| Show SLOWING DOWN DOWNIN IN em View of Its Us Effect on n I Th Monty Money Market in infill 11 WIll WE HARD HAO TP Tf fill Ik k a mi UK ue lit Of If 1 Ia fib w wei Mif n tk OM at of r r rI l 1 of th Iii off nit M uM r flun ibn t lerr of G e OY hi a work wort U aIM to th m of o VaV It 11 has u 11 t dIton dS ne vH Vf early uly In Hit mr S f the n r ThOU WO 41 th of or the tile U UI l i fM line Ata 1110 1 tome e tEr n II a new m In tn h r to tk tb tile Mt M Of f ta at t prior w tte IE in n ibs to t tk lIr b was 1111 Cry k wilen the e a ins aw a wr mi of large In InU Inand InI Is o la Ii 8 tIM the U I and notion action already taken by ku mm v t tiMi had d foreshadowed ec eh of what t ha has since taken pl plc c Tk f wre rr plainly that whim had bad laid laM out ambition J for e construction work uric ol 01 Y variS I I to I them th nl at ruinous price Th ThI Md bM I Id for lor capital cipItI to finance lit It H Paul Paula Pacific lt est aloa had McI come Orne only nfl If In I the th nick of time Great new MW stork tuIE tome have aa wa a delayed del by b legal Igal 1 very var rt to the limit ol or and all proposed convertible bond Issue uia by h Pennsylvania were wre rt taken tRIIn a bad omens omen br by b Ike te t mr mur mrk hat ket k which bleb 12 11 month before fon would woId 14 have ban regarded any aR neb alien announcement nn a good news nefI FIRT FI Moved by thin obvious Indisposition of the Ih market toward anything rm m mI bling I Una ne new tock stock Issues Iou and by b the Im Impossibility Impe possibility pe of ot finding findl a market markt for tor bond bonde even e at sharply id rates rate the lb railroads railroad sp dlly t took In sail 11 Whatever wen consider considered ed 4 strictly wn w I iw v h teams sa of note no Ie or by In expenditures from eti ud u II Miss I work was called oft off o The N f w Tk 1 Central Inaugurated this Ihl policy awty In is February and n Pennsylvania and other lare large t m very v vF F followed follow suit ault suitO NOT O TEMPORARY Nobody M at that tbt time believed bellev that the situation which brought about bout this tilia 1 ol of policy poISe would continue much muchlee lee Is that tat It would woul become actually On o M Ibe contrary rat the lb nd C by the rau waa WM I welcomed a the one thing to remove the element t at of 0 un us 17 then hanging over the altos alt MM UI and to bring about aboul a speedy pedy re reo reHM HM of That It was need eminently true t the rest pen of the Ibo i to I vw w of later development ash Jor lor r comment What wai W haa a ais tad la is this th Lb lbs poll 1 retrenchment as 1 adopted lapi laft I Li Involved only the tM temporary 1 asuat t of plan L at all begun witt conditions condition have baft 1 the lite railroad a ap apo to I discontinue to curtail op tip very II radically on Improve set act y In hi t A tate stale 8 of at which arU In the Ih year ar arIn was waa waat t only In a U d market for nsw new laane haa isal aU since nee Into ta taIe S IM seMis ami am la Ie money stringency and ad i wits with willit Ml development t the railroad have haM havI keen Wi obliged I to adopt ad adOn even more radical lir of curtailment Improve Improvement mit ment 11 tor lor which provision baa haa II already been Mil made for lot some year yea eare in advance dv aa a St lit t Paul Pacific cUk coast en ian caa can 50 o on a as though thoU h bad happened hut but lea leu Is fortunate plans plan oW ob at suffer until the advent dYaD of at atmore More oN favorable conditions condition SOME IOME EFFECTS EFFECT Rom m of the th effects of thia radical re N retrenchment policy poll or ur rather II are already 41 plain Reports Report this tille week ws that the tile I d Steel teel corporation has baa tl n n out II 17 furnace In pr ar r altOs attoa fur tor or a S lessened volume of bee and that Independent furnace are also operation o Indicate lodl te plainly enough the extent Int to which continued activity depends d nd upon upu the tM con ma of railway rail a construction opera tinsla and nd the probable effects t of ofa saab a scaling katl down dow as is I evidently to Is pros On the other othur hand there I at least lead t OS factor tutor In the situation which pruto pro pen 5 to 0 extent to mitigate these IL Per Fur month a kM baa slated between tb the and the Ike t manufacturer man fact of tel steel l el rail It 11 wa was an n inevitable result of till this dl nt that the railroad railroads so IO o far fr a possible not oly rail order Uld for new ew construction w wr work hut but also alan for ordinary r re ye replacements placements placement These Th replacement can cannot ea not DOt be postponed Indefinitely and nd It to kI l probable that the th reports report tram from Pills Pitta Pit borg during the last three I h day eta claim clai Ing that thai tile the deadlock ok ha II at t last aut been reflect rebel a much a Ma lee U the actual talal 1 of tb tile the rail railroad n road The Tb now to tn the tho belief 11 pem ut at will vill result In the ibm r 1 rail PR orders order to the th aggregate at N M and this Ihl tonnage will b be betI tI to reopen n the th furna furnaces furnace re en recently really blows Blown out nut ut and nd 4 to the I IduM Is duM again asin on a normal basis bute Snob reports Orta must be he taken laban with some MUM aj SI lawane It be remembered aia that thi a II sudden sodden n of order ordera tot foe tall rails to a supply the th ordinary needs nd I at of th h nil road which have bae been boot def during 4 the b greater r part of Ih th the year ow own ln ta I very n unusual k purely pu an In III tM t having hI no OO real SOi 1 Mi ilL 4 to all U lI probability temporary tm M l tU 5 ct noon upu bUn A BAD IUD THEORY The Tb I a to Ii the more mare tie t rau I is much th the sam m a Ita as that UIt wILI was u raised early In It Ike lb year lar tk t nores Ky fur for retrenchment Ural helM to k be evident That Thai the lb Ith q tk lb M railroads railroad 1 from th Ih money ww clear up the tile tilee e 4 Ih th market fondly b Ufo 1 last lul rutH I ii a a B Ur which jg hk wit ov il x kl d Tie If I of the Ih moat meat I nf or II il ii which the tb lb i mini nhi I I I i II r rIa i Ing lu ue Dial tines tarts faris hava bV n IlU III il luly tb the rail rued d mil II I It I i c 11 t I thy in ik k It I line g li I i hll foi fi f tin i umi i S t XIII ii M tug hav Hill Su kI I 1 I 1 It Ih III d I iiii UM 1 IH i II lI nii Mh iI 1 1 mi i tr Hi 10 i 1 L 1 ill i f I mu h meet 81 V I I 1 I p II lilt II Ioe j i 4 WI Pl i I I iI III Ii s IU t I j I h 1001 i 4 lid sad 11 to 10 I I leI j r f buMs bUM rt I I H lit f Ut III I lu r I i nn tb lb Stilt next IW |
