Show SHARP BREAKS I FEATURE WEEK Industrials and R Rails a i Weaker Merchandise I Issues Strong D By fly BYRO- BYRO SELLER 1923 NEW EW TORK YORK Oct oving 3 37 H wIthout uniformity the market of the v week peek eek have thron n little light upon either the future of trade or of prices Investment bonds bond of the first trade about the quality of v Ilch kh there thero could be no possible doubt hae e been quite etron strong There Is notablY the cast case ca with United Statu lo loans bane Of coure course here there are special 1 reasons for tor the notably the of for tor the treasury sink sinking log InS fund and possibly possible tor fOt the ac- ac account account ac account count of the th f British SO go government as aswell I well the latter being connected Ith a Ith the net ne t payment r of Interest I Ion on t the e International AI debt to the I States Under the th funding agreement Libert Liberty bonds are tak- tak taken tak taken en at p par r for tor the payment of this Interest The reasons aside hos- hos hoever how however ever It Is fair to assume ume that Lib Lib- Libert Liberty Lib Liberty ert erty bonds have hate been sharing the ent displayed by the high hiSh grade rails and Industrials Alt All this Is Ia s in d with precedent that when hen mone is 15 easy and there Is uncertainty about the It If only in the minds of the timid flAN On the other hand there have been sharp breaks break in certain spec spec- speculative ulUI e securities both stocks and bonds where here there ha has been beCo doubt about either the particular corpor corpor- corpOratIon corporation In Involved oh ol ed or about the Indus Indu- Industry try in which It Is I engaged Instances are the oil copper rub rub- rubber rubber rub rubber ber and leather trades The oil situation is well nell kno known knon n Production Production tion continues to exceed consumption tion There has been great de- de de In the market for or copper opper Vail all Street et S sentiment a as U to the rubber and tire outlook Is 1 still pessimistic Finall Finally one Of elf the largest manufacturIng companies ma made e a ver er dIep- dIep pointing report this week eek Prices for the shares share of ie e corporations engaged In these and kindred line lines of activity Ity accordinglY RAIL RAID SHARE OUTLOOK Of 0 I equal ual Interest was as the sudden and violent decline in both honda bonds and stocks stocke of one or t to 0 Ith Rh marked heaviness in others othen In no case were ere era there thero an am thing new about the carriers carriere In ins nor was as the general railroad situa situa- situation situation tion an- an an n worse Morse In fact If it any any- anything anything thing It Is Ii better beUer and even the roads the securities ot OC which sus- sus sus sustained tamed the greatest loss report far tar ahead of this the th corre corre- corresponding corresponding corresponding period of a year ago It Is ls of course a matter of per per- persona personal per personal sona opinion just when railroad shares will have discounted the un- un unfavorable unfavorable un unfavorable favorable features of the situation The St Et Paul has shown marked reco cry ery in earning po pou power er this nr er It still has to f face ce a 0 large refunding operation some t to 0 sears tars hence The orthel 1 n Pacific and the Great 1 01 them thern earnings earning c of which have fallen alien off oft ave ass no near maturities to meet meat And it Is not to be expected that al depression there will sill continue In- In indefinitely In Indefinitely definitely Undoubtedly also even even- even there e be traffic enough for all three AUTO 10 ISSUES STRONG G It would 5 giva gl a false impression to dwell dv ell upon these weak spots In Inthe inthe inthe the securities markets marketa pointing out the remarkable ye- ye re resistance sl to selling pressure sho n nI I where here In the list Steel equip e equipment ment merit automobile and and and- utility shares have base been only slightly at- at affected af affected Perhaps this is more re- re remarkable remarkable re remarkable In the case ease of motor stocks than an where else ele In siew of the exaggerated pessimism with professional Wall all 1111 street pro pro- pro professes teases to view the Immediate fu future Its Its- ture of ot the automobile industry Notwithstanding all alt the tha talk about overproduction Intense com corn comp companion p petition panion and the approach of the called called so-called saturation point automo automo- automobile automobile bile stocks seemed this week fairly to have balanced the risk wIth the return on the investment The automobile business has baa been confounded the prophets so 10 Often otten that it takes more than the ordinary naT nary assurance to set a limit to Its expansion lr a- PEACE fl IN IX EUROPE The most mot Important development of the week was u the publication of the correspondence bet between een the government of the United States and Gre Great t Britain Brittin to the European situation as a whole hole and to the reparations reparation problems In par par- particular par particular particular Taken as u an Indication of on the part of the Washington administration as a helping hand it was W highly en- en en encouraging cou raging there 1 here can be no disputing the proposition that our own Industrial and economic fabric I Is closely In- In Inter In Interwoven ter 0 en with Ith European affairs And set et the markets with the ci- ci ex exception of the forel foreign n p ld little attention to the ne neu nes neIt neuIt s It may be that this apparent In- In Indifference indifference In Indifference difference Is ii due du to the difficulty In foreseeing fore just v what hat will be bl the next step It Is more probable that th the buyers and nd nd sellers whose 01 op operations rations orations control our markets have so long been a absorbed in consider consider- consideration consideration of domestic trade and Indus Indus- Industry Industry try that It has become a habit to Ignore affairs R abroad broad TOUT LIMIT OF PRICES For the present attention Is b con concentrated upon condition conditions at home and mot most Important of these Is the attitude of the ultimate consumer consumers er ers Perhaps this I 1 Is best beat Illustrated Illustrated ed In the matter of cotton and cot cot- cotton cotton cot cotton ton goods The supply 8 I is ii admit admittedly short the price of the raw material Is at its Ita high point but the manufacturing consumer t lj 1 not going ahead any taster faster than he feels reasonably sure the retail trade will nih allow In II a sense It may maybe maybe maybe be regarded as a test tnt case How far tar can prices price be raised without checking consumption The Tho answer Is III not yet plain and Un- Un Until until un until til It Is the business Interests Interest In- In In Involved are taking no chances they can avoid All of which Is la reu- reu reassuring reas reassuring suring rather than otherwise |