Show OUTLOOK FOR TRADE GOOD Wall Street Has Confidence Confidence dence in Future Wheat Price Higher BY STU RT V P D 55 MEAT EST T 1924 bi b The Th Consoli Consolidated dated doted Tres Association By Special Leased Wire Ire to Tho The Standard Examiner NEW N W lORK ORK Juno 14 14 nil Street during the list Fist week neck eek has had Its mind upon two 0 topics topics- topics money rates rotes and trade nen ne news 1 in insecurities Insecurities n securities which are arc abo above aboto e vicissitudes tudes of business bustnes where hero there be bo no question the he maintenance ot or curlent payments e eten en in periods of great groat depres depres- depression don sion slon the tendency ho haq been strongly Up upward rd This Thia elms class of ofIn In are arc valued according to fluctuations fluctuation in the interest rate I an and l they State have ha been going up bo- bo boI because be because I cause with Ith mono mone as cheap as It itis ItIs lis is no now non security buier lIu er must be content content with tutu a 10 lower er return III Gl GOI J The Tho Investment In situation Ion bears bera some ome rc to that of 1 mo 10 0 yeArS ago affo At that time lime there had been ben a great illation or of surplus capital the ot of the deflation of ot 21 1920 The business depression lies lias of course been nothing lute like 0 comparable but It has n withdrawn n large larce sums Bum from trade nn ch-nn channels ls Besides ome orne has been added supplies sup sup- up- up plies piles through the gold cold Imports of the last 24 months In 1922 1 22 the bond eDl up stadl through the tha summer ummer reaching Its high point with nith the tb flotation of the long tN tei mu m ti II 4 44 l pOI pet rent bond bonds early In the tile autumn lucre was ill a renewal reneal of the mot In the eaily caly part of 1 1921 but bul It tt 1 0 ed only tempo tempo- lari lar Cr the check came cume through the overdoing of i by corpora corpora- corporations lion to raise ne nov new mone monel sod and b banking ft a with ith profits in view vl ready redy 10 gite ghe them the luo encouragement So far the hOle has ha been no Indi Indi- Indication Indication cation that ne non new flotation ire are getting at at all c 0 At let Iett the they etc far tar away 0 avva from th d til Lu the Ille first all sl months of 1923 1922 Yet according to O past pat s a 0 mOne re- re re like the present l in one or both of two too t 0 though an I output or f ne new capital and second Itne activity In up nit the slack I g lIht Mth 1 thC tho the Republican COn 0 Oter er it annot be said ld thit thu from froma a all aIl standpoint the po- po poI po political I outlook Is an clearer than It it wis before The e Is no use ue regarding the tIto wager ager as a criterion In 1916 1910 tIle the fInancial was waa lArger odd odds On hughes Hughe ag on II W il on limn It ItIs itis ItIs 1 Is now nOV offering In tn fa favor fator or of Cool Cool- Coolidge Cool Idge Illge idge and this thil was s the tate state of othe the election market markol as Ite I 1 ite a as I Ocl b bLi bLithe the moot ino t t significant thing un- un un I is the strength of a 0 I good 1 p il of the rail a share sharel I t A i A-i is well i eli known no non n the tile mol ii 1 C I s h beeri th tJI probability that thal un- un unI un under cir der the encouragement of Hie lie reg rag rag- res I I authorities to foi con con- conI con I lilt railway ay Into s groups group wilt will be berut berut 1 rut Tut through It ll i It no noi at au all sure Bure I that hat this will till enhance the IU of 10 priced low non dividend paling pa Ing stocks loch but bul II 11 makes good 10 lo assume C that such wilt be the result 01 JCL J 1 S I-S 1 I 1 lit he point Is that thul the selection I ot of railway shares hars for at tho tile when whon political at af fairs arc coming to a head do- do do I deI no 1 uneasiness over he he outlook for or e rall- rall rail rall lies legislation Tho The 1 platform t lIs for Cor 10 lower loner cr freight rates and a 0 possible of th the transportation act The faction f taking laking lu its stand standon standon on government gO 0 ownership and re- re reI r liing I 13 In log upon agricultural discontent has expressed confidence that It I nut be able to in throw the pI esl- esl election Into Ino cong es I I In this event It would I hold the I balance balanco of po power er and would b beable bo be I able to 10 force forte some lome sort tort of ot anti antl- policies upon tho the winning I candidate All this with Ith ti ith the uncertainty ot of ov I hat the 3 are going to todo todo todo do would not seem to make a 0 proper Betting for tor a movement move move- i ment in Lit railway securities leI et et I thi Ihl Is In what wh-t lies has ba been ben going on and the th conclusion loll must mut follow follo t that while sentiment may I II Liter on at ot present It ll Is Ia 1 confident I that holders of ot railway securities are not going to find their position tio tion altered by whit wh happens b next ember o ember 55 lL l L OUTLOOK GOOD The Tue advance IId of ot S 8 to 9 cents n a bushel buhel which promptly followed the government wheat report may pro prote proe e a factor In calculations i both political and financial It II has hardly been a 0 sufficient to- to reco re recovery co covery ery to restore re tore the th wheat In- In Industry industry In Industry to a profitable bask basi- basl But the tho official figures showed that through tho the cut In acreage and the extraordinarily backward spring th the tho wheat crop indications were cro the lowest lo in seven scion rs e-rs It Ii Is too soon to draw I Au All that can be sold said about the wheat heat situation at the moment Is 1 I that It 11 has ed I from rom the standpoint of the farmer former sri Ml U UI I I Tile The Th stock tock m ket ha has continued to o mo move mote with great irregularity nCI all oil trade trado conditions u as they between bet the tho various Indus indus- triO trie ha State hue e dmore than t eLse 1110 action of the federal reser reserve e inks binks In tn reducing rale rates encountered a re- re reneal re renewal newal ne of busing hu Ing operations some Borne directions but the tho mo move mote movement e mont ment was very fir hr from becom beconi- becoming ing general I It 11 did not Include he ho stocks of Industrial corpora corpora- corporations lIos the immediate Im business out out- outlook outlook out outlook look for which is uncertain and ond andIn andin In this thia category were a number ot of the steels steel most of t the he oil I he sugars llio coppers the mo- mo motors mobra mo motors tors bra and the tho th woolens |