| Show EXPRESS FAITH IN BUSINESS Traders Have Confidence In Market Conditions By 87 STUART P SP Special C I Of ot Tho r Copyright 1924 by Th The Con dated oll-dated dated Press Pre Association NEW YORK TORE Aug 2 Confidence dence In the th l rind and nd political political political cal outlook wu was wa the th 1 influence once ence nc In financial mat In the th past pt week ek It w wm was most mo t em- em m plastically phal expressed on the tb stock Mock o whore Interest centered and wh r the th price average UTera e of nl industrial and rail rall- waT rall-waT nay av issues Issue not only reached a now high lev level 1 for tor 1924 I but U the record of or any ny sear Mr since tine Ince 1916 1118 Hl I I Wall all street wits well welt supplied pith Hh item In the tho th out out- outside out outride side ride Id ners nes upon which to base baa the U In the share Sar list Early E-arly In the th week k ho J-ho ho market truck struck an accelerated pace pac ao when hen the report of ot the tb United Stats States Steel Stel corporation was publIshed The declaration of ot another r 50 cent 50 ent quarter dividend on the com coin common com common I mon stock Mock and tho statement of ofa ofa oa a betLer benr earnings pc petition than tim tho most sanguIne 1 hail had al looked for dId more to strengthen sentiment nt titan than anything that had occurred since ince the tho recent cular ad- ad tance ance anc In the grain train markets At Atthe Atthe Atthe the same sarno tarn time Urn the time belief expressed by Judge Jude Gray OrllY inthe in th the prospects I for continued Improvement In In- In In did mole than anything ole to neutralIze f th effects effect or of I steel trade trad recessions recession It Indi Indicated td cj that the th largo larre busmen business m- m mt in interests t of o the th country had turned to the tir con Ido aldo and ere Mer preparing to toi better conditions I GOOD STEEL The Th steel tel corpora on s a state stat statement ment mont of ot Income for tor tl ti e O second although It shoo sLotted cd a pi pin pin- pio 0 decline fron tron pill PI 11 to lul waa a proof th th-il J 1 L i had not sunk unk to tI tie o li hi el els funny had predicted me Use forth forth- forth coming coining tonna c fIgu-c are aro et ec- et peeled disclosed a I small decrease In 10 the mount amount of business bO lId book d during July The Tue estimates are ar around 10 01 OCO tons It if the figures bear bar Item Ihm out they make male a very verv ton I son soil with Ith the tho declines o ot of ton tons and SOO toa tOne to a month I and t two taso 0 months agO aeo Likewise I the report of ol one of the largest automobile comp companies nl for the tir first half halt of o the th year was illuminating The diak r COI- COI cot coi earned nearly the th full lear car a S dh In tho th first al ak months 1 months In spite of the th do donn n which the th motor companies In the spring and early summer Signs Ign of ot trade Improvement are api appearing contributions contribution to mole mote Ia- Ia ta tade Had data ere b numerous signs sign or of tade gains It be said that the return r turn of ot confidence In Inthe inthe Inthe the future futuro has haa brought broucht any rapid changes In tact fact n neT neT- buying has been mod moderate rate and for tor the purpose of ot replenishing su supplies on hind ever Howver er era hate haic kept their ll In Ina ina Ina a healthy condition Mid and It h has been the policy o of wholesalers and jobbers to purchase s o op 01 a hand band hand to basis bal Now Nov the tend tend- tend tendency ency lI ney y in irs many lines lIns la tt to antici- antici pile te p future needs need 10 I 1 Is significant cant cant as Duns Dun's Review points ot that th the tho closer balance that ex- ex exIst ex exists ista bet BOn production and con con- conSumption con consumption due du to pr ed cur cur- cur curtailment of ot output Is reflected in Inthe the stronger undertone of o prices Great Greater r activity durin during tho week eel and throughout July Julg was ItS note not only In steel teel but In copper textile hides and and other commodities The Th Increased ed demand demand In these instances was reflected In iii higher prices C CORN O Ok 02 feature In the grain marital marles the fea- fea fea feature ture has hils been boen the further r sharp upturn In corn while wheat has fallen n back H HAl Al froth Its t high A decline after arter so 10 ex an ad- ad adVance ad advance vance as oa took p place Inco In wheat hat na a nas only natural Also theto theio appear appear- appe appeared appeared r- r ed cd revised re figures on ott domestic bart bartest est and estimating J a crop total little Utti less than a year ago I while hile stories of o Canadian crop damage were found to bate lune been ome hat exaggerated Corn rose roseto roseto I to a new high for tor the tho th CUI rent movement on later lafr reports of o tile the leid Thus Titus it is I seen U that ot the events event's of the pat past week ha ba hais provided sufficient grounds for tor the th ye- ye re rise In the th ock mar mar- mar ket market As AM the tb reports of ot trade trad cx- cx ex expansion came to hand haDd specula specula- speculation tion lIon concerned Itself moro more and more nIth th stocks tocks ot ot until late lato In the tito th week neck ei did the railway shames come in In any substantial way y for tor thelt share har of the advance Tho The publication of the car loading co for tor tho week eel ended July 24 2 Indicated a considerable Increase li It the th mo mote mote- moe ment e- e ement mont ment of grain train and grain products and It nas as wa quite quit evident that high farm prices were ore the factors hete CHANGE L I The c lie ho advance ce In the tIle loade loaders of the Industrial list carried them four to eight points higher dur- dur dur during Ing durIng ing the th final week weck of ot July Pro Profit tit taking sale sales wh whenever they thov oc- oc oc occurred were re readily absorbed asS and the market proceed proceeded d to new high leI leel Ko 10 o other othor r reasonIng was ILS logical than th that t stocks stock nero ere discounting greater creAter trado revival With money In such abundant supply up lY the question wa was what v aa to bo be done dose with Were thy they to be b taken The succession of shar share million day days was VAV r and on all sides sidra a growing public participation was wan app apparent apparent r- r ent nt The fluctuations In the th ro tot elgo exchanges the tho course of developments at the tho London inter inter- Inter allied allied conference Fr French francs broke b below lov the five coot lev level 1 at aton ono Ine EterlIng time but recovered and nd Ing was wa steady Tile Tue general o opinion In basking banking quarters was that a II final adjustment would be breached reached and sooner Hum had been beon anticipated at d and this too was WILS II a ce 2011 of o t encouragement to In- In Investment in In vestment nt and speculative activities |
