Show CONSOLIDATION ERA A AT m HAND SAYS History Shows Industrial Mergers Follow Depres Depres- Depression Depression sion Periods Special I eIli kit i-kit li ii PARK PARIZ Jan 30 When When discussing the tito tock market situation V ahson Pointel out Pt c f vailous am bus and Outlined d tvs expected from them to thA Ih lapid rive in prices price cince the aIr elpi lion ion imul nolIng recent conditIons man sn- sn if tIie ha has not seen Jt ig hIgh t pikes sa the statistician The observers erg hiv eve do not believe lime prices vet et been i in give for theli m time the hit hit- im improved proved domestic situation the ot of moi y for l purposes tite of Europe and the conservative id- id atlon In t Washington 11 these fl conditions thieo Is iii another Impending de- de de development which be ee evel s a agm gm otter factor than an of thase I hive bie Il in film mind tile of a of consol onsol- onsol among the th industrials as seil as a the railroads during 1121 If time the market has dis discounted counted consoli lations th nIt it may ulay be le around top prices but stocks should go the present bull mir rt ket culminates us P MC ICS j Tho Ii st lal this coi e evel at s v v ss in the antI and the first consoli consolidations came at the close of The tact Is that the way scay the fo-the o tite better times 1 mc gleat came in the SOd and thia was isas by iii- iii im tiler consolidations and the fim et great bull These consol the banks t which had grot grown a up ike mushrooms in the 20 ears cars previous ious bus Tile The next depression came panic oC of 73 This In tun tunas as bv by a third era of On- On on This time serc Tho next depression came In the SOs at ibm of o the Bryan scare This culminated with the American Stanish war ar and by the first consoli era of the Industrial It wa ana In Inthis this period that the United corporation 1 opper American Wool Wool- Wool eTl company and various other In- In In-du In dut t t his elm put together 11 with these tion the market roes ro i to great heights culminating In HOC 1006 in inthis this study 11 it Is Interesting to no that these iras have about 20 years dears apart or one to each alien Therefore as astar tar as statistics are concerned woore ore on this 20 sear lasi basis ra I for another era ra of s ich mch I do not give this us my reason for feeling that han an era Is now TIOW approaching CO JULE The real reason for lor such eon Is that hat during during- a of prosperity a large number of new concerns In lit every line imp o business spring up Imp old expand and almost ever omes ie otnes ted and spreads nut I In a total on n o Ten nON EM LIT AT HAND SAYS SAYS- I Continued Page Pasc One I capacity In e excess of o f normal tin- tin d minds During the depression which according to the th law o of Ile- Ile ac lion tion action and rC cllon I Is bound to 10 fol- fol fol follow low etch low eich l get gets Into a position where hero here It I Is no nom m money ne anti and I Is it subject to cul- cul cuL cul F competition The TIte ay ay out Is to reduce o e ell cli n- n n n mate unnecessary competition tnt produce and sell aril economically This cart can c n be accomplished ont through consolidations which h ch hen properly consummated reduce the andI cost both o of and I selling There Is no reason wit wh winI I I ex the present i J ear ar should be an c I to the tho ru rule Ie History Is IsI I bound to repeat Itself and tho stage I stage I Is now set ret In almost almot all industries for such consolidations It Is true that hat bank clearings nc LIC e higher toda and that i t great greaL 1 great quantity of o good aro are consumed but the crace a manu I I Is now no no making little o to the high co cost t nf of mallu turing lurlne and This Thin condItion ondit I continue Indefinitely ani II I i such auch consolidations do not Lilo I pl c then tho weik k eik concerns wilt willbe be through h bankruptcy IbO n nun nIJ IJ G Of 0 courso course consolidations o of the tho railroads railroad I Is now by b all Both floth the Iho eo antI and andI the security owner 0 ners are united up- up upon up upon I on tho the need for such combination The Tho man thing thine blocking these theao rati- rati rail rail-l I roid rOld consolidations se seems ms to he be bethe bethe the tho tear car o of certain railroad officials elate leS ant and sp specialists who may lose their jobs jolts a aa as a e cr these i to 0 Ine an J the tho action of th rails on tho the stock exchange i la Is now them Consolidations amongst th the Industrials are just as surely ahead of o u us This I I will sill III bp b accelerated by foreign corn com competition petition Personally I do not tear fear I foreign competition ao so far as the IheI lh I I i next J cir or t two to a I Is concern concerned cd asit as asIt It will take Europe some conic time limo to toI I I toI get eel organized Industrially so o that it can ship low cost goods In largo quantities The real forcin foreign n corn com competition com competition petition will aill come como three lire to sears ean from now tiow and when hell heit th comes COIle it tt a will 11 Ill como with a a cn en- en en I Wise Is arc those who ho refuse to wait walt but ho hono nov no not gt t together and prepare for forit lit it by overhead 10 lowering costs cots Costs on Oil and by no- no nc efficient nt saie oale sales ot tlona oe-j oe tion abroad as ns well ell as at honi hom PItO J J LS Mr Dabon Bab on referred lv I to the possibility o of drastic curt curt- con consolidations In III tire the 10 in- in lii Iho tho shoo alI curt and I leather leathor in- in industry In the tho textile Gen Gell- Gell eral business bulnes lie concluded I Is Isnow now again above tl o normal line 5 6 per c cent nt with 11 1 pel pete per cent below belol normal six I months month a ago o I e that 1 ing the next tao ho months tire Hie l Lair Lair- LaI Lali I I t Inde Index will wilt cn CJ nuo flue to 10 toi climb M i |