The Birmingham age-herald., 1923-08-06
TIME Is HERE FUR 3 JILL MOVEMENT
 IN STOCK MARKET
Material Change Because Of
 Death Of President Har- ding Called Improbable
By WALTER B. BROWN
 Editor New York Commercial U IenSeh Mire tn The AGc-IIe raIh

EuI1Or New 1OTh
 CLeased Wire to The Age-tleraml
 NEW YORK, August 5.-The death of President Harding has left the nation stunned because of it's uneN- pectedness. The announcement Of his illness a few days before re- vealed to what an extent thevnation had been relying upon him. Auto matfcally,. Calvin Coolidge stepped up from the Vice Presidency to the Presidency, for the nation is never without a President.
 The people have vet to'become ac- ouainted with Calvin Coolidge. There is no reason to believe that he will depart from the plans and policies of his predecessor. Yet, little can be said at this time as to the outlook There is no telling what cabinet changes may be made, or whether or not more vigorous foreign policy may be determined upon. 1hese questions must all be left to the fu- ture.
 No Material Charge Due.
 There Should be no material change in the stock market situation from the tendencies already dis 
 cently been shown has been due 10 variety of causes. rather than to any one specific influence. NeNer = theless. 1t was sufficient to impair confidence so far as stock market | operations were concerned, ana II has thus far been impossible to re- store that measure of confluence e necessary to re-enlist the interest of the speculating public. Without H. the market has simply gone aarll |, Q spirit nor ultimate destination. Tn the nature of things 1t should railN' l, and, provided the change in admln = istration does not bring new c"hpll- cations, definite bull movement should set in. if for no other reaso T than that the crop movement will re- -sult in a wide distribution Of rh1lo ; which should stimulate industry and increase earnings.
 Expected slump Absent.
 Reports of industrial concerns for the second quarter are now coming {. forward and fail to reveal that tre- 2 mendous slump in earnings upon which the stock market decline Was predicated That there has been some slowing down in business can not be denied, but it has not been accompanied by noticeable unem- ployment. being more in the nature of a decline in new bookings, large
 
 has been recovery in industrial ac- tivity and the variations, such as they have been, would not have at tracted more than passing attention had it not been that the country was led to believe that a depression must of necessity follow the peak of ac- tivity. These ropagandists took the position that there was valley on . the other side of the peak when there might have been plateau 1l,rl I, ie Q market has been allowed to slip back. but there is no use trying to make predictions now until the new administration has had an opportu- nifty to demonstrate itself.
 Punicl<y Feeling Reduced.
 Lower estimates of the Canadian crop with somewhat unfavorable re ports from our own northwest nave served to reduce in some degree the ponicky feeling concerning an over p~Oduction of wheat and prices have shown an upward tendency as a re- suit. It is a little too early to take the wheat estimates IS actuaIltleS for a great deal can occur in the re- maining weeks before the spring wheat crop is harvested to materially alter the result. Harvesting should begin in the extreme southerly sec tions of the belt very shortly. but the season will not be well under
  middle of September. There has been some unseasonably cold weather and some rust development and 1t IS not likely that early estimates will be realized.
 Foreign affairs are absorbing the attention of some market students who seem to think there Is direct connection between events In Europe and the stock market It Is largely in the nature of isappointment be- cause there has been no improve ment. but it can hardly be said that things are any worse than they have been.
 Home Coalitions Satisfactory.
 Financial conditions at he me con- tinue satisfactory. Money rates re- main practically stationary and there is no reason for assuming that there will be any change in the near future. Bond offerings have ' been light, due to the period of the year, but an offering of $25,000,00o day or two ago was absorbed witho ut delay. indicating that the market still is willing to supply capi- tai for all legitimate enterprises.
 Car loadings are establishing new records owing to the grain move ment getting under way. The maxi = mum of merchandise loadings has been passed. but with the resump- tion of fall buying it again may be '-' reduced 1t speaks well for the rail- roads that they have been able to restore equipment for this enor- nous demand and indicates what they can do if they are let alone.
 Taken altogether. we are In pretty good position. We have no unemployment problem. our taxes are less burdensome than they are in ,-s other countries, crops are good and