The Birmingham age-herald., 1924-07-22

tdllFe SIocKS. average prices TOT bonds reached a new peak. -'- Wall Street enjoyed return of million-share days.
 Whereas certain grains touched the highest levels in several years, time money and commercial paper rates sank to the lowest level ill several years. The ratio of reserve again in- creased and there is greater pressure than ever before to find temporary uses for funds. -
 The interstate commerce commis- sion's rejection of the political de- mand for reduction in grain and hay rates on western railroads was prompt ly and enthusiastically celebrated by sharp rise in railroad stocks, good, bad and indifferent. The financial world read deep importance into the stand taken by the body having sole author lty over interstate railway rates.
 Second thoughts on the presidential nominations convinced eastern finan- cial and business leaders that no alarm need be felt over the coming election. That Calvin Coolidge will be elected is the opinion now very strongly held in those circles that exercise most influ- ence upon security markets and com modity exchanges.
 Although still hopeful powerful if nancial interests here are watching events at the conference of premiers in London with intense interest and, it might be added, with some concern. The truth. is that American interests regard this as an occasion of supreme moment to the whole world. America is, playing her strongest cards, for it is felt here that if the deadlock be not broken now, the whole European and international outlook will become ex- tremely grave.
 It can safely be assumed that both Germany and France have received satisfactory intimations from this side of the Atlantic that if the Dawes plan be definitely adopted the American share of the big loan forming part of the reconstruction program will be properly taken care of. The chief of the whole matter is this:
 France, refusing to forget history, is determined not to give up all say in de- eiding when Germany shall be declared in. default if everything does not go ac- c0rQlng 10 Scneftule. rdHce lS ullWA- ling to hand over this power to any non. French individual, not even an un- biased American business statesman.
 Realization of what a rupture would probably lead to will. American finan- ciers believe, cause France as well as Britain, and. Germany to shrink from any course which would bring disaster to the present momentous effort to find n harmonious way out
 During the last week or two, one hasheard, in talking with business men, of modest improvement in orders. This applies to some of the industries which i have. been dullest. -
 One of the largest shoe manufactur- CTS in the country said on Saturday that his plant had been running from so to 90 per cent, of last years output, but he expects very shortly to be run ming 100 per cent. Our orders look better," he declared.
 . The fact is that we are getting through the additionally dull summer season more comfortably than ordinar- fly. There is a demand on the farm for all workers who have been laid off fby industries, although, of course, it is not always feasible for the industrial worker to take himself to an agricul- tural locality where his services could be used.
 ''' Ali signs are that things will pick ,,n oS the faI saas0n annrOachpS