Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-08-04
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK. August How the
financial outlook will be affected by
the change of Presidents is the ques-
ton of most immediate interest at the
close of the week. But in and out
of Wall street, while there is some
difference of opinion, the preponderant
feeling is that President Coolidge will
do-what he says he proposes to do
namely. follow out the Harding pro-
gram. This being the case. the un
certainties with which the business
community have been confronted all
along are neither increased nor d.
unfinished.
Situation Abroad Acute.
The other factors in the situation
remain about as they stood a week
ago. When the French and Belgian
governments rejected the efforts of
Great Britain to effect a compromise
on German separations they did moth
ing more than the markets of the
world had expected. 4 break in the
entente is possibility which must be
considered. Great rBitain, with the
cooperation of Italy, decides to deal
with Germany alone. there is always
the Chance OF complications arising.
At the moment the European stu
alton does not Seem quite as serious
as it appeared last week at this time.
Fears of a communistic uprising in
the present regime have not been
borne out. In spite of the now
familiar talk of German collapse.
and in spite of the decline in the
mark to a level which makes II vir-
tually worthless. Germany is doing
business as usual-that is, everywhere
outside of the Ruhr; New low rec
emphasize that the international
money Misunderstanding all senti
ment or sympathy out of the ques-
tion-are on the side of England in
her present attitude. They believe
that the French venture in the Ruhr
was a mistake.
Wheat Still n Problem.
Among the domestic problems the
most formidable are still the unfa-
vorable position Of the wheat farmer
AND the comparatively high costs of
production in industry generally. IL
is certain that with the reaSsembllng
eoveTnnsns use Is eEsdit for taking
the growers are able TO secure better
prices will be vigorously pushed.
legislation alone this line. however
ilr-advised it may appear from an
economic standpoint. will be very
popular with the politicians; and as
a measure of political expediency is
quite likely to go through.
But, of course, this is only putting
off dealing with the main difficulty.
which is that wheat production. the
world over has been running far ahead
of demand. The Canadian crop is the
most notable instance. Before the
war il used 70 average something less
than 200 1000 600 bushels. In 1872 It
rose to 400.oO0,oO0, and this year
promises TO be close to 500. 100000 bu-
Shells. Europe is producing much more
than it did a year ago and its needs
are. consequently much smaller En- me
Indian crop is up too. and II looks as
II Russia. after min years absence. Is
about TO re-enter the markets as COM
petitor.
Under these circur, stances WITHHOLD
ing as proposed 100000 eco bushels OF
American wheat from market Is not
Eventually. in order 10 compete sue
cessfully with lOWer-cost foreign
wheat the .Nslerican farm er Will nave
TO decide to devote less acreage TO the
wheat croo and 90 i'll more largely Tor