The Birmingham age-herald., 1924-07-01

batisfactory quotations for the new
 he average price of representative Ks on the New York Stock Ex- ch ge has reached new level for the gear. Both industrial and railway issues have figured in the advance.
 Bonds, too, have climbed to new ground. Gains have been made alike by foreign government bonds, our own liberties and by railroad x and indus trial varieties.
 Money rates have declined to levels rarely experienced even in pre-war times. There are more idle funds than can be put from, day to day at Z per cent. Bankers acceptances are down to 2 per cent, loans secured by Stock Exchange collateral are available at 8 per cent Or less and there is already talk of another reduction in the local Federal Reserve bank rate to per cent, the last cut having failed to stimulate re-discount.
 The superabundance of cheap money here has induced leading American bankers to apply for share of the S5O.- GOO, 1000 Hungarian government loan to be issued within a day or two. Con fidence is expressed that the local offering of some $10,000,000 will be readily absorbed in view of the meas ures taken to insure the safety of the obligation and the very high interest yield.
 Prospects for floating here the large German loan embodied in the Dawes plan are regarded by international bankers as having greatly improved and the present expectation is that the way will have been paved for this fi- nancing by fall.
 Steel authorities declare that a turn for the better is at hand Automobile manufacturers are preparing to increase operations within the next ten days the Stakeholder corporation, it is re- ported, has added 1,200 employees on July q, and 2,000 more later in the south.
 Copper is a shade better in price with demand broad-scaled.
 Tin is also higher.
 Sugar has been doing a trifle bet ter.
 Wool prices have been showing firm NSAss.
 Dun's reports a distinctly smaller proportion of declines in commodity prices last week in comparison with previous week.
 The same agency records a sharp de- cline in commercial failures.
 Tn their always conservative weekly report, Marshall Field & Go. say: ''Cur- rent wholesale distribution of goods is in excess of a week ago, and was approximately equal to the volume recorded last year during the same week. Retail sales weae about the same as last week and showed a con- siderable increase in the figure of a year ago, during the corresponding period"
 Chain stores and mail order houses report gains in sales.
 The largest railroad in. America, the Pennsylvania, announces a modest in- crease in car loading and while state ments of railroad earnings now being issued covering May, compare unfavor- ably with those of year ago, the broad outlook for our railroads is highly encouraging. It is not important that many of them are now saving substan- tial amounts by issuing new obligations carrying low rate of interest to re- fund obligations issiied when money was easier.
 Not a few large scale mergers, both railroad and industrial, are under nego- tiation. When reports of their compile tion are published, the report is likely to ibe hailed with satisfaction by Wall Street and the sentimental effect will not be confined to that spot The writer hopes to. make an authoritative state- ment of nationwide interest this week.
 Washington's suit against half-a- hun drsd Standard Oil and other oil com paniea is described as a political ges- tuTe, designed to help the party now in power. Even sensitive Wall Street was frightened by the move.
 Talking of politics, the way things have been going at the democratic con vention has strengthened confidence among republicans in the financial and business world that President Coolidge will be elected, ''now that the democrats have split wide apart over the Ku Klux Klan.s
 Of course, political outlooks can change over night. The spectacular rise in grain prices may conceivably suffer a relapse. Developments in the build. ing industry probably will be less exu- berant The European program may not develop, according to the hoped for schedule. In short, always when dis cussing the future, there must neces- arily be "ifs" and "buts."
 It can be said definitely, however, ! that q more cheerful view is now taken of business prospects.
 MARKET FLASTES