Business: Current Situation: Jan. 5, 1925

In the stockmarket, prices of shares have resumed their long upward rise. The public is interested in stocks and is as usual optimistic.

Thus far, however, the excesses of speculation seen during War and post-War years seem to have been avoided. Improving industrial conditions and the prospect of economic tax revision, along with easy money, are thus far the prime motives of the continuing "bull market." But the test of its soundness should soon be seen in increased earnings.

In the absence of conclusive industrial news, the statements of the Federal Reserve Banks have been closely scrutinized to see what...

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