Show WEST NEST TRADE TREND Little Reaction Results From Dawes Report Wall Street Quiet BY STUART P QT R Standard Examiner Special 1 Corre- Corre Correspondent Copyright ht 19 1924 b by The Consoli Consoli- Consolidated doted dated Pre s Association NEW EW TO rom Rh April 1 12 Tho Tho acceptance of ol the Do Daner commIttee report on German reps rep reparations by the allied tj e tJ thes should properly be regarded S I the event of o first Importance jn ht the financial sll situation of the t week For Vor flee Hie tears sears eMS eco eco- eco economic writers hav have havn been SS InT InTI I that hat the German collapse was as the tho worst feature In the worl world 1 and that German recognition recognition would be the greatest as- as ac accomplishment from the tho standpoint of the general business goodNow goodNow good Now OW the tho recommendations I of th the experts have havo been adopted by bythe bythe bythe the reparations commission They constitute the tho bet best solution by far ot of the problems problem grow growing Ing out of the war ar The be- be belief lIf lief Is that with Ith tho the other nations so 0 united and so 80 prompt to 10 ren- ren render ren render der del their decision Germany will agree There ha has not been blen a It mo- mo moment moment mo moment ment where hero the chances for or a n so- so solution solution so solution lution of o European differences have havo looked as a as bright as they do doat doat doat at present WRY WilY Q Q RESPONSE The Iho markets however ho hale hae ha e not taken the tho news s with any grout t degree of o enthusiasm for th simple reason that they realize realise that e ca e en with the Dm Danes es plan going through the tho reconstruction of central Europe Is le a It long lone Il orals as S af tf fi j Is la tho the most moat im- im customer customer ol of o the American cotton and copper trades It means a It great d deal al for or these rn- rn Industries in industries for or German buying power po to be bo restored to normal But how long with 1111 the tho handicaps of o Inci eased taxation for or under the Do Danes cs program Is It going to 10 tale take for tor forthe orthe the Germans to regain their old time timo purchasing capacity abroad This Is one of ot the questions which arises In a practical dis- dis discussIon discussion dis discussion of o what bat hat the achievements or of the Investigating In committees signify for or the present market marlet The reason why by the markets ha have hale e not been more moro en- en enthused enthused en enthused I is not because they o ha ha been sl skeptical about Germany ac- ac accepting ac accepting or certainly certain I not because they hate hais minimised the Itu e ot of o effecting an in m Luru Europe o They hate OJ only fet that the Hie e to- to ie ery emery was lIS som something too remote to be bo as a II matter ot of first consequence 01 LF S The tiling thing ur of u concur concer t I II ts iii I s Gnu bustle Luse at ham home of 01 the Die l 1 sl sL ago ii o 0 months has been accumulating that expansion as It was proceeding at the beginning of the year icar ear was as going ahead over over- over fast fast tast Too much was waa expressed ex- ex expressed ex expressed pressed about the Iho outlook In la In- In IndustrIal Industrial In Industrial lines Too much con con- conden confidence confidence den dence e was expressed ex PI eed oser o 0 er the po- po political po political future The stock slack mark market t tor or of reflecting this atti- atti attitude atti attitude tude ent to en excess on the side of advance ance Important like steel and automobiles In Increased increased Increased creased their output ut iy Iy Now how It has been disclosed that things were not as bright as they three months ago Consumers Con Con- Consumers Con Consumers sumers have persisted In their policy o of bu lug for tor or Immediate requirements merely The Tho result has been an n accumulation of a surplus on tho the hands of ot producers producers producers ers resulting first In fn increasing competition at declining prices and second In a II curtailment of output This Is what Is going on oaIn In t he steel trade in the motor Industry and In other representative th the tive e lines It Jt his s already begun to show shots in the general data dalo especially In the figures on railway ay ear loadings and and bank baul clearings CHANGE HA GE IX IN At the same urne time political sf- sf affairs af affairs fairs lairs hate ha ha e undergone a change cInge changeAt At AL the start of ot the tho year ar nine nine- nine tenths of Wall street strett was vas sure euro that a conservative candidate ou on ona ona It a platform would In next 0 ember It was WILlI plc- plc picturing pic picturing turing Luring In rosy roey colors what hat this would mean lor Jor general an for tor the markets Now after what hat has been happening In In Washington tho the last two months the feeling I Is quite different It cannot yet let et be said that the recent In the stock market re- re reflects re reflects serious uneasiness as im to the possibility of radical success at atthe atthe atthe the polls But Hut It can be said saM that one of o the reasons why prices s sha hate hae ha e sunk to the lowest of ot the year ear losing th the tho better belter part of the tho entire gain since October Is that Interests In Wall all street regarding the presidential cam cam- campaign 1 with Ith uncertainty Instead of with the tho complacency they for for- awry merb felt h TIt lII IN IV 11 MARKETS L Th The do don downward n nard ard movement Is therefore quite on the double ground of a necessary re- re readJustment readjustment re readjustment adjustment to 10 a less Ius favorable trade position and a 0 a 1 less le a certain political position On the other hand remembering how Mall treet during the last laL two years h has habitually gone to e extremes and nd has hItS rated over outside busl- busl business ness changes first In one ODe direction and then In another It Is well not notto notto to 10 take too loo seriously the pes pessimism which has hs been fashion fashion- fashionable fashionable able this last seek neck The elements element of a real business depression are not present There la Is no credit put but on the contrary credit conditions are aro the easiest the country has ha-a ever over known coup 70 JO J RA VIO J A V Lit 1 There has bas been no over area mula on of high priced goods In Inthe Inthe hands bands of merchants and mun- mun munA the about A such as helped th the catastrophe of 1920 1821 1920 Even there thero has bas been boen no period of excited buying at rising prices like there was In February and andIs 1923 The whole hole overproduce trouble Is Is that there has been overproduction tion In certain quarters and that thatto thatto correct this tho theto e has Lae to bo be a to cutting down and L a lower of t prices for the I It Thi two t him hM months months been bom and solos gOIn and with with on have to be carried carried doubt It will But the decline stock of ot 10 SO to o t 20 l points on the ij exchange nary must must from bo be considered considered the as of hav- hav havIng having uary of the WilY way much In Ing done discounting thes these changes changer |