The sun., 1918-11-18
REIMBURSEMENT TO PEA CE
RULES SECURITY TRADING
Reduced Federal Taxation a Helpful Factor-Sus-
tanned Demand for Good Bonds Makes Itself
Fet-Future Outlook Is Good
ny WILLIAM JUsTUs poIEs.

/ OF tneSe CHaIlEeS are designed TO Tighten
the burden and will be of far reaching
influence in strengthening the finances
OF various companies that have been OPP
Grated for months past with the idea OF
accommodating al large tax fund for re-
| course to next June.
Possibility OF Easier Money Rates.
! The money market situation is being
well safeguarded't Through the efforts of
the money pool committee to prevent
any large expansion OF Wall Street s
loan account Frequent conferences be-
tween the committee and officers of the
Stock Exchange have resulted in a bet
ter understanding, of a situation which
Is extremely difficult to regulate
The effort has been 10 provide brokers
! with necessary ctedlts. but To prevent
the over-eNtension which in years past
has been frequently seen during periods
of speculative excitement. These safe
guards are necessary, and although they
have caused irritation. the inclination Of
most brokers has been to support the
committee in an effbrt to keep speculate
within bounds. The situation, however.
Is more' favorable than 1t was at the
time that these restrictions were
adopted
The Government financing has been
admirably'handIed, aud, notwithstanding
the $50, 100000 int ,est payment OF last
week on the second and third Liberty
loans, there were freer offerings Of time
money SHOULD these continue it might
be possible for some of the speculative
pools to resume operations. although the
market as a whole could be scarcely
financied to n definitely higher price
level. 1t is evident, however. that the
banks are not only misunderstanding
speculation In securities. but also the as
sumption OF too\great risks by their mer-
camille and corporation clients.
The growth of the, red nag move
ment In Russia, Sweden, Spain. Hol-
land and Norway is causing much con-
Germ in London sand elsewhere. For
tunately this Country has been spared
from ouch an outtueak as Europe has
been afflicted with Never since Bolshe-
rism gained such lbaadway in Russia.
The war disturbance has created con-
dit!ons which have pnade 1t easy for
the radical element 10 extend it's in
fuence, and II the hunger strikes con-
tinue in various couptries where food
supplies are limited There may be Sc
rious trouble. There is plenty of COM
bustlble material in this country. and
with the gradual shifting OF industry to
pence basis the situation must be
watched carefully.
Recommendation by the steel COM
mittee OF the American Nron and Steel
Institute that the Government continue
to supervise the steel Industry during
the period when the readjustment to
peace conditions is tal,lns place will
probably he followed by similar action
on the part of other committees repre-
setting different industsles. The War
Industries Board will supervise the
cancellation Of Government contracts of
100000 or more. and arrangements
IRE being made to find quick employ
ment for workers :, released from the
war industries.
These plans are, still in tentative
shape. but the indications are that the
programme will I've developed so as to
limit the period OF unemployment to
the shortest interval required to effect
the necessary readhIstment.
These arrangements have direct bear
ing on the businesst outlook, and show
gress to take quick faction for the APP
pointment OF transit on board or some
other commission designed to under
take the investigation conducted in
Great Britain by the Ministry OF Re
construction. Valuable time has been
lost. but 1t would be POSSIBLE for such
a commission to rendep an important
service to the people ifs 1t was put to
work at once under proper auspices
Enough has happened within the last
few days to indicate thru the problems
of the reconstruction period in some
respects may be quite as' perplexing as
were the difficulties OF preparing the
nation for war at a time when IL was
almost impossible to make the large
portion OF the public reali0ci that 1t was
quite probable that the United States
would be forced to Join tthe list of
bellige=ent Governments.
IT Is clear that the Amer can people
will have to make immense further con-
tributions TO war chagities. since the
ending of the war instead OF lessening
the need for relief work has vastly in
creased it, The signing of tbs armistice
added little TO the worlds food supplies,
but it brought OO.O0O,O00 people into
the ranks OF those needing assistance.
This Is a work OF mercy, and since
the Supreme War Council at Versailles
pledged necessary assistance. for those
in need OF food the resources of this
country will be heavily taxed TO satisfy
this demand.
The allied countries will have DIM
Guilty In distributing the food in time 20
save many communities from starvation
and the ills Incident TO a long period
OF inadequate nou-ishment. Besides the
TtDTeSFlufu Dy tnS
United War Work Campaign there are
dozens OF others which will have to
continue their assistance long atter
peace has been declared.
This will be a record year for relief
contributions by the American people,
who. in addition to providing since
June, 1917, nearly $4,000 900. 900 for
Liberty Loan subscriptions, have given
more generously OF their substance than
ever before in the history OF intelligent
welfare service.
And Notwithstanding all these con-
tributions the country possesses nearly
half the worlds gold supply and the
deposits of it's national banks are sew
eral billion dollars greater than they
were at the time that the FirstH Liberty
Loan Offering was made eighteen months
ago. There are interesting days. ahead.
and while there are many Uncertain
ties to reckon with the strong points
in the outlook more than offset the weak
points.