The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-09-13
WAR, NOT MAKING MONEY
BUSINESS Of COUNTRY
LEADERS OF INDUSTRIAL EN-
TERPRiSE GIVING SERv.
ICES TO NATION.

The Hayden Stone company dis.
cusses the stock market and business
conditions generally throughout the
country in the following market let
ter:
mot only are many Of the princi-
pal operators absent and the stock
market left to drift without much
leadership, but the same thing is true
of business at large throughout the
country. Consider the large number
of men at the head Of their respec.
tive lines of business, whose services
have been Communicated for war pur-
poses The great constructive brains
of the country are today intent on war
and not on business. War, not money
making or the building up of newserf-
terprises, has become the business of
the country. Given such condition,
where mems minds are turning more
and more away from business, and 1t
Is not surprising that the shares rep
resenting these, businesses should no
longer be in keen demand. This does
not mean that great deal of bust
ness will not be done. 1t is, indeed,
quite inevitable thatsit should continue
in large volume, but the great con-
structive force of business, the deter
mination to increase and develop, is
for the time being in allegiance, and it
follows that the market must lose
much of it's speculative zest.
Passing Of Excessive Profits.
LAS the policy of the government in
regard to prices is further disclosed
it becomes apparent that in so far as
1t lies within the power Of the admin
istration pretty drastic policy is to
be enforced. The era of excessive pro-
fits has passed. Probably prices
would in any event have soon begun
to fall, for there Is no escaping the
fact that the consuming power of the
country is not in war what it is in
peace. Perhaps it would have been
better to have left the matter to the
natural working out of the economic
law. Any arbitrary attempt to regu-
late prices is necessarily accompanied
by certain amount of inequality and
hardship to the individual. Yet after
all, this is merely anticipating what
must ensue with the coming of peace.
Perhaps to a certain extent it soft
ems the blow. We have an idea that
after prices on the important COM
modities have been definitely decided
on, and perhaps after a short interval
thereafter to see how effective the
policy will be, there will ensue pref
ty active business. At the very first
hint of price reduction all forward
business was Immediately stopped. Re-
quirements not covered by orders in
many lines must be mounting to con-
siderable proportions, particularly as
one of the first effects of price reduc-
tons was to unsettle production. This,
indeed, is one Of its most baleful eff
fects, at time when the greatest pro-
duction of staples is necessary.
war TPPToPIiuSiohos
Perhaps the most depressing in
fluence of all is the stupendous sums
into which the cost of the war is
mounting. The way congress glibly
talks of billions is appalling. We must
henceforth assume the financial posi-
ton that England has occupied up to
now, only the burden has become
much greater. This of itself would
discourage large market operations
'"The whole situation is hardly con-
ducive to any great uplift. This does
not mean that we will have anything
of panicky nature. There will at
times be sharp upturns as the market
becomes oversold, and it will not be
surprising If at such times few
shares, particularly those that have
best withstood the liquidation, have
quite noticeable forward movement.
The point has already been reached
where a few stocks are intrinsically
cheap on the normal level of prices. In
a broad way. however, the speculative
possibilities on the upward side are
likely to be pretty limited. The in
vestment opportunities are becoming
more plentiful every day, and indeed
1t is to these that attention can be
most profitably attracted"