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Show I September Financial Review V By MAJOR ALVA LEE Mdnagar Bond Dapartmpntf J. . Hofll A Co, ' THB FAST MONTH. Tha decline la th tock market, whlck commenced oa Jolr t. wa not accounted for In tha financial newa until word waa received ef ttie praaidant a death tbe ovenlnp of Aupuet 2nd. Al-thouph Al-thouph tha paper had broadcaeted the newa off hla tUneae tha aarlouaoeaa of the malady had bean akllfully conceal ad. It la now apparent that tha atock market had commenced to dlacotrnt tha critical condition of the preetdont on Jo-r I.ate In the evenlnp of the tnd ewe of hla daath reached tbe publlo wltk a ahoek for which they had la no way beven prepared. All earhanpaa remained rloaed an tha third. Durlna the abort eaaalon on Paturday. Aapuat 4, It quickly became evident that coofldeBce of the tnveatlnp public had not been ahaken by the unepcted chansa In tbe adminia-tratlon. adminia-tratlon. Whatever unrertalnty that had been felt had been dlacoantad by the market when It bocam copnlaant of the fact that tha tllneaa r.jproaad to be trivial waa In roalMy cTltlcal. Aiwuat haa boea marked by the aaual eeaaonal dullneaa. Volume of aalea haa been reduced to a minimum. Fj'" fluctuated vary Utile until tha tth. Plnca thoa th advaoca to hlpher levela haa boon paralaient. rf The only notabja exception to the pefferal advance haa been the oil Thla ',"u"f In from avarprodactloB. which In tura haa caueed a aeiioue alamp la tb price of crude oil. Rata ware, receWerehipe for the weaker eomranlea nd curtailment curtail-ment of production VUrl'.Thl!,Jr.W'tha in tha bond market. altheuph the uaual aJrnmer duUnaaa haa kT" reaarde volume, tha advance In Pr"( haVbeera aleady. Fraetlcallr all ' .- -a i . L.fc ... llas-iia ,v apon thla futar f th stock market depend "Two utatandlnp point la th trad altuatloa are. flrat. that so protracted boom from thla laval eeema poaalbla la a practical eeaee, becauee wa are already al-ready ao cloae to th celllnp of proeper-Ity; proeper-Ity; and. aecoad. that a rebound or temporary recovery founded upon tha aututaa trada doe aaem dlatlactly poaalbla. poa-albla. Indeed, the Important and practical prac-tical queettoB for both in vaa tor and bualneaa man appeare now to be whether or not thla rebound' la polnp ta occur. Upon thla pueetlon one ahould be able profitably to euepead Jad meat for few waaka. kerauae tka autumn trade la Juat la Ita boplnnlnp, and the Improvement Improve-ment which haa at art ad ahould aet terminate ter-minate before ta let of October at ear-lleat ear-lleat and may taat lonper. "Nor la there any occaaloa meaa while for reverainp Inveatment policiaa There haa been no eurh liquidation of material ma-terial pood a. labor er aecarltlea aa ta lay tha foundation for a broad ball movement tn eteckp and Bond, bat kere acalq there la a poaalklllty of a rebound. re-bound. In vector then, may well be , rather deliberate ta dlepoatop of or ax-; ax-; chanplnp unatable stock nd kendo which they do not deetre ta held per-' per-' manently. Poaatbly they caa ebtela i apmewhat better prloea for them a little lit-tle later, and there aha aid aot b muck rtek In bold tap for t leaat a few week In makinp exchanpaa either now or eome time la the autumn, however, on ahould atlll follow the peaeral policy of awttchlnp from leaa at able Inte mora at able eerurltle. and of plylnp preference prefer-ence to abort -term bosda and noteo, for thla rebound In an ral trade and la ae-eurtllea, ae-eurtllea, even Iff It occur doe not at prices ef both crude ell and gasoline were, ee Aaf net 1, more lhaa t per coat k if bar tha a tbey were tea or twelve year fe, when eoneumptloa exceeded ex-ceeded production and whea tbe total upply f crad ell waa aly about ea-tblrd ea-tblrd of what It sew ta. Twenty-flY per cent reduction la tk price of gaeollne hav eome, alnce An fust 1, la many Weetem aad Middle Weetera eta tea Th Standard Oil eont- riany of India eat It price f f aeo-Ine aeo-Ine t t eenia a gallaa, to 14.4 Is moot i of ita territory. Price cut t lap ts epreed- , Inf and la likely to ceaitnaa tar ssoatha "Similar reductlona la the prleee of crude ell, eepecially ta th Eaetern and mld-coatlnant Held, ar reaaoaably ear- : tain to follow. Tble elaabinf ef prteaa 1 will froat ly reduce the iBvaaterle of all peoduoers end refiners wba are carrying car-rying larfa euppliee ef ell and paaoltn and will quickly tura profit into loaeoe Many email and eome larpe etapnta may be ruined In the preceea. It will take meatha. and par hap yaara. of low prices t Improve baeto rood H lone, ae that there will again be good prem la the ell Industry- That la wky we ara afraid ef ell etecka." COMCLCSSOh'S. Tka preeent market 1 difficult te forecaat. Tke trend anlfht eaetly ke ehenfed everalpht by Important news either good or bad from Europe, But from data at preeent available tke preeent pree-ent rally la the etork market should continue for a vera I more week Not-witkataadlng Not-witkataadlng thla. tt would aaem advisable advis-able to liquidate helStnfs ef speculative atoek before tke preeent uptur culminate. culmi-nate. It te probable tkat thle market will advance eeveral mere petnta before er durlnp tke fall and thoa break to lower levela Before winter la ever wa aspect te e atock prleee g te lower level tkaa aav boea attalad aa lar thla , 'Tbe est leek for tb bond market ta eeeeuraftng. All tke factor waick affect af-fect bead prleee eeem favorable for this eeaeoa ef the yeer, with tb Boeptto of thee taat affect fereiga govere-meat govere-meat a . 