Show BUY STOCKS Y YI I Financial Review and Outlook Shows Interest Running High n. n lr P. P WEST Special Correspondent of Tho Cop Copyright 1 1921 2 5 Consolidated Press AssocIation IW Aug Au In spite ot of the fact that Ihl average on the New ew stock exchange for the past week hal has scarcely I Ie Ig It changed g from where it 11 left te off the 1 week e before t t in the finan- finan situation has centered In this this' this market to 10 the exclusion of almost else 11 all t street has been at a loss for some time t to do- do I at S t I the c course r of the share h list and again this week It got no clearer of the speculative pO- pO Money on continued easy except for fora a slight hardening of rles rates In prep prep- araton for the end of the month requirements In the commodity markets nothing extraordinary oc- oc occurred and the international siua- siua ton tiun rested on the funding debt no- no Bonds were Quiet and there was a fairly even balance of In trade channels nEF REFLECT C. Stocks ref d the spirit of cauton caution wih with which the maJor maJor- majorI I y viewed then Toward the doso of the week the tho general av- av avage average age of quotatIons stood at p pr r cent as compared wih with per cent on gust A August 22 Th The peak for the year ar 10 so far wis 5 reached last Tuesday but the high level touched that day stocks fel fell back sharply RC- RC by declines In lome some of the hIgh priced issues which were fully as violent as the previous ad- ad vances n. In the early stages ot ot a big for for- movement on the stock ex- ex exchange exchange change the tho way u uly Is Indicated h the gradual improvement ement In fi list t one stock and then another I IC hat what has taken place this pst past week pek In tIme opposite ite has hasben ben n a reliable guide then I it Is po possible that the position Is being that tle tue slow receding In the share sharo list en I coed b by wid wild In a few tt stocks his has been the forerunner of ofa a general cs and more severe down down- downward downward ward turn But al all this this recent ox- ox X- X has shown IS mere con con- conj j jecture Traders emboldened by the high average the list has truck struck have side tried their lurk luck on the short hut ha e have been heen forced to abandon their positions In many instances and agree agree that the present market de led analysis I and was dangerous 10 the extreme L HIO Conditions In the money liua- liua situa- situa tl thu are to appraise e. e There Thero hal has been some pars that the Fed Fed- Federal pral eral Reserve would raise the re- re redIscoUnt dIscoUnt rate but these fears were hewn to hav have no basl basi In fact loans loan rose o 4 31 po per cent the highest In over six weeks but the rates were ascribed to the increasing demand for funds In the InterIor on account of moving crop requirements and trade expansion at the reserve bank banle gained about and gold goldI holdings were lower but these dt- dt were normal normal The con con- conclusion I elusion was drawn that the Fed Fed- edI I tra ra reserve system despite the I great rise In stock exchange quo quo- quoI saw no real for hanging changing of ra raes 18 which after aJ all I Is an emergency lever to be op ap pled only when the highest bank bank- bankIng banking Ing authorities deem it necessary U. I. Wail al street tree was very favorably Impressed by the JUly revenUe statements of the railroads The he buk of these sere ere tor tory In most cases gro gross returns wore were hIgher than for the month year ear Ind and a remarkable show show- In wal was made In net Income For or the roads which h already rl- rl re- re ported the net Income I it the aggregate durn during Jul July increased approximately third one over o July 1924 Based aed on n property vaua- vaua the fIgures Indicate n a higher return In June and more than a ful full ont one per cent over a year ear ago The earnings of I ull companies had a marked fet upon the respective railway se- se enmities There were sharp ad- ad I ces In this cass class of stocks some ot of the notable examples being the of cads operating in districts whIch have reported sub sub- s In the am al buying power The week end trade reviews stressed thIs phase of the business Improvement improvement Duns Dun's salo said that there was as an increased consumption of goods tn In Inte the te rural sections and demands In ot of the bIg manufacturing In the fouth south and and south south- weIL COT The difference between the hard operators and mIner miners was re- re only In the stocks con con- The street long long ago learn learn- learned Id ed that the stock market Is not nota sale ale on strike e news Accordingly It was only the sale Ie ot of the ell eke coal coni share shares which were ad ad- adversely a affected while those of the bituminous producers ond and the rail raU- railroads roads whIch transport sort soft coal were helped moderatelY COTS COTTON Speculation appears to bl be play play- plaIn playing In ing a minor part In the principal markets Wheat has lost loot some ground and the other other Iraln grains also have been beavy Cot Cot- Cotton Cotton ton shows plainly a minimum of p speculative Interest The trade expects a greater crop the government hal has estimated ant the marke market ha has falen fallen to the lowest prIces of the season Upon one point al all sides are agreed and I that Is that tl tho 1925 harvest harvet wi will willbe I be In the past few years tare I |