes No one will question but that Francis L. L Hine Albert wi II I. I Henry P. P DavIson DavI- DavI avison avi- avi son and George F. F Baker are among the foremost bankers in the country or that their presence in any bank directorate makes for confidence In the institution and even for the general financial good Nevertheless owing to the half hal baked law against interlocking directorates the Guaranty Trust lIfts has hI just lost Wiggin by resignation the tho Liberty bank IL P. P Da- Da vison the Chemical National William WilliamH Wilam H H. Porter of f the Morgan rt banking 13 eh house Other ih cases e many of them could be mentioned men men- honed wherein owing to a law whose passage was prompted by prejudice against Wall street banks lose the serVices services ser ser- Wal vices of the ablest bankers banker on their boards But said less than weeks till til election electon day Few men in the financial district and certainly none of his years yeara-heT yeara year hen belt some distance from his fiftieth stone stone has has grown faster financially Bernard Berard M. M l. l gow Baruch Bach National now comes to Baruch Barch b by our militarist pr the new advisory commission to 0 I b with the council counci of ot naton But lInt this distinction will wU n Bernys bump of self set estee more than has expansion of his account into the tho millions The la dubbed the bighead by the is e Gould Is one from which as so his friends best know the man Is tar guar guara Immunity by his Ills common sens democratic instincts Ill Portents Portent I Again I the barometer Stock se seats are up another e. e se several several- i ln th dollars r further illuminating na neWl 1 and foreshadowing ee g many fn lOOPS 1 share lion markets The new pric lon shar resents the consensus of Judgment f brightest body of students In th the After the War ty Some war stocks I venture to P Pi will turn out when the war wr Is over oer wi excellent peace stocks stock The Th EU conflagration is expected to I last Jt s year ear at least But the end must some time and with It U the Continued on pa page Tl I PITHY PERSONALITIES Continued from page 10 the p period of reconstruction Steel Anaconda Anaconda Ana Ana- conda Westinghouse the Locomotives American Can and New York Airbrake now of the so called war group because of oC their valuable contracts should then become peace stocks Rebuilding Rebuilding Re Re- building of the devastated areas In France and Belgium to say nothing of possible similar work in Germany it if the fatherland fatherland father land Is Invaded will In the first year of peace anyway Y be mainly effected by i American lc steel and d Amer American can copper g a and at a cost some students have estimated as high as United States Steel common then when this world war Is over should bethe bethe be bethe the premier peace stock Steel authorities authorities ties agree I believe that conditions overseas overseas overseas over over- seas insure It an export business which will wOl make all past movements movement o of the sort Insignificant The same with the railroad equipment companies which are looking ahead to a a. a period of avy shipments ship ship- menta ments of their products to Russia here nere It goes without saying the big development development development develop develop- ment financially commercially and industrially Industrially Indus indus- is to come in the next decade As Aa for American Can It will Win stand as a a. stock almost alone Making Malting peace different articles It cannot fail to profit by by- bythe the boom many economic critics behave believe be believe be- be lieve have will take place in various branches of domestic business but which the de debacle debacle de- de bacle in Europe has held in restraint durIng durine dur- dur lug ine the past two years yeaTs This makes the themore themore themore more striking the fact that this year the legitimate business of American Can has been unusually active and profitable Its i efficient rass ent grow management un under f er Its Ita f feet Is tn not In ii the letting domes domes- domestic tI domestic m the tic lie field fleW d because it has war contracts It Is pushing On the contrary S SIn Opportunity people were In the U-boat U scare many looking for cyclone cellars I w who 0 had too I many stocks but ut a great many ninny more Peo peo- flush lush of fright fight wa was pie when the first looking for tor stocks A golden over were predilection buyers e OPI opportunity And the nj railroads Is s priced showed snowed for the low proof of the publics public's unshaken confidence in the business outlook and the permanency permanency perma perma- nency of prosperity way Southern Railway common by the stood out and still stands out as aa P perhaps P the most promising low priced railroad rA stock in the market I understand some of the richest he men in the Morgan 10 entourage u i i of age have bave bought u tens 0 of th thousands o shares of or it it that Southern capitalists capitalist have invested in It on a large scale far fr keeps and that the best Judges of or values value think It will sell seU before the year ear is ou out at a record price There Is only of Southern Railway Hallway preferred The com com- mon Is a small volume fo for these days How much of It it by the way Is locked up The late Cornelius Vander Vander- left leU shares in his estate which report says has never been sold cold Now that the South is rolling in wealth In spite of a a. crop failure and Is sure to be io still further advantaged when peace eventuates eventuates eventuates ates and opens the ports of the world to the fiber It monopolizes by the favors favor of nature there are those who see in Southern Railway co common mon visions or an stock WhICh a few years Investment will be paying good divIdends end nd hence the railroad securities of the as regards merit only to that Southland other r Southern Southern be Morgan stock Louis Louls- yule vUle Nashville Responsibility made e Henry C. C irick Frick ma several years ago cutting down hIs ot of known his intent Intention on resigned I lIe a corporate directorship L put today s sits ts tsIn two or three he belonged to In Ill most V ot of the big boards excepted ceP It onlY then Union Pac Pacific fic the shows the difficulty responsibility Even finds In shaking such shift it to the difficulty difficulty has sons to W TL where he be VIl S the same T e 0 culty Is 18 there just The oil man mail belon s sto Ham Rockefeller boards his two eons sona to One Onea thIrty six to the other ban an On dozen a bakers baker's though the onlY John D D. Rockefeller has succeeded Ill 11 billionaIre billionaire on the completelY globe He Is not effacing h himself of a single Tl tank railroad rail rail- director or trustee but f makes proxies es road or corporation while fi fis s his is only so to speak k take In his nis but place P three corpora son Is director Fuel and Merchants Mer- Mer er- er ColoradO The old gentleman gentle gentle- chants chants' Fire jre Assurance hOW to let George eorge man long ago John do it Now he lets Music and Money concerning g i iMy declaration of ot last las week concern My McCormack's C JO John music and money and out t of his hla voice 1 0 coining a a. y W friend rf J d the 0 declaration declara- declara rl has brought J from a e gets ets more than Cru C- tion that Enrico for tor what ne ItS nas a year royalty and In EUrope Bu- Bu the C sung sung sune Into America prica a adds South OU and rope and North b his I pres prescOt to sum sufficient 00 thereto a up to o 0 cOt s per annum whether he 11 has as asaD It Is doubtful however end ot of the year aD any more money at the hiS ear earnings than John McCormack I of |