| Show STOCK MARKET I AT V NEY HG IH I Trading Continues C on Stable Basis Higher Rate Expected BY liv i P. P WEST WESl Special Sl al Corr of or Till JI II t miner Copyright 1923 1925 19 by The Tho Consoli ConsIl Consolidated dated datel Pr js Association NEW YORK VOIlE July 18 Thu Tho past week ceded ended with prices priCe i un a atho u utho tho the stock et exCl h inge at n. n new high average Thy Th-sy rh vero up some 90 93 9 cents a share from a v ek seek cek ago op and 83 i t 1 shiro r from tho first of or the tile year e This was vas IS quite the tl largest rise which has occurred In any week since Ince the culmination of or the speculation Accompanied as al It was by a n. de lie- decidedly heavier h aver dI dil turnover It IC testified to in an Increasing public Interest and nn-i lo to I a n. vitality greater than July market market-i usually o have hav It has hail been aid said that low money rates werd vere s one of oC this the t I reasons back of th the rae r e In stocks This Is hardly tIN t. When call loans quotations cimo down don from fronti frontia froma a 0 high of or five T p-T cent a we K Kago ago 1110 to 10 a low of o 2 per cent It tt probably exerted some I Influence upon a market move movement ment which wis w looking around for excuses for higher prices But Bui for time the last three erza stock h l fluctuations have havo tk fr not been b affected by money changes r They Tiley nave ua been e governed governed solely by 1 i lS l'S HATH J There aro are no ito immediate signs sign of money monty working war kin higher yet et thu belief eller Is tint that this Is what Is go going go- go goIns going ing Ins to happen hall m. m This belief beller founded first upon the th larger use UN of federal reserve facilities Re ICe- Rediscounts discounts for or th system as a a 0 whole are up 1101 ip from a year ago an ati ani 1 In tho the New York district are aro up from to 1217 Tho he general re ru reserve serve ratio raU is t down from per cent to and the New NewYork cw York ratio Is hi down from 8 f. f Those These are small differences nes yet they denote more moro of a tendency to appeal un under ilder der the urge urso of or business bu I. I ness neM to tho the discount i 1 of or the tho federal reserve e Secondly tOte tae expectation 01 Oi o higher money mone is 15 based upon the I Idea that prices struck bottom soon time ago and nr iN are arenow s snow now pointed higher 11 Ih 01 that the busi busl- business ness flees volume will lurther expand J and finally mat 1101 the season ill i-i approaching when the usual le- le for Cor the th crop moving mo will wilt have to bo 00 met BONDS SLOWING DOX The money mon market maret Is not fleeting this view v ew us me yet et but bond bontI market t a s doing so 50 Bend DertI prices have havo not down nut out there are certainly a good many more nore sellers than buyers around current prices price The stock market looks at tho the difference renco between the present reserve ratio rato of or per cont c. c nt and nd the 41 H per percent percent cent of No 1919 and U Is not out 1 the sufficiency I Io of o of tho the credit supply or about th ti estimates made mad of the e hugs huge hu e total of brokerage loans oana oan It Is con Jn concerned with trade developments and these have hav been bo n or favor able PROFIT 1 Steel prices s have hav steadied r j I ja a a. prolonged d' d and Incoming business white while perhaps p haps not nOl quite qute up tip to from tho mill are approaching an equation The copper metal m tal is la advancing as ILS he result of or 11 an oil improved Impo domestic demand following consistent ef efforts of- of forts lorts to limit production Bunk Banc clearings are s bt att t down as exceed- exceed exceeding Ing all au previous records Railroad profits are aro 19 11 per pel cent ahead of ofa r a II year ago ao Tho rho trouble with the s situation ill all along alon has not t Dc bel e i 1 with the tt with tho the volume but hut profit margin marln rho The former has haz been satisfactory the lh latter ns ris not Now price in Important t lines havo have either cither stopped going down or have havo begun to turn up up- ward If It this drift continues it will mean a a- 3 good deal for co- co coporale earnings s li Ia the second half halfor of or the year ear The present Well Wull street dealings aro are going ahead d on the conception that this is the tile way the tho situation will wal woi Ic out Tho The reason why tho the current ft 10 4 which at iches to the mar mar- market market ket ot or January and February Is III that there have lla Jeen een cen no similar r excesses s on the buying side of the public y stocks and anda anJa a few ot or h he i have havo beel bid up rathor r extravagantly Slut Hut ButIn In tho the main body hody of If the list the thc forward movement has been or orderly or- or orderly ordeny derly deny and ha lias Involved In no such wild speculation as ae accompanied tho limo rising during tho the win win- ter July Is normally u IL month of crop deterioration on It Is a a. dry weather limo and t I Is a a period when reports of ot the Inroads made mad by drought and Insect bIsect pests are uro taken full fuit advantage of or by speculators speculators speculators In grain nd and In us cotton The present year has so far ben benno b no exception OP Or COTTON COTTO But during the lie h past week cho he cotton trade trad las begun to realize realize- that such us ILS has lIas ou- ou occurred woud would havi- havi Vl lavt- to Iv have o very try serious results in Joed J. J c d In order to t offset tho the fact facU of the statistical position A crop i f 1361 1000 bales list last year when consumption was curtailed ol m mus a lar large e over carry-over and nud on top toi of o this he the department of agriculture his has b u estimated for fOI l' l 1 r J a harvest of or bales bains which with one on exception U is the largest estimate at the tho same sarno period within tho the thelast last eight years car Under tho the cir clr- circumstances the tho conditions cor of the tho next two months would have havo to tu tobe I tube In order be lIy bad to produce much of r a n. change chane In IA InI tho the price outlook I ST. I The foreign exchanges have evidently J to tl rest around their prevailing levels In no I week for a l long lime time havo have flue flue- fluctuations flu I beats bl 1 30 no email Sterling Sterling- Sterll Is holding virtually at par r. tho the flank Dank of or England continues to o accumulate to gold sod and I nd Its liB ratio stands much tho the since tho tue beginning of or the tho war French Ionic bank note circulation I and go gO cr nt borrowings IN ats both at J rec rea Id hl ils but Jt this ha lIa has not affected the th franc because of o 0 tho the confident fit t l In tho Iho now n w regime which 1 is had tile tho cour cour- courage courage courage I age to recognize the facts and propose to lo balance the tile budget in inthe inthe I Ithe the only way wa possible 1 through Increased |
