Show CROP OUTLOOK AIDS BUSINESS Trade Picking Up With Forecast of Harvest By STUART P WEST Special ot of Th The Copyright 1924 1 24 by The Tb Con Con- Consolidated Press Preas Association N NEW W YORK TORK Au Aug 9 The Th past week eek has hai been distinguished for tor a numb number r of ot Important happenings In the tho th financial and Industrial sit sit sit- II Ot Of 0 first importance Im ortance was WIlS wa the tho acceptance by the tho th German rep rep rep- rep I 1 ot of the th terms term ot of the London agreement under li the Dawes plan Is to be put Into effect and thus thu so AO it Is hoped the tue th first great step tcp tAken toward to the reconstruction of ot Europe Europ S con there isas HUI wa the tho reduction of ot the th cw ew York 1011 Federal reder l Reserve redis- redis rediscount count count rate of ot 3 per cent tho the loss loss- low 10 lowest est cot in the tho of the new Ant Ant- Am American l bankIng regime Third ls the gust report on the tho gran crops sh 0 I ng a considerably lare- lare laj-c-er laj er probable yield especially to ro theat hI than had been looked for torand ond thereby givIng a 3 stronger Im- Im im ilon than er eer e e of ot the turn for tor forthe the better belter In the agrIcultural ou- ou look ou-look 1001 I Commodity prices which went ent don i steadily for tor nearly four months ha haic hae ha e been turning up ar l riso of 20 to ISo a bu bushel hel In t since th tho end of ot May lay and of 30 to a a bushel buhel In corn and the thead ad in n hoGs hoG's hoc from around i 7 ito to over 11 a hundred pounds are facts of ot extreme significance They h hiie he e re revolutionized the th 1 whole hole pi- pi po position on the farm forms Thc Thie ha hate P-I P I ll aery a x very ery ery great to the tho bu Ing power r in the grain raF- raF raFIng ral int Ing state mates which Is bound to 10 mako I ts Itself felt upon the general bui- bui nest neM ne volume At the same am time ances ad have occurred In othu commodities such uch BS ns rubb l I co-I co- co coper per coi 1 per and nd le leather It is fall fait to in inra rg this rs that the a c t beg n In the neck ek In I March culminated in Ih hi n middle of Jub and that the clan e In ino e ethell 1 then thell has been a real and lasting one BROKERS L But when it comes conies co to fitting these outside in the movement of the stock change the point Is I different toder the stimulus of o cheap mon muon- mon mon-ev ev cv and looking forward to busi- busi business ne busi-ne ness s recovery stocks went up con con- continuously con ly for two months begh- begh ning with nith the first of ot June Ther was as as an nn advance of ot anY hele from 30 0 to 10 15 points in this short In- In Interval In Interval and it carried with lIh it un- un undoubtedly Undoubtedly un undoubtedly a good food deal Of o tl tie tle e e ces The lo Th way w y the th market has halted hailed during the th last we week has refused to respond to the th fa- fa fa favorable items item It ms in the th news nes and in t Good part of ot the tho list has at tim shown hown pronounced symptoms ot of reaction ii is all very cr er- er noticeable It that Wall Wail street ha hallet J let itself lt el get tet too tar far ahead of the outside business movement mo in th till same ame manner as a on other oce Ions In the last two anda and a leals ealS The period since Ince the spring 0 1922 has hns b been en hY y four upward and three downward downard swings of or considerable con violence fol tol fol- fol follow honing low 10 Ino one another without any In- In intervening In r- r rt rest t term erm There was first the from June JUlie Jun t to 1922 succeeded ded b bv be movement mo of equal pro pro- pro poi lions lasting la to tho the end of or No- No No emb- emb Then came cam an abrupt re res r il 1 culminating In the short used lI boom of 1923 The ensuing reaction I hept ept on with Ith only a Inthe Interruption until late In the folio follow inc Ing October when the declaration of the extra tra dl Iden hr b the U S Steel corporation the tho market lOon on an el turn which was is-as not checked until the following spring We W e there there- artel had the decline accompanied by s I sharp tharp Industrial slump from fro it the third week neck eek of March until unlit the first t ot of o June which passed 1 lv Iv Into the recent quite extraordinary advance GO CO TO C TIt rES The point in rehearsing these fluctuation is to tho-r tho the tend tendon tendon- cv en- en enc cv c cot ot of o Wall Will Street In th the mo movement ement In the last two tear ear to go to and to allow itself to be- be become become be become come too much mud and too much ed sed 0 over oter er con con- con dillon conditions on the tho outside The Th qua qua- tion raised ratted during the th week eek mat I past is whether the upward up ard swing of the earl eari earli summer has hM not nOI Im- Im Implied im implied plied phd too enthusiastic tlc a view slew lew of ac- ac ac actual conditions condition The Th Federal Re Reserve el ele e action ha hail little effect because It had been to ton ell anticipated in the course o 0 of th the money market It simply laid emphasis upon the th tact fact alread already t cli known that never ner before In thIs country has theer been such uch an ac- ac ac i of o unused money eu itt itt- sin plies puce Now ow that there Is a fai- fai tal I pt of a settlement In Eur Eur- Eur- Eur Europe ope and that British finances finance have havo be hetu n placed en n a n thoroughly sound Round footing the th natural his liw has ha begun to tn operate for tor the th first time since t grett upset of ot ten Sears ears ear ego aro This aw calls calli calI for capital to lear the leti leq for the more mor remunerative and anti the or of o funds front from New Oe Ne York to London ill is i the basis for the rise rl in sterling 1 ahki hIe has ben been ono one on of the main features feature of the week POtT n co fp IP There Thre Th re I In is certainly better ground or for lor the talk of tho the British pound getting back to old lime ime parity than Ihan there ther n WM was ii IP II January 1923 when en it reached 4 72 At that tim time there th r was much discussion dl of r a readjustment of ot th International gold supply to result from nn an ou ou- ou ward I ou flow from the Unite United Stat State Th These se predictions went wont wrong I tb in an as those regarding gold god itt itt- But It will sill III not be su- su u pil ln It if cold 01 1 export talk is Ie I is i's r h led ed tor for it would be he mor moro more wa a wa than it was as under the cir clr- cir es cf or a 11 year end na a halt bait ago nr TIle effect efret of or a full fuU Teens v OM In the pound sterlIng anti and of a agold gold movement from this country n money mony and Investment eon eon- con on- on condition Is onn one of or the conjectures ahead l |