Show STOCK DECLINE IS B IJ Ove O Over ver r E Enthusiasm nth u s i a m Is Checked Before Inflation Inflation Inflation tion Occurs BY STUART P WEST Special CotTa CotTa- Comm Copyright 1924 by The Consoli Consoli- Consolidated Consolidated dated Preys Press Association mEW vEW EW YORK Feb reb 9 The The check to the th stock movement toward the th close cloo cloa of last lut week was altogether a health healthy and desirable thing all Viall VI all tret was AS sas In danger ot of getting into the th same me am state tato ot of 0 oser cr enthusiasm which St It t reached It a Sear ar ago aco With tocks stocks lock up a little littlemore littimore more than three thre month months if 16 20 and andsen Ln sen 60 50 pointS point the tb ho ran rank and file tile were fro talking as aa If 11 the th t e rise tisa had just begun Heads of ot big bis busl- busl business nes ne's ne ness were ere In tho the dally daily press and on tIme the ne news new s tickers ticker with highly optimistic statementS statement and the theme e II isas n as much tall talk about tho the In- In Inflation In Inflation of ot securitIes value aluos that bust t ultimately occur as the tho th result rot 01 the accumulation o ot of unemployed I money capital In a word eonS ItIS it was vis the speculative 1 setting of ot and Starch I II 1023 over oser again in 10 a 8 somewhat I I educed Intensity It was II as precisely reverse revene of ot July and O October tober I Itne when the th came ramo amo composite clement M co eager on the tho th buying I I o 0 of lale I era painting a dark picture of the th outlook asserting that theta thel e was no limit to tho Iho th Wall street treet decline 1 1 here was danger the th way the th mar mar- mar Iet I et was going a do week eek ago and aad up to tho th middle of ot lIst last week of Hocks tocks getting gHUng- ahead of ot the th bu busi- busi business neira l- l ness condition of ot over oser discounting the Improvement which has bas oc- oc oc occurred In I lecent month months I 1 l There Ther Is no question that In In- In nt ln markets tho constant out out- outpour out outpour pour of ot ness securities baa haa had a damp dampening effect tor Imor or the tb last mouth month or more mor the these c offerings have havo teen heen thru thrust t upon the th public In vol- vol vol ume tully fully ully t twice ice as a largo o as Ils they ere ere during the second 81 nix aIx months last icar ear they have base touched the tho financial situation in two t day th they y hl have ve provided aCtive ne Bess competition for tor exIsting Issues In toil nd thereby topped stopped the tha Ins td ance Second they have ave helped tal take up money Supplies which the upholders upholder of ot toe llon lion thor theory el c counting upon to I 11 0 Int into the regular market chan chan- chana chan ml lids a Is Ione Money rates ral raI h base hav tI been somewhat n affected by the tho th wholesale reaching nut of ot the Lh corporations ind banking ir tor for sources source or of Investment But thIs Ihl is I not the th serious aide so D one tor for a moment that with the th federal reserve elsiem ove 82 the th highest since Ince nine the spring of ot un 11 there is any danger ot of a mooney stringency But It will willlie h lie recalled that one on of ot tile the th ClU riled cIted for the th decline which sat act e t In inI It I t t April was as wa that the had become overstocked y iy meacon I of ot th tIm excessive output t of n new It Jt Is I I well to bear bellr Ibis very sery ery example In mind IH HIGh f J Oa Ott ot of the tir curious and almost almot unparalleled points point about the wheat wh I 1 that at this time tim of ot the I tar ur th the July and later latr optIons option rep rop- the th ov new crop crp hould should bo be bos Sailing 1 o 0 do clo clos to a parity with the tho thela Ia la option the old 0 rOil Till This Is I to be b explained ou oil two o one on that thee ther Is I an aji bund nt tarry over rry-ov rry r front from t la U 1 2 harvest harvst the other that the th grain grail trade expects expect the Ui 1 ot of the tho north northwest eSl to follow the ot of the th farmers to the south louth and cut their acreage substantially The hIgh prices of ot corn prom promises Is t to be one no of ot time tho t- t tex textures tures of o time the agricultural Rg situation the tho same a as th y ere last season |