Show BUYING LACK BRINGS SLUMP No Real Beal Liquidation Responsible for for- By BYRON nYRON SJ Sra ns Correspondent for The StAnd rd I Copyright 1923 NEW YORK AUE- AUE 4 Until was brought blought to a a sudden halt bait by President Hardings Harding's deun desta the security markets of or tho the week I had bad moved with no more mora pronOun pronOun-ed ed than hesitation atlon I I While the news of ot the nation nationS nation'S loss was recoiled everywhere with the most sincere expressions of or sor- sor sorrow sor sorrow row confidence was WL In Inthe Inthe Inthe the character and ability of the new v president to fill sill tho the position to which he hl was so unexpectedly called and thc the underlying condi condI- condItions conditions conditions which both Investment and speculation were re tt ded as remainIng substantially unchanged Attention this week has bas been dl- dl divided di divided vided between the for foreign ign and anti th- th th domestic situation Both were re- re rc girded as holding certain dl Inar log Ing possibilities but it was wis the tile COl i co abroad upon which the great great- greater greater er stress etress 11 was as laid It is of or course cours hard to say Just what influences e estow actual and potential It ft ItIs Is plain ho bo e as eer er that it Is absence of bu Ing rather than real liquidation dation which has haa been mainly reo re- re responsible for the recent decline in insecurities insecurities securities WATCHES I I There Is Js always a greater or Ie less amount of selling soiling for short ac- ac account account ac account I count but unless this induces Induce re real holders to dispose of ot their holdings It has no permanent r effect A de- de cline ciba III extend to the tho point hel e support Is attracted either from ron the e or the tho investment In- In Interest In Interest terest In the present mood the specula specula- specula tue tl tise group is mostly workIng ward to ard lower prices while hUe the Investor Investor Investor tor stands aside It becomes Im- Im Important important im important then to nal ze if possible the reasons for fol this Investment lethargy As has ben bren salt said abo abose aboe abo e Just now foreign affairs are doubt doubt- doubtless doubtless less the tha cause of oC much of ot this dIe dIe- dis distrust trust In a hague ague ague sort of way It itis Itis Is expected a break between France and Great Britain and the collapse of or Germany about so much Is la said will react unta- unta unfavorably in the e extreme reme upon our 0 orn industrial position No Xo on s exactly bow how this is ts to come abott but the pf effect creed is all the greater grater because the process Is Isso Isso Isso alii so obscure I THE TUE WHEAT IEn I So much has been made mado of the misfortune of the wheat farmer and I the lack of ot a world market for his product which a hleb lackin part at least IS alleged to 10 be he- due to Europe s a InabIlity to l bu bui that not until the situation tAk takes 5 a II positive turn one way or the tho other Bill II this feeling of doubt be bo removed The Tho chances are that even enn were the worst worst tore forebodings bodings to be realized the effect would woud bo only a little more disconcerting than the present un- un unCertainty certainty And Ot ct et It must be admitted that thIs uneasiness a about bout European ru Ui shows sery er little in the tho place where it might be to snow Show the tho most most the foreign bond market It has been one of o the tho most striking phenomena of ot the tho week that th the very great weakness In French and Del exchange has had no counterpart In French and Belgian bonds These bonds are telling selling away above the lows s ot of the mide last January and The explanation seems to be bo that the holders bolders ba haic 0 be- be become become be become come hardened to recurring report of oC rises abroad and refuse to be- be become become be become come alarmed even when ben the On- On in international statesmen use the tho most language lan DIVIDEND DI STOCK LOW OW While concern o er the Euro Euro- European European European effect problem has a II deterring ef- ef ef feet upon Investment the ro- ro re remarkable prosperity at home homo seems to have no stimulating effect Three industrial corporations ha base baseI e I just ejust made reports show ing the fIl fUll I years year's dividends at present rates learned earned In the first six months or of 1923 and their stock continues to sell around the recently established low points j In the case of ot United States Steel this condition might be explained by the small return at present In- In Investment In Investment vestment the stock block gl gives es but that does not su suffice in the case or of Locomotive Studebaker er or American tive two It may be urged that t tho o market is urging reduced earnings In the second halt half of the year and probably there is tb be said on this score This tobe hardly accounts for tor the returns to be had from th the shares of ot the public utilities tho business of which is i fairly uniform through good times and depression islon alike U I I Probably just as ns In the matter or of the foreign situation no so WIth things at home It Is 13 the fact that factors there thero are so miny my unknown f fac tors that keep th the tho out oZ ol ola oZa ota a market which would ordinarily look so attractive It Is not only merchants ani an ans speculators recollections who have base vivid of ot tho great deflation ot of 1920 and 1921 Investors remember ber bar It well also and until they are aro able to get Ird i t clearer view of th future they do not propose to take any chances The educating effect or of the price iriA Slump two yeats ago can hardly be over emphasized In distinctly one particular the tho situation is dis- dis dis I encouraging Through all speculative tho decline in stocks both specula specula- tive and nd Investment the tho grade grado high bonds hivo vo remained stead steady v The market has been dull and there thore has been lIttle lUtIo new buying but on the other hand prices have hare not gone down Even ven should all oil the domestic and foreign operate to prevent any great ery Pry recovery In stocks the outlook r far fr r tho the better betler tobe bonds is Ac generally thought to be good |