Show I I GOLD SURPLUS SUMS IS QUESTION Wall Street Credits In Inflated By Over Supply Of Money J I I By BYRON BITtON SELLER Standard Special Correspondent Con Copyright Consolidated 1924 by The Tho Consoli dated Pre Press Association NEW YORK Feb Fob For 9 9 For the reaction appeared In both the Investment and speculative markets at the end of the week I there wu was wa no explanation of any change In fundamental conditions Toe outlook for tor business eon continued contin continued reasonably good and hUe there thero aas son some omo plight firming up In the money It WM was not Import Import- ant Important upI I MONEY SURPLUS Issues put out early In the year and which promptly went toa to is tois a premium of from one to three select points sold cold back buck to the offering price The Tho largo large o 0 oer oser er- er erub done which were pointed to IlS as proof of the underlying strength ot of the Investment demand In Inmany Inmany Inmany many cases caes were found to be in a considerable con degree the tha result of speculative buying A As to the for the Investment mar mar- ket everything depends upon the tho slew lew one t there takes kes of the future futuro or of mone money The vat vast va t surplus of gold gala sn and nl the huge potential or of credit have been repeatedly em- em emphasized em emphasized In thia this The weekly st tem nt of the fed fed- federal fed federal eral reserve bank showed there h had d been no change In this con con- Con Con- condition The reserve ratio ad this week to the highest point May Ma HIT 1917 If It thit surplus cannot find an outlet In the demands of legitimate leg mate buln business 8 or In Speculative activities In securities and com om commodities It must operate to hold hola holdup up the tho quotations for tor Investments securities of the highest grade The Tho money will wilt certainly be used In some Borne ome wa way OO Coming down to the situation the available data gI Cs g no Indication of any recession The Tho only po possible unfavorable feature I is the Increasing competition from foreign Iron So far rr however ver little attention has S been paid 11 to I this pha phase o of the trade situation 1 Automobile production keeps up ul I at ft n high rate Motor car mane mane-I manu appear apper entirely confident conff dent Copper prices continue continuo der de- pre de-pre pressed aed and no Improvement can be expected until there thero l Is a n ro- ro re recovery covery In buying power abroad The Tho textile Industry l Is operating with great caution c Car loadings continue high and railroad service efficient No where does there thero appear any ul for tor declines In mar mar- market market market ket valuation of ot securities the tho price of which Is la sensitive to earn earn- earning earning ing power awl oc South Carolina was named In of Charles I of England European lobsters generally weigh about ten pounds those from off American shores hore weIgh 25 pounds and according to record one caught In this coun coun- country's coun- coun country's country's try's waters aters weIghed 35 36 pounds I The sweating or fermentinG I I process on which largely depends the flavor of the tho cocoa seeds Is accomplished either In boxes or In holes In the ground and nd usually takes two days J I I Sweden has bu only one phone fj Gra graph h factory which 10 I 1 e j small mall and SwedIsh musical If visit vl lt other othor countries to have have ro records made for solo sale In their thole no- no native na native tive land L |