Show 11 J Times Ah Ahead ad for Pessimists I By Ira C. C Tichenor c J so reminiscent of the declarations frequently made in this BEING column of late and also characteristic of the statements now aing made by hy the better class of brokerage houses in New York i it is s considered c consistent to reproduce in full the following letter Just re received from Coleman Reitze The investor who has witnessed extreme extremo depreciation in his securities Is le hardly able to appreciate the pronounced optimism of bankers The speculator J tor especially probably feels that the e world is ready to burst wide wido J Open and this because certain prominent bankers havo remarked that a amore lI rit more re industrial liquidation might flight be advisable that a few companies th have i their dividends and that employment has decreased 1 cy ret t during tho tim past ten days can call money declined to 6 per cent the b banking p position improved to to- U its best In more snore than two months the federal government so reported reductions of or in expenditures expenditure the railroad J. J rep reports r showed remarkable progress foreign exchange advanced and and even 1 the tho tho league CaS O of nations functioned In glorious fashion I. I What may look rather dubious In glaring he headlines dUnes may be an actual improvement In the text and the adverse price changes of the day may betho betho be bo botho tho prel prelude id to the tho greater activity that the return to conservatism justifies As f for r the speculator gambler-speculator ho he Is apparently impossible From December f I 1918 igis to May 1920 a real p panic nic was Just ahead but this was his period of j I the commercial situation has shown gre greatest enthusiasm sInco since last May Improvement in every twenty hour period but this has hm been the era of f p ii pessimism for this temperamental optimist The The share sharo markets have discounted an orderly process of readjustment I r f Lower r share prices in the past week are e a symptom of hysterical attitude and actual concern by those who unfortunately bought at 1919 valuations 5 ai and time money are lower bo bond d prices hold and tho the banking position t 1 I I is even stronger than at any time this year Whether or not there is any further farther hysteria th there re are mo more investment bargains available now than In Inmany t. t f many ni years T The Te o careful Investor Is a very busy buy and diligent person at tho J ino moment t. t f i Since the above letter Ietter was printed there has been experienced a ai i decidedly upward swing wing in the New York stock tock market followed by a I Blight recession due principally to profit t taking As declared a few days daysI ago ago In a discussion of the stock market situation undoubtedly there will be I experienced an occasional recession In prices but that the trend certainly w would uld be consistently upward l' l i. i 2 Jt Jt could not be expected in view of ot the slump in prices experienced i during the past past months months that anything like a boom would make its appearance appear- appear f alice ance ce As a matter of or fact such an event would not be bo desired by conservative conserva conserva- tive Inv investors and speculators who prefer a stable rath rather r than a sp spasmodic f marl market et f 1 view especially o of the certainty certainty that the critical period in the financial cSt has been safely passed assed and that bankers now are re unanimous in their J 1 r that from now on money rates will be easier easler it appe appears rs to be a that bad times Umes are ahead for those who have been pessimistically inclined ed an and for forthe the bear tribe in generaLI general I r. r |