Show PITHY PITY PERSONALITIES AN A INSIDE VIEW OF ILL VIALL STREET Adams Adas writing in the Boston News lews i Bureau still st Insists that the market maket plans plan I follows include the constructive sort sot His letter leter i Jak Market t plans plans plans-of f of the constructive sort needless t tc say say held held sY-held held up by the kaisers kaiser's kaier's submarines will wi I am told soon on be Ini mi- Adjustment of the U-boat U crisis is forecasted in diplomatic circles and economic conditions being bing unchanged the powerful financial Interests Interest interest lined up he on the side of or values feel that pessimism In professional circles is being bing overdone overdone- overdone that tha generally speaking prices allow alo for to the factors on which bear commitments are predicated predicted Opposing Views When Ten great geat doctors d disagree ee who wh can un be believed James J. J Hill says ays that ames ml prosperity being based bed on the abnormal is 15 likely to vanish overnight This pro are pr- pr set st forth in one of his hs char Interviews last lUt week o sent ch a shiver through the te market maket but It i se did not Inspire potential selling or r occasion Ion un unusual un- un usual weakness Uptown operators ho hOI hoe tile te to securities got comfort out ot of It I. I Down Dow town some rioh rich men who lisps have the te deepest respect for tor Hill HU conviction h were buyers of stocks Evidently they agree agee with wt the prognosis advanced a a. few feW weeks ago xgo by another anoter eminent specialist Jacob H. H The head bead of ot the great banking baning house of Kuhn Kuhn Loeb Lb te Co geat In 11 a Si stand review 1 of affairs took took tok an a still sti fresh resh in I the publio mind mind No since 1906 n when before th the chamber o 0 of commerce he foretold the te coming of th tM the panic then brewing has the financier hs te entered en en- en the realm of prophecy In the rem I remarks remarks re re- marks I have referred to however te ro h ha b. went so far as to say that tat only a ripping ony tariff upheaval In congress can c give In industry In- In a setback So It I Is difficult t to te imagine two more diametrically opinions than Jacob and that just emitted emited by the pioneer of the North North- t Nor Nor- west But for years yea and especially In hi the later years James ames J. J Hill Hl especial has h been more prone to of caution cuton ana ami even skepticism than to those tose of o hope anc and encouragement The treatment of the railroads by the legislators national and s state seems to have soured hm him and with h good gool reason But Bu today toay many may distinguished author ties tes oth other r than Jacob H. H I Lift see the tha future through rose colored glasses de despie despite despite de- de spite spie politics and the Hill ml contention that tila t with wih the end of the war trade will wi col cot lapse These observers I find have more confidence than ever In the theory theor that while the close cose of the great get European conflict will wn be followed and probably anticipated anticipated an an- by marked reactions In muni muM tion ton lines and copper business at large will wi not be seriously depressed because Its Is present prosperity rests to a much greater gater extent than Is generally believed upon legitimate foundations Well VeI it Is quite probable that those students who look at things dubiously may underrate the potency of certain fundamentals For example the bank act Is not the latter later playing a tremendous part has it I not been doing so s for months monts in the industria industrial industrial indus indus- trial tria uplift Then great geat crops and good god prices through trough a series seres of years years years-is is not this a force contributing enormously to the country's countr's advancement War Stocks Stocks It I looks loks as if i the war industrials will i yet fool fol their detractors Bear arguments on 01 these stocks of course couse are predicated on the assumption of an early eal peace But willIe while such talk Is Indulged in freely in trading trading- quarters it i is quite quie discredited by the new ordnance and ad ammunition business I hear is Impending and which will wi insure for some of these companies additional profits of ot many millions of oC dollars It I is probable that tat these contracts contracts con con- tracts will wl enable their fortunate re recipients is- is to make mae a a. a showing show for fa the te carrent current cur car cn- cn rent year far fa more snore favorable than tha th the most optimistic Insiders have figured on 00 This This' being the case some seine of the te most mst discerning operators operator have revised their tir views based on alleged peace p prospect prec and are trading on the te long Iong side aide of ot such sU stocks as Baldwin Locomotive American Can Crucible Steel and ad American Loco motive They argue ague that tat if i the te war wea w last there Is to be bo 1 lively till ti January ther sure t a a bullish speculation In the shares ve before the summer ammer passes paes Spring