Show Financial and Commercial New York Jan l 12 Following Following time the course cours that always prevails al after u panic the stock market s g gradually returning to n a normal condition with values representing assets that oven pessimists must admit are behind American securities Because the Iho collapse collapse col cob lapse In prices the last few months has b been en far beyond anything ever evem before witnessed in the time financial history of the world It II 1 Is only reasonable to lo ex expect expect ex- ex a u reco er recovery that will wil go further than an other recovery was vas carried What will wil come after the recovering movement mo has tins culminated Is a matter maUet for tot attention when hen the time arrives hut bin now the upward movement is in full ful swing It I Is 1 well that this is so because the market marlc t will wJ have to stand a severe sc test in the tIme near future when th the Southern finances are nrc adjusted Finan- Finan clai al and political considerations both point to one course in healing dealing with the Southern rol railway way situation The rhe company ma may have to be All 1 that remains to lo be le an announced an- an is time the exact plan The price of or the stock proves that time the announcement announcement announce announce- ment Is to come within a C short time Receivership for the Chicago Great Western estern has b nt announced in the thelast thelast thelast last week and those in close touch with wih that property can cnn scarcely credit their senses as al tile the they witness winess tho the small smal Importance attached to It The h Seaboard Sea Sen- board All Al Line Lino receivership also failed to Lo make an army any impression on time the stock market Now Is a n good oot time for cleaning clean clorn log ing up any receiverships that may inny beIm be bc beIn In n Im P Rp tcP nl n v n t belr hu to o These receiverships are coining coming at itt lt a n tithe when all tU ll t the he railroads of oC the tho aro are be beginning to publish re reports reports re- re ports o of earnings that sho show cruel re- re In gross and ami net earnings Litigation aton a against I lime he Union Pacific Is Ls I among the time possibilities of or the tho Im- Im mediate future Professional speculator specula- specula lors tori have made mad use LIMO of or tills this litIgation so extensively that it is probable all al tho market value Is gone from It it I. I 1 rind and It really may be a bull hul argument If the government o begins action |