Show STOCK PRICES WORK HIGHER Public Not Partaking ill JU Trading Steel Trade Is Good I By nT STU P r WEST SpeciAl Special Correspondent of ot Tir Tle Standard Copyright 1926 by The Consoli Consoli- Consolidated Consolidated dated Press Association NEW EW YORK TOnIC July Prices S 3 continued to work worle higher on the Iho stock exchange this week But whIle there have hav been some noa- noa nota- nota noa-bl noa ble bie advances and while some new hIgh records have hao been made for lor the year no Increase to speak of has ha occurred In la the volume volum volume ot of trading lOt In this sense sens It Is stilt still proper to 10 say that the market Is not In Inthe Inthe the position It Was vos eight debt or nine months ago aeo There are no strings of share shar days ds day with a total occasionally exceeding the tho mark marle as es was the in cast last laSI autumn PUBLIC LAGS L Hugo turn turn-on turn turn-overs ra the presence of ot the public on a lare larg large scale tonic Many In Wall Sait street still think that the outside following will not much longer loncer be able to tl re the lure of ot rising prices Out But so o far the tho million and ond IL a quarter quarter share totals which ore are about the average In the recent trading have suggested little littlemore littlemore littlemore more than tItan a somewhat professional m market one In which the buying originates mainly tn in professional quarters and in bien fresh outside Is nOt large M CO DULL Bond men complain that their business has fallen Callen oft orr und and attributed attributed buted It to the superior attraction attraction tion of the stock market It H seems Impossible to rekindle Interest In cotton Other mar mar- markets markets markets like sugar and copper are very dull and In comparison with the big bit fluctuations are arc areso areso so often seen at this his season In inthe Inthe the grain crain trade the nt fluctuations fluctuations In wheat and corn ar are 1 narrow In a word most moat of ot the It In the financial markets has centered In stocks stock flU THI ine lRE There Is one notable exception hoever and this is the move move- movement movement ment In French francs The to the lowes for tor eli all tIme ume Urn has hoa ha been accompanied by some activity t ty But still the dealings In the franc are small In contrast with the great International specula specula- peculation I LIon tion of ot March 1924 One of the features about the fall fail In the franc Is that there Is no Charge the way there thero was two years ago 00 about outside manipulation play play- lug a part It seems to be bo that the s is due to actual selling sellin In a market whIch I has hall no official support and front from whIch private capital Is standing aside asidO As It 1001 looks 8 from an nn AmerIcan standpoInt the lecent changes chances In inthe Inthe the ParIs bank hank personnel despite I all assurances assurance to the tho contrary are paving the tho way for tor use of ot the Bank of France gold cold reserve to I support the th fronc trone In case other measures fall tall An And t the in Inter Inter- International internatIonal International national financial community has no faith after the experience or of the last three years that the French people will submit to a program of ot tax Increases sufficiently drastic tlc to bring brine about equilibrium BELGIAN X It Is all very well to talk about dipping Into the Iho gold eold reserve resene only with the greatest car care but Jut experience experience ence has hos shown that where this expedient Is tried further dilu- dilu dilution dilu dilution tion of ot the th paper currency Is probable The gold told foundation u ol which the paper circulation Is supposed to rest cannot stand any under circum circum- circumstances circumstances circumstances stances In which France Is In at present In the meantime each decline In the franc Implies a larger demand demond tor for ne new note notes be- be because because be because cause on account of ot th the tho depreciated alue alue It takes some sonic amount to do the business of ot the th countr country The Belgian In tile the I same plight as the th French frae frac It H has been smashing all low rec- rec records rec records and still there therM Is not the slightest sign slin ot of support Belgium Is afraid ot of Its extra estra tax Question and It Is 11 notable to obtain new credits from abroad Consequent Consequent- Consequently ly ly It has not sufficient resources to check the decline in JD toe tn franc trane D OUTLOOK As a matter moller of ot practical eco ceo economics I as from mere theory It Is still open to I doubt whether big bic crops after a I period ot of o low prices price are a good thing hine or not The Tho mercantile re- re reviews re review views view make mako the th point that large I harvests will Involve a continued I heavy volume ot of frel freight ht traffic for tor the railroads railroad They do not quality qualify this by ali aliv statement that where a commodity like cot cot- cotton cotton cot cotton ton Is very iery ry low and where the tho IndicatIons as afforded by the latest bureau reports report hold out no hope for tor Improvement the te buying power of ot the cotton can can- cannot cannot can cannot not be large laree Therefore against the pros prospective big ble money In ag- ag agricultural agricultural ac freight must be bo set Ue the possibility of ot reduced money In the articles of ot merchandise which h the cotton coLton farmers farmer buy BUSINESS GOOD Another week has lias ha gone con by with with- without without without out any suggestions of ot a picking UI up In wholesale commodity prices According to Duas out ot of the list ot of quotations collected by It there were 39 31 declines against 24 advances advance These low price levels ell remain a a II weak tea tea- fea feature ture turp tur in the situation The best but the I week rias lias been the reports report of ot a I larger business In Iron and steel at a time when ordinarily the I Industry approaches Its dullest perIod These reports report have hav been dully reflected In the steel stocks with Ith United States Stales Steel making a new high hl h rec- rec record rec record ord fo to rail call time tim and with almost all of the th Independent steels dis- dis distinctly dis distinctly better beller than they have s hav been At the same samo time It Is I quite well understood that the main reason fo the i-the rise In United States Steel Is not a trade r reason ason but simply an expression of popular conr d dance that before betor long lone there will willbe willbe be some division of ot treasury as- as assets as assets sets |