San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-04-22
SPECULATION
IN BONDS At
4 STANDSTILI.
Neither Bears Nor Bulls
Are Sure of Their
Ground.
PERIOD OF STABILITY
Banking Circles Advance
View That Market
VIII Be Steady.
PERIOD OF STABILITY
BY BYRON SELLER.

Copyright, by The san Antonio Light.
, New York, April 2i.-Thcre is
much to support the view advanced
in banking circles this week that Il
long period of comparative stability is
ahead when the financial outlook is
considered from long range. As far as
business is concerned. the impressive
feature is the note of caution and con-
servatism SO often heard just now and
apparently being needed.
Manufacturers are making price ad-
vanccs very slowly and carefully even
when rising costs fully warrant the
advance. There is wholesome fear
of so-called buyers strike and a dis
position TO slow down rather than t.
incur the danger of checking demand
of consumers. There are. of course,
exceptions in certain trades and GER
tain commodities, but the rule holds
good.
Credit Situation Favorable.
The same condition obtains in the
money market. Rates fluctuate over
n very small range. Notwithstanding
the demands of expanding trade the
credit situation is favorable in the cX-
trcmC. OF course this is in large part
due TO the abnormnlly heavy gold
holdings, but this does not alter the
| fact.
As long ms the gold is here il must
be rcckoned with and including coin
and bullion. gold stocks in the United
States established a new record on
April | at nearly $1,000. O00. 600. The
exact figures were S3.9G9. 1913. T43 COM
pared with SELDOM | 80 on April
1. 1922. Moreover. predictions of u
turn in the tide have not been vcri-
fled. nor is there any signs Of any
such change. In fact. March gold i'm
ports increased about S7,0O0O00 over
the preceding months. Such small
changes rs occur in the condition OF
the federal reserve banks are without
Significance. The reserve ratio CON
tinues high and rediscounts low.
Speculation likewise halts and hes
itatcS. neither "bpars" nor bulls
being AT all sure Of their ground. The
former mako much of the fact that
all the markets. both stocks and cont
moditieS. have had such very large
advances over their 1921 lows: the
! latter still stress the excellent bust
ness outlook. The not result is very
small and neither side can point 10
concrete results in support of thcir
position.
Foreign Outlook Bright.
Turning 10 affairs abroad. feeling
this week is decidedly more cheer
full. Faith that settlement must be
reached between France and Germany
grows stronger. So many catastrophcS
have been predicted for Europe and
things European that have never hap
pen Mt all.
This turn in affairs has shown bc,t
in the quotations for foreign govern
mcnt bonds which have been higher
this wool; than in many months.
There is also reason TO believe that
the buyin~ of these securities has
come mostly from "cnuire individual
investors. rather than from traders
or dealers. II is also reasonable ~
sunnosn that tho CONSENSUS Of world
opinion for some Of this buving h'>
como from abroad. representing Il re
liable forecast Of better days on the
other side. just - tho slow recovery
of the stock m1r'iet after long 20
Rod Of dcnrcsSion. forecasts trade re
vival.
Raising Of WAGES.
Returning TO tho situation nj home
there is more raising Of wages. NOR"
talk Of labor shortage. and continued
discussion Of the immigration problem
Iudg" Gary's view that the present
lew is mistake docs not seem to
be generally shared hv those in =
position 10 influence the new Con
gross most
Strange rs II nav appear. IN peri
cultural interests nre against letting
down the bars. The argument that.
allowing frro entrance 10 MI foreign
c~s who d0Sirc 10 CONE VIII hClp solve
the farm labor problem. does not i'm
nrcss the fr"mer. His rculy is that
the typ" Of Immigrant who has been
coming during the mast decade did not
settle on the farms. but in the rrcaf
cities ?rd rs far rs BRINGING down
wages is concerned. it mret not he
forgotten that the farmer is both Ia
boo" ard pmnlorcr.
The labor unions Hrp oven mo-"
c'rorglv cnnoeod ~ Huv "ha""n !"
the law. 50 II looks rs though the
~" nufar'"~crs will have n solve thc'"
cwn nrohlcr1 60 rs TO- ?S Sri"''''' :"
concerned undcr existing conditions.