Show STEEl TRADE IN N DEADLOCK I Railway Traffic Large Pessimism Held Not Justified NotI I I I I IB Bl RI STUART rUo J F r I I Ie hi Co nl of or The i Copyright 1923 1923 NEW ev YORK YORI Sept 29 Tere I have havo been bren b n r tei fen developments In the thO business situation durin I the past put week eek stock mat mal ket 1 h has offered 1 on the whole more r re- re resistance re resistance to efforts to 10 force foret It 11 do dos do's n a nAs aAs nI I As prices h hue dawn awn near the low el le 81 reached once In III the eek ek I or of July and again in the first week eel 1 of August a greater degre e of ot sla tai ta has been ben shown shonn I The T e mot most Important outside e ent wa the final announcement that had hl glen gl gl en up re- re re-Bittence re in the Ruhr Fuhr Th at the moment has Quieted fears of or a Communist up- up up French and Belgian cur cur- currencies cur currencies jose sharply to th beet ht I figures reached since the middle or of Jun June Foreign nt bonds bond ere vere ta influenced tor or a hut but In the end nd gained no ground as compared compard with nith a week eek ago SITO TIO TIO n nIn In fact f ct outside the exchange market markt In which th there re was w-as al a i ex- ex cx tended short hort t to o r reel e on Ith aith the Ruhr surrender has scarce counted as a n factor It tic e reason reOn l I Is that the semuel so co 0 fat fai a as regards regard th the reparation sn and European Europen rehabilitation I is quite a as much in doubt a as er e r Th The av wavIs av avI I k now no open for France to I ro rose e r cli-r her contention that Germany Is quite guit nt title I to pt 11 pi In full 0 Or the rna ma jm be to a as the English And n as most mot of the th economists feel too loo that a an 0 t at- at attempt tempt nt-tempt tempt to compel the acceptance or of orthe the anti and tart collecting It w will ill fall fail because It will wll threaten breakdown n of the German Industrial structure PRICES The Th main concern In iii the home markets Il I Is still the business JUI outlook ut look In tama country A As was as said ast ast v n week eek this Is a subject w b cOnnot b tr as a a whole ahole hole In sonic some lines conditions are tu-e pm pi able MIt- MIt able In others other they are not The deadlock remains unbroken he- he bet be between t tween een buyers buyer and sellers of at steel the former disposed to hold off oft a as long a rt II possible before to pay pi 11 lees Ices which represent a It 10 per cent as 11 average ad ads advance ance o 0 er what the hat haic been pa pacing on old contracts The will be either that the steel companies III w uI begIn to cut In their efforts to stimulate Ie new business bUlnes or con con- consumers con s sumers will come comae In at the present 11 1 1 rather than let their supplies run down to the danger point as the did a a sear lear ago The position is not torY tore In the metAl trades trade and some pro pro- pro producers of ot zinc sine and lead hat ha bale shut hut shutdown shutdown do down n rather than ate ope-ate hel e ethe the thea cannot make male mane The cot cot- cotton cotton cot cotton ton mills are hold holding off ace to see hat effect the new nev nev go report on cotton will ha c ha e upon other quotations for tor th the staple t On On th lh other hand hand with the use rise In sugar ugar prIces price carr lag Ing them not far from the high of at the tho 3 sear lear flar the prospects for this Industry are arc bright The he Th same I Is true of the tobacco trade and of ot th the chain store stores and other retail organizations I Y Y RAIL HAIL rR I It I Is also a apparent parent that when hen It comes to considerIng the outlook for tor the Vail all S all street tret markets market the same ume er me distinction must h be ed ob i beten group groups of ot securities that I Is thatIs found round In an anal sic els of ot corresponding Ina industries This has been sho shown n already during th last i Irregular seek eek or t two a In th thi 3 highly the lar price mo ino ement in stocks the sugars the thO tobaccos tobacco and the electrIcal companies shares Ing gaIned automobile while hIlI shires shares of the automo automo- bile the rubber and the tire rom rom- com companies panics and the steels having most ot of them lost Taking thA th general genral business volume tile tIe enormous haul 0 o er er the railroads is a a trust tr worthy worthy criterion Added to this Is he statement by the merc mercantile distributive that the main drift of ot dis- dis dis trad Is upward and that It compares fa fa with a ear ago IESSI uppermost It If the pessimist which is still professional Uppermost In Wall all street circles Is to be justified It will be because e of at changes in the rde situation o 0 which so far there are no signs Asked for reasons why hy stocks should hould go do dean n from what hat a hat I Is almost the Joest Ivel level of the 3 e r the answer er Is that i before long curtailment of demand ll aill become more pronounced pronoun CO and that producers will ill either cither ha r ha to cut their output or reduce prices with the result that company MI eat n- n Ings Ings aings will Ill decline d This and the ap- ap ap approaching session of congress with tho presidential campaign loomIng ahad ah ail are the main point points of ot the present bear bell bear r position On I the he othet hand practically cier er rep rep- rep representative of ot big who has ha spoken publicly has rOn con con confidence in the future hi his stand on the extraordinary e str strength ot of the financial structure and the absence of ot Inflation and 0 0 pro er-pro- pro which are the Iho familiar an- an an antecedents of a period of or RELIEF IN SIGHT The latest proposals for de ling hag with Ith thep the light of the hat heat farmer farn are ae much more than an ani made so far The Amer Amer- ican American w heat raiser ralser finds It Jt difficult with anything like normal crops In other countries to meet the corn COm com petition competition in the foreign market t ot of other exportinG nations Therefore he must look took to the home honn market chiefly protected a as it Jt Is by a high tariff duty The latest suggestion coming from the mateIs I II h that this could be done SUCCeSS tully fully fully h b bl a 0 I bOdy which would tell the farmer mos much of at his land could be IhO Safely devoted to wheat whet and nd ho much should be given OHr oer to other I croup This I Is the sensible to I way ay ay deal I with Ith a state of things which has hilI ben been brought about by production I 1 he busin buln s as I Ity ity rejects reject the Idea of ot artificial price fixation use of the tho thoI I funds for tor the benefit of at a single cla class It Is gratifying to note I that th committee representing representing ban era farmers and congressmen from northwest northwest-ein sIx lx of ot the leading northwest em states who discussed the lust lust- mat tr ter with the president thu this week came out against as thin false talle fI e end unfair principle |