San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1925-12-14
BUSINESS NEWS
CONTINUES
OPTIMISTIC
Prices on Stock Market
Within Two Points
Of Years Peak.
By B. c. FORBES

By B. c. FORBES
The news continues encourSg :ng.
Both business and securities arc do
ing well.
Almost all the latest developments
have been in the right direction.
Thus:
Prices on the New York Stock Ex-
change are within two points of the,
high peak of the year, reached
month ago. and dealings have been
distinctly more rational.
Bonds today are practically level
with the highest quotations Of the
year, attained early in May.
Banking conditions in the countfy's
leading financial center have con-
tinued satisfactory, and the New York
Federal Reserve Bank did not ad-
vance its 3 IL per cent divided rare.
The indications are that lately there
has been decrease rather than m
increase in bank borrowings by
STOCK market operators.
New security offerings of depend
able character have been absorbed
very readily.
President Coolidge's message was
most acceptable to business.
Secretary Melons cheering descrip-
ton of stock market and business con
ditions. supplemented by a very op-
timistic forecast of the general out
look in this country, was enthusiast
cally received. naturally. for Mr.. Mel
lon has earned reputation during
his long and influential career for
trustworthiness in act and speech.
Annual and other statements from
various members of the administra-
ton all have been couched in favor
able terms.
The busness-like promptnesS OF
Congress in taking hold Of tax reduc-
ton has strengthened confidence that
the whole matter will be definitely
settled before we have to make our
first payment on March Is.
Most Of our basic industries report
SATISFACTORY OhitCo
States Steel Corporations untitled
business increased more last month
than in any month during the year.
Building figures were again of impress
sive magnitude. SO are bank clear
ing. postal receipts, customs revenue.
railway tonnage, mail order sales and
other yardsticks for measuring busi-
ness volume.
Irrcgularity exists, OF course. De-
rcmbcr always is an off month in au-
.amobile factories. The improvement
in the textile industry has not gained
momentum. The oil industry is still
struggling under the handicap of over
production. but the price trend hero
has been upward.
Labor, on the whole, is enjoying
employment far beyond normal.
Rather wide fluctuations have oc-
Cured in agricultural prices. Mime
apolis. on Wednesday sent out TINS
newspaper dispatch: a four-year
price record was broken today when
one carload of Montana wheat sold
here for S2.05 bushel. With al
most one-half the Northwest CROP
estimated TO be in storage, farmers
are realizing great sums in the mar
ket advance. Terminal receipts are
increasing" A break came later but
prices continue most remuneratye-
Banks having extended the neces-
sary assistance. many farmers are
holding back corn. probably a wise
movre, for prices are about 40 cents
below quotations of year ago. Otner
grains have moved irregularly, ana
wool is also sagging. The govern
ment's forecast of 1J,600,OOO-bale
cotton crop broke prices appreciaoiy
below the 20-cent level. but 1t may De
that cotton growers will seek TO foi-
low the example of corn growers:
During the week there were % de-
clines in 81 commodity price changes,
due mainly TO the weakness IN agrl-
cultural products.
Retail trade is large. Dun's goes
so far as to say: production ana
distribution in many departments OF
trade are without peace-time prece.
dent. Industries long dormant are
reaching fresh goals as to earnings
and the disposition is strong to eS-
pand operations and 10 make. future
commitments with greater freedom
and with more confidence"
Bradstreet's mentions some slowing
down in certain parts of the cotton
and corn belts. Marshall Field anu
company records larger distributor OF
dry goods ut wholesale than in the
previous week or in the correspond
Ing week last year, with road sales
also better and the number OF custo-
mcrs in the market larger.
Dividend increases continue sig
nificant. outstanding feature. The
raising OF the Southern Railways rate
from 3 to per cent illustrates the
progress. one might say the transfor-
! nation, the whole South is enjoying
From all of which it will be seen
that the business barometer indicates
fair weather.
Copyright BY r. c. Forbes)
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