Show MARKETS STAND INVASION TRIALS TRIAL I Britain and U IT S Unshaken Business At Home Still i Gaining I rINA Cf I r OUTLOOK I By Stuart P West cst ht 1923 B D The Th Standard Standard- Examiner NEW YORK Jan 11 18 The The markets market market-hav have passed unscathed through thel the th critical the he French 10 aslon of tue tho Ruhr The Tha upward movement mo on the stock exchange temporarily checked at the th start of ot the week neck eek 1 was III later Ilter resumed 1 with Ith more confidence than e ever eser er Bond prices where hero they moved at au all went higher Die rho e Lon Lon- London London Lon jon don stock tock market was quiet and so- so eor eone sorene se serene r rene ne as our ow 0 own nand n and sterling returned almost to Its high of Do- Do December De December r cember which l al also alio o was the tho th highest since Inc the winter of 1919 soon after British treasury had withdrawn the artificial su support rt maintained dur- dur the e 1 war ar Cotton Cotton which 1 would I dur-I nit nit- tur nn lly be the tho most sensitive to any any- anything any thing threatening shrinkage under the tho th open demand nt n t only did not go godo godo do 1 but continued Its Up upward ard swing Ing f and nd reached the th highest prices ot of the thO I season NATIONS NATION'S S 'S POSITION I all this thel e are t two 0 possible I 1 explanations Tho first is 15 that the United States and Great Britain felt I thit their position is strong trong enough to stand up agaInst nn any event event- event I on the continent of Europe The Theother Theother other Is that new conditions created I by the French policy b bv attempting att forcibly to collect the German nty nt nty are not as serious as at first I It was wao eu-ec eu they 1 would be bo Undoubtedly there ther Is a 0 great grent deal of truth In both these thee assumptions and the they count cO equally In explaining deall the calmness of the markets The fact that French at the th close cloe of the 1 week neck celt was able to recover half hat It It had lost durin dunn etho first n I down down- downward iward donn-iward ward plunge following the of the Paris con conference ference was v as not sig- sig significant It certainly did not fit lit I In with some sonic ot of o the tho predictions of ot a and two 1 weeks ago ngo the the th gist cist ot of which was that the franc was destined to go BO the way ny o of Jf the mark CONDITIONS ORB Lr In no week eek so eo tar far has there been so much testimony of o a fa nature regarding the tho business situation at home It was ns already known n that pig Iron production In December was aS the largest of ot any month sinco the th nu- nu autumn au autumn of ot that 1920 that i Is before the peri peri- period pen pen- period od of ot depression had hail really be begun un The statistics for Cor the coal trade show that the December output of bituminous averaged more than ten million tons per 1 week eek as against eight million In Inthe Inthe Inthe the c month a n lear ear ago whilo the consumption of ot raw silk was wl wa half again as ns large as IS In December 1921 These three lines are t ral pl eat ral of ot the th state of Industry as a whole hole production Production has hM made a full recovery recover JO PRICE ADVICES CES The Tho ratio r ot of employment to un- un un unemployment employment ment plant Is Quite s quita-s as high as It was a In the tho Ordinary ears before the war l The tant now Is i I whether the sustained Increase of the last fe few months month In Inthe Inthe the Industrial output will 11 be b followed as the tendency In ot recuperation atlon 11 I 1 1 an advance In pi Ices Al- Al lady Al pady this has occurred In numerous for directions for tor e example ample In cotton and goods In lead and zinc and rubber Signs of prices andI I the last week or so ha have hase e begun to appear too In steel and copper a more profitable price pric copperI level I on top of ot the present large business the years year's results in the mat mat- matter mat mat-I ter of oC corporate corporal earnIngs should hould be beS bevery S cry ery sa satisfactory IU MUST T BUY EQUIPMENT T TIt I It I Is this view Slew which has hils been back backof backof backof of the stock mill ket in the rise nse from low the low points at the close lose of Novem No November fromI I h ber br r The market during this In- In Inter In Interval ter 1 has hns been anticipating a veart ear earI I ot ef I good times In 1923 It Itha ha has been ben upon Increased I amines al and Increased 11 dividends that thatis thatIs is 15 for tor the shares of ot f many Industrial and pu public utility The po- po po of ot the railroads railroad Is different be- be because be because cause while car lo continue un- un heavy large lange gross cross re- re ree re receipts e uncommonly large lare sums turns must mut be spent for maintenance ot of otay way ay and tor for the purchase of new equipment o ocr cr there Is the tho constant shad shad- shadOW shadow shad oil andl OW of ot 0 Interference of more mono regulation and of forced reduction of freight talc without compensation In the shape shap hape of ot lower wage wace scales cales V I N RIC ATt AT CW t EW EV LOW I W n ith 1111 the apparently Indefinite post post- postponement postponement of ot a reparations settlement the tho German Gf mark has sunk to a new low For two months or more despite newl the huge hue Inflation of the th paper cur cur cur- cur r nev the th mark had stood up buoyed I by the ho hope hop that the tho th allies would get together and ond nd reduce Indemnity within the bounds bound of Germanys Germany's I abil ability it ity to pay Now that this hope has been upset the th mark has hns taken the natural cour course e It 1 was as bound to take following the th constant dilution of the paper poper circulation The The seizure ot of o the Ruhr basing ha hav Ing had no political oon consequences of a serious nature does not seem likely to have any more nore Important economic conse- conse It will not affect more moro than temporarily German e ca- ca capacity and consequently It will not affect German ability to pay IV IN mi THAD TRADE The recent decline In the franc Is of course cours more associated with the course of political e events vet et econom- econom economIc economIC economIc Ic reasons reason have hav also pla pIa cd ed a part One ot of the tho principal causes of oC o the th cry ery In French exchange In the th early months of ot last veal eal eai was that France had been able to almost strike a bal bat bat- balance ance between her ber Imports Import and e ports exports The latest latent fIgures show hol how this pant oarl of for I worse In November the Imports ran ahead of o exports by francs ranI I I I whereas even III as a late as a October the I 1 excess was l only nl francs franca Along Alone with this till unfavorable turn In the foreign trade a further I factor In depressing the salue alue of the tho thoI I franc 1 was as the undoing In the th last few i Ida I das d of the th lod vear ear and the first few of the new ot of the entire deflation In I lof paper not Issues accomplished hed dur dun during duning ing lne the autumn It Is stilt till possible I that the bank not expansion at the year send a end s 's will ill III pros pro prove proe e to have been due I to temporary demands but la last t Thursdays Thursday's statement of ot the th Bank of I with Its very small emall reduction In the tho circulation Item afforded no encouragement tion assumption ot of any such I |