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Show riiii ra its mt General Outlook One of Reassuring Possibilities, Expert Declares. Money Strain Passes and High-Grade Investments Stand Up Well. ' (Chicago Tribuno Special Service.) VE' "ORK, June 22. As was to have teen expected, the Hurry In call money far'.y last week turned out to bo only a flurry, with no very serious consequences, except, perhaps, to some unfortunate Etock market operators who may have , offered In Monday's fail In prices. In the light of what has happened since, " it appears that the federal reserve board's .warnins agninst overspeculation and its 's'jstion that member banks reduce eir borrowings were heeded to the cx- : lent that the banks refused to further V:tend their credit position with the re- ' .serve bank, and this, together with t ie unusual demand for accommodation over the tax due date, caused some tVporarv shortage of funds available for srock exchange demand loans, brought about a deficit in the clearing-house in- dilutions and, very naturally, sent money r "uterine great strain of tax pas-men ts h?'d passed, money rates receded to nor-T nor-T iral figures, and In the closing days of " the week there seemed to be an abundance abund-ance of offerings. The clearing-house statement of Saturday and the New York federal reserve bank's statement of the ,-2"me dav show that substantial imorove-ent imorove-ent ha'a taken place in the week, and 8'jeurs a reasonably stable situation, pro- - vided of course, that stock market de- rhand's keep within proper limits at least unt'l the end of the month is passed and : tiie big July 1 requirements are satisfied. Stock Movements. -J The stock market, afier its rather se-" se-" vere slump on Monday, performed much - a'ter the manner in which it has been eoing for the past two or three months. The pooular and highly speculative industrial" in-dustrial" shares came risrht back into favor, fa-vor, and bv the end of the week most of them had regained all, and more than all. of their earlv losses. Trading continued on a bic scale, the sequence of "million-share "million-share days" having been maintained - through to Friday, on which day the hish -. record sequence of forty-four such days. - established in the spring of 1901, was coaled. Instead of hurting the market, ' the break on Monday seems to have helped it, for probably a lot of the so- - called "weak hands" were eliminated, "" and .certainly the technical position tvas strengthened. The political situation as regards Inter-"". Inter-"". national affairs developed entirely to the liking of the financial community. It became apparent that Germany is going to accept the peace treaty; whether the --present government does so or not is rather a minor consideration. It is pnt-7" pnt-7" cut that the German people are determined deter-mined to hav'e peace at whatever cost - mav be necessary, and as this is being written the actual signing of the treaty - RDpears a matter of little more than hours. On Friday the stock market un- dmiMedly was stimulated by the belief - iHt the' war was to end officially in a .- vrv shu-t time, and the slight reaction I d Paturdav at the close bears out. rather Ilian contradicts, this statement, for then tracers were inclined to take profits whiJi "had accrued on f lie long side on the "theory that a realization of the signing bn the day's opening would cause some reaction. Developments Favorable. . Other developments of the week have been equally favorable. 1 The trade reports, almost without ex-cetjlion. ex-cetjlion. have been of a most optimist ic diameter. Tlose regarding the steel and Iron industrv spoke of t he notable improvement im-provement of the last few days, the only tJisrorflai.l note having to do with the rda'iv slowness of the railroads in piaoing their orders. Otherwise the stec! str.i iron trade is enjovintr snbstantial 1 a-tivity and is hooking orders for a wide j vurieU- cf products, each in fair vo'ume. The le down in May has been mostly rpoovere.j, and operations, are now going ahead on a basis which compares favora- J with that of anv period since tlie- j armistice, vhi the same way. the general trade reports re-ports rrne-t a recovery from the depression depres-sion which fo'Icwed the cessation of hostilities hos-tilities and the ending of wai" orders. ft ! ' i Hesitation has, to a very great extent, been dissipated, and consumers appear to be reconciled to the high scale of prices and are going ahead with commitments for the future with more courage than had been noted before in a long time. |