San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-04-15
SECURITIES
STAND STILL
DURING WEEK
Hesitation Is Holding Back
Merchants and ~
Spectators.
A PESSIMISTIC VIEW
Correspondent Sees Posi-
bic Developments Of j
Bearish Nature. q
A PESSIMISTIC VIEW
BY BYRON SELLER

Copyright. by The San Antonio Light.
New York, April 14.-Hesitation
marked the weeks movement in both
the speculative and investment mar
ket. The net result in both cases
was practically nil.
Spectators were at LOSS to de-
eide whether business improvement had
or had not been properly discounted
and investors who were uncertain as
10 the future of the money market
thought it best 10 awal. developments.
Merchants and manufacturers, con-
fronted with an expanding demand
for their goods and products, con-
tinued to conduct their affairs with
conservatism and caution.
There was no change in the banking
situation. Credit has been available
in all reasonable quantity for those
entitled thereto. The resources OF
the Federal Reserve system remained
practically untouched.
Foreign Question Up.
Whatever those conditions fore
shadow, it is not a collapse either IN
business of securities. Where there,
Is no speculative excess, the reaction
is not likely to be severe, and, where
business confines itself to meeting i'm
mediate demand, there will be no reck-
less expansion.
The expansion in both cases, disaster
in neither. This brings up down to
a calm consideration of possible un-
favorable developments.
First among these must be put the
continued deadlock between France
and Germany, the outbreak on the part
of the Russian Soviet government, as
manifested in the crusade against
religion, and the serious domestic polit-
ical situation in Great Britain.
Struggle Is Prolonged.
At present. as far as the markets
are concerned, it would be inferred
that a solution of the continental
problem is being satisfactorily worked
out. Nothing could be farther from
the truth. The struggle is not spec
tacuiar, but its prolongation puts n
crushing load on the endeav0rs of those
working for the restoration OF
economic as well as political peace,
and no one has successfully main
tanned that America can, with I'M
munity, go on her way needless OF
what happens N Europe. q
Just now, concern is manifested
more in the South and the West,
where foreign markets for cotton and
wheat are the absorbing topics rather
than in the industrial East, where do
nestle prosperity for the moment at
tracts the greater attention.
Spring Wheat Planting Late.
The crop situation also must be
borne in mind by those who would
forecast the economic future, even at
home. Government reports on the con-
dition of winter wheat are anything
but encouraging. And, added to In
certainty, is the spring wheat crop,
the planting of which is about three
weeks late due to the backward sea-
son.
Finally there are the railroads.
TRANSPORTATION is just as essential
to prosperity in America as agricul-
ture, and yet the demands of the
farmers for lower rates and the de-
mand of the investors for a return
on their money commensurate with the
risk resemble the celebrated irresistible
force meeting the equally celebrated
immovable body. =
Certain it is that investors are in
no rush to purchase railroad securities.
Wall street still processes to expect
bull market in railroad stocks .apda
speculatively speaking. it may be right,
but from an investment standpoint il
is hard 10 see any reason for the pur-
chase of railroad stocks when sound
Industrial preferred issues can be se.
cured TO give the same return.