San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-03-18
INDIVIDUAL
STOCKS SHOW
(. IMPROVEMENT.
Principal Movements in
Specialties Have Been
Upward.
NOT so In GENERAL
Changes in Majority of
Share Lists Are Slightly
Lower.
By STUART P. WEST.

BY STUART P. WEST.
Copyright. by The San Antonio Light.
New York, March FIN no week
80 far have business conditions been
shown in a more favorable light than
they have this last week. With out
put strained to limit in important
lines like iron, steel, textiles and
building materials, it is still not suf
ficient to keep pace with demand.
Consequently prices are rising and
have reached level where it can be
said that real prosperity, in n mod
crate degree, has returned to many
manufacturing companies, to most re-
tail and distributing companies. and
in q fair way to be restored in the
mining field.
As was the case a week ago, how
ever, the main question in Wall
Streets mind is whether or not this
business recovery has been adequate
" measured by the great rise in stock
prices during the last twelve months.
Upon this point the evidence furnish
ed in the weeks operations was con-
flicting.
Individual Stocks Advance.
The principal movements among in
dividual stocks have been on the side
of the advance. This might reason
ably be taken to mean that the line
of less resistance has lain on this
side, but on the other hand, taking
the majority of the share lists as com
pared with n week ago, the changes
are slight and in many instances have
resulted in 4 decline. In other words,
z while attention has been focused upon
a score or so of stocks which have
been bid IN at times, the general
body of the market has not respond
ed.
Market Losses.
Experienced observers would con-
strue this in different ways. Some
would say that a few selected iSsro7
are being advanced and the general
market given an appearance of buoy
ancy at intervals in order TO conceal
important selling. Others would say
that inactivity of the larger part of
thC AASt. hliht ltAutANNlN AfW SNONAc
were absorbing interest. simply meant
that there was no widespread public
speculation and that professionals,
with the market to themselves, were
doing what they usually do under such
circumstances, namely taking up. one
set of stocks at a time.
Whichever is the true interpreta-
ton. the fact is that the market to-
ward the end of the week lost its
exuberance and became considerably
less active. 1t even ceased to be
responsive to the best of trade news.
New Investments Fall Off.
To- In the investment market condi-
lions remain essentially the same as
they have been for the last month with
the one important exception, that
flotations of new securities are not
as large and not as numerous as they
were. Probably this may mean that
distributing houses are noticing that
investment demand is by no means
as robust as it was, and that there
is danger, unless the outpour of new
issues is restricted, of the market be-
coming congested.
Money rates have not changed, but
were even a week ago. about how
they put out funds on long term con-
tracts at present quotations. Herein
is reflected a feeling that the money
market will show later on, more than
1t has as yet. the increase in credit
requirements due to the big CONNER
ciai production and the much higher
price levels for commodities securi-
ties.
Sterling Exchange Down.
Completing OF British payments on
the first installments of the American
war debt has naturally led to some
set down in sterling exchange. A
small improvement has taken place in
French exchange, probably due TO
uneaslness on the part Of a large short
interest lest negotiations should sud-
denly be started for a settlement in
the Ruhr.
The latest adyices regarding French
business and financial conditions are
not at all bright. The cost of living
is constantly increasing and French
manufacturers on account of the low
ness of the franc are unable to pro-
cure proper supplies of raw materials
abroad. With all the pressure direct
ed against Germany. the Ruhr policy
so far has been failure. Deliveries
of Ruhr coke and coal to France
and Belgium have amounted 10 only
three thousands tons a day and France
has had to turn to England and
Czechoslovakia and pay extravagant
prices for what is still totally insult.
ficient supply. In the meantime the
French budget deficiency is to be met
not by in. reased taxation, but BIZ
further issses Of French treasury
bills, which will almost inevitably
bring fresh initiation.
Position of New Mark Improves.
The two notable features of Ger.
many's financial position are, first
that the floating government deb
Keeps piling up, despite the suspension
Of separations payments, and second
that the Reichsbank has so far beer
successful in its efforts to stabiliz,
the mark in face of the continued
huge output Of new paper money. Dur
ing the last month. note circulation
has risen nearly 1,200,000,000 marks
yet with no help other than 80.
100000 gold loan, the Reichsbank witt
Ms supporting measures has beer
oble to make the dollar in German!
worth 21.000 marks now, whereas il
the middle Of February it wa
worth $4,000.