Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-29


lay. Both stocks and bonds are
distinctly cheap, irrespective Of
whether fresh furries occur or
not.
During the greater part Of the last
twelve months hesitancy has been
manifested in these articles in rec
ommending the buying Of stocks. All
along. the gravity OF the monetary
situation, brought about by the stag
gering destruction OF actual wealth by
war and excessive governmental, mu-
nicipal and corporate borrowing, has
been emphasized At tho opening Of
1918 the warning was given that the
cost Of capital would rise. owing TO
the inordinate demands which were
bound 10 arise.
This cautious attitude has been
amply justified by events.
Hopes Worst Is Passed.
am hopeful, however. that the
worst has passed in the stock mar
ket.
Great Prosperity Ahead.
The United States should enter a
period of prosperity perhaps greater
and more lasting than any yet en-
joyed.
II the cost Of living be 30 reduced
that labor will not have 10 demand
higher wages the era Of expansion
should do much 10 bring America to
the forefront in the worlds markets.
Give our farmers banking facili-
ties as readily as loans are granted
Wall Street operators and see IL our
agriculture now handicapped, does
not become moro scientific through
a.
plentiful supply Of fertilizers and ro-
tation OF crops The farmer with
money can always win more from his
soil than the one without liquid dol
lar.
The currency system which prom
Uses to be adopted by Congress AZ
this session should greatly aid the
farmer. II also win assist manufao-
turers, merchants and other dealers
In merchandise to obtain banking &C
commodations on reasonable terms
and thus give a stimulus TO com
merce. enabling US to compete more
successfully abroad.
Dire predictions have been made
concerning the effect which the pro.
posed currency legislation would
have upon stocks.
Speculation May Shrink.
NV own opinion is that while
piungers and other large spectators
may not find the banks ready TO give
them carte blanche there will not be
such a scarcity Of funds here as viii
injure legitimate stock exchange busi-
ness.
Rfotous speculation win probably be
discouraged, but that will not be de-
plorable. A certain amount OF spec
ulation In securities is healthy and
desirable; Il helps TO provide ready
market for both buyers and sellers
But Wall Street has suffered from
periodic outbursts OF manipulation
which very properly enraged the pub
lie and did no good whatsoever.
The investigation now being made
into the blackmsil charges put for
ward by Judge Lovett, head Of the
Union Pacific, may, II carried far
enough, reveal that Washington pol
iticians have not infrequenty avRiled
themselves Of advance information 70
gamble In stocks, thus taking advan-
tage OF the public.
Whether the plan proposed for the
exchange Of Union Pacific holdings
Of Southern Pacific for Pennsylva
MAS large block Of Baltimore and
Ohio will or should be approved Is
6ebatable. II would tend to concen-
trate power In a few hands, devel-
opnent which would not be in har-
Tnony with the spirit Of the times
The settlement of the Union Pacific
Southern Pacific problem may still be
troublesome, but when a satisfactory
solution is finally contaminated Their,
VIII be a feeling Of great relief in in
fiuential circles and probably a re-
Election OF this feeling in the form OF
an improvement in quotations for &C
tive stocks.