Evening star., 1923-07-28
BY STUART p. WEST.
Dispatch to The Star.

special Dispatch to The Star.
NEW YORK, July 2S.-Dullness OF
investment operations during the pas'
week and the slackness of buying
nower on the stock exchange Indicate
that Wall street and the business
community outside are awaiting the
passing Of some Of the surrounding
uncertainties before taking any posi-
tive stand.
Euronean affairs continue to occupy
a good deal of attention, but there Is
much exaggeration. much lack OF
common sense in this discussion.
Some extremists try to picture Europe
an a house of cards which VIII 1ali
with the collapse Of a single unit.
They are saying that II Germany goes
to the wall, the other continental ma
,Aons will face disaster and that there
will be a severe repercussion felt IN
Great Britain and the United states
German Crisis Overemphasized.
If these predictions were being
taken seriously in financial circles,
what has happened IN germany our
dmced a crisis in all the markets OF
the world. Whatever the sequel to
the recent uprisings. they are symp- :
tomato of widespread discontent
growing out of an intoieraoiy hisn
cost Of living and in many places OF
The British premier's warning
about a possible political and social
revolution has been made to appear
downward down flight of the mark to a
level which makes 1t virtually worth
less points clearly to the financial
and Industrial structure. having
reached the breaking stage.
Gloomy Prophecies Discounted.
Had serious minded people believed
that a ruined Germany would drag
down the other nations in its fall, would
the foreign exchanges have stood
up the way they have the past week
Would the investment markets have
shown no sign of liquidation? Would
the money markets have remained un-
rufTled?
prophecies Of disaster following a
German collapse are being heavily
discounted; and, second. that the
markets are pretty well prepared
after all that has been going on DUR
ing the last six months. for anything
that may happen in Germany.
Fair Prosperity Possible.
AL
troubled conditions on the other side
are not a big influence in the situa-
tion here, for they are. But they are
an influence holding the markets in
check rather than an influence pro-
noting uneasiness in financial and
business affairs. Always 1t comes
back to the proposition that without
a normal foreign outlet for our sur
plus produce and merchandise we
can not expect an old-fashioned trade
boom.
But we can have a very fair
measure of prosperity on the strength
OF our home markets alone, plus the
sort of export trade that we have
been having during the last two
years. This has been demonstorated
by the events of the past eighteen
months.
Too much stress has been laid
were the whole of our foreign trade
Actually, on the export side, II
amounts to only about 40 per cent
Not enough attention has been paid
to the growth of our foreign busi-
ness outside of Europe-our business
with Canada, with Mexico, with
South America, with the far east-a
growth which to quite an important
degree has Offset our European
losses.
wheat Growers Misjudged Market.
Too much emphasis. likewise, has
been laid upon the reduced buying
power of Europe, as IL 1t were the
whole cause of the plight of the
American wheat farmer. The truth Is
that as Europe's own crops are ex-
ceptionally good. there Is not the
usual dependence upon outside sup.