San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-08-26
aEUROPE DOES
! !. ! NOT BUY ALL
4 Of OUR GOODS
Steady Trend to New Mar
kets Makes Us Less
y. n. Dependent.
: MAKE UP FOR LOSS
=; -.
Sixty Per Cent Of Exports
. Now Go to Other
go Countries.
MAKE UP FOR LOSS
RY STUART 2. WEST.

II
has been about the least important oil
= the year in the markets. The stocks
have SHOWN little Inclination TO move
one way or the other, although the ull'
DERIVING note OF steadlnesS has al
. all tunes been unmistaKabie.
~ BONDS have been extremely dull ant
while sucn new oIIerIngs as nave come
out have been readily taken, there Is
#. no disposition 10 test the absorptlHe
powers of the market with any SUCH
Rotations as were going forward early
in the year. Cotton has come down
somewnat from Its recent hIgn, but Is
; still about three cents Il pound ABOVE
4 the low Of Il month and Il half ago,
ffoliowing the surprisingly high Acreage
estimate in the government July re-
port
" heat has improed further. 1t is
up between five and six cents a bushel
IRON the lowest and for the time be-
ing at least, has ceased to be sensitive
to the slackness of foreign demand.
French and Belgian exchanges have re
covered moderately, but the rally has
been small in comparison with the re
cent loss.
r. No Signs of Revival.
- 1t appears from a review OF these,
/ the principal markets., that the sltua-
ton has undergone very little change
II from a week ago. Sentiment in finan-
cial circles continues fairly cheerful. |
! but SO far this has not crystalized
into any effort at revival on the
stock exchange. Prices went dow
much too far for the better class OF
stocks in the declining movement OF
the four months from April to Au-
gust. In the last three weeks there has |
come q fair rebound, but the present
tendency is to await more light upon
autumn trade conditions before at
tempting any further move.
How much the uncertainty of the
European outlook is restraining fac
tor is matter of widely differing
opinion. We are inclined to think that
its importance in relation to other in
fluences has been over-rated. 1t has
been agreed of course that there car
be no great trade expansion in this
country until European buying power |
gets back to something like normal. |
but it has been demonstrated during |
the last is months that the United
= States can have a very fair degree OF
prosperity depending upon the home
! markets mainly. Moreover, with all
jsthe talk about enfeebled European
buying our exports keep steady from
month to month. They are holding
L their gain from the low points of the
l. depression two years ago and they
are well above the corresponding totals
Z OF the pre-war year, 1913
..I Germany Can't Buy.
This is the position with Germanys
uc1r7 e u
= with everything long ago discounted 50
/ far as the loss of markets in eastern
2 Europe is concerned. 1t is conceivable
.sof course that if reparations payments
are held up indefinitely, industrial con-
! ditions in France will change for the
taworse and her purchases OF American
goods will be cut down.
But exports 10 France amount 10
little more than per cent Of the
{ American total. Besides, other coun-
Fstries III Europe, notably Italy and
/ CZechoslovakia are coming back. IT
j. quite possible that our trade with
i these will increase enough 10 make
good the actual loss with Germany
! and the possible loss with France. The
sether point which is persistently mini
| snized in current discussion Of the for
.clgn trade outlook is that some GO
per cent OF our exports 90 TO nations
outside OF Europe. This portion of our
outward commerce has been steadily |
gaining and has. to an important, off |
Get the much talked of decrease in Eu- |
-ropean buying capacity.
Wheat Growers Learn Lesson.
Where the partial loss of European
-markets is dwelt upon it is mostly in !
connection with agricultural industry.
sBlame is laid upon this for the de-
scline in wheat prices which is quite
iswrong. The truth is that Europe's own
'swheat production as compared with a
lgSear ago has so increased that her
!. import requirements have been great
lily reduced. At the same time the avail
able export supply in countries COM
!. peting with the United States is
larger. The wheat trade could not see
:. these things when the new crops werei
being seeded last autumn and last
spring. Altogether too much wheat was
planted. This is realized now as it
proved by the survey of the Depart
ment OF Agriculture which forecasts
reduction of IL per cent in the area
that viii be sown this fall.
Agrarian Unrest Noticeable.
In the meantime however there is
iANcA'AiA Vi lnf lsi-FB SuEDluS. W lAN
the prospective cutting down of the
1924 harvest which outlook is COR
siderably improved and this wheat
market has already shown in its re-
coyery Of the last few weeks. This re.
covery has not gone sufficiently far
20 remove the cause for agrarian un-
rest. But it has been substantial!
enough to relieve the extreme denres-
lion felt a month ago on the subject
of the wheat farmer. At the same time
the state of agriculture and the ques-
ton of the ability Of the farmer 20
buy. cannot be correctly estimated
without due consideration of the
2 rise in corn. If the wheat grower is
getting ten cents less a bushel than he
was a year ago. the corn grower is
getting nearly ten cents bushP
moro. With the rise in the corn tbs
Tive stock industry has improved Sc
that prices now stand at the highest Of
the year.
There Is nothing TO change fh'
abroad conclusion that in most OF TIN
Al. f. NI.a hoff mi