1 During tk seat few meatk the more peculetlv bead should be eeavertod Into tke mere conservative teauee- Alee a fair properties of koldtnga ahould ka in tha form ef akert tint bond er otea of bends ara aeinn. e, an s moBih ao. with the eaeeptloa o for- '..rVVum era .eat. ..re... d to an et.rn I. th. prlr. of tb. eorn-modlly. eorn-modlly. IxM-el snser ron-pah e have Anna .anerlally well dttrtn. the past I .ndhava'complet.ly revereed Ih.lr Ksltlin of two y.ar. ..... An advance laeei eussr securities Is warranted by I ",T'.n.:.'r,o,..rey between BU.d I ... I Prance remains a deadlock. No IM-of-rea- toward, a solution off tkls S't"' haa vat b-en made. The lat-not lat-not from Vrano. ta tke Britlak government gov-ernment merely reiterate Previous j le- I manda The Balfia aota i"'" dealre t romprom ll?rli ' however, that Belfium will rlak a fcroa with France evea te praeerv tk ea-tente. ea-tente. THB OrTlaOOK. i Jobs Mooiry la a financial review dat- ; ma Auaust J eapreeaea the eame epin-lea epin-lea aa to preaaat conditions aad th f tcre preepact that waa ootlleed in our market letter of July let and ,lr After dlecueslnf tfce Imprevament ! tn fall kuylna and tbe eoneeqaent tlff-fonlns tlff-fonlns ef cop-modlty price, ka atate a ,0"4b:Teerted Improvement la burl eff meterUls nd peed hold kv a auainln Infleancs st leset for themn. bain, because tho atoek market reepond batter te anOlled order the boa of industrial companies tkaa to almest aay other etnale .nfliper.ee. Tochntcally. too. th eteck market la acting fcullish. end thia accoenia fee the fact that certain etwek market ad viae ra hava renily rhanaed from brleft to bulliah peeltloii. Tot Utile over e month t.etnmvp Jelv I, the dclinee wore checked by kaytnf of oae klad or another at about the net level, and letely price have tpr cra-eptn wswartt and eanument amettg tnvoetor baeom--ilng mora eptrmletpr. However, keceuaa ! the atock mrket Itaelf H bet a reflee-Itloa reflee-Itloa ef merrantli end prodectlve trade, land ta dominated by sack trade tkaaa teckataal evtdeneee. altaeugk wertk looking at. are wka ht be called a i minor oenalderatlow. The major uea-Uas uea-Uas Is what trade IP geiag to a, aad all promiae te aver?, mt -i.i'' s-e;a.r-alty for a feneral cuttlnf ef operating coat with ail that this Imp I lee. ' EEpllrltly tha question le., ae we sea It. not whether operating coete are fo-Inf fo-Inf to be reduced. bit when thVy are folnf te be reduced. 1-reeent Jndleatlone are that the reduction ahould be resumed re-sumed after the culmination of the autumn au-tumn trade. Any fall In operating coats, when It becemee feneral, eff oeuraag In-vol In-vol vaa more er lees trade ra actio a. That auch a fall must occur I indicated ky the preeent encroachment off coat a upon profit, and tha more active trad be-eomoe be-eomoe from thl level tke farther eeh encroach mant ta likely to po. and the mere Beoeeeary a cutting off epertlnf coots will preearnably boea. Baetneea sent I men t a few weak a age wsa too pee-Imlattc pee-Imlattc and very likely a few weeks from aew It may be tee optimist!, for sentiment cbane meek teeter and eftener then the real aaderlytag tread ef bualneaa Itaelf. Oil STOCBS. Byron Holt n hla markat letter, dated Auguat It, dlac asses tke 11 attuatloa aa fellows: Aa ear reader knew, we hv. for mora ttaaa year, keen afraid ef tke oil etecka Wltk the earptas etoefca of petroleum and gaeollne making new reorrde every montk. and wltk etarare faclltilae alway a short. I spite eff the rapidly Increasing ronauB.pt Ion. we could not ae how a coll a. pee tn the price of oil and gaaolln eould be avoided. We were surprised that tbe col la paa did net i rente Iaat 'aprla. when tke Cat I for I ; output of licit, oil began to Inc raa ae ky leaps and bo wide "Thar ere now about SM.pV,e oar-rale oar-rale of crude oil and !..:., fw ' feni ef ft aot I na In sera The eup-piy eup-piy of oil ka Increased aknut 1 Per cent and of pasolin about 24 per cent in tha Iaat -yar. Production eff oil tin eluding aet import!) n about l.tof ta barrels a day. aad eoneumptloa about tt.4e.et bar re I a a day. though it will probably not average that for tbe rest ef tkie year. If production eff crude ell aad aet bea lncked aa much aa poe-eible. poe-eible. It ml fat Bow ba paar ,, bar-rel bar-rel a day. "la spite ttrfi-tbess keip avppB, take |