San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-02-11
Great Britain Wants to Set
tie Debt-Turk Fer
ment Cools.
AUSTRIA SHOWS LIFI
Confidence in Russia Show
by Moderate Credits
Given Her.
BY BYRON SELLER,

Copyright, lS=d, ny the san ANTONIO LiSh 4
New York. Feb. 1O.-Stocks, bond
and commodities, and for n while ratet
of exchanges, too, advanced this weel5
There were quite violent upward move
ments in foreign government ant
municipal issues as the Turkish situs.i
ton went from a state of confusio'
and uncertainty and then back agai
to apparent settlement.
Liberty bonds had q two-day spur
which carried the fourth 4 las, tn
most popular of the group, nearly l L
points beyond the level of the previou
week, because of the intimation the
Great Britain, in furtherance Of he
plans TO meet the principal and intei
est of her debt TO the United State
would purchase liberties from time {
time and present them in paymen
gaining by the operation when she wa
able to make purchases at a discount
A Phase Of Speculation.
Corporation bonds were influenced
in some instances, by earnings whicr
restored confidence in them. as in til
case of junior mortgages of railroad
in none too good credit, and in other
where they appeared to be out of lin
both as to price and yield which sim
lar securities. There is always a phaSl
of speculation in stocks during whic
bonds Of the quickly fluctuating tyItI
come in for their innings. This he
happened during the recent period
when stocks have had an average
over three points.
It is an evidence Of improving i'll
dustrial conditions and of strong cor
fidcnce in domestic surroundings thtfI
securities, since the first of FebruarJ
have shown gains.
There is a steady faith and a grow
ing one that this year will see us ovd
the worst Of the troubles.
Austria has indeed begun to improJ
her currency situation and Austria
crowns are apparently stabilized. Stct
were taken this week to check I'll
creation of limitlcss billions of Germa
marks though the momentum is 4
great that opposition may be owe
ridden. Week by week some new eyNl
dence is given of confidence in RUIZ
sia's recovery by the placing Of mod
crate credits at the disposal Of hSI
traders or merchants and the maxim
of business connections in Russia |
men with shrewd banking training.
Debt Settlement Factor.
It would not require such intricat
processes of reconstruction as perhaI
we are led TO believe if only sta
could be made in some fallow soil. FC
this reason the acceptance by Grei
Britain of the debt funding plan ar
the probability that Congress will suILI
port the debt commissioners and agrtvI
to their proposals, has encouraged moisi
hope for EurOpe than any single pla-
since the armisticc.
President Harding in his message HI
Congress, proclaimed the undertakiIsil
as "a covenant of peace and recuper;
ton" and the debt commission, I'll
which Secretary Mellon is chairmas II
regards the settlement and adoption IA
"a most important contribution to i'll
ternatiOnal stability" 81
The rise in commodities is one phaT
Of the secondary initiation taking plac
This week there have been further aI
VanceS in iron and steel products, ia
crude oil and in sugar. Copper mcts}
is about as high as it has been IA
several years. Employment agenci9
report a great dearth of clerical laboT
steadily rising wages for such labo
anu IN I1lS respect O.
conditions prevailing in 1920. Hovos/
ever. farm labor wages are reportc.o1
as lower. III
Spend and Save. III
luxury buying, which gave rctan
stores the largest Christmas trade theans|
have ever enjoyed, has diminished onIsI
in seasonal degree since the holiday
With it all. the story of nearly ever &
savings bank or bank with a savinss
department is that deposits have il
creased since January 1. and tha,oI
while wage earncrs are spending freelnrl
they are also saving.
Time money rates at the end Of til
week showed greater firmness. BanIefl
were asking as high as > per cent fCyoI
accommodations This is in spite led
the Federal Reserve ratio of II ploI
cent. compared with &c per cent Ia II
week, but with nearly 81 per ccrso
last year.
The New York banks, however. sho-
ratio of l per cent above that Of
year ago. 4 great deal of significauIo1
has been attached to Secretary Mellon
statement this week that we were no
entering a period Of easy money and. oII
TINS is borne out by events. highC
prices for all fixed term securities irT
Guiding preferred stocks, are to be Chi
pected. n