| Show LOWER PRICES FEATURE J WEE WEEK By STU RT P wrT Special l Correspondence by Stand StAnd- ard Copyright 1923 YORK N June Jun 3 The 2 Th out out- outstanding outStanding out standing features of ot the past Put week weIn In the tha financial world have hare been beena bee a renewed decline In the commod- commod commodIty Ity markets a further recovery fol- fol followed lowed lOWd by swift reaction OIl ox on the th stock lock exchange a dwindling Inter Inter- Interest interest est t In bonds and an- an another another another other collapse in the tho German Gennan mark Wheat and cotton have havo gone con down not because demand domand has h en off oft but beMuse because e both the tho graIn trade and the cotton trade had hod been setting too much itoi on the th unusually cold spring r Ion farm farni operations j lag Ins th the prospect i fo forthe e new now new croP cr The Tho government estimates estimate on cot cot- cotton cotton cot cotton ton proved to be well above expectations The course of the tho wheat ha has suggested that a aim sim- simIlar liar Ilar miscalculation had been made madeth there re too Il IDI PRICES At all events event the tho decline In farm tarm r calling Into question thIS the th future buying r power of f the harvest states has been an unsettling fac- fac factor factor fac factor tor In the situation Another dIe dIe- appointing Incident has ha been the upset of the jUdgment expressed In Inthe inthe Inthe the copper Industry a week ago that the readjustment In this ter tr quarter was wit complete The price Os 01 the metal after having turned UP- UP UPward upward ward from 15 If to 15 If cents a a pound come coma down to 14 cents thus thu out all the gari Sn s a since the middle of ot January Januar At tho the satire same time the latest latet fig fig- figures Tires tic urns ures on n oil production have show that so far the price cutting has not had the desired effect of re- re reducing output but that on the eon con contrary contrary there hoe has been some somo In- In Increase increase In Increase crease Under these circumstances talk of a still further decline In crude oil prices Is not unreason unreasonable able ahle Up to now the reaction In steel has been comParatively small the output at the mills have hav been wel maintained and there have been no cancellations to speak of But Buton on the th other hand steel plants are ar operating to a largo large on ala alabU bU business New bookings have heels been further behind current shipments than they were even a week ago aeo This raise the doubt hether consumers will fill their requirements for the third quarter until there has hos been more of a 11 concession In prices FREIGHT lIS I sr These The c sum up what mity bo be classed as QS the d doubtful or rela- rela reli unfavorable elements unfavorable elements In the business situation On tho the one ono side tilde of the tho picture there Is the record of bank clearings not only keeping up but running ahead In May liay as compared with April There are arc the remark remark- remarkable remarkable remarkable able load load- loadIngs loadings loadings figures on railway car ings which show that the general volume of ot freight relent f being mo ed not has s h s n not t decreased but has steadily Increased It now sur- sur passe tur-passe passe all records for tor this thi tIme of year and Is within 2 per cent of the greatest eve Known reach reach- reached reached ed In October 1920 1 20 Clearings through the banks and railway gross pross ross are the tda- tda tda measures of trade trado activIty activity ity It Is Impo Impossible therefore to reconcile this data with the Idea of any general bu business reaction There has been falling oft off In certain certain tam tain Important lines with the probability a ability of further downward re- re revision re revision vision ision both In prices and In pro production But so tar far the general cenera volume of commerce hl ha has bed heeti bee holding up well nell ell nod so long lony as a there has been no specula over hon tion and no o oer o'er 11 tue ground work of a i serious setback let alone a period of depression Is i is i RK Lo CRISIS The plight of the German cur cur- cur cur- currency currency rend rency appears at the tho mom moment nt quite desperate The Tho mark measure In terms of the dollar has shrunk a full hundred per cent from the fig fig- figure tiff uro uro ure at which It vas as pegged from the middle of February to the mid mid- middle mid middle dle die of April It Is impossible to foresee the outcome when German financial leaders Kes e have given up efforts at stabilization and ha e ha e confessed that they can canse se Sep no flO limit to the tIme decline The rhe A Austrian crown ceased to depreciate when the league of nations took hold and arranged for tor a foreign loan on con that paper note notA not inflation should stop The German mark ark Is considerably lower now than the Austrian crown and nd assistance the outside Is quite out of the Question until the problem of ot rep rep- rep reparation i Is settled Th Then den en in case of a settlement foreign capital uld not take tae hold of German government securities unless there was assurance assur that Germany could balance b her bud ct ct and put an end to the terrific outpour of pa paper paper paper per notes It would be far more for Germany to do this than it was for Cor Austria although the Austrian Aus- Aus AustrIan Aus Austrian trian case was certainly miserable lI enough It was Wl under conditions condition of depression nothing like as ba bad I that the Old did French of the revolution were virtually re-I re re- re re repudiated and a new and enormous enormous- Iv lv Iv reduced currency unit put it Its place |
