San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1924-03-16
Public Interest Withdrawn
and Field Left for
Professionals.
TRADE IS IRREGULAR
Decline in Wheat Prices
One Of Less Favorable
Factors in List.
BY STUART =. WEST.


Copyright. 1924, by Consol. Press Assn.
New York. March 15.-In the fl
nancial situation Of the last week
more interest has been taken in tho
recovery of the French franc and the
depression of the wheat trade than il
anything else. Outside conditions were
too good for q further sustained de-
cline; they were not good enough for
any immediate renewal of the real adj
vance. Consequently fluctuations set
tied down into q narrow range, pub
lie interest was withdrawn and the
held left IN the possession of the pro-
tessioals.
This has been the sort of market
which has been going ON during the
week, eDlivened by occasional sorties
IN individual stocks, 4 few downward,
but the majority upward. There are
no powerful outside influences TO draw
the market either way. Speculative
= Wall street finds it harder to under
stand how it could have been excited
over Teapot Dome or listened TO the
suggestions that the Investigations at
Washington were going TO undermine
confidence in the stock market.
Trade Movement Is Irregular.
Wall street has the backing of cred
it Indefinitely continuing. There
fore where individual securities an
pear TO be worth more on their earn
ings, there is plenty of encouragement
for an advance. But the market in
general is not responsive to money
conditions alone; it is more interest
ed in the course of trade. and the
trade movement is far from uniform.
4 nroHnatta,, Of gtanl
Iiige as 1t Is now, i'll both instances
approaching the maximum for all
time. But on account OF rundown
supplies, the market was IN the hands
1.-THE seller. Consumers buy Tor I'M
mediate needs only, and according 10
the latest reports are obtaining III
some lines concessions from the pro-
uucrec.
Stock Market Notes Exceptions.
The outlook is bright Ior sugar
trade, better than it was for the cop
per trade. The general volume OF
merchandising Is satisfactory as indI-
Gated by the record-breaSng totals of
car loadings and the large sum OF
checks passing through the banks. On
the other hand, crude rubber has been
breaking into new low ground Tor the
season and the raw silk has also
reached new bottoms. Despite the de-
cline in raw cotton there is no i'm
proyement in the goods trade and no
lnducement for the cotton mills to
start up again. The stock market
seems ~ be waiting for more encour-
agement in this quarter.
Tariff Raise No Help TO Wheat.
To the list of less favorable factors
must be added the decline in wheat
prices, and in one or two important
branches of the livestock industry.
Last year was an Improbable one Tor
the wheat trade and yet May now is
selling j. cents Il bushel under what
1T was a year ago at this time, and
September wheat, which reflects judg-
ment regarding the new crop, is
cents lower. Favorable weather in the
Southwest has figured in the recent
decline, and SO has the slackness in
exports. The two main points, how
ever, are the complete failure of the
remedial measures, including the rails
ing 'of the tariff, to have the desired
effect and the doubt whether the
farmers in the Northwest can be in
duced to change old habits and diver
sify their crops.
French Resume Old Attitude.
With the danger over, now that
strong outside relief has been extend
ed. French statesmen have character
lstlcally gone back to their old atti-
tude that the decline in the franc was
unwarranted and was brought about
by foreign manipulation, chiefly ema.
mating from German. The truth is
that the American and English bank
ers who have come to the rescue would
never have done 50 under conditions
three months ago. Then the Frencl
government was saying the Dawes
committee could 90 into Germany an,
investigate but its findings could no
change the French policy of extract
ing the full indemnity.
The mid-January collapse in the
franc forced the French authorities t,
abandon this Laissese-Faire polio.
and adopt 20 per cent tax increas'
and later give out an assurance tina
If it were necessary to cut out recon
struction work in order to avoid furth
er borrowing, it would be done. Thi
was the first big step toward assur
ing budget balance. The second wa
the breakdown on the Ruhr policy
implied in the agreement TO accep
the Dawes committee recommendation
whereas in December they were TO b
ignored.