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Show ;'BULL ARGUMENT IS SEEN III MARKET - COllflOIlS All Duiger of Financial Crigis Is Past, Says Mar- -ket Letter In their. market letter for March, J. A- Jlogle A company of. Salt Lake, ay: "The expected February stump was of such minute proportions that It may be said not to have occured. The average aver-age price of forty-one representative stocks reacted about two points, and bonds a less amount. In the Investment field the end of February finds security se-curity prices approximately where they were at the beginning of the month. All of which is a bull argument for (he future. 'Jt would seem certain that March 1 finds the danger of a financial crisis a thing of the paat, The federal reserve re-serve has so bandied the credit system as to permit liquidation without a fanlc Although the liquidation period s still with us, and will be for some time to come, the process will con-It con-It nu to be gradual and orderly. The whole tendency of the control exer-1 clned by the federal reserve Is to retard re-tard the trend In either direction. This tendency Is responsible tn great meas- ure for the temporary freezing of credit,' which prevents rapid lowering low-ering of Interest rates. - ""MA It hem git this nivveiiient "vtTT prei- ably be slow, it may be safely assumed that for a long time to come the "general "gen-eral trend" of Interest rates will be downward. Not since the early seven-I seven-I ties have Interest rates for time money ruled as high for sa long a time. It Is doubtful If this generation will again see gllt-edge bonds selling at prices that prevail today. "It cannot be aesumed that the new administration will be able to effect any rapid Improvements In general bustnesa condition". Olven time, however. how-ever. It will undoubtedly accomplish several Important and lasting beneflta The present Income and excess profits tax laws are oppressive and harmful. They discourage thrift, training and education, and encourage mediocrity. The syste mof collecting these taxes Is cumbersome and expensive. They are so complicated that It Is nearly Impossible Im-possible to render correct returns. The new administration will In all probability prob-ability repeal or modify these laws and substitute a sales tax law. Huch a tax would be simple to understand, easy and Inexpensive to collect, apply to everyone alike, encourage thrift, oppress op-press nobody, and could be made to supply revenue sufficient to supplant the excess nroffts tax. "We believe it will prove Impossible to hsve general business prosperity In America until we develop world markets mar-kets for our. overproduction of goods snd produce. Buch world markets as we need cannot be created Until the forelsn exchange and foreign credit situation is very much Improved. This improvement depends In great measure on an equitable and practical solution of the German, reformation problem. Once this Is out of the way foreign exchange should show a rapid recovery, "In our opinion, if would prove a mistake for the incoming administration administra-tion to raise a high tariff wall against Kuropean gooda This because we are now a creditor nation and must accept ac-cept European goods or nothing In payment of our debt- Doubtless a work able aolutlon wfll be found for this and other lesser problems that eon-front eon-front u." New York Curb Close (Faralsbeel by J. A. Heels 44 Ce INDUeTRLALa. I I Bid. Ased.y Aetna Kxplo 9V4 19 V S Ship Vi to Wrleht-Martia 4 4 Peerleaa 23 21 City Service 331 244 Do. prelerred 17. 174 Bankers 27 Vs 27 4 Retail Candy .. ......... I 4V4 Tob Kxpert 7 9 Ooldwyn I I OILS. no. waa I ls-14: 1 Coed.n 4to 4 Klk Basin 9 9to Federal Oil 14 Ito Ul.nreck 1 ito M.lor Pet 3 4 Merfitt 12to 12S Mid W Rets 13 119 Mid w Oil Cam 1 V4 I to Northwest . . . J. 21 19 Okmulsee to I 4 Sepulpe ... 4 to I 4S Hc-puorah tot to Markaad !to' 2N' Hlmms 7 I 7U Prod Refg 44' 4 Ryan T I I Omer 2S 24 Boone ltol 14 MINBSL Caledonia I 1 13 Canada Cop 7-14 to Masma Cop 21 to 21 Mother Lode eld 19 15 Mother Lode aew .- I Ito' Nlplaalns 7 to. 74 I Tone Kstn 1 to1 1 '4 Con Copper ltol 2 I Howe Pound 2V 1 Heels Mlntnr 4 I 4'4 United Heater 24i tto HICAC.O POTATO RA. CHICAC.O. March 4- Potatoea le lower: recelpta 41 ears; wklts sacked, tl.244tl.ll ewt. |