Show TRADE NEWS IS FAVORABLE Stock Market Unaffected By Spectacular Splurges I Ir By TU Rf P WEST Special Correspondent ot of o The Tho I d Po i tiner 1925 1025 by She Consoli Conoll- Consolidated dated Pres Press A Association Fob Feb The 14 14 Tho most moot unfavorable feature ealure In the tho thes s nil all street situation during the past week neck has been the e gant o of certain Indus indus- industrial trial specialties These belong to th the class clus which are not commonly held by tho the public and whIch on or account o of the thc small supply are easy to mole mo mot e I 1 This hi sort of o thing nl as attracts a good deal of o notoriety There are sensational estimates estimate of or the paper profits made ma le Ii b one or another wealthy operator In n an attempt to 10 plain explain the advance ah once all man man- manner mannor ner nor of o statements are arc played up lit In news nes ne s entries as It if I they the vere ere facts when hen In they are aro nothing more than the merest meret ru- ru rumo ru-mois ru mos mo s Tho The essential thing is s that the tho I ent general ral stock k exchange list has not joined In Ith the Mild lid trad trad- trading ling ing In the Cast Iron Pipe Pipes s and the American Con Cans On the I contrary It has mostly gone do don n It Is hard to escape the conclusion In the light o of expert expert- experience experience ence that these pyrotechnics In ina Ini a few ew highly speculative issues ele designed and have base been used as a cover coser to selling In other directions direction 1 00 L L 1 Business news nests ne s continues continue on the hole shoie a Dut Lut Wall Wait all sleet I is mori morL and more that In the of o o li and more months month ago o It 11 was WR altogether too enthusiastic bLed teel mills mill have ve In Inaugurated In- In a new puce schedule an advance o of oC 32 2 and 6 56 6 a ton oer o the 10 prices at is which most of the business for forthe the tue first o of 1925 sas Are they going to be beable beable able to en enforce these new prices prIce On the lie answer to this Ibis question s will III come como In the course couro of oC mother month depends tho outlook for the steel sterl company earnings for or the remainder of the sear car Cel the action o of the shares especially thos of 0 the so-called so Independents Indi Indi- Indicate Indicates cate cates a certain degree of o doubt 01 fo y car load load- loadings loadings i ings aro are bl caking reco d for or orthis this time lime of 0 year But they are not not being reflected ly COli ly Iy In gross em The results for or may be he ent but there is no use blinking the fact art that foi fot Ol December the compari compari- comparisons comparisons sons eons were sere disappointing Net le- le Increased as a a rule but only because e of o the abandonment o of the abnormally high maintenance maintenance nance appropriations which sere ere serea erea a feature through most o of 1922 lid and 1923 10 LO PRO IROt I ITS The genel al o of trade Is fair all a allotting Ing for Cor a fair lIr amount I o of stoning slowing Ing do down don n many con con con- con 1 um 19 bad hal filled their require require- requirements requirements ments for the first The trouble ho hoe however e cr lies with Ith the tho profit margin What 5 hat is true o of steel is true of some ome of or tso Sc other Important lines Ines namely that while output has hems been raised to a maximum It Is doubtful prices can be advanced sufficient sufficient- sufficiently ly Jy y to cover co Cot er Increased costs and permit of o a satisfactory aali return rIte rhe st ck during the past I eek has been reflecting mis misgivings mis- mis givings gis gh Ing Ings on this til score Oil furnished an exception part part- partly parth ly h l because the lat position o of the oil trade has for or some time been on the mend and pal be because be- be because because cause there thero wis w no specula over 0 tion In this class o ot of stocks last eal eai like 1110 there was sas In iii other grou groups ps Th-e Th The Investment part o of the sit sit- situation situation sit situation h his altered very ery little Bond and stocks o of the atm all icily 11 estment cas are neither gain gain- gainIng gaining ing or losing They are ore awaiting developments In the money mar mar- market market ket het ket On Ott this title matter no light ha hoe s been thrown during theCel the Cel The market for tor or time lime funds ap- ap appears ap appears pears pearis to have worked more In fa- fa favor fa favor vor VOl o of those having haIng mone to Ind Call money oney has been lath lather I tather er r firmer The best opinion lathat i is that while the process will still be bever ver gradual Interest rates is I ill go higher Gold 1 shipments con continue a feature yet the tho Janu Janu- January January ary liry record of o was less than han had been upon I IA A further severe secre e ere reaction In I wheat prices may be set downto do doss n it to 10 I from rom the fright right re- re regarding ro I garding a II world ord scarcity s over oser 0 er the grain trade a month ago It does not affect the tho strong position o of the old crop where hero there thero Is little ques question Lion tion that tbt resen es will sill ha base havo 0 to 10 be bedra dra n upon quite freely reely In order to make male good a deficiency But heat sheat dealers have base hat e been taking more note noto of o the probability that under the stimulus of the recent cry high prices the general do- do demand domand de demand mand will III bo cui tailed while extra efforts wilt be bo put forth orth to do- do de develop clop new now supplies The Tho discussion taken up In the foreIgn cables regarding a pos possible pos pos- sible return of o Europe to n a gold basis basin has 89 had no reaction In the movement of o exchange rates Sterling has given no e o of resumption of o Its lis advance andIs and andIs andIs Is still selling nearly 10 cents Inthe In Inthe inthe the pound below elow old time lime parity The Tho proposition regarding conti conti- continental continental currencies Is that they be cut down to the tho basis buls o of approximately matly present quotations and then that efforts be made to keep the new paper mooney exchange exchange- exchangeable exchangeable able for tor or gold It 1001 looks 1 as ns It if such a II situation were still some distance off oft The Paper aper note nolo issues of o central Lu- Lu Lu rope have havo quito quite likely gone through the tho ho fire assuming that the League o of Nations backing o of Austrian finances will hold end ond that the llie safeguards for tor Ocr Ocr- Germany many under the plan Seth willbe bo be successful Italian lira Ura recently base hae stood up well under tinder a a con considerable eon eon- political But the I 1 rench franc rane has been slippIng again and for this thel e are t tO 0 clear reasons on that the new ministry Is II stilt still having serious erious difficulties In tT Ing to balance balanco the I he budget bud got and the other that no progress worth while has been made so far toward to reducing the Inflation In the paper cur cur- cur currency rency renco |