San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-09-16
Decline Follows With
drawal Of Public
From Market.
LOSSES ARE SMALL
Prices Are Little Changed
Despite Heavy Liqui-
dation.
BY STUART p. WEST.

r,nv-,,,t nv the san Antonio Light.
New York, Sept. 15.-The dip,
which security price levels executed III
response to the savage volume OF sell
ing which swept the stock and bond
markets, was the feature of the finan-
cinl situation Of the week.
The attitude which promoted that
movement was psychological and ply
steal rather than real. There was
doubt. apparently well founded, as to
whether the advance which had taken
ulace since late July and August had
not fully measured the trade and busi-
ines possibilities of the fall months
Participation by the public in the
movement of stocks, however, had been
given a pause by the news OF the
Japanese disaster and with the mar
ket largely in the hands of the specula-
tive element, the slackening of the up
, ward movement was met with q vol
ume of selling that broke prices OF
many issues sharply.
Foreign Situation Clearing.
.. Neither the foreign development
nor domestic trade news could be held
responsible. The way opened Tor
prompt and satisfactory settlement OF
the italo-Graeco dispute. Reports
that Germany was on the verge oil
abandoning its attitude of passive re-
sistance in the Ruhr were not only
received with approval. but with the
tentative assurance that once the
amount which Germany would be re-
uuired TO pay to the allies was fixed
definitely. loan to that nation OF at
least a billion dollars could be float
ca here and in other countries.
Buying Wave Slow to Develop.
The sharp advance in buying which
was expected to develop in domestic
trade circles after the first of Septem-
ber, has not materialized yet. Freight
car loadings again have exceeded rec
ord proportions. Not only have more
cars been loaded with revenue freight,
but On most roads have attained
greater mileage and have been more
heavily loaded than at any time IN re-
cent years.
Decrease in Orders For Steel.
There has been a perceptible decrease
in new orders for steel, but close stu
dents of the industry knew a week
ago that the orders from Japan. which
are bound 70 develop, must wait on an
adjustment of conditions in that coun-
try. The situation in steel was ade-
ouately presented by the chairman
of the board of the United States
Steel Corporation when he revealed
the fact that the orders for finished
steel products were keeping finishing
mills operating at over 50 per cent
Of capacity. 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 & Southwestern rail-
road is significant.
- Business shows improvement at ell
points on our line" he said. "Ir-
creased movement Of carload and less
than carload traffic is noted at a ma
jority of our stations and marks the
beginning Of what is confidently ex-
pected to be an unusually prosperous
fall trade. All industries are busy.
There is no idleness. and laborers. espe.
cially farm help. are in demand. Farm
ers are realizing better prices and
this is enabling them to meet their
obligations. There is apparently enough
money in circulation to meet all re.
ouirements. Trade at country stores j:
improving and showing greater activ,
ity. All indications are favorable and
there is a spirit of general optimism
for the future among all classes oil
the general public"
Silk Trade Resumed.
The silk industry. which has beer
ut standstill. pending additional in
formation as 10 the supplies Of thu
raw product which might be expected
from Japan, was resumed on n basil
of approximately 90 per cent advanc
over the prices prevailing before tn
Japanese disaster. The trade. however
is anxiously awaitin" the reception b.
the public Of the fall opening of tn
lines of the Madison company mex
Monday. These lines. il is predicte,
Will show an advance commensurate
with the lack of raw silk sunnly. hu
still placed at level which competin
firms not well supplied with raw sill
in advance Of the earthquake will hav
difficulty in meeting.
Buying Of raw cotton by mills an
manufacturers has been feature q
the cotton market for the week Souti
crp mills led in this NOV 'ment. cor
fident that the depreciation in como
ton would endure them against lowe
prices later in the year. The buvin
volume was swelled bv the New En-
land mills. many Of which have bougl
southern holdines in order to take ~
vantage of lower labor costs an
cbeaner power. Wool continued stror
largely as a reflection Of the Englis
auctions. hut the lending interest r
corded further curtailment during Il
week. which YVES attributed 70 lack
orders. This led 10 grave doubts MS
fhe position Of other wooden textile j
forests which are known to be less n
vantaVaouslv provided with raw wo
van the Americrn Wooden cnm3an
German Mark Passed Out.
Perhaps the most significant evel
Of the week in international busine
was the elimination If the Germa
mark as a standard Of value. One ,