Show I K IN ix 11 s r l of Hunk cH M the I liti Leading ii 1 t tIn mire In New York Sept 13 The The attention of oC tho time entire financial world has immis been lIcen chiefly chien occupied tills this week with the time rehabilitation re re- habilitation of our New York bank bane re re- re serves That the effect of or tho ho treasury's treas treas- ury's gold old Import order of ten days ago be to lo stal t a heavy shipment of gold from across ucross the ocean was ivas of f course fully recognized That the time re result re- re suit sult would be a quick recovery from the tIme abnormal situation revealed In last Saturdays Saturday's bunk bank statement was VaS also atso well ivell enough appreciated But nut It Is 18 doubtful If more than a vcr very few could coul have gauged beforehand the extraordinary Inary rapidity with wilh which whelm the thc various relieving agencies have done their work worl In the five full bu business days at since the tIme treasury's offer has been In operation nearly 0 has been ad ad- advanced firms of or which to Importing all but has hut gone to bankers In this cil city This means that In a single week almost half hair as much foreign foreign for for- eign gol gold has been placed at the lie dis disposal ls- ls of the lie local money mone marke t as aM six weeks following fol ful- oh- oh came cune In fri In the lie entire lowing the San Sun Francisco disaster candid observer observer observer ob ob- ob- ob Assuming as UI nearly e cr every server will assume L that tho present t money rates rales are to lo last lus at al least for for time the next three months month the Iho movement in progress on the stock block exchange e appears ap all- pears entirely speculative The rates rate are arc alto altogether ether too high to attract tim tim- In Investment Investment vestment capital Into securities having having- havinga a u limited yield There can Cam In fact be beno beno no 10 Investment activity properly speakIng speakIng speaking speak speak- ing under existing conditions M c Wall ail street operators ate simply speculators buying against the tue prospect prospect pros pros- of or developments In Individual their market mar mar- stocks s which enhance the return is hot ket value value- Stocks where fixed arc ure neglected nc It Is only oily those ro there Is a chance of or dividend him In- In creases or 01 which might conceivably be made tho time objects of or deals that and It II is are arc sought out for fOI or purchase perfectly evident that while In some sonic Instances tho time hopes of or speculative purchasers pur jur- chasers will be realized in ii the time majorIty majority major major- ity of or cs cn time lI they will not nol rime Tho clement of ot Inflation will grow larger lur er the time further fur fur- ther thier the time mO f movement ment proceeds an and In the end there thero will come tho the usual tiny day of reckoning But Dut the Limo Inclination of tile the speculative community Is to believe o that this dan danger cr stage Is still some Romo distance dis tance- tance off The rime market Is h In the tIme hands h of rich an and powerful speculators who are arc able and willing to pay dear de-ar for their credit facilities rind and havo have tho time confidence to hold until such time as us they thy can conveniently sell So long lont Ion as liS there thero Is ts no largo mi-ge Ie public following distribution distribution dis dis- of or stocks s must proceed slow slow- slowly l ly 13 an and this to experienced persons constitutes con comm In the situ situ- tho the strongest point |