Show HOME r iE BUSINESS CONTiNUES GOOD Steel Trade Is Gradually Regaining Its Itz Old Time Vigor I I r ri rr i B BI ItT STI I P PM M I 1 T S-T T I Copyright 1923 b hi Th Tho E Examiner NEW YORK uc Jan 1 19 hono r I security market has liaa defT defT- deir dorr I this is week t nil t q ai conditions ar arc the U upi ern em con and that II th tl ti te l se seI l- l ly y y U tl e C I Icon occupation 1 oY i 11 ihu Rum Ruin aea ae ape L a mattel mattei ot of The rhe purely technical e etton n-llon n o f 1 tho tho ot of the tho t to ti i I I m n fl irk irk- irkis I that I 1 is the e explanation h appeal ito to the professional mind h 1 I that th rf I bad been en no chance chanco the ui Ut ut nard tard movement which sar d r I the first of oC December L to tJ list I stock toek on a a large scale cal T COM 01 1 SITIO Thelo Is however ho tha th Lo i dpi Iw l of o tho that situation that lil 14 I must L pro ed that tho n tl ti bles blesa a c e affect 11 lr e bL conditIons these become a m n 1 Jor f I Jor ln the flie price e rOH Wal Wa uh has been Its SUd- SUd merit that the worst that t n a ay to Germany or e een even en the complete fittI- fittI fail failure uro ure of the French efforts to 10 celled will not par ln U ti tte e ta fa- fa outlook for tl Ide In III this coun coun- countr country tr try Tho The London securities s market all aT i ithe the course couro cour o or of o LI cling iliin nR r hav hown that Great ln f feels els Ui th same samo confidence In tn Its pc I ss of dOl developments n nn th the con con- H o 0 HOME nOIE I Ml I The one ono way ay ay In hie which i I JI JIIn In Gel Ge many and 1 ance roud po 3 affect our situation le Ie through curtailing the tho demand for tor goods But fut as his s bee bee i d out oui Out business conditions fOI the last sear ar and n II hal halt hive rHo ie themselves es to a s e cx- cx pelt POIL movement ilie recovery reco of the tho pa- pa pat t 12 mont S has re te 1 almost l upon home demandA demand A decided increase to bp or sure ha occurred during th the list lat f fw w monts In the tho e export port total totals due dIu purchases by South A and the Far but wu o hale hae ha e probably probably ably seen European 10 el ut al the lowest est It can conceivably be and business has lh l steu to this condition r L C ISSUes Regarding the market It ItIs itis ItIs Is perhaps well to rem th tiit t III r L a icar car ago bon boni i prices a at t lo advance This was fol 01 Joed Jo by a sharp lea In tn al and March and the s second iry up- up waid wald movement mo did not nt start Mart tart until ell along alone In the spring prin There ert er tao t foi tot the ng r F cession tho Iho first was as as tho the or eC the January nt demard fland demar-fland and the tile second was the tho nony output of o new flew sepu Iles seii l le Both BoU factors ma may quito quilo II I In the this thi cir ctr cirA As A let et th there re are arc no Ig ls that te t ot or o new capital has over o oer- oer overtaken taken tho the demand On the thc contrary nothing In the tho th whole halo e I of pond syndicates during U ti tie e last t two to 0 ears ars has en bi-en more thai the outcome of ot the Copper CopperI I i ancIn here with i t Is- Is Issue sue sue cue o of- of the thc I li b su sub Ibers only 20 per cent ofU ot of U h hat t th they tiey y had applied CorBut Cor CorBut or But It has been the unIt rm of ot the tile past that nov v on at the I tate late ate they thy hale hae ha 0 since first first tho-first of ot the year in the pit t a lorded forded such uch competition for the tho und moro more established that th v either check any ton t-nl t ncy to al a 1 sauce Ance or bring brine about a ft lowering o e oI I ices hY C bY MONEY Jl TRADE TH The o mallet markt L I In a quite position from U II tie o 0 cst l est eat estment ment of or the r are deter determined mined chiefly by the rite rate ot of a money In- In In tuest and the tir relation o lemarl d mor l aru arl as Influenced b bl brew rew Iota Iota- tion flota-tion-a e depend upon the thO abundance qi qt I carlly carity or of edit and up upon n the P Pl pi l 1 1 and prospectIve of the co hleb they represent n T Tie ise In the tho stock tock mark markt t duri durl t ta last six lx weeks has his l bce-l upon tho the easy side tide of the tho money arl arI pal upon the situa lion tion Ith aith tho the tat thit II li w iv continuo continue throughout the th new ness M ear At no time lima this yea yea- hsie ha o from the tho steel trade ben n be n ro PO opTImistic tic tic In the Pittsburg torn soi-ac sor plants aro operating'S operating it us S 'S s i 8 St p pr r cent of ot capacity wi w ich kh jess tha tha- BI months ago were o at Pt pet pel cent Mal e important is the tho rising tendency ot at stee prices What this ha has h s meant t ft tui the con can panics con panics was strikingly dl di closed i by hy tl U e 0 of the Iron and arod Steel company this Week It was sa that after atter a to t t o year yeats of ot continuous loss the earnings of ot this thil dur- dur during during ln dur-ln ing the last list quarter of or 1 t q 2 were suf sufficient to recover reco dl 1 twice Ice over In other directions th the trade ra r ports porta are arc equally Deo as a the th largest month on nl reco d for retail sales and for tor known known t In railway car c r loadings It also l o as w the th largest D I r e cr e era the th most reliable ure meare of ot liD tk general volume of trade Under Und r the circumstances t Ulc Uta th ed edin in Wall WalI street de despite the thi disturbing S no from abroad Is th intelligible The Tho one on danger rt t tho the pro pr prent ent euit ent situation In tho the xi n nT-ket nT et la is th-il th peculation will III overdo cs Will wll 11 B beyond the facts of the sit It as s It tt did last spring and nd n agan at tn in summer mid AS A ya 1 f e 0 ton ary ry signs of ot excess havu not appen ed |