Show ENGLAND TO PAY ON DEBT Expert Reviews Busine Conditions Affecting Nation In 1924 BY STU T I P WESTI WEST Standard Special Corre- Corre Correspondent Corr I Copyright 1924 by The Consoli Consoli- Consolidated Consolidated Consolidated dated Press Association NEW lEW YORK May 31 The The week weekend weekend end trade reviews re emphasize the Importance of ot the cather conditions In holding back new business Undoubtedly this Is is and has been A ft factor of ot much eight Decided difference of ot opinions ions is expressed ts to whether the th reaction of the he last two months Is its end but all authorities agree that It has slowed up sery ery 1 in comparison Ith April and the th early part o of May It If one went back and examined the tho flood of ot first of ot the th year fore fore- forecasts tore casts cats casts coming from leading lending finan- finan finan q and business men It 5 make mako dh diverting reading row rew ot of them them were re light almost nil all have proved tar far r too optimistic The ex- ex ex explanation pIn nation Is that most ot of o these ob- ob ob observers en servers ers were counting too confident confidently ly Iy upon the outcome of ot the pres pres- pres- pres presidential presidential campaign and ond were re not at atall atall atall all allowing for tor the caution which buyers buyer of ot goods coeds arc are accustomed to tosho sho In the tir months month p an Important election Consequently output which was already running heavy Y at the he turn of ot the year yar bo- bo became cam bo-cam came excessive e during the first two months of ot 1924 and the result was the recession which we e ha base hav 0 been seeing since the third week eek ot of March POLITICAl T r T QUESTION mOle moie than once that a article Is no place tor for discussion of ot polities Yet there Is Iq no question about politics being at the moment the supreme concern both In Wall Street t and In circles outside Hence the subject has to be b taken up purely Ith 1 ith a s view low lew to setting forth the th feeling of ot the financial communIty community ity and an the effect upon the th stock market Keener than ever everIs everIs everIs Is taken In the Democratic cons con conven conen convention en- en tion no now no that La Follette Folletto has thron n out his hs plan for tor a a third part Wall Street Is Inclined to look upon this as a threat designed to force one ono ot of the other parties Into adopting a 0 certain amount ot of otI Into Its If platform loss I-loss- Hoe How However e ever eer er the possibility of ot a third par par- party party party I ty In the th field has now to be con con- considered considered con considered more seriously also the th chance that It would result In throwing the election Into th the House of ot Representatives es esIt esIt It this were ere done the radical bloc would hold their balance of ot po er erand and would nd dem thit th the success success- successful ful tul candidate adopt some part ot of theIr program One demand 1 certainly be the repeal or the amendment of ot the CumminS Isch Esch act with Its safeguards foi tOl In railway securities Another be the adoption of ot a farm tarm relief me measure measure-in m in case one ono does docs not p the present session ot of o congress cong en en tailing a 0 a hell heavy heay y draft upon the treasury and helping the bonus bill hold up ta tax reduction QUILT MARKEIS A These considerations have added to the perplexities of ot business men increasing their determination to buy only tor for the th barest wants They ha hase hae e also led to a further shrink shrink- shrinkage nee age In stock exchange trans have hae fallen tallen to the lowest est ot of the 3 lear ear Wall Vall Street has not e e- ex expected much to happen until after ater the convention and it Is mOl moi sure suro ot of this now than at any timeA timeA time timeA A matter of ot surprise ho hoe e cr I Is that investment estment securities of ot a sufficiently sut high hl h grade not to be affected by the election results should have hase made so little response to the tall fall In money rates to a new low for tor the sear icar car The reason h the bond market has lost its buo- buo aney ancy ncy Is the old story of ot too many new and cemi c mi eting cling issues holding back the 01 old There Thero Is much ques ques- ques question question tion as to how some o of the new rall ay offerings have base been going I how ely laig-ely the they hive hse been taken b the final investor and how large large- ly largely by speculators hoping to sell at ata ata ata a profit pro to the investor later on PAYIn L GL I D TO go Y rY In view slew lew of the tho recent decline In British merchandise imports the Increase In gold old shipments to thIs countr and the heavy demand for tor foreign credits by the th stream ot of American tourists to Europe the theall th fall all In sterling has hs ha been of ot a Surprise o e The ex- ex explanation ex explanation no longer longor lies In political uncertainties at home for tor England has got used to the labor go ern mOnt ment and has seen that while In 10 er It cannot put through any ot of olits Its bigger er measures The Tho Lion lion that the tho weakness In has been connected with Ith doubt about adoption of ot the Dawes Dawl'S pro pro- program program pro cram gram Iq ls ca cel tenable tor for In that case French and Belgian currencIes being much mOre mor deeply concerned ha have hase e been weaker tha than sterling v they thoy ha have hase e not The fhe Th main cause undoubtedly lies hes In preparation tor for the next Instalment ot of interest and sinking Inking fund on the American war Mar debt which has to tobo tobe t be bo met now In a little more th than ln a fortnight |