San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-09-09
ATTITUDE Of
WAITING ON
STOCK MARKET'
Prices Bear Up Under
Japanese Disaster as
Traders Hesitate.
POOLS ARE ACTIVE
Irregular Trend Develops
) as Individual Investors
Withdraw.
POOLS ARE ACTIVE
nv STUART p. WEST.

New York, Sept. s.-Every other
consideration has been overshadOwed
in the financial markets of the last
week by the tremendous disaster TO
japan. Perhaps it was fortunate that
the Labor Day holiday intervening De-
tween receipt of the news and re-
sumption of trading gave space tor as
similating the news and judging its eff
tecL on American business, but i. least
the markets most affected withstvod
tie shock in i remarkable way.
Full reJnzation was given TO the
fact that many losses TO American
trade wculd be compensated by the adj
ditional supplies which Japan VIII
need not only for immediate relief, but
for rehabilitation. Many people ques-
toned whether too much stress was
not being placed on these temporary
advantages in comparison with the
undoubted destruction of property and
capital and the loss of a certain por-
ton Of international trade for long
period.
The fact remains that the level of
prices on the stock exchange outside of
some specialties affected particularly
BIZ individual campaigns remained
about the same as on September 1 Be-
fore the disaster occurred. The trad
irg of the week made it apparent,
however, that one effect of the ire
Iaendous news events has been 10 drive
the general public out of the market
for securities.
Investors Show Hesitation.
{ Individual investors were not fright
ened into tossing their holdings over
board, but ON the other hand they
showed unmistakable inclination IL
pause and consider cause and effect
before taking on new commitments.
With the market thus left in the
hands of the professional element
trading was featured by tile taking up
OF specialties and resumption of pool
Operations resulting in the irregulGrity
| which such operations in some u The
! ,lnduStrials ran to cover ON the first
mint Of favorable trde development.
- European News Not a Factor.
- The dominant effect of American
trade news was fully exemplified.
Practically no attention was given
to development in the dispute between
Greece and Italy and the action of
the council of the League of Nations
in regard to the controversy. Even less
consideration was given to the situa-
zion in the Ruhr. The foreign ex-
changes failed to reflect these factors
by an exceptional fluctuation with
the exception of the German mark.
sssThe mark, however, can hardly be
considered a standard for currency in
deelings with foreign nations. Its viol-
cent fluctuations this week have shown
that il is impossible to use il as Il
measure for computing business trans
sections. The terrific expansion Of the
paper currency issued continues and
makes all estimates regarding the Ger
man budget yalueless. Taxes may be
fixed, but before they can possibly be-
come operative, the standard has
changed so that they are inadequate.
1t is safe to say that 30 per cent
of the factors influencing the Ameri-
can markets at present are domestic
trade considerations. While they have
been forced into the background some
what by the late news developments.
they are none the less potent. There
is no change in the prospect that a
. fairly large and profitable fall business
will be carried on in many lines for
: the next few months.
TRADE Improvement Discounted.
q 1t is question vigorously debated
4 however, whether the advance in
= stocks from the low period If late
July until September / has not just
about discounted the trade improve.
ment and earnings prospects for The
, Near future. The record freight load
ings continue unparalleled in railroad
History and the traffic probably has
still TO reach its peak. This fact. how
ever, is counter-balanced to some ex
tent by the fact that net earnings 81
the Glass 1 roads have fallen slightly
from previous levels in recent weeks
Operating efficiency undoubtedly
has increased in proportion to the car
/ rying out of equipment programs. III
! to August 10, 103.374 new freigh
! cars were installed in service. At tina
I date S0,j35 new cars were in orde
! with deliveries being made daily
! The roads also put in commission 23G-
+ locomotives up to August -. TIL
roads seldom have been in such goo
shape to handle the harvest and othe
freight for they have somewher
around $4,000 surplus freight car
available for service.
Steel Industry Stimulated.
The improvement programs of th
railroads have been a stimulant to til
steel industry for the tOnnages of rail
booked has been extremely heavy. TIL
Steel corporation now is operating 2
about 81 per cent; wage adjustment
coincident to the adjustment of I'll
12-hour day are being made withou
friction and prices so far have NJ
shown indications of advance.
Cuts in gasoline prices and in crut
oil have not tended TO relieve the al
prehension as to the oil situatio
--Cheap California crude oil. high
y kasoline content. continues to be shi
2 ped eastward and gasoline productiC
is high IN spite Of the efforts at Gu
failment in the mid-continent field NJ
in Mexico. However. consumption all
IS at record figures. The chief di
turbing factor in the situation is n
- much flush production. which usua
~ goes off rapidly rs the stockE he
IN storage and shut in prOductio
which can he expected TO come on q
market with befiermpnt Of nrices.
Grain and Cotton Strengthen.
Both grain and cotton have show