Show STOCK MARKET MORE SETTLED Over Speculative Sp e ati v e Era Ending Steel Trade Disappoints By TIT STUART nT P r WEST VEST Special Correspondent Copyright 1925 1325 by The The Consoli Consoli- Consolidated Con dated oll-dated dated Press Association NEW YOn YORK April The Tho 11 French I financial crisis tins lias been the principal subject of discussion In what would otherwise have been an unimportant week In the tb mar mar- markets Stocks on the th whole have hav varied little They have hav borne borno out the She analysis of of-a of a week ago aso that the market was coming to rest after Its violent decline front from the over over- overdone overdone overdone done advance advance- of the tho winter This swept wept a away wa In a go pArt of the th list two thirds to 10 quarters quarters of the th entire gain sinCe Inco election day n It I ed that the enthusiasm with with which the business community gr greeted ted the political results was not warranted so far as the th trade tralle movement It- It Itself it itself self was concerned PUBLIC DROPS OUT It did furnish th the basis for tor abig a abig abIg big speculation on th the stock chance ex ex change lasting through N NOvember vember and December and th early part part art of January But It tt gradually began to b be perceived that outside Indus Indus- Industry try was far from keeping pace with the Wall Wail Street t proceedings As Athis this fact became better realized d the temper of the market Attempts Attempt to sustain outside Inter Interest est eat by artificial means grew less lees and less effective until they broke completely The upshot was unsettled condition through out out the month of February the al- al almost almost al almost most uninterrupted downward swing of March the March the elimination of th thE public and and the th return to the narrow professional which has been going on during the last week nd which seems likely to continue for tor some som time longer INDUSTRY'S HANDICAPS Jg ap ap Tb The thing thine which was not ap- ap pre predated at the tha end end of ot the th fIrst week of November ember but which is ap- ap ap appreciated predated at the end of the first week ot of November r but which Is 15 appreciated now was that how how- however how ever ev ever r satisfactory from a conserva Uve tive standpoint might have tI been the outcome ot of the presidential campaign It could not dispel the two big bir handicaps which hav have stood tood In the way of the Industrial situation for tor the last Jast two years The t wa was waa th the Inability to due re-due re- re redUce re dUce labor co costs to conform with Increase In overhead Th The second was problem th the Inability to eol e olve the lem of raising prices For ever er since the lessons Inflicted upon the business community first in 1920 and again acain In a milder way In Jn 1923 consumers have adopted the pol- pol pol icy policy of buying for tor Immediate needs and of oC refusing to follow tollow up price ad advances vances STEEL STEEr DISAPPOINTING The steel trade Is most con con- con conspicuous example where wh c prices s shave have been moving downward In- In Instead Instead In Instead stead of goIng coins up as was expect expect- expected expected ed at the beginning of the year ear The average compiled by the Cleveland Iron Trade Trad Review at atthe atthe the week mid showed aon a ton on tonas tona onas as against the week before and the month before beCore Even en Ju Judge ge Gar Gary In lii his optimistic ret ret- ref reference to the th future characterized the present price pric situation as un- un Unsatisfactory un unsatisfactory satisfactory and said that quota Quota- quotations lions were too low to permit many of the manufacturers realizing 0 profit BUt what has occurred In steel has occurred also In other Industries Then too the cottonmill cotton colton cottonmill mill owners of New England tried to get ret relief from Washington through increased tariff and were turned down This does not augur augut well for tor th the makers of cut Cast Iron tron pip pipe and other forms torms of Iron and steel It If they should at- at attempt attempt at attempt tempt to obtain similar help against the th low lo cost of oC German French and Belgian competition which Is making Itself felt more morand and more all the time In a a word the business devel devel- developments developments of the last three thre months have been disappointing The Th stock market In Its It recent fall Call has ha probablY probably probably ably discounted this disappoint disappoint- disappointment disappointment ment Still It remains remain true Irue tru that there Is la nothing in enough about trade trad conditions AS they stand at present to furnish the stimulus for tor a campaign on the stock exchange FRENCH I IN 1 BAT nAD D WAY The Th disclosures In connection Ith aith French finances finance are ar nothing short of amazing They are a sur- sur surprise surprise sur-pris sur prise even to those thos who for tor the thelast last lut three thre years ears yer have hav believed that the truth tho French budget tho th position of the th Inter Inter- Internal Internal nal debt and th the relations between the government and the Bank of France rante wa was not being presented to th the world Th The ec ac that sine since tho the sum sum- summer mer mer summer of 1928 the tho books of OC the French bank have hav been ben manipulated ed so ao a as to rate raf un rate ler-rate th the ad advances ad- ad adv adva vances v va rices ces to the treasury I Is an ex extraordinary u- u admission Still It ii Is no worse worn than the tho th repeated as- as assurances assurances as assurances which French statesmen and financial writers have hav made mado that the bUdget was w balanced that there thre we w no Inflation and that the tho various sinking spelle pU In the franc were WT due du to the malicious speculations of unfriendly foreign powers CAPITAL PITAL MAY UY LEAVE LE LEAVEAt LEAVEAt At this writing It Is 13 too loo early carly to say much about the new finan finan- financial cial program and what Its It effects will be b There was a big ti exodus of French capital from the country Inthe inthe In the th earl early winter and this capital has not returned I It will not come back until the French treas treas- treasury treasury treasury ury problems are ar much nearer so- so solution so than they thy now appear to tobe tobe tobe be There Ther Is I a question que llon whether the flight of capital VIII will not be reo re- resumed re resumed The Th events of th next nest few days day ought to settle this thi ques ques- ques- ques question question tion lion one n way or the th other In th the mean lime two wo fact facts are clear On One Is 1 that th the great ireal In In now conceded conce led on the par pars of th the French government shows how that Inflation In Francha Franca has hae been going on to a greater extent extant than has teen been real real- realized realIzed lard Th The other I Is that French credit has hal corn come down In th the eyes eyl of oC foreign Investors Salting of oC the French bonds both public and private vat ate vate quoted on a dollar bal baal basis hu has the th main feature of our bond market during the tb last lut year TAUGHT A LES OX LESSON bondI I With Uh the th French government 7 per cents selling at a discount ot of I over 7 points from their Issue price of last lut November It II I rather I amusing to t follow tollow foll the thA Ui discussion about the possibility of ot further loans to France Franc from private Am- Am American Am American sources The American an pu public h d 1 a lesson leron and so 10 tat far tt It has been a rather nl on one |