San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-10-14
BOND OUTLOOK
IS CHEERFUL,
. SAYS SELLER
Demand for Reasonably
Priced New Offer
ings Good.
LIBERTYS HOLD FIRM
Even Speculative Issues
Show Little
Weakness.
LIBERTYS HOLD FIRM
BY BYRON SELLER.

/ Dy AAeOAN okIk<h<ASAss
Copyright. by The sen Antonio Light.
New York. Oct. 13.-In the presen
confused state of the financial mar
kets, it is difficult to discern the tren'
either of securities or of trade OF
which the value of securities depends
| Under the activity of professional
spectators stocks continue to sag to
ward lower levels, movement which
| this week has not been interrupted b!
rally sudden and sharp ms was thu
case a week ago. These same profes
sional spectators and traders empha
size the unfavorable aspect of the sit
uation now in one industry and now
in another.
Last week it was the seasonal de
cline in the demand for motor cars
and the strenuous competition which
| the automobile producers face upof
which stress was laid. The closing
down of the largest cotton mill in the
| world also was viewed as indicative
of the attitude of buyers toward adj
vancing prices and predictions were
freely made that manufacturers III
other lines shortly would find them.
selves confronted by a similar situa-
ton.
Shifts to Tire Shares.
This week the attack has been shift.
ed to the rubber and tire trade and
to apparent depression in the copper
market. In both cases there is. some
basis for the reaction. The potential
tire output seems to be excessive in
! proportion to consumption and un.
doubtedly there will be some curtail.
nent.
1t is also true that there has been
steady decline in the price of cop
per metal. II has been the fashion 10
explain the situation in copper as due
to the inability of Europe to buy, an
explanation which fails. however, in
the case of Germany. Figures made
public this week show that Germany
imports of copper from the United
States during the eight months epd-
ing August 81 last were nearly los,
100000 pounds, worth SIT, 100000
larger amount than was shipped to
any other country. Bankers are I'M
able to explain how these purchases
were financed, but the fact remains
Little Liquidation In Stocks. I
1t is a question of how far these
unfavorable factors have been dis
counted in tbe market nrice for the
security concerned. In the case of the
fire trade the outcome usually is SINH
lar Situations is that the strongest
corporations emerge stronger than be-
fore Weaker competitors are elimin-
oted or forced To combine with better
organized corporations. II is also
possible that the resourcefulness of
American industry will be demonstrate
ell IN the diversifying of activities.
Something OF TINS sort Is SAID TO De
going on with the TIRE producers. As
to copper, 1t may De expected tnat
sooner or later lower prices Will sum-
ulate demand. =
While the stock markets seem 10 De
undergoing progressive reaction, the
losses are very small and II is DOUBT,
iul whether there IS very much reai
Incubation. It must not be forgotten
that men OF large wealth are no long
er willing, except in few Instance,
TO gave speculative support to mar
ket when the income tax collector
takes half the profit and leaves the
Spectator to shoulder all the loss.
That leaves it to the small investor TO
fill the gap and he works very slowly.
In the few securities in which he
is factor such as American Tele-
phone and Telegraph. the effect Is
seen in stcadying of the price. In
the United States Steel common stock
it is interesting to note that the third
quarter shareholders of record in
creased nearly 1000. Investment hold
ings of steel common now total nearly
so per cent of the shares outstanding.
High. Grade Bonds Firm.
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