Evening star., 1934-01-07
ST0CKSLU[L LAID
T0F|NANCE CHIEFS
Opposition to Recovery Plans
Blamed Despite Good
Trade Outlook.
BY CHARLES w. STORM,

Editor. the News Service Of Wall Street.
NEW YORK, January 6 (N.A.N.A).-
Anybody who has any inner knowledge
of Wall Street knows that stocks de-
cline but are put up In other words
the stock market does not advance un-
less the big monied interests feel tna'
way. The bankers want business to re-
cover. but they want it to do better
along the old orthodox lines. Inls m
disposition to permit the STOCK marke,
to do anything at time when genera
business is showing the best outlook
in four years should be made clear.
1t is a bitter pill for the mon1ed IN
terests to swallow, but the determinatlon
of the President to press forward WIZ
his recovery program under nus owl
plans. as outlined in his message te
Congress, indicates clearly that tne
banking interests ultimately Will nave
to lend their shoulder to the wheel.
Stocks Lose Ground.
Despite the fact that the budget an
nolnced for the Government Tor the
fiscal years 1884 and 1885 indicated
that there was a pronouncement nkeli'
hood of imitation, the stock market TINS
week lost some ground. With the ex-
ception of Thursday, when the details
of the budget were published, the gen.
eral share list showed inertia.
The publication Of the budget directed
much thought in the direction OF prop
able currency imitation and for that
reason the general share list had a
short-lived spell OF strength. especially
in the metal shares which are expected
to profit most as result OF imitation. =.
Professional traders, however, toos
advantage of Thursdays burst o.
strength to take profits, with the result
that much Of the gain was subsequently
lost.
DESPITE the huge amount Of money
that the Government proposes spend
ing II, the next two years in connection
with its recovery program, the Street
failed to show any apprehension. This
absence of fear undoubtedly grew out
of the frank manner in which the
President outlined the fiscal plans OF the
Government and its desire to bring tnt
expenditures of the Government in 1886
in line with it's income. This furnished
the financial district with some definite
information as to Just how long the
president proposes to continue having
the Government spend money IN the
direction of stimulating industrial re-
covery.
Monetary Issue Clearer.
The week has also witnessed the
Qualification Of some of the uncertainty
which has prevailed relative to stabihza-
ton of tho dollar. The Presidents mes
sage ma0s 1t clear that there Is nc
prospect Of stabilizati0n OF the dollar
in the immediate future owing to the
l<,rz Hyel.u
are not in position, because OF their owl
internal affairs, to discuss currency
stabilization.
There is no question that the Presi-
dents message removed to consider
able extent the uncertainty which has
been surrounding many Of the admin
istration's plans and which it was be-
lieved was obscuring the view OF the
big business and banking interests to
degree that was restraining construc-
tive efforts on their part.
Reports of better business continue
to be received from all parts Of the
country. It has been nearly four years
since general industry has entered a
New Year with such promising ind1ca-
tions for the future.
The last year wound up with quite
q burst Of buying, as Indicated by the
sales being announced by the chain
store units and the mall order houses
for December as compared with q year
ago. Some Of the increases reported ren
as high as rs per cent. :.
Improvement In sales and proflts Il
also confirmed by the innumerable COM
penies which have either resumed
dividends or increased their dishurse-
ments to siareholddS.
tcopyrisht, 1894, by rth Ameriean News