The Birmingham age-herald., 1923-08-06
BUSINESS |S NOT UNEASY REGARDING EXECUTIVE CHANGE
Industry Virtually Immune To Shifts In Complexion Of
 Political Situation

NEW YORK, August 5.-(By As sociated Press.)-Although the mar kets of the past week have had but half day in which to register their opinion of the business significance of President Harding's death cer- tain amount of light on the subject was obtainable from the statements of business leaders, The latter, while greatly deploring his unex- pected death, pointed out that the American system of government is designed to achieve stability through the distribution of authority among different departments, and that the country's industries have grown to point at which they are compara- lively immune to changes in the complexion of the domestic political situation. Accordingly, the change in chief executives was taken as an occasion for sorrow rather than ap- prehension
 Up to the time the news was re- ceiVed from San Francisco the mar kets had been behaving in an irregu- lar manner. Stocks were moderately active and gave alternating displays Of weakness and strength. Liquida tion in oil stocks as a result of the cumulative weakness of the oil mar ket apparently led to sympathet etic liquidation in other parts of the list Sugar stocks also gave ground in
 
 that commodity. On the other hand moderate buying at the breaks re- suited in good recoveries.
 O o o
 Commodities Rally.
 The spottiness of the situation was testified to, meanwhile, by rallies in some of the more important com modities After weakness as an aftermath of the collapse of the bull speculation in the July option, and In anticipation of a bearish crop re- port, cotton recovered sharply when the latter proved to be bullish. In stead of a condition of 70 per cent and crop of 12,00OO00 bales, as had been anticipated, the department of agriculture estimated the condition at SIP per cent and the crop at Ill., 5l6,O0O bales. As result all futures advanced over a cent a pound.
 Wheat prices also steadied, partly in response to reports of rust dam age in Canada and in certain parts of the northwestern states. Senti- ment was better, emphasis being given to the fact that ample credit facilities are available to the farmer and that market should be orderly. Industrial News Indccisive.
 Industrial news continued to be in- decisive. In some quarters of the steel industry the more optimistic view was taken, good buying for prompt delivery being regarded as a sign that consumption is continuing to run high and as a precursor of the resumption of forward buying Attention was given to the unexpect- edly good second quarter earning statement of the United States Steel corporation, net earnings for the three months amounting to $57,S4S,- 618, as compared with $34,7S0,069 in the preceding quarter, and with $27,- 2S6,945 in the second quarter of last year. The statement showed that the years dividend on the common stock had been earned in the six months, with some $5,000,0O left over.
 Earnings statements for the sec ond quarter also were published by automobile and equipment compa- nies. They revealed strong cash po- sitions and excellent inventory con ditions.
 French failure to accept the Brit ish draft of a reply to Germany was preceded and accompanied by marked weakness of the foreign exchanges, French francs declining to 5.701a cents, or within half point of the low for all time.