Show rP Putting on th Brakes Brake For For For-a a n. brief space indications abounded abound abound- ed od that the turning turning- market was gathering gath- gath ering momentum moro snore rapidly r than had bad boon been anticipated This acceleration Lion tion of ot Interest and activity misunderstood I stood by man many mistaking tho the shadow for tor the substance was construed as aa I i the tho beginning of ot the major swing to much higher levels For or th thi first time timo In m months a a free tree broad buying power was aPt apparent and the sharp recovery recover covered practically the Ule entire list 1181 ad nd- vances running all aU the tho way from 4 to 10 0 points says saya the latest market marlet letter of ot E. E H. H Clarke Co This moY movement was all the more moro pronounced b because o It came camo In the tho face of tho the violent break brenk In Mexican Petro leum which c. that stock to tho the w price for tor forthe the car year Wore it not for f the for fact tact that the ran rally was co coIncIdent co- co incident with the reported cov of ot cne cna ne of the biggest bear benr operators In tho the street which covering Is said ald to I rave kave Included Include approximately shares we would unhesitatingly pre pre- aid lct much hl higher her prices Undoubtedly I th tIle the market Is In iii an oversold o condition and l In is susceptible to nn any large buying oWer whether It be toro tore short cover er lag inS or any other purpose but at the same time Ume mc It I must not be overlooked that there has hns not yet ct been a 30 sufficIent betterment of at to justify u y hopes for tor a n a steady stend up- up trending market much before rc tho the lat latten lat lat- I ten ter part pall of or the year ar lat lat-I In other words the majority of stocks im ims s are re a nl sale on nIl alt substantial I i allies i-allies because a no matter how cheer cheer- lul the optimistic Influences that cause temporary b be so wide ride s spread read ha has been tho the dissemination of ot t the tle e truth concerning the tho worlds world's financial finan finin- I cial condition and so BO much slower haaI has haa been the th Introduction of ot I measures It would take a tremendous tremendous' tremendous tremendous' I dous dous' Impulse to mako make a lasting Im Im- un- un As Aa time goes KOCS on on of or course this tooling feeling of ot doubt and uncertainty will become dissipated and buyers bUers will approach the market with more con con- and with a. a i. i lodger longer range view Put at the moment tho the tendency seems to be beto to tao take advantage of or tho the short turns rathor rather than build up a pull long mark market t position It must not be gathered from Crom the foregoing that w we are aro violently bearish bear bear- ish but we ve do 10 believe bolle that unless tho the trader be bo satisfied with small profits arid and the liquidation of oC his position on I all 11 rallies he should leavo the the- stocks entirely alone for the tIme being beIng- and anti con confine Cine his Interests to tho the Investment Issues In this connection wo we look for continued con con- i Inu d heaviness in inthe the market for tor the j I majority cf ct oil and antI industrial issues while at the moment the rail stocks seem to offer possibilities It is understood understood under Under- stood that man many of ot the large Interests particularly banking banking- houses have ha been buying railroad stocks to replace lIe ne- I that were sere sold dur during th 1 the It Is quito evident that the tr ra trea SUl department realizes the helping helping- the railroads attain T a ca e Q where thc they can moot t obligations and make necessary MA I and repairs Dispatches Dispatcher f ashington Indicated d that th the of or the treasury was Inclined to I petite tho the settlement of ot claims era gro grot lag ing out out out-of of or the period of or control by funding railroad debts debts- i tho the treasury coincident with the tho n me meat ment t of ot funds due to the carrion pa t r past services er and capital outlay Constructive developments j in In u r railroad situation will 1111 of course h. h C tut ut at all along the lino Uno aa na the the hu lit of or adequate ash sash with the tho railroads h hi unquestionably been detrimental I 1 the tho Improvement In the genera general cr crt crt- situation by reason of the tho fact bet th lb transportation systems are aro to 10 close cloi dOlt allied with practically every ever Industrial activity Taking Taking- the long range vl ah tho thic improvement In tho the railroad it I and nd tho the adjustments now goi gol golon oiron on In the tho steel Indu Industry tr will fo frt A d i i course have ha their reflection markt marke wise viso n Reduction of ot prices and WAI war w I 1 by the tho Steel corporation mav may a at t fl fir glanco gance bo be regarded as ns a n. deterrent 1 1 I but bitt it Is a no step In the rr direction as as Is corrective any me ure that Is Instituted these days days das a will go so a n. long long- longway wa way towards th the industry try In a n. healthier condition Th The action of ot tho the steel compani coming comIn- when there thero Is Je a n likelihood a moro more generous supply of or cash Ithe I r Ithe the railroads sans ns that there shot bo be a a stimulus stimuli's of or tho the burin b by t tl LI railroads which In turn will have hafe beneficial 1 etc effect ct upon other This means then that by b the fall fait the thA year T l ve 0 may expect a n good healt revival re of ot business activity h bt should hould bo be permanent In Its n nature t cause of or the greater stability of wages and antI the readjustments that b t bu business arc putting putting- Into effect There can cnn he bo absolutely no but that conditions aro are steadily ste Ir li proving hUe l the betterment Is n r perhaps as rapid ns RS w we would lii nor arc the Improved phases of I ii situation at once apparent from a s i observation still wo we n na only to look back and compare com cond now with those existing a y yago ago ngo to see pee how steadily we have pr pressed greased towards the goal of sense common There la is comfort the knowledge that the tho period business chaos la is slowly but receding Ordinarily this would mea me uti a revival o of speculation on a bl c but these are aro unusual times The Th Clent t C lent of the speculative move depes entirely upon the speed of the rca rea process It is for this rm reas that y ye recommend the tho Ion long pun pull Investment position |