| Show STOCK MARKET YORK J y I Sp From Wall Wan Street to Th ws on the tho t Outlook i Ie fi I Hf SITUATION N BAD BAJ lAD lADi i I t n 1 I Is s V 1 1 ek i C market In inC Int 11 X l onI I J t 0 ehi I lule luler r r Special Correspondence e r Wow York Nov O he stock sto k mar market ar kot ket has lias much strength during the th past Int we wed Ic the advance being well trell wel distributed had well wel sustained sUI Tho oh hi chief m nl Was powerful pO Abased d Upon progress In tho the Northern North deal Such con I and wide reaching ment Lilt fla t particular one cannot H IJ a curried Iu curl if d to completion com without friction IO p and ni de do delay deIn doIa lay In Ia but If I nil all ni reports report art are true rt very try substantial progress hits hns been U made until and the negotiations may Idy be b Announced ns as completed at any an time tiro Tie Tho Inter litter Interests ests Involved In iii this transaction n SJ taiL arid and an Interwoven that ever etOr e r fince the lie hitch which developed i list last it spring there thero has been beon u a firm belief In t epu i lie 10 the rival Inte Interest refits hAt Over ver ther ambitions and lI fl could not afford to t permit nh nil h DD O i fI lute tulL turl would havo haj i lc t WW I to 1 both shies and created t the th It I firmly believed In iii an nn eventual 1 ment Of t Differences titter after both pile tid ht cI I d enough nough time for r I reflection refection Of of at doubt 4 n favorable to ft a Q bull ul tw that m nt of Cr disturbance t Ike ille Iy ly to the speculative BUM ton will wil be b correspondingly lr l f V Vand and and i While conditions are arc Iro less lesa lel favorable than a year ear ago ao and there are wak ak points that will 1 boar bear thu situation at nt the titi moment seems more favorable to an upward than hi down downward downword downward ward word movement Stocks are nr still fUl highly concentrated con In strong hands haI and holders are ro not nol willing Bel 1 nt mit present level I e No doubt the troge t t Incentive to 0 operations for far prices es lg II I the prevalence pf pC mt prosperity From nearly aW alf ita of o tint th country coutry connie come core reports of If ned good business conditions Eyen In mt tho tine drouth stricken districts ts business s la iii II better than expected owIng to o 0 other Pher offsets effects and no complaints arc at forth coming coating hank Dank clearings are phenomenally heavy henvy having for tor several weeks last years lurl heavy totals Ial by y r 15 1 to 20 0 per fler cent antI and nOI over oer ore are often otten overburdened with wih traffic and nd earnings continue to show gains g ln of ot 15 IG per ler cent over the handsome gains of or last year On n almost every eveny side thera are ae the th most positive evidences of great Industrial Indu activity and AS M yet there are areno no III 10 Important signs of ot cessation mel I Judges judge expect the tha boom brain In Iron to con can continue Unu for some months to come any recession from rom rein present high bight and profitable prices would keep both mev inel and old oil capacity fully ful employed The woolen goods trade tride ji h It rarely what Is iii called fa Ii I In better beter condition today toray than for tor a I lon Ion period ami so 10 the list could be extended In Iii n a afew few teW cases ca are lre Indications of ot pro production production ducton overtaking consumption but these are exceptional Prices l ICI In general Ore nrc very erY high and ns as In the case of ot Iron slight ell ht recessions will wil luI ll re revive vive any on abatement In demand Duns Dun Index figure Is now n at nt 77 which Is about the tho highest hl of at the he last ten years Tt It I Is remarkable but true trio that this thin hl h level of ot prices Is II entirely due be Ille to the failure of production to keep tice with wih consumption Speculation has ban hAi hail had very en enIte little Ite to ti do titus thuA far tur with prices aol a 11 It Is Ii QU If wo we have ever witnessed such such a wide nail and contin continuous continuous upward minward movement In values rela rehli relatively tell the free of ot speculation as has Mi been Immen experienced during the tho lie last five f or Fix FI years rears The question Is lA will the thiC ent eat wave of ot prosperity In n a 1 speculative outbreak or will wi It If re In a n quiet and anid orderly fashion Tho The latter laler course coune Is to bo be hut hum It I will wil be against t all previous experience cx If I wo wi WI ape dangerous speculative ex cx excesses ceases At the moment the most mOAt unfavorable feature In the tho market Is the th foreign or l n situation TIne Tie European l markets are In an nn exceedingly sensitive stale tat owIng to well 11 understood causes cal eS anti with wih another British loan In 11 prospect Artier Iran stocks are aro n re quite Quie likely to ba ho fold IOl for tor shipment to the United In an ant advancing market This at l t course would not be favorable to tho th foreign Tho Time cotton coton movement however has tins been backward for fop torn H a period and anti Increased ex olti of or staple would tend to discourage shipments The local money mont market marketIs Is Iii not hot entirely free of ot danger bank re se reo nerves being low and the time return of Qt cur currency rency from tram the South Hauth being tardy lardy ow to ti the tIme backward movement incitement of ot tine the cotton crop eop Some toilet relief fd el by ly Secretary Gages offer to buy bonus bonds nail nn by time the Increase of I circulation but hut tIme the treasury urI rt 15 still t a disturbing feature locking leeking up funds collected by ly ll excessive taxation Con Congress gress greas seems likely to do ilo little luring during till tho UI conning coming session It I could at least earn eanni ear the thin good gol will vIIi wil of ot nIl Al parties r 1 1 cuttIng culling off otT of superfluous taxes J Th TIt market has 1115 a had ft a I goal 1011 advance nce and ani Is exposed to setbacks unless firm irin firmly ly supported by Its Il present On un nil all al good goal 1001 rallies wt W C profit oOt Inking The Insiders have hav k TO o and tho thin long pull Is IR I pt 11 t ai ns ae c ft UI as asa UIn n a y at ago There will wi h be of money rony to lo Invest after Jani nry itry 1st lt and nod If It a n bull is on I th tb market may many be he well wel s Until that railed If I not later 1 4 |
