| Show MARKET SETS HIGH RECORD I Stocks Average 7 Per Share More Than At January 1 STUART RI sn m P. P I 1 IVEST w F VEST n nI Special I of oC The TI Standard Examiner Copyright 1925 19 by The Consoli Consolidated Con oll- oll dated Press Ires Association YORK Jul July 11 During H.-During During the ho week JUt Just past prices price on tho the stock Alock exchange made a a. new high record The They stood at 70 32 on the a average which meant a 0 gain galls of 7 44 a n. share sharo since the first tint of the ho year car These stock records were accompanied by new high prices for Cor U U. S S. S treasury loans loon and for Cor one or two of or the Liberty Issues The high prices prIce were not due llIe to any an change hanse In money condi- condi The mone money market did what was I expected expect d that Is after the return of oC the funds needed for Cor the mid year mid ear settlements rates went back to where they stood at the beginning of oC he fhe Ht last week In June RON ROM 1 Why bond prices should have e reacted the way the they did In the middle of oC tho the week was a matter mall r of or surprise Rumors regarding a 0 change of oC personnel In the tre treas- treas treasury n nury ury department were Yere quickly q l kl de do- responsible for Cor the selling sellin of or gov government gOY gOY- securities The only other ex was wu that the selling represented re resented the view that the money moncy market was 19 likely to work ork hIgher but this view was not borne out by the subsequent nt events of oC the week weel i which pointed rather to lower I than to higher money quotations OPINION r DI DIVIDED l II LD ID I The week ended with opinions divided concerning the tho stock mar mar- market ket keto Some thought that operations for Tor the rise would continue In iii selected stocks In the same man man- manner manner ner ncr that they have for the fhe last lost two to t o months Others Other laid stress upon the record record breaking breaking In brokerage loans and upon tho extended position of or the spec spec- speculative account in general There seemed to 10 be no doubt that more attention was WM belne paid to 10 this latter laller version In th the final days of or the week The mar mar- market market market ket ran Into the heaviest selling It had encountered In two months month and this selling began to 10 tell on the price list nUM I BUSINESS S G CATChING UP UI In Its lis advance from Crom the earlY part of oC April the stock market got ahead of oC business conditions condition Now Kow outside business busine s Is catching up The week week enl end mercantile re reviews re- re reviews views tell of a freer fr er policy on the part of oC buyers buers who since the first of the year had been trying to supply Immediate requirements requirement and who now are showing more confidence In the future by purchasing for Cor later d d' d d. d I her u-er T HI The Tho grain s trade was not sur sur- surprised surprIsed surprised by the fhe government gO wheat estimates of or Jul Jut 1 1 which that spring wheat had gambit gained while winter wheat had lost Taking the lie two crops together the falling railing off from Irons last year still amounts to 10 bushels but as against this l It the calculation tion that the principal European crops will amount to nearly bushels more mor than they did a year ear car ago ngo and then uC of course there Is tho the virtual certainty certainlY certainly that the Canadian north north- northwest northwest west will go S-O far Car toward making Up tip Its abnormally short horl harvest of oC 1924 1324 U It does docs not look with the statistics now available 1 t If IC the relation between en world de do- demand demand domand mand and supply Is going I to be much different from what It was last season HIG mr CORN con L The Tho corn estimates a dis dis- distinct surprise They showed the third largest corn crop In the history of oC the country a crop li la excess of or three billion bushe s. s The corn market had evidently adjusted Itself to 10 these predictions partly parti because of the small carry carr I I over from the previous lear ear and an partly on account of the spec Idea that the season Is at it hand when the corn orn crop ordinarily ordinarily deteriorates UP UI Higher lUsher prices were vero reported for Cor forthe Corthe forthe the non nonferrous non ferrous metals metals lP copp r r. r zinc and tin The hide and leather market was stronger and more active In the Iron an and 1 steel sleet trade a closer balance was established between output consumption and therefore prices were re steadier The steel situation Is edly on the mend and this Is be beginning be- be beginning ginning to show In the market movement of or the lie steel stocks But there are still sill I the thc statements of oC the second quarter to get bet out of oC the way and these are arc not ex cx- peeled to be favorable FOREIGN i GJ R The European exchanges es have done little during the cours course of lit the last week It m y be that th the American loans oane to France and to 10 have been used for Cor support supporting sull ort ort- log ing purposes although there Is Is' Is no clear proof of or this bring being the tho cab cas cabBut case But u at all events e the situation tI I has h been e all Improved II et decided decidedly by bythe y the frank acknowledgment ment oil on the hart of the new French Trench govern govern- government government ment mont of oC the fact that there could be no real balancing of oC the bud bud- budget budget get Jet until the war loans loang to Great I Britain and the United States w re retaken reen I taken en care of oC and the financing of oC the short time loans arranged for 1 IRAS IRA'S POSITION OR on I With ith Hal Ital- Hair the position Is still obscure How much the recent decline In the lira hira has b ben been en due dae daeI to political uncertainties and how much I much to economic uncertainties remains remaIn a question Both Doth factors factor In all likelihood t ha entered In InOn On the economic side Ide Haly has done dono more than Ihan other countries to overcome the inflationary ten ten- tendency tendency tendency dency and therefore lo to help the value of oC the paper currency |
