The Birmingham age-herald., 1923-07-23
PRIMER MARKET r | R SECURITIES FEATURE OF WEEK
One Of Encouraging Events Was Check In Decline Of
 Wheat Prices

NEW YORK, July 22.-(By As sociated Press)-Firmer markets for both securities and commodities have been the feature of the past week in business and finance. In some cases, such as copper, this was attributed to the immince of new buying movements; in others it was attributed to the strong situation which usually develops after half year settlements have been made There was also dispositiin to em- phasize the disregard by the mark cts of what might be considered bad news, this being taken as an indi- cation of the material strengthening of the prospective position which was brought about by the liquida- tion of the late spring.
 one of the encouraging events Of the week was the check imposed on the decline in wheat prices. After the leading futures had declined to the vicinity of 96 cents a bushel, a sudden rebound carried them back up to about the dollar level. No particular object of the rally was given, other than that it was the result of buying induced by the relative cheapness of the commodity. Nevertheless, the recovery was gen orally pleasing and served to en- courage upward movements in the other markets.
 Another factor which contributed to the more cheerful feeling which was in evidence was greater opti- mism over the progress of the repa- rations negotiations. Cables from abroad brought rumors of Ger many's desire to effect a settlement and her willingness to abandon her stand on passive resistance in the Ruhr. In addition, it was reported ha F nf 1a f1t tl,. impending British note would not be as uncompromising as had been re- ported earlier. This revived hopes that the British reply to Germany might furnish the basis for an early settlement. In well-informed quar- ters there was a disposition to give much weight to tho latest efforts to reach a settlement and point out the progress which has been and is being made. At the same time 1t was suggested that the negotiations are likely to cover period of weeks and months rather than days and weeks.
 Industrial news generally was con- sistent with that of recent weeks. Railroad car loadings for the week ended July ' fell below the million mark, but this was due purely to the holiday, the performance literally exceeding the previous record for this particular week.
 
 the other hand carried the news of further reduction in production which was due not only to the sea son and the need for repairing plants, but to a diminution of un- filled orders. Steel prices remained firm, but 1t was stated in trade circles that quotations are to a cer- tain degree nominal and that many buyers expect lower prices during the fall. If this situation develops It will be due partly to the declines which have taken place in coal, coke and pig iron, and partly to the falling off in the demand which was so urgent during the past spring. On the whole the opinion prevails that convincing evidence as to the character of fall buying must still be awaited.
 No material change occurred in the money situation. The reserve bank statement showed that the extra credit and currency which were created to meet the early July de- mand have been returned and that the condition of the system is similar to that existing during the latter part of June.