Show MART MARTl H HI l I t Pp UP 4 e HO Holds f for 10 Points s sI I Advance for Stocks iBy By eBy Major Alva Lee Ian nager Bond nond Dept J. J A. A i. i Hogle Co 10 stock market has hg shown greatest W ity ot of the year vear year during the past pat Total sales ale were above e the mu- mu ml- ml ark every da day except t Saturday I n Thursday exceeded one million dIa rn half halt Prices advanced and deI dei de- de I i d ant and are now no no slightly above what wha whal were a week ago The bull move move- l seems to be as still under way la and ande nC e attracting a a certain amount of 1 de buying How much nuch farther tarther It I continue is 19 5 a matter mater of pure spec spec- a if n. nevertheless ne 1 I hold to the I In m my market market letter leter of ot oto o 1 that this upturn would J 3 ue its Hi Il course until average average 9 s had advanced between 6 5 and 10 1 s above their recent lows 10 These las are now about 6 G points point up and my In on is the i I faction will wl take place fo rw foje foe e the they reach 10 Ji the bond market average prices aye advanced only slightly The fea- fea ye it of t the Iho market markel was the th rapid ll n French bonds which coincided the upturn in exchange following te Ie between France Franc and Great sin lain last Ian Mon Monday y U Ii FOREIGN FREIN Jermany ermany chao chaos continues to rule t government has hal fallen falen t anything seems possible Either Elthera a a ar Sr r r or a foreign war seems proba proba- e there will wil undoubtedly C orse one before the they get better Unless r lpt pt acton action of a a constructive nature by the allies alles Germany break up Into InlO a a number of ot smaller a atis s and revert revolt to agriculture Such I Bourse une would entail a serious and long fp out economic readjustment In and would leave e France supreme h continent It I is i this result that is i. opposing by every means command So far tar In the conflict Us Is Francs has won out at prace e 3 y every point However the Enish En- En ish are re no and the chances chance at before the question queston is settled Q differences will wll than thana i a t t arisen PI o O OW three most Important favorable idols js to be hr considered in estimating ot future u c course couise r of business e a are I Ja r Tho farmers have produced exp ex- ex p lally aly good crops this year and have ha ruled considerably higher II last ast year Is still sti normal and ag Ib at the tha peak a. a a Cr Credit di conditions are excellent rate are easing casing and bond prices there Is a large lag buying b F factors of I lesser importance rp Ra road id loading lg are ara record high building and motor industries are ar ou a as sni ne ner r before d packing an and ens' canning industries r good Pi I the other hand it is i undeniably ue hat business la ic II slowing down t to toI I gater aler than Is normal for tor this a an n of the vear It I l Is not to be ex- ex e that this thin contraction will wil amount uch before Christmas Ii eslie hE action is ta cumulative and should a aeji proportions by bv next This Thle tal tailing off in busl business e s has due mainly maily to tp two factors Ia al High wages and production costs with diminishing pro profits tits That is production costs in many many cases case to Increase after commodity rices nets commenced t to decline bi b The hr chaotic h l conditions o in Europe hl Ji constantly diminish f the buying owr of ot our most Important customer Ir anY ny lines of surplus I seem reasonable to Ilp suppose ose that al rents commodity prices and reduction costs are readjusted to lower iv vl ls and until Europe begins begin to show rB rue of real Improvement we may ex- ex t business to slowly de- de |