Show f I Indications Are Many That Turn I urn in in Tide Is in in Pr Progress gress Present Frent Situation Situation in Stock tock Market and General Trade Declared to Spell Opportunity ca caption tion New lows for the year has as figured so prominently A in j the news columns for the thc past three weeks weeks' that it is IS not tobe to tobe tobe be wondered at that those whose interest lies Hes in the stock markets are outspoken in their opinion that the worst is yet to come Unfortunately about the time the toe general general general gen gen- eral public makes up Its mind that there 1 Is no hope In the situation be becomes omes panic stricken and dumps crumps securities regardless re regardless regardless re- re of ot values on a breaking marI market mar roar I ket kat the worst Is decidedly over and the conservative far sighted and perhaps more experienced investor is grasping the opportunities that a panicky market arket always affords to those who remember that Steel which sold at 8 S' S in 1904 went up to 50 during the next year and has since sold as high as says rCharles A. A Stoneham's latest market totter dated November 19 Or expressed differently we are all familiar r with the spectacle of ot a rampant ram- ram pant bull market with quotations soaring soar- soar ing rapidly and an eager desire on the part of those who follow the markets to make their commitments In such markets the feeling of ot optimism In Invariably Invariably invariably In- In variably carries quotations considerably In excess of disclosed values and in inversely in- in Tersely the same trait is exhibited when the market is in the doldrums when a anear near rnear panic visits us such as we are unx Unpleasantly un- un pleasantly experiencing x C L today Just as hopes carry prices J too high te fears ta and hack flack of ot confidence force them entirely too far In fn tho the opposite direction The timeliness of ot this statement today will wilt perhaps b be disputed if Ir one is influenced by by the formidable array of ot gloomy stai statistIcs sta- sta i that are being presented to show that the industrial upheaval has not yet run Its course and a further falling failing off oft of f prices must ensue However taking the case care of ot one of or the largest argest Industrials a good illustration Is presented Bethlehem Steel 13 B. B at prevailing prevailing pre pre- figures Is selling about ashare a share lower than the high level of ot 1917 At today's price the marKet valUe vanie ot Bethlehem Steels Steel's total common capitalization capital capital- was less than Contrast Contrast Con Con- this the earnings' earnings statement In 1916 Bethlehem Steel after alter all dividends divi divi- reported a surplus of ot 1917 1018 1919 and this year ear It Is estimated at a total in five fie years of about or nearly 1 in excess of ot the present market valuation of th the common rommon stock This shows the extremes to which the pessimistic feel feel- feeling In ing has been carried and Is indicative or not only In 1 Steel but In many other of our and standard enterprises Let us then quickly review both sides of the current market situation Amongst the adverse Immediately present Is a cycle of the lowest prices of the year after a steady decline of three weeks' weeks duration without a single rally of ot Importance It has resulted in a cancellation cancellation can can- of all ail the gains of the past two years ears violent declines In wheat and cotton colton and aud a new low record forthe year In tho corn markets a generally unsatisfactory condition of trade disclosed by the passing of ot the American International I al' al corporation al-corporation dividends practical stagnation stag- stag nation naon or FO so it is viewed of the motor and ad allied industries representing huge aggregations of capital and General Motors als alse feling eling at the point for tor the ye year jeer r. r In III the face lace of or so gloomy an array rr y yot of ot bear arguments it seems hopeless to attempt to glean any com coin fort from front the tho If It we e seek sock far enough however we will discern them For the first time In weeks the down sliding market has met root resistance every inch of the wa way and notwithstanding so Important a factor as lUJ the passing of or the A A. I. I C. C dividends I tho general market yesterday held ex ex- ex well money is easier casier the re renewal renewal re- re newal rate rato dropping to 7 per tier cent and I eX-I money loaned as low as C G per cent against 8 S per cent the preceding da day and money coming corning out In volume for the first time in over oer a month Foreign exchange exchange cx- cx ex ex- change shows a strengthening tendency with Sterling appreciably higner After two months of depression there seems to be a turn for the better in the automobile auto auto- automobile mobile business both with respect to pleasure car and truck production and sales according to Alfred Altred Reeves general general gen gen- eral manager of the national au automo tomo- tomo bile chamber of commerce in an address In Chicago this week That there is a strong Investment demand lust under the market for better class oil securities is evidenced by to the fact a- a that a recent e i i offering of 4 t year ten e 7 per e cent I debentures of the Galena Signal Oil company company com corn pany was quickly oversubscribed This Is taken to reflect the opinion of ot leaders of the Industry regarding the safety of ot the future of this important branch of business Indeed it is the of opinion among oilmen that any decline In oil p prices ces which may take talce place because because because be be- be- be cause of present W unsettled settled conditions will be of ot only temporary and sentimental I tal character and that the demand for oil next year be greater than ever Admiral Benson estimates that the fuel oil requirements of ot the United States shipping board for 1921 will be barrels In 1919 barrels were ware used and the current years year's requirements approximate barrels Another consoling factor Is the orderly manner In which the market is now moving indicating indicating in in- in that the first fright has passed and that investors realize that fundamental fundamental fundamental funda funda- mental conditions have not been im Im- tm- tm paired It would appear then that things are riot not quite as bad as they seem seen The present present pres pres- ent situation spells opportunity in large letters to those who are sufficiently broadminded to look beyond the immediate immedIate imme imme- imme diate present and who realize that no situation no matter how unsound it may be temporarily no combination of untoward events can eventuate that will not be successfully overcome nor can any obstacles no matter how formidable long stay the tho upward march of ot this country to commercial and industrial su su- su- su Disregarding entirely the technical aspects a decline that In a short period of time has wiped out all the profits of ot the two of lo 10 D O i years steady u. u i oui i uno vu wan wun opportunities op op- for tor those who will take the trouble to analyze the values behind the I securities that have declined In so drastic dras dras- drastic tic a a. manner Tho The big break has occurred oc oc- oc- oc and there is scant consolation In la looking backward Those who have vision Ion enough to the see new era ahead I must realize that unusual profit making I possibilities should follow Collow Intelligent commitment made at these levels Francis II it SI of the tha Guaranty Trust Company last night In discussing the credit situation expressed his confidence con COn- In Inthe the American merican banking position and In the outlook for tor stable business in 1921 In closing he stated stated- I In view of all these factors It would seem probable that an Improvement In 1 credit conditions with easier money rates will vill mark the tho early and that a part of ot 1921 prosperous year ear with business busi busl- ness on I a a. a new and more stable basis is In prospect We Ve should plan for the tho next accordingly twelve and months with vision courage vision to see realities courage to face those and realities and act |