Show ti liST REFLECTS ROOD GOOD BUSINESS Stock Advance Sets Record Rec Rec- Record Record ord for Week Weak Big Volume V of Trade I n It STUART S lAHr I I 1 IVEST WEST VEST Special of oc Till The Stand Copyright 1925 by The Consoli Consolidated dated Press Association NEW NESt YORK YORI Sept 12 During 12 During tho the lt lut t week prices on the exchange ha e had the largest gain of any week this year The average rose roslI nearly making a total advance ance since the first lint of ot January of 1260 along with sith Ith the th largely Increased ed volume of transactions represents ent the 1925 markel market at the maximum so far reached The upward swing Is I partly a Il reflection of o favorable conditions condition now existing and partly a forecast that the li Is not likely to tobe tobe tobe be changed for or an while ahead MANY I FACTORS 1 Settled political conditions the assurance that business Is not to tobe tobe tobe be harried hurled by legislation has hu been an Important factor Second Is the abundance of the th credit sup sup- supply supply ply at a a. season where chere commer commer- commercial cial dal and Industrial demands are ore heaviest Third there Is tI the enormous volume of ot general trade throughout hout the country countr of ot which the record breaking railway traffic ftc fic Is la the most convincing proof Along Alon with lIb these essential tea faa features lures Cures are arc the reports of ot the cor cor- corporations railroads industrials and public utilities The railroads made a remarkable showing for for July Jul According to all Indications they the will ha e done en e better for August and with the control over o operating expenses which has been demonstrated plus the pros pros- peeL of a heavy freight move move- movement o et f I f merit ment t through ro the autumn D. D the I re returns re- re returns turns are arc likely to be very pleas pleas- pleasIng pleas pleas-I lag Ing In to railway share holders share holders for some ome time lime to come I TRADE REPORTS GOOD GOO Nowhere here has the gain been more astonishing than in the au au- automobile automobile au- au Industries and In others whose who business and profits vary var with Ith thos of or the automobile mak malt ers era Copper supplies have hn sunk comparatively low on a quotation of t 14 conIc cents cn a pound o agaInst a I 13 cents nt a year y a ago Other Oilier I non ferrous metals such as lead and zinc are also considerably higher than last year I IThe The metal trade faces nees altogether I Ia a good deal more promising time CONFIDENCE CO IN IX FUTURE I Thee individual trade condi condl- conditions I are being measured by the i u bito market te rem movement In the stocks concerned Whether the rise will si Ill III IIII turn out to ha e been excessive depends upon Vh whether ther the mar roar market market I ket Is 15 right In belle believing that the present situation will last But fo so far the note of o confidence in inthe Inthe Inthe the future is supreme There are other quarters to be sure where there are elements of ot uncertainty The steel companies are operating at 70 to 75 7 per cent of ot capacity but they are doing business at prices under tinder those of ot la t year ear and very materially un un- under under der tIer those of ot two years ears ago An An- Another Another other case ease where the smallness l lot of ot the profit margin Is a a. stumbling ling block Is that of ot cotton goods COTTON corro TAKES T. JUMP JU Jl Cotton Colton manufacturers were just beginning to 10 pick up under the he stimulus ct of lower cotton collon prices when the unexpected government go of ot bales less Ies le In Inthe Inthe Inthe the growing crop turned the mar mar- market market market ket upward again It U remains to tobe tobe tobe be seen whether this will cast a had damper upon such try recovery as appeared I 1 goods trade tra As an Influence In Wall street operation operations It Il Is difficult to lo over over- overrate overrate rate the Importance of o the pros pros- tax reduction r This reduction tion lIon as us now proposed will afford atford particular relief to people paying the larger r surtaxes stir This is Ia the claM class who since the war have been putting their money mone Into tax tax- exempt securities It is the class i who have ha had the bl prof prof- profits profits its in Wall all street but of ot whom It has been said that they thy could not afford aCCord to take them EXPECT J ElT BIG DIVIDENDS JW DS Now conies comes the prospect of ot a time he first since the war var when the tho rich men may be able to real reat- realize realize ize on their stock holdings to Io ad- ad ad nd vantage That this Is the sig elg significance sig- sig back of some of ot the therise therise therise rise In the priced high Industrials which are owned almost exclusive e exclusively ly Iy by the very ery wealthy can hardly be doubted The Th distribution will take place only after the various plans plane for Cor capital ups have been put through multiplying the tho stock units but thereby reducing mar mar- market market ket Iet prices to a a. level le more within the means of the public to 10 buy CONDITIONS CONDITION'S UNCHANGED U In the International money mar mar- markets markets marketa keta no developments of ot conse conse- consequence quence have o occurred Another I heavy h a loss of ot gold old at the Bank of ot ott England t Indicated still sUIl further tho the termination of ot the efforts at ac accumulation ac- ac accumulation and the desire to car car- carry ry 17 1 out ou AS far ar as possible the obligations gallon incurred by tho tb restoration of ot a 0 free gold market Another top notch for all aU time lime I along alone the line lino of ot Inflation was set lIet by the th French paper cur cur- currency rency reney Title however howe has not damaged daml Cd the market for the franc and nod it certainly has hu not Interfered with the upward movement in French dollar doll bonds bond which was wag one of ot the features of o the tho week FORK ON BONOS I S u The active buying movement mo In foreign government Issues gen gen- generally generally en- en is partly due to 10 the search for Investment securities bearing a 1 high return where similar op opportunities op at homo home have havo become limited and partly It Jt may be a preparation for tor a series eerie of or otter otter- offerings ings of ot new foreign Issues both public and private The Tho little flurry In the local money market which carried the lbs I I call rate late to 6 II 4 p per r cent amount- amount amounted ed to nothing Again It was checked by free offerings from banks bank in the Interior who found that they had more mor moron on hand than was needed re to supply the wants of ot their communities |