Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-13


pound.
Morse-The market has a dragged
appearance and it would seem wise
to trim sails and go slowly until one
can see more clearly what the future
may hold in store for the settlement
Of the. many and conflicting problems
which confront\the market. 1t is the
opinion Of some of the shreWdest
judges of the market on the floor
speciality after another during the last
few days has been designed to cover
up some very real selling of many of
the standard stocks.
The lifting of the German blockade
has probably been discounted market
wise, but it's immediate effect. if any,
should be reflected in the food stocks.
preaching a crisis. which, in the long
run. should prove beneficial as regards
American investments in this coun-
try.
Hunt-Understand the government
has called for large payment from the
banks on account of their deposits,
which will be payable on Wednesday.
This may tend to temporarily higher
money the first of the week. The call
is for second payment on victory lib
erty loan.
the world for the pools to mark the
railroads to a much higher level. Not
much stimulation is necessary, and this
will show itself most clearly just as
soon as President Wilson begins his
constructive plans. soon to be pre-
0d hot
bullish on the railroads. not because
they have been neglected and are still
selling at panic levels, but because
the reports that get from Washing
ton as to railroad legislation is that
more liberal treatment will be ac-
corded the carriers than they have
received in years. and that the roads
will not be turned back to the man.
ayers until all of the pre.war evils
have been cured.
Henry Clews-The condition of the
money market attracts more or less
attention, especially the scarcity and
consequent extreme fluctuations in
call money. The latter is. of course.
due to the enormous pressure of gov
eminent borrowing. the banks nat
urally preferring to make such de-
mands their first consideration. The
positive attitude of the reserve board
In Encouraging undue speculation is
the next factor of importance. and
lastly the unusually heavy demand
Tor financing legitimate foreign and
domestic requirements. both of which
are becoming increasingly insistent
1t Is quite evident that in spite of the
present great expansion Of credit fur
ther expansion, and not contraction.
VIII be the rule in the near future.
Very soon crop demands will assert
themselves. followed by an active
autumn trade. The problem Of
financing big exports is still UNI
solved Other nations are> coming
mere for funds Canada having placed
a loan this week for $75,0O0.O00 that
was quickly snapped up. Not only
EUROPE Is knocking at our bank
orient also. AS for ourselves, we
are stu investing immense sums in
OIL shipping. chemical and foreign en-
terprises. The resumption of build
ing is slow because Of high costs and
the dih1culties of making large loans.
ANY change for better in these direc-
tons would cause sharp revival in
construction work. The steel in
dustry shows symptoms of revival.
WhiIe railroads. the best customers,
are buying sparingly for obvious rea-
sons. the oil and agricultural imple
ment makers have been large pur-
chasers. The demand for export
trade Is also improving. lower
freights being a stimulus in this di-
reotion. Textiles are in brisk demand.
In spite of abnormally high prices,
and the scarcity OF goods makes de-
iiveries slow and difficult. many mills
being sold far ahead. The coal sit
uation Is somewhat critical. owing
to the scarcity of labor. coupled with
a large home demand and growing
inquiries from abroad. Generally
speaking. the labor outlook Is en-
barrassing. and Is not made easier by
the advancing tendency of prices.
Employers frequently show n readl-
ness to meet reasonable demands. and
adjustment on both sides has been
facilitated by development of n spirit
OF mutual consideration and by elm
ination Of the radical disturbers who
too often assumed the leadership in
labor problems.
J. S. Bache g. Co.-The market has
settled into u position of such con-
nrmed strength that II seems to have
become free from the nervousness and
liability to breaks which affect mar
kets when high prices prevail. and
which pertatned particularly to the
bull markets of war times In 1915,
1917 and 1918. This was natural
then. when 1t IL considered how I'M
stable the elements were upon which
those markets were founded. Then
the question Of continuation Of large