April weather is i proverbially u uncertain but the sap is rising mini and ad veteran veterA vete operators opera tors think the stock exchange barometer will wi soon be ba moving up lin in sympathy Psychic Influence of tb the season season seas se seems nis s still sti to count cout for something not notwithstanding notwithstanding with not t- t standing the innumerable changes t that at have come over oer the te street stet since sic DanDrew Pan Dan Drew coined his famous Dont n running rig be short shor of the market when he sag the sap cap 1 is 1 The Army Funston sends an Urgent can c for tor 1 m auto trucks That was wa a headline he in inthe fat i the morning moring newspapers the te other ote dy day oay The automobile ll industry already overwhelmed overwhelmed over over- whelmed I Jo with bJ business S Is thus threatened threatened threat threat- b I ened with a new tax ta upon Us Its is productive ability How many millions milon of ot dollars dollar dalar will wl Uncle Sam have to t spend In this direction alone In standardizing his hla army ay The debacle In Europe has b re revealed revealed re- re In a marvelous way wy modern modem mode war war- w- w fare The old glamour and romance of cavalry charges and ad artillery aler movements movement is gone forever In their place Js Is the te automobile and the auto truck tc There Theres never e was s such a metamorphosis since Bine the days of t the g Romans o oi Hence g tons ton's call cl carried cred tremendous sigf- sigf cance Competent opinion Is 1 that tt half hlf a bilon billion dollars is a modest moest estimate Of ot the sum su the time United States will w spend on fortifications armament and ad ordnance in the next few years ears That a large barge le proportion proportion pro pro- portion porton of this sum will wn be absorbed by bythe bythe bythe the automobile industry goes without saying The little rumpus in Mexico has I disclosed the unpleasant fact that the tile I governments government's equipment for m moving troops rapidly is preposterously made made- quate Yet the regular army consists of only a few thousand men Suppose it comprised half a million as ultimately it will What will Uncle Sams Sam's gasoline bill total every year year year-to to say nothing of his intermediate outlay for the vehicles It will propel when propel when this prospect becomes becomes be be- comes reality Labor and Capital I understand that President Wilson is very anxious that the railway wage controversy controversy con con- should be adjusted as soon as possible Underground Washington in influence In fluence is being exerted I am also in informed In formed both as regards employers anti and employed to that end Steel No sensible persons question that after tile the war there wilt will be a shrinkage in the earnings of the But will this expected falling failing off in profits fulfill fulfil current pessimistic prophecy Will dividends dividends divi divi- be endangered I doubt It The forehanded forward looking policies of the United States Steel corporations corporation's management for one thing make me be- be Continued on page 8 PITHY PERSONALITIES Continued from page 7 7 lieve reaction in the steel industry when peace eventuates will not be attended by the tho alarming consequences some critics cities are now forecasting For It Is clear that the steel corporation is laying intelligent intelligent intelli intelli- gent far reaching plans because since the War tear began the company's export trade as every evry one knows has grown surprisingly It has captured business In neutral countries which it will no doUbt hold long after Europe quits warring warring warring war war- ring and resumes peaceful pursuits Then following the war Europe itself as Is generally admitted by Impartial students will for a year ear or so at least be a large buyer buer of American steel for the purpose of reconstruction Therefore interests who hold at pr present tens of ot thousands of ot shares of at the common stocks of the steel trust are r rot not ot perturbed by the long range range rale ca calculations c l n no o of the l skeptics I hear by y the h way way- v Pt that i approach of I Ithe Ithe the April Anil P ill dividend ineN meeting tin g of the steel directors is likely to be discounted by an advance in the steel shares discounting the brilliant showing the corporation will then make and irrespective of the dividend dividend dividend divi divi- action The certainty that stockholders stockholders stockholders stock stock- holders will receive more than 6 5 per cent this year the fact that the outlook is for net earnings In 1910 of at least and the outlay of on the plants from earnings since organization tion sixteen years ago are the big motives motives motives mo mo- tives of the insiders in steel and ultimately ultimately ultimately ulti ulti- will be the basis of a rise to par Rails Ralls The talk taU in quarters usually well welt posted on important lt market movements is that April will see increases increased animation and nd strength n the tile railroads railroad not notwithstanding the wage question |