The Birmingham age-herald., 1924-07-29

effort to have the Dawes plan adopted i; and wheat sustained a sharp setback one day.
 But these developments were more than offset by a rapid series of bullish happenings. Indeed, the week brought . succession of new high records
 Wheat reached new maximum prices for all deliveries. So did corn. So did oats. All these grains are very much higher than they were a year ago, while both wheat and corn have advanced some thirty cents a bushel from this seasons low level.
 Cotton also maintained its notable strength. July option crossed B cents in New York and futures are quoted from 2 to 2S cents. Unless growing conditions greatly improve, scarcity is inevitable. so that there is no telling how quotations may fluctuate within the next two months.
 The stock of gold held by the reserve banks reached s, ,160, 100000. the larg est ever recorded by the banks of this or any other country. Pressure to find uses for the increasing superabundance of funds told upon rates. Many mill lions of dollars are being put out from day to day in New York at less than ? per cent, while 60-day loans were made last week at 211a per cent, the low est record since the war began.
 the highest point touched this year, and a gafnI Of-1o cents since the beginning of this month.
 The increases in commodity price ad- vances over declines were more marked last week than even in the previous week, when the ratio was 3 to 1. While the upward movement, was f course, most pronounced in agricultural prod ucts, notably grains and hogs, certain other basic commodities also showed improvement.
 Copper was quoted as high as 13 cents. Brass products were marked up. Lead advanced. So did tin. Steel held its own. Silver at New York went to 6S cents, the years top quotation.
 The outbreak of civil war in Brazirs principal coffee-growing state, Sac PaulO, sent coffee higher.
 Politics were relegated to the back ground by the animated activities in industry and finance.
 Sentiment was more cheerful and con fident than at any previous time since 1924 began.
 The security market did not fail to record the favorable developments and the rise in optimism.
 The average quotation for fifty rep resentative railroad and industrial stocks not only broke into new ground for the current year, but eclipsed last years peak, reached in March, and came within fraction of the maximum point touched in 1922 Stocks are now 20 points above their 1921 peak, less than two points from the 1920 top, and slightly above 1919 best quotations.
 Railroad issues attracted even more attention than industrials. Several low priced rails were vigorously marked up and before the week ended the shares of coal carrying roads received spe- cial attention. The prevailing view in and out of Wall street i", to quote the words used by President Willard, of the B. and O., in talk with the writer, '-the billion dollars added to the Value of crops will mean freer purchasing by farmers, and consequently, increased business for the railroads
 Bonds likewise bettered their previous best quotation for the current year. If the usual course be followed, the rise in government and other gilt-edge bonds. which has been quite pronounced, will be followed by strength in obligations yielding somewhat higher returns and, later, by rise in more or less Specu- lative issues.
 Certainly the present plethora of money suggests such developments.
 FLAX MARKET
 DULUTH, AIinn July 2S-Flax