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Show GOOD TIES START SAYS RAILWAY. OFFICIAL Country Must Prepare for Coming Wave of Business, Busi-ness, He Declares rra Utved by Harwld IL Saaowt Co. KBW YORK. Feb. I In sharp contrast to th peastmiatlo utterance of railroad esecuttvee now at the hearing before tha railroad tabor board at Chicago. Wllttam P. Kenny, vice president of tba Great Northern, says that good Oniea for tha country hav already started up. "Tha liquidation necessary to put tha country in sound condition haa been pretty well disposed dis-posed of," he ntatfs, "and the country went through It very well, stocks of good a held by country merchants axe unusually, small and they hava started to buy merchandise.' There Is every Indicatipn that building this spring will be on a large 'scale and thia will add greatly to the already batter conditions. con-ditions. Oraln la being loaded la a larger volume sthen for several weeka sad It ia evident from ur load In ga that atorage grain I loosening up and going forward to tha mark-t. I n !eaa ths proper prepmra-tlons prepmra-tlons ar made for tha coming wave of business and prosperity we will be faced with a serious sit uat Ion." Tribune. All the markets were settled yesterday by tha Oerman reparation program. Tha storm of protest sent up not only from Oerman quart ere, but from allied sources aa well, seamed to surround tha whole ait-uation ait-uation with greater uncertainty and to filaxa ih& scttlcxocAt. .Xunher ail than .ever,. H was hard to tvll which counted the more tha belief that fiermany would reject re-ject tha plan aa formulated by the Taris council, that if any such severe terms wera enforced it would hava an unpleaamnt reaction re-action upon the trade of the world. But at all event, the various marketa showed plainly enough that they did not like th preaent position of things. A further violent vio-lent decline in the foreign exchange wa ths- emM --emphsO? response of the day. iMerling got down at one time to fi.79. at which figure It waa off nearly k cents from Monday nirht, and fully centa from the high of a week ago. French exchange went down with scarcely less abruptness, while Oerman msrks, which wera relatively ths weakest of anything, wera sold down to 1.47c. thus losing the entire advance of the last two and a half months. This remarkable re-markable reversal In lha exchanges had Ita effect naturally enough In other directions. direc-tions. Hrltish consols in london had tha unusual decline of a full point on tha day.' French government aa went down aimi-larly. aimi-larly. Thts led to active selling for foreign for-eign account aa the atock market opened here. laauca In which Indun Is most Interested, In-terested, like the petroleum shar"S, were the leadera In the decline. At ne same time there waa sufficient ground for at least temporary depreaaion In tha railway list In the proceedings before the labor board In Chicago, wjiich were not fully appreciated ap-preciated until this morning. HJlobe. liar allver In 1-ondon made another new low yesterday, declining l to 34d, and at the figure waa down td from last Wedn-sday. Inc. Mentally yesterday was the f m i Hi autiesmvi tUJ on Whicn a new low record for a number of years haa been scored. london advices continue to refer I to tha heavy Chinese selling and tha ab-1 ab-1 aenca of any sort of support to replace that which the. Indian baxara wera giving up to tha latter part ef last week. The New Tork pric yesterday, which waa I7e. waa the loweat in several years, displacing tha prevlouo low of tc, made an December 1 of last year. Tunea |