| Show TOCK STOCK PRICES HOLDING GAINS 1 nr B- y STURT STU RT p Correspondent nt ot or The U Copt right 1923 1923 NEW r 1 0 ORK I I Sept History l 1 has repeated Itself In Wall Vall all I and August has hIlS lived up to Its tra- tra tradition tra tra as a a month mouth ot of rising prices In the old time prior to the tho feder federal l I reserVe 5 system stem th the mo movement ement cor car car- ned led through the summer Opera- Opera tol S ere era apt to Ole n maKe h hay hUe I tho the lIun un u IS velor money market morlet shut sIt down don do n upon e borrowing borro Ing to devote It whole efforts to crop movement It was quite the thing mine for the money rates rate to go up before Sop Sep September Sep September wa wai lar along fo for the tho banks bank to begin pulling in n their FLock exchange It leans and for tor the bull market markot of ot the pre lous movement to abruptly cot cot- colla la col-la la laree Nowadays s the hardest demands e hae e bet loat their terror Under the smooth of ot the thc federal ve t by cred credit It is pooled for tho the benefit benet of the tho se I here the need Is gr greatest the tho to bo be bos mone market has has- as ceased s to what shat hat formerly Mas as II a se Ise secre cre strain 1 let Gt een even e en in an the decade de- de I cada Je since the of the tho regional sequence of W Wait all aI street events e has heen prett pretty much the same There hae ha been one or two t but It 11 has stIlt still bec trUe that mat the tock Block marke market has gone up to toan an any extent In Ar rust September after the week ceI or BO so has been beena I a month ot of o receding prices The reason fOr or this tics lies l In noth noth- nothIng nothing ing tog else than the law of ot t action and reaction and It maIe may ma- Lo Ie said bald that the August rise riso this ear lla been merri merel a a natural rebound at- at after atter af after ter an excessive sl e decline there thero Is no beak eak speculative e situation to be e consIdered as t re ha hah ho been een In otnel ear ears I he fact tact has to be weighed up the he be last which was rapid and exten- exten sl exten sh tO OutSIde ot OL a L feW lew hh lIku cind cOrpel representIng tea t E ES S A n A-n iA Ala t 0 pos pos- Lion llon nas as aS unsatisfactory stocks tock at their high of lat last week eek wore were back backover of oC tho tIle 0 oer or half bait to ground lost Bince the thu Middle ot of he decline in Its 13 Call eaily cally stage that I I- I during the tho s1 Ix weeks 1 on us on wua the re- re ution the judS ln d sp spi-cula-llon spi lion ot of the wintel Inte It was the le- le e ISIOn ot of Wall Street values alucs In with th th-i th discovery erY ery that thilo was as not to be e a boom oom r era a as were ere cre me hut tile decline clIne d got I be e on ond UI tile bounds of a 3 rt became a a reckless f movement HL It LD l PRICES In getting Betting back as It did the last eek the gret r part of the loes of ot this later period the mar market ket I to a basis where here pi corresponded once more with s reasonable view lew ot of the business I Having thIs and thus justified the attitude of those l the pI opa ulda of the spring and sum sum- suin-iner suin um- um Iller It became a hether It had not nol lor for the tha vime me toeing done donO all it w Wi waa expected to do Ib the surroundings ale ate for a j satia- satia autumn In ha most hn lines s of trade but there Is la not sufficient In- In In Incentive In this lIlls tar for an 0 all loti Nor 1 mUot I It 11 be bo forgotten that there are man mans I uncertainties to b bd faced the net few fe e months botn In LUI oD an affairs and in politicS at home I Reports leports that Germany Is about to L down own In BL the hue O J been I eel with With skepticIsm la In financial circles The ance ad In Frene and Bel Bettan e ex e- exchange change which would certainly hae ha had these stories been be- be be believed e- e hosed he has not occurred French and continuo continue to put forth orth a a bold front and maintain that there Is no rca rca- naso rca rca-BO so for the leLent 1 decline In the tho franc they have lla much to saya say a about out tho In O eln revenue but when shen hen It cornea to dealing with lith Ith the tho deficit in thet the t extraordinary budget bud which u i- i I at nt comb somo omo francs tranca they ta take th the tha position that this will alit be eventually G by German Germon reparatIon as it thI this were In un- un undisputed un undisputed disputed fact The trouble I ia As that the tho world outside Is not so conti- conti confident dent ent about I ranee s a ability to col- col col the reparations lh Iho holderS of oC French francs ranca or somo some of pi their funds In la hier fer cur cur- curI cur I It la Is i not nol ma that tbt I this liquidation has lias beta been buch uch IIi as asto 1 to l js y th the from the CI ane But is has en enough of a reality to disprove the tho that the decline Is the re- re result re result sult suit of ot speculation Both sterling and Italian lire have reached ne new nc lows loss for the car ear but In instance is this L I flex it-flex of ot economic is la aIng ing for the an- an annual an annual nual purchases O ot and cotton e c preparing to tomeH meet the tho cerni Interest on om toI I the tho war ar de debt t The Tle full fl in the lire 11 is the result of the dispute WIth Gleece Itay Italy 1 ii Ib bUll come distance oft off froni fron balancing ber budget Ulet but she sho sh has made toward tow to ard this end than any country In continental Eur- Eur Europe opo ope OUTLOOK Accounts ot of domestic business con continue tin Ue to bear ear out the tho be belief lie that the tho real cinie me a month ago and the present month WIll see more aoth activity Ity In certain hines Jines where lines where there was e l temporary fall fall- tall tall-Ing tug Ing off ott durin during tie le early It la Is a to discuss a trade re h 01 when hen all itil the tho n a the tho figure flure on show at no time lime has there been any general slump Cut But It is Important to note that outside of wheat oat oil certain branches ot of o the rubber and one or two eases cases thele has been no production over 4 In steel the state lies has been reached here manufacturers are elra draw dras tug toe on theIr accumulated storks which th the Incoming orders run are are jiing run ahead ot of output for tor the fIrst time Ume In live jive months Brad summarizing the situation says that things S a are aro ro better than a a your year ago and better than Is 18 anT any year at 1 time sinco 1320 |
