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Show awl i w t. A A l.k.ukV i--i la.r liS-ka-wi. . y Hajor Alva Lee , Mno" Bond Department, J. . Hogla A fo.'. flvnf 1ft p MI'i to provl for t'0 ovumi fiil (itiri hnnit of tn ir:l it whun ri npuri trwi win ftt'l atort. H i. n a nn would not r))" tni CNiiti of tha tmuM would aumt-nt !i, f.(r th rmm th.it rirn would ha further in-crMMl in-crMMl imur th, tlmulun of a ' ovfrnmni nuhaidy. Tha r Uutlon of tha p ro h i m la to 1m t h law of aunply 1niind a vit mat l-a I- ly rfaur trie rn to t tia point whn ronaurritton tquui production. produc-tion. Wlin tni balanra la a'riK-k tha farmer rt n a in protlu what at a profit without govera-nnt govera-nnt aid. OOMCLl lOKaV j Although it la pert ad that i alockl will b1 rnaterially lowarl MM J" tt la but reaaoaahle to I look nr t rally from tha prevent i levala. However, Blocks held now, or commitment a mada at thia time, ahoutd ha liquidated on the f irat aiieabla uprura. Thia la a diatrlbj-lora diatrlbj-lora market. - Tha proapocta ara that money will remain aaay fop tha next ear or two and eoneo,uentiy bond prfraa will remain ftrm. Aa H he-comea he-comea mora apparent that volume tf bualneaa la contracting leaa and leaa aurplua will be uaed for piant expansion. Tha aurplua thua ae cruod will aeek Inveaiment rhaa ncla. Thta action ahould mareriauy ! atlffea prlrea for hlajh gra.le hort1a. Affaire la Kurape will prof'niy aM woraa before they get better Xevertbeleaa It would aot ha aur- , rrlalag to wttaeaa tha aolutlon of the reparations controveray pefore tha and of tha year. Tha Janaer la 4 hit tha solution may already have baan delayed too lonr to en able It to affect ft rapid cure whan It daoa coma. .'AIOIST, 192. ' ' . Tba mM Moartb. Tha Eastam stack markat dur-t' dur-t' iha paat tnon'h bad annhatan-ttal annhatan-ttal ;ralW but during tha past f dy , renewed Itguldatlon baa caused a eonderable drop' In prtrea. several a'ocks making new lows for the year. Vnltol Htates Si for tnmpil reaehe A aS on J tiv si. Tbe end of tha month finds pries levels alight ry below t ho of July 1- Tha volnmg of trading has been vary light all month which Is normal for thia Sca-aon. Sca-aon. Bonds hare been 4ut1 with 5 rices general It firm or slifhtiy Igher. In atudylng tha future eourae of the bond market It la Important Im-portant to rtoia that banks and Insurance In-surance eompanlea ara again male lnar alieable purchases and that recent re-cent atatementa of tha federal reserve re-serve show surplus funds to be Increasing In-creasing la aa Impreaalve manner. H Y TfflK T:SID HAS CHANtiKU. Rrotiomiitf and statisticians bra divided aa to whether -the present j slowing Sown In bualneaa Is only a normal bait before tha advance la, resumed or a-heiher tha peak haa been paaa4 and wa may tipa t buetnoea to alow down mora and mora until wa a through another depression. Our opinion is mat iha peak has passed and that bualneas m uat su f f e r a re I a psa bef or It again becomes much better. 81a months ago w predicted that tha boom would be killed, not by tlsht money as la usually tha rasa, but br Inereaalng proiuctlon coata dar yrHlpeilly to nhortaa-a of tabor ta-bor and Increaain wagea This has since bean borne out In fact-Money fact-Money continues abundant but bualneaa bua-lneaa Is contracting all along the line lad by a cancellation of contracts con-tracts In tha bulldlna trade where the ahortaga of skilled labor and tha strength of tha unions wag responsible re-sponsible for abnormal wags Jain Ja-in and a Tha controversy between Great Britain and Prance over reparations and tha Ruhr has seriously affected affect-ed American bualneaa. Hlnca tha Ruhr waa Invaded the Industries of Prance have contracted to a large extent. This la taua to a Leaser degree de-gree In other countries adjoining Germany, and In Germany the economic eco-nomic condition la, already chaotle and growing worse dally. Tha result re-sult la that European buying power Is aeriaualy crippled. This effects of dotlare. This atone. Is a heavy burden to tlie tiiere, but. unfortunately, un-fortunately, comper a t tveiy few Ot eur votera are taxpayera Furthermore, Further-more, a at uoy of our penalon lawa fur the waL a are w til can m anrone that a bonne law as originally origin-ally draw n whl be nort ttied year after year until the animal expenditure expen-diture hi a he mult t.t led many tiniee. lmsed o aur-h a study a conserve 1 1 v e eat imate would be twenty hilUona for a law whlca commenced with five billlnne. Manv advoatea of the bonus Imply Im-ply that it la necessary for the proper rare of the disabled veteran, vet-eran, buck la the reverae ot true. There Is not a si rifle mention of the disabled vetarana in tha entire boa-I ua meaaure. atealdet, our disabled i veterana are now well and inr-eusly inr-eusly tken care of, aa tney anould be. On May . the government a(f already axpendel i lJ JIi. and tha appropriation for tha next : f'wal year amounted to voenalt bliliorf ot dolinra. ar from aiding ! this great and neceaaary