Show BRIGHT DRIGHT fUTURE SEEN FOR FORM 1924 Decline In Stocks No Not Permanent Trade Optimistic III Ill S RT P T WI T d Copyright 1924 by The Consoli Consoli- Consolidated dated daled Press Association l CW YORK Feb teb ThI 16 16 week s Re ReI se se ci I e fall tall In stocks may ma mabo maybo bo set fOet do don down n as na a purely speculative movement mo It his has hn not hot drawn draw nith Ith It investment securities Ot On th the contrary both In estment bonds and Investment stocks lIlt ha hae e I hel hell up tip well itch But Slut as a o e mo the decline on the stock c h s toll followed owed logically what hat iten enL before On the facts of the OUt OUt- OUtside out outside side oui-side side business situation W Wili 11 had a Il right to 10 be bo optimistic 1 tu Ut It had no light to tobe be as attic aa as It was as up to a fortnight aro Stoc Stocks were nere ere up all aU theay the stat ay flom 15 to 20 points point from the till thelast last week eek eek In October r and yet many man commentators Including including- some ome In IT hll high h places were nero re talking as II I this were ere ere only the beginning or 0 ofa a 0 great reat upward en swing Ing Th The same caine thing occurred a ear ago ngo and end the sequel waa wa-s the e- e ex cx extravagant pessimism I of the summet sum summer mer met and th the early autumn Vall V Wallstreet street I Is noted toi roo or going to ex- ex extremes ex cx extremes but it has hns ne cr s un around to such absurd lengths length a ait asIt It has hns during the last few fow ears More and sad more the conclusion Ia i bot boin ne in on one that the clod tock market Is Ia no longer the ble barometer of ot outside conditions I ii to b be considered Pt LIC ST ST S OUT OLT Fortunately the market maret has not nol the extended speculative e account It had a ear Car ago The public has not come como In the tha way nay it did didIn dIdIn didIn In February and March 1423 In Ic outside business thero thera hn has been no 00 excited exalted rush ruah to buy with Ith to ith rapid b 13 mounting pi ices the position can not be compared Ith I ith that hat of last lear ear But lIed had lIedthe the speculative mo ement nt kept or on I at the pace It s st srI t during the Ireat er er tart of January we ne might hate ha ha nod nad a repetition of what occurred I 12 months ago From this point ot of o liew o I inn the chec check which the stock tock market baa ha I ed during the last few fw day days is 13 r a hap hap- happen pen In SC L I IS L CLU C The plain reading of ot the Wa-i Wa Wallstreet all street situation is that the Im Improvement pro provement which hat ha occurred In general genera trade from last lut fall to tc the present time was wag discounted b by the t ver er large rite rise in stocks An adjustment tad lad to lo roll follow ow and It has hag come the last t t tn 0 C The attempt to drag In Inthe to oil lease l ase scandal as ns a a cause ot If the brea break has h been made hen hen ta hen IS Wall all all CLI slice wants ants a a plato pa tot for a fluctuation which a hll have ve come any 0 it seldom hat haa In finding one In this Instance the tile ItO sen-ItO In ln lay Iy ready at hand to provide the excuse Zo o o sensible per ver- veron person ton son on ought to believe bellev the proceed proceeding lag ing at t Washington will result In unco erInI such corruption is In as wilt will 1111 enl en alit In tile future of American securities securities ties values U LO L to TAj L The success of the Ja anes loan of ot ISO ha haj been ben a a striking Incident of the week oe and the he e The rho attractiveness of or the yield Is 1 over oser 7 1 per cen cent t ha has bon been one factor Another has been the largo large application of American cor- cor corporations cor corporations seeking s to do more busi- busi busi busl business ness rIeSS with Un Undoubtedly to tc subscribe to this loan has i represented a larger percentage o I bond do that Is ins bids lide than lma has been the cast cat In any other Impel tant of or offerings of the last t tn two 0 3 ears The Japanese in It Its broader aspects Is a distinctly good thing hing It ad adds s to our financial that so laige an Issue of bonds bonda could BO so readily be here It will III be very sery help help- helpful helpful ful ul to our trade with ith Japan and hence to our foreign trade In general It will contribute to for for- for forever of ot Rn en ever ter do down donn n the bugaboo clash which so often clopped In the markets marets of ot a aI I or so M ago no rys 1 RAIL nAIL noI BO nOD I But there Is n a a narrow narro ei point I of If view le leot of ot more mote immediate 1 Inter Inter est t st In the Investment mt In estment community Here iere U b another addition to the theall all cadY large outpourings of new I At the the- sam same time conic Intimations that the railroads are to bring out an extensive 1 of new financing The In market maret foresees foresee in cli this his an active e competition nith Ith i existing Issues and the erslon dl which of It funds Into no now lines would otherwise have haiC gone Into the he accustomed channels 1 The he sine me sort of o thing thInK checked the therise therise rise Iso In the bond market mart in Sep September ember 1922 and again constituted a depressing influence both tor or monds mends and stocks In the spring If 1923 S h COTTON FALL The drop In cotton has ha been quite as striking ste Ile is that In stocks tock rices have hae hat ha e lost all nil the tho ground tamed since late autumn 1 The ho explanation howe however or is la quite aim aim- sim simple for tor the pIe lie It took a long ions time law aw of o supply and demand to as assert sert ert Itself but this thia has hIlS finallY been teen done Raw cotton wa was push pushed ed d for forward to such auch heights that the he mill owner could n t continue profitably The In- In In Increased creased ceased cost could not I be he e passed on in to the consumer consequently 0 L g general norAI curtailment ot of mill ac- ac activitIes ac activities nas as ft as inevitable For tile thO demand reason the export samo rue a-rue fell elI oft the tho January figures show show- showIng showIng Ing ng a decrease of some come 40 per percent percent cent ant as compared with December rRt JIo 0 STILl STILli LOW WW DespIte all the tho signs Igna that the French chamber will till put through the ROV eminent s reform plan and despite the references to the worK of if the tho export comm in in Ocr Ger Germany many the tho French franc h has con COb con to ag ag while the Belgian rend rane ha has made mode new low records for or all time This may not bo be of as a an expression pinion opinion In the financial world worM that the he relief measure mesura will fail all but butt It t must mut be Interpreted nj u cism clam ism a s regarding the tha 20 per cent tax ax proposal and how It will be by the French public |