Show CONDITIONS GIVE NO GAUS R Only When There Is Inflation Need Reversal Be Feared LOCAL MAN ON SITUATION I With Mines Improving Present J Weakness of Stocks Cannot Can Can- j not Last Lastie t William TJ lJ broker broke in ills dis- cu ye yesterday teda the tIme present situation In lii the stock markets and the he outlook for the future said Mill The opening month months of the present year promised ed in the w way of activity in lii mining mining- s. s The conditions con con- millions seemed very ery favorable fa and In Investors Investors In l estor looked forward COr with a great real mien deal nf of confidence Suddenly a n check cheC was vas put upon the market In iii the wa way of 0 railroad o threatening ce cessation ces ces- o of work vork of ot Improvement Imp and amiul anda a sudden 11 falling oft or in prices of railroad railroad rail rail- road load and other oilier Industrial stocks which was wa followed 1 b by a drop in lii mining stocks tock Th Then n the trOuble rouble in Xe- Xe e. e Hla camps The present Is s. s therefore therefore there there- fore a n waiting waiting- pa period We c can enn hardly hardI hard hard- I ly look upon It however hown I with other than f expectation of nf better times ahead 1 Our OUI local stocks have hn fell ell the effect because e man many of the investors hl at homo home anti and throughout hout the lC rest t of the country country coun coun- try In were ero caught in in the hue recent slump They were wele obliged to 0 protect other interests ls a therefore many of our mining have hn suffered Although there has not been vcr very marked 11 Me- Me Jn In prices nere there has hns been a fall fall- Ing In- oft nit in the demand Mining ft lf has not been nm affected affect affect- ct ed ell in an any way The output from lm the 01 various arlous m in this state continue unabated Many lany new properties are arc being tl developed Before the time end n nd o of the time season we e shall se see the he copper output nearly double Will Hl iII Turn mini lo If 31 Mining stocks dIn d.- d. In Iii the a adjustment of or the pr present con conditions conditions- ion investors In will VIlI undoubtedly turn to good mining tocks Blocks rhe fhe reali c great profits tl made c b by I wise e Investments In vestments e in our our- mining inter interests ts Our business s Is certainly on a a. sate safe foundation There are aro some who are are crying out against t the tho ro prosperity and amid predicting failures allures If there were wen an any nn anyn inflation n lint Ion we might expect t a collapse so o long long- longas as production l keeps paco pace with value ulue or in prices here there is s no nOI inflation A car careful Cut study of the will 1 the he truth of till statement Sine 1900 production has IH kept pace with valuation Values timid and prices are 1110 on ona a parity It is Js only when prices an lii In excess excess' rc ss- ss I of t values r Re er el Th wealth ot or tho hu country briM In In- cro JOOn 33 31 p por pum c cent nl The Th hI huM haH J K kot M t pact nci nci- n i with th this thin lot n ln M If It hOM hamu we C In 1 t conclude lh thuit l our bust bust- noi ne floss is It on nn a l sound financial basIs The rhe Iron industry is l generally taic- taic cn em as a II Index A A writer In Ina Ini a i rec recent I of fir the tn tI t gives ln I In- In tele erecting tin n figures regarding reg the lon lion of Iron a and other commodities In n 1100 there thele were weme produced 1080 1 duo l 0 tons ton of or 11 pig iron Ve t are now annually 1 l. l jO tO tons showing a gain oln of CC GG per lCt cent I Jf If we Wl V examine th tIme the figure 01 on products we timid that In 1 hE were J Ii per cent greater I than In I tonnage has Increased 1 ed per cent In tho the same time line I In live five years ar the gain ln In the six primi- primi Tp l grains hn has amounted to 2847 8 4 per pc cent Cattle have 1111 increased 19 li er r cent cotton colton per 01 cent anti and our foreign trade trado oM 4 per pem cent The rite average average aver aver- Cl 1 age 1 of all nil those these is 34 3 53 per cent thi lift Increase In valuation of the wealth of ot the the country was wa 33 per r er cent No o of I Inflation Ti 1181 1111 From Froni IC foregoing It fl will vIli appear that production has hn gained a u little Ci on valuation We Vo see e thel that thai there tHele Is hero no evidence of Inflation Whenever 1 re thure al' al are signs of nf value given to lO production then thou we we JJ may be on oin 11 guard lest through undue Inflation the bubble may hums burst and the 1 crisis would be upon us Is The fhe present nt conditions of the crops I and the reports from flom the woo wool clipping nr are arc mo most t favorable The Thc out out- 16 1601 oX fOil Toi the thc general enral pro pios pios- peril of th the country anti and for fr fr tho tue continued con con- untied Improvement In lii our OUI mining in interest interest In- In terest- terest sec sec-m mo most l enc encouraging |