worn a ! bonua to the ableOodled Wuid ua-doubtedly ua-doubtedly hamper It. In addition to tha bonus Mil It 1 may be taken far granted that early ear-ly In the aeaelon the coagreseloaat, calendar ant be chokel with a swarm of btlle radical In nature and In genera harmful, to continued prosperity. Much of thte effort will be directed toward crippling the rati road a. For the first time In many years the rails have bee a able to show fair profile, Cenee-quenlly Cenee-quenlly the entire radical element Is united In an effort to reouce freight re tee, further lucre ae wagee, and otherwiae handicap this Industry to tbe point where Hi present meager prof it a shall be reduced re-duced to nothing.' One suggestion, from a sanator-eTart from Neoras-ka, Neoras-ka, was to the effect that the railroad rail-road problem couli ba aolved amy by throwing all. of them Into the hande of a receiver! The newspa-pera newspa-pera credit the r ere at I v elected ben-a ben-a i or Jehnaon from Mlnneaota aa saying that an leaa congreaa rmm4 a considerable amount to sacalled progressive emergency leaiaiation a revolution such aa orcurrea in Kuaata wauld not be aurprieing! That an effort will be ma Je to nationalise the coal mlnee and to extend a government euoeidy to the farmer by guaranteeing him a minimum min-imum price for wheat la another phaaa to tbe expected saovemeau . WHEAT rTV'ATiO!g, This year there Is aa overproduction: overproduc-tion: of wheat. This verpie juc-tlon juc-tlon t direct raeult of war stint-ulua stint-ulua Tha auapenaton oft. tne rtus-alaa rtus-alaa eupplv at the opening of the war and tha limitations put aa exports ex-ports to Kurope from Australia and the Argentine by tha submarine, placed a heavy" burden oa wheat-grower wheat-grower of North America which waa successfully met br a remarkable remark-able eapaaatoa. tThe acreage was Increased i per cent In the United Unit-ed States and tog per cent In Canada). Can-ada). Thia year India will again ba an exporter of wheat. Europe has a goofl crop, and even Russia will be able to export Inetead of im -port. The result Is ths price haa dropped. Coneeejuently the farmers who have grown wheat wtll suffer a loa and the farm Mt will en- our market ' for' commodities that ae export such as cottoa, copper, snl wheat, which lrt turn adversely adverse-ly effects all American busineaa. The only ray of hope on the Kurope Ku-rope n tangle la that Great Trtrltaia and Krence appear to ba rapidly approaching a crials. Ths sooner tb's crlats is reached the sooner a workable eolutlon to the entire question will be found. ' it now seems probable that the matter will be definitely settled .this year. The third Important factor inat haa Injected a note of diecouraae-ment diecouraae-ment Into the bualneaa utloor U the fear of adverse legislation In the next and aucceedlng congressea. IMPKHDISO IJDGI SUATtO If, The result of the alert ion In If Inneeota, while admittedly only a straw, neverthelese Indlcatee which wsy the wind ta blowing. It now aeome obvious that wa are one for a periol of radical, legislation. The present congresa will be able to restrain eocailed progressiva effort ef-fort to a considerable degree. tut It .Is admitted that thia restraint will ba only half-hearted owing to the desire of the old party lead-era lead-era to hold out tha ollv branch to that large and growing class of voters vot-ers who ara dissatisfied with thlnae as they are. It is new agreed that the bonua bill Is to ba Introduced In congress ths first day of the next eeealon. That It will pa as by a very larga majority 1 a f area; one conclneloa. Laet year the coneer-vatlvcs coneer-vatlvcs In congress opposed this bill. This year both coneervatlvea anj progressive are making strea-aoua strea-aoua effort to gain credit for fne succeaa - of .tha - saaaaure. - Thia change oa the part of the conservatives conser-vatives is due ta tha fear ot the radleai strength. Pew people realise the moral and economic harm that will be don br the passage ot this meaaure. To ettempt to reimburse thoee men who joined the service during the war la on- the face of It an absurdity. Certainly tha per rent wno eaw battle service can never be paid with money to compensate tnem ror she duty tney performed. To Imply that It can be done by tha note apeclfled In this bill I to cheapen the service performed aad Is Insulting Insult-ing to the men who are to receive. It. There are. In addltloa to many privileges of cltfsenshlp. certain Jutlea and obligations that are inherent. in-herent. One of these duties Is to bear arm when called upon to do so In caae of war. Any other teacn-Ing teacn-Ing Is detrimental ta tha eafeey af the government. , To attempt to compensate men for performing this plain duty 1 to lower materially material-ly our atandard of cltlxeaship. A aids from the moral question involved in-volved 1 the economic one which, while not so Important. 1s without : guest ion very grave, Tha bill as ' drawn contemplates the expendt-' expendt-' ture of approximately five MIMona |