| Show STOCKS RISE ON MESSAGE Presidents President's Address Ends Anxiety Regarding I Legislation II fly nj- STUART smART P vEST WV Ki to The l E i I 1923 1123 1923 1 n t 1 TOnIC TOnK Dec 8 t The Ine chief In the th markel In Ih the pilot past eek caine from President Coolidge's first to 10 con con- congress con res gr gress I nall Street end And Ih the business community In general had looked for n it conr ath program but It nas As a n samp hat ague gUO a ul anticipation tion tro from Foul the tho ho summer ummer and until quite then fliers was wan a feeling of o uneasiness er 0 oser er th the tho new congress and what It might 1 IID be obe ab to lO So ron Con ron In business conditions The Tho a messac mesa ft a Ith Ith It Its ex- ex expliCit ex treatment of or the tho on ot of the th day dy nn an nn- nn lingering AnI anxiety ly a to the th possibility of o un- un un f legislation l n w lisle er criticism It m mil le ha ha e been open to from thone tho e holding ilm it point It did contrib contrib- contribute ute tile ul 10 to lh the he Itro In confidence which all IS all all Street had been show Ina ing durns durn the th last month There There- Therefore Therefore fore It must be b gIen fl I edit for or ha hain In lined an Important part partIn partIn partIn In th Ih rising ri mo ement on the toc c I Y lt i That the fie ro ny outlook has been hr pro o ed by the announce announce- men announce men mont of ot the th presidents president u a attitude altitude Is the opinion of the great majority of ol ar er nalla Rall a shares thare een e after the rite nie ot of o the lt la few we ari arp selling r far below vs hero here they mcd to sell s Il K 16 to 20 in 3 sears ears o a-o xo go when hen the thee the was waa no Iu ruch euch h enor- enor enor nou sn and i hen surplus leus les le s than t th ei are areno areno arenow no Th The difference I Is too gi Klint tat to he be accredited for t r by bythe bythe bythe the return re eJ expected led das dass upon Je t 1 I capital It nas been boen all 1111 along on the round ground that hat the railroads in tn To- To reent re recent cent ent sears vears ha hae e come too much un- un un under den der the thumb of ro eminent for tor forthe the railroad l future In StatUs to in be looked upon with frith any of ot certAin certainty certainly tv More specIfIc specIfIc- specIfIcally ally Vall Wall Street has been sos sus- suspicious sus suspicious of or the rail rails because It fear feared par ear eared ed cd a reduction of the rat rates and nd nd second a 1 forced linking up ot of o the tho stronger stron er with Ith the th soak eak eak-cr eak or cr rol rods s to the detriment of ot the former I t L cc OF or SIT iBo These Thes cause causes of If uneasiness ha have hav bee hee be removed for the present If the prudent dent as must b bu be believed Is I to Manil tand by the principles he has hid bid down He It has hit said that no rate adjustment can occur oli 11 not aure sure a lair fair re- re return return re return turn on property In Invested eald lie He H ha has ded ded that In c rr out ay combinations combination Impartial be appointed which ili ft that the th exchange e ot of old securities for new a iii 11 be c ac- ac ac ed any confiscation and preserving fair fairI alues I Thus Thui Thu on the th two Important mat mat- matters matters matters In Investors In rail- rail r nay ll-nay nay ay securities there thero ha Ia lae come corn re- re re re The present adminis administration Intends to see sc to It that el 0 there ther may maybe be of oC tb h hi rate structure and what whatever ever I ie lonal consolidations may be put through nothing nothing- Is it to b be tab tak taken en anal av a front from alues tal-I tal Any le to 10 th contrary the i chief e executive p baa lIas ha to be and presumably could c not b I be e pissed ex ex rp pt over 11 his veto v to Is wholly 1 I LECTION From In no ne American commercial th the he h election re- re result re results suits sult a noro r ens satisfactory W hat the s elfers elfer's ct cf an English protective tariff world hat ha hava been I Is more or orless orless less Is tlona l But It would I have made more mor difficult the already hazardous progress or of orho ho hos ho's to 10 dispose of ou our r surplus food and It ouid have has made It manufacturers muen harder for or our British to 10 com compel pet against the Brit ish leh clo cob iles In the mar mar- ket kt market s a-s a ne u e d depend I end up- up upon up upon on Gr Gre tt It Britain for some ome 22 p per percent percent r cent or our export trad trade It will 11 be b seen aen een that thit tho th-re th re as ae much at tae abe for tor America s foreign commerce In last lut rh Thursday urs B a elections mR f V I BUYING POWER 1 h October trade trad fIgures fl ure h hse demon 1 even een n more morp condu- condu conclusively shel than those for tor September th the of ot the notion that col- col col laps lapse collapse of or European m me nt n so ot oC buying poT poT-er The Germ in mark virtually worthless at home I In is entirely T Yet t Germany bought front us in n CI 5 6 S more Ilha that t t did ild 21 In th the tame some month In 1921 1821 v i h n the h mark marl hal hill a fairly at-abid at valuation around a halt half I Cent When It is asked how Ger Ger- Germany Ger- Ger Germany Germany many I an afford to buy s aa aJ It did the month before last 17 more from from than Ihn It sold to the Site Uni ted United States tats the ann or er I Is tI f three fold In rn the first place Germans German still foodstuffs foi-foodstuffs h hn i gold cold reserve reser eS to pl pay fo foodstuffs and raw mat material In 7 Octol-er Octol It sent more than i- i 7 cold old to this thin country In 1000 Inthe Ih the credIts second place It ban hs lorg large cred It built b up on this irid ald of ot th the 1 a OCr ter ter a-ter f cinco Inc the a ar r to dra draw u upon on I an aj a II partial 1 offset off et to the tho balance In the th trade trado la is the invisible Item of o the lar larga rm of ot the th Grma n rt elem-rt rt over hero here her to their people In the th fatherland fath rland BONDS O DS t 4 D STOCKS ls Is C laid up on nn upon the th disposition of o I capital to 10 COn convert t elt Into doll r credits and dollar securities thI i i is given ilven and doubtless con cor correct lr- lr ree reC as 55 a 0 prime prim reacon for the walnes In th hi Europea European ex-chantos ex changes change People h ha have been heen R selling ng lI thOse foreign torel n currencies and U u mr ui Air ric u in in mon mon mon-i At A the 4 h Q lame Barn Barn- t tall time all agree r that hu hT been ben a heay heavy buyer buer for a n long time In the th American bond nd market and more mr recently In I Inthe the stick market markt Instead of ot the IngI crist abroad brod s hit hating Ing I en an unpleasant over or hero here they havo h vo quit quite the th apposite for each pach occasion nl h made th Eu- Eu European European outlook am eem more mor lain tain has hu Stimulated the tha th desire tip tip- up on n upon tipon fl the c part ort ot of European capital capital- lists capitalI I ut-s ut capital Itta to buy American An securities |
