Evening star., 1923-09-15
by STUART p. WEST.
,pecial Dispatch to The star


NEW YORK, September 1.-THE
dip which security price levels ex-
ecuted in response to the savage vol
ume of selling which swept across the
stock and bond markets was the fea-
ture of the financial situation of the
week.
The attitude which promoted that
movement was psychological and pro-
fessional rather than real. There was
a doubt, apparently we'll founded. as
to whether the advance which had
taken place since late July and Au-
gust in prices on the stock exchange
had not fully measured the trade and
business possibilities of the fall
months. Participation by the public
In the movement of stocks, however,
had been given pause by the ter
rihc news of the Japanese disaster
and with the market largely In the
hands of the speculative element the
slackening of the upward movement
was met with volume of selling
that broke prices of many issues
sharply for a time.
Foreign Situation Clearing.
Neither the foreign developments
nor domestic trade news could be
held responsible. The way was open
ed for prompt and satisfactory settle
ment of the Italo-Greece dispute
growing out of the murder of the
Italian members of the boundary
commission. Reports that Germany
was on the verge OF abandoning its
attitude of passive resistance in the
Ruhr were not only received with ap-
proval, but with the tentative assur-
ance that once the amount which
Germany would be required to pay to
the allies was fixed definitely loan
TO that nation of at least a billion
dollars could be floated here and in
other countries.
Buying Wave SLOW in Developing.
The sharp advance in buying which
was expected to develop in domestic
trade circles after the 1st of Sep
tember has not materialized, yet the
volume of trade, both present and
prospective, is such that the profits
of the Industrial corporations seem
assured. Freight car ioadings, ac-
cordIng to latest available reports,
have again exceeded record proper
tions.
Not only have more cars been
loaded with revenue freight, but cars
on most roads have attained greater
mileage and have been more heavily
loaded than at any time in recent
years.
Decrease in Orders for Steel.
There has been a perceptible de-
crease in new orders to the steel
companies, but close students of the
industry knew a week ago that the
orders from Japan. which are bound
to develop, must wait on an adjust
ment of conditions in that country.
The situation in steel was adequately
presented by the chairman of the
board of the United States Steel Cer-
poration, when he revealed the fact
that the orders for finished steel
products were keeping finishing mills
operating at over SO per cent of ca
pacfty, but this was entirely over
looked in the Judging OF speculative
conditions on the stock exchange.
Farmers' Situation Improving.
AS to the agricultural situation. the
following statement by an official of
the St. Louis and Southwestern railway
is significant:
Business shows Improvement at all
points on our line" he said. In
creased movement of carload and less
than carload traffic IS noted at a
the beginning of what is confidently
expected to be an unusually prosper
Gus fall trade. All Industries are busy.
There is no idleness and laborers, es-
pecialIy farm help, are in demand
Farmers are realizing better prices
and this Is enabling them to meet
their obligations. There Is apparent
ly enough money in circulation to
country stores is improving and
showing greater activity. All indica-
ttons are favorable and there is a
spirit of general optimism for the fu-
ture among all classes OF the general
public"
20 Per Cent Jump I'm SILK.
The silk industry, which has been
at standsti1l pending additional in
formation as to the supplies OF the
raw product which might be expected
from Japan, was resumed on a basis
of approximately 20 per cent advance
over the price levels prevailing before
the news of the Japanese disaster.
The trade, however, is anxiously
awaiting the reception by the public
of the fall opening of the lines of the
Mallinson Company next Monday.
These lines, 1t is predicted, will show
an advance commensurate with the
lack of raw silk supply, but still
placed at a level which competing
firms not well supplied with raw silk
in advance of the earthquake will
have difficulty in meeting.
Buying of raw cotton by mills and
manufacturers has been a feature of
the cotton market for the week
Southern mills led in this movement,
confident that the depreciation in
condition would insure them against
lower prices later in the year. The
buying volume was Swelled by the