Show i MARKET 81 STANDS ANDS 1 BACK TO WAll Campaign Takes Form During Past Week By JO JOHN N L. L Associated Press Financial Writer Wrier NEW YORK Feb G Stocks 6 Stocks lapsed ito into a coma comatose lose state this week leav- leav lea o eav- eav ing ing ng Wal Wall street perplexed as to just what they meant to do I On Monday Monda the market picked out outa outI I a group of at war brides but by Wednesday it had jilted them On trading shriveled to the Thursday tading smallest volume since September 1 1 On Friday the market fretted itself itel Into nto Into a decline Bonds also were uninspired although al al- though lough some sone definite moves developed devel- devel in foreign issues notably Jap Jap- anese and Australians which had special cial cal al situations to contend with wih If I the markets market arc are looking to Industry Indus Indus- try ry for or guidance their hopes for con con- leadership arc are subject to postponement since less than seasonal improvement prevails in i most barometric barometric baro baro- baro metric business busness If I they are expecting help from such uch projects as the reconstruction finance nance corporation and the prospective tive vc nationwide drive against hoard hoard- lag ing ng their prospects prospect depend largely it itis i is pointed out on the degree to which confidence is strengthened by organIzed organ organ- ed efforts to build buld courage out of fear ear Many brokers believe ve stocks slacks now face ice a test of the early January lows The market has been close to these Te cose minimums several times but so far farlas has las refused to violate them and opinion ion on differs as to whether it i can again do 0 so In I some quarters it is felt seln selling may be concentrated against indIvidual issues several of which are are re showing consistent heaviness iness Chart followers have been rather unfavorably impressed by the action acton o of 1 the rails rais for that group emerged from rom its it last trading range on the down own side It I is notable nevertheless that int in the last two months the market has as fluctuated in a point 10 average averne ra range ange e. e The campaign will wi attract at at- tract close attention in Wall ValI Wal street which believes that the problems pre pre- by this practice arc are offering serious obstacles to stability A few weeks ago bankers thought the situa situa- tion ton on was clearing but since the holidays holi- holi hal da days ays there has his been evidence to the contrary I Federal Federl reserve note circulation which reflects the requirements of member banks throughout the co coun- coun un tr try ry has risen about so soar far ar this year contrasting with decreases de de- creases of and 00 respectively in the same periods of f 1931 and 1930 Since this additional sum could hardly have been required by bus bul ness nes ess in view of the admittedly lower levels at which commerce is operating ing ig as compared with wih one and two years cars ago ngo the assumption is that hoarding has been largely ble le for the increase Credit deflation is still sti under way although at a less strenuous pace and nd bankers link its it persistence to hoarding carding In that banks find fid liquidity desirable while depositors arc are symptoms of nervousness ner War debts debt and reparations have been forced into the back background round by bythe bythe the ic far eastern easter but none the less ess remain as a source of or irritation and nd unsettlement Some Sonic comments tori tor ors were quick to discuss discus Secretary lellon's Mellons appointment to the British ambassadorship in the light of its Is eventual bearing on debt matters |