Show OUTLOOK FOR STOCKS GOOD Easy Money Ioney Continues Trading Is Below That of Year A Ao Ago o By STUART P W WEST ST Special Corre nt of The Standard CopyrIght 1926 Consolidated Press Pross Pre A Association A NEW NE YORK YanK NOT Nov In IL-Ia 27 In the thO financial situation during the past week the principal episodes have been the well sustained strength In stocks tho the active buying at higher prices in certain sections of the bond market the th sharp In II French clo In the th main and upward drift and definite that even suc such uch a huge huce estimate as r bales bale gov- gov government eminent now places on cotton has b been en measured by the gre t In the market No new Influences ot of a a gen gen gen- gen nature nature have havo pr presented s them them- themselves selves selve's com Itt mn with the tho ad ad ad vance vancil In stocks The market has bas h been going up ip l p p rte buying of Individual shares for Individual reasons Fully halt half the list has I undergone little chanc Professionals haiVe ve forked for tor higher prices than rather for lower l prices because It has been evident eIdent Ident that on on t the former aide lay J y the line of least lea t resistance Transactions are ire still running n a full million shares hares below what they were wera In la the big market of 1925 This shows more than thal any any- anything anything thing else ele U the tle e difference between he present situation and nil th that t of ofa ofa oa a year i clip p Present Conditions are sounder f because It if we except a few stocks which have possibly been heen bid up extravagantly there has been lieen no speculation over But It has be been n quite clear cloar from tron the comparative volume volume- of o sales Eales that are not ru Into the thi m market rk l the the way vay they were in r and November 1925 NO BOOM PRODUCTIONS Confidence l I In I the business out out- outlook look and aad Jn In the Indefinite con can continuance continuance of If easy money mony are aro the keynotes but no Illusions are en en- entertained as they were 12 months ago as-a on the subject of a possible trade boom after atter the first of ot the year Th The Tho O early mont months s of 1926 saw saw the th hopes upon which thE speculation of o the tUe previous previous au autumn had been built very Ter- th thoroughly thor thoroughly r- r roughly dashed dashed Wall Vall does not intend to make a similar mis miscalculation calculation now n H will he antis satis satisfied fled fied with the maintenance of o the existing namely a large large volume lume handl handled d at a margin margin sm profit margin with the as- as assurance as assurance to that owing owing to the per per- persistence or of the he policy of o only for ne needs ds there there Is not riot lIk likely l to 10 he be any ov ov ioe log Ing of or goods in the hands of merchants or any ny undue swelling of of inventory accounts on th the p part rt ot of manufacturers manufacturers manufacturer's Again this week marked de decreases creases de-creases creases in In bank bank- cl clearings w were Je reported in most section s of ot the south Bouth This pt pf p coarse course reflects s the 10 low price of cotton colton and pos pos- possIbly possibly pos sIbly also an accompanying fall faU fallIng tall tall-Ing Ing off oft in bu buying ng rower power h by those who make their living from cot cot- cotton cotton ton growing That too much store has been set sot by ly the railway ton tall tonnage tonnage nage figures and the tho record record- breaking totals which have re been piled up liP is shown by by- bythe the October October earnings s statement More alore th n halt half the roads reporting so far have revealed decreases some of them quite substantial from rom the themon mon months month's th's record l last st year ear STEEL CHECK NOT SERIOUS Steel mill operations have laU fall fallen en off oft from an an average of of- of 82 per percent percent percent cent in October to an average e of 75 per c cent nt nt At the same time new ew business b being bop booked is s less ess I oven than these reduced production tion schedules would call for A AI I Curth further r decrease In unfilled Qt- Qt r ders Ier on the h b ok ok of the steel c Companies Is Indicated ed at the close of o tho the month Still this cann cannot t be as a serious check It does not appear 6 t to be anything more than the lull which o ordinarily occurs occurs In the tho late lati autumn when n t tipi steel trade trad has ha been active In Inthe inthe n the summer and early fall And the the steel teel trade trado was uncommonly Important active last summer The Th tant point is that despite the the- theles the tir leg les- lessened les lessened activity activity quotations ere are be be- be inc beIng Ing maintained Steel Steel makers malcer aT arc now no and have hae long been more l d with the prices 1 hi h they are aro to to get than with the lOt they are to do doLOW LOW MONEY CONTINUES Money rat rates rate s have haTe undergone no change of consequence call all funds varying andS between H 4 per cent and S 5 PIT per cent while time money and commercial commercial paper are ara quoted around their their- recent tows lows Undoubtedly the clearest per per- SP of o the money monay market ii 13 lint ded by the th developments In government nt securities T r The h a United State States treasury loans have kept dayto on mounting day after day to the highest th they y have hav ever ever reached These Tine are a torm form of ot Ir- Ir In Investment vestment with which the tb general Public hal has little Ittle to do They are ar taken up mostly by the tanks banks and accordingly represent more more ae accurately than a any acy y other ty security ty the th longer range rang banking judgment upon money conditions These treasury obligations could not be bo selling liS as t they ey are re no now at record heights height were the community not sure of low mono lasting for a along long while to come come In the market t for r Frenell francs franca the conflict em to be beI I between an urgent demand by Jt ip turning rp-turning turning French French capital on the thc theone th thone one one hand and nd strong efforts on other h hand nd put out to prevent such uch a further ance alvance as a would upset French industry 1 t somewhat I |