San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-01-07
MARKETS PAY
| LITTLE HEED
| T0PREM|ERS
|.eak-up Disappointing but
Affects Nothing
Vital.
LONE TRADE Is THING
1t no Ulra-presperity Un-
til Foreign Trade
Grows.
LONE TRADE Is THING
.Ry STUART p WEST.

- BY STUART p. WEST.
pyrlzht, 1922, by The San Antonio Light.
New York, Jan. cit might seem a
after of surprise that the break-of of
Paris conference should have had
little effect on the markets in view
the statements often made in high
aces that failure to agree upon Ger
IN reparations would bring a serious
isis in world affairs, The fact is,
wever, that practical financial judg-
emit has not been misled by the predic-
bns of diplomats looking to create
sensation by the equally extreme
ews taken by economic theorists.
No one can pretend to foresee what
II happen in case france carries out
II threat to occupy the Ruhr and
rec her violent program for the col
,tion of indemnity. The official OBJ
rvers undoubtedly hold the belief that
r attitude will have the effect of
lding back industrial recovery in Eu-
be indefinitely.
Still it all comes back to the prac-
al QUESTION of how all this bears upon
trade outlook in our country and
other cuntries like England, which
q not vitality dependent upon the
Arman payments of war claims. Ger
lny's share in our export trade is
ly about per cent and, If we were
lose the whole; it would not be a
alter of vital Importance.
But, of course, there is not the
ghtest idea that we would lose the
pole or even the major part. Occu-
ton of another slice of her territory
not going to cripple Germany's buy
Z power, and Germany has demon
rated, despite all the great deprecia-
N in her currency, that she had the
ility to buy more in the American
hrket during the last twelve months
an in the year before.
Financiers Are Disappointed.
It goes without saying, naturally,
ht the disagreement between the pre-
ers is extremely disappointing to the
.ancial communities everywhere. Had
rmany been allowed to get on her
d, it would have been the most i'm
rtant step that could have been taken
restore Europe to the commercial
yfrh she. was in prior to 1914. Upon
uropean recovery depends, in turn,
prospects for any real expansion in
foreign trade.
I'VE have been gaining in recent
|nths in our exports TO South Amer
and the Near East, and these gains
We ben shown in he latest figures.
t not until Europe's buying capacity
restored to something like normal,
h this country look forward to old
he conditions in the foreign commerce,
ere agriculture. mills and factories
extend themselves to their utmost
d still find an abundant outlet for
eir surplus production.
Home Market the Big Thing.
The European situation, as 1t bears |
on home business conditions, appears, |
prefore. in two aspects. On the one |
nd everything that retards recovery |
road increases the danger OF over
bduction here and henc tends TO |
IL our productive activities. On the |
err hand. nothing that happens on |
other side can diminish the fact |
it the home market is, after all, the
thing.
with very little help in the shape OF
eign buying, the steel trade as we |
il now. can expand TO so per cent
capacity-can. in fact, reach very |
Rrlv the largest output of pig iron
4 steel on record.
What is true of steel is true also
wooden manufactures, OF cotton
Dds, of boots and shoes, indeed OF
arly all the leading lines. 1t is rec
hilton of the supreme Importance OF
home market which explains why |
had news from Europe this week
not met with more response either
security prices or commodity prices
Money Rates Work Lower.
dony rates have been working lower.
they always do at this season OF
wear. when funds involved in the
umn crop moving are returning to
depositary centers. This has been
Sustaining factor in the stock mar
~rS where speculative. cliques are
for long campaign, they need the
urance that credit will be easy Tor
indefinite time ahead.
{ is significant, however. that the
line in quotations for money to the
best since last summer has not
ked any enthusiasm in the bond mar
Bonds have been firm, but there
he been no signs of any renewal OF
main upward movement checked in
early autumn. The customary Janu-
are-investment demand" has this
r been singularly slack.
Bulls Hold Upper Hand.
rhe stock market has given proof
{ interests committed to the side OF
vance still hold the upper hand.
ese interests have the advantage of
money rates and of a generally IA
able business outlook. So far they
Ee successfully withstood the tests of
eatening political situations in the
Dir East and Of all the misgivings
ressed over the outcome of German
arations. Unless European condi-
hs get good deal worse than they
appear. there is no reason to ex-