Show STOCKS MOVE TO HIGH LEVEL f Rail Bail Shares Respond V Well en No Pinch On Credit Seen Uy 17 STUART r P Sp iAl ot or Stanard Standard Examiner Examiner Copyright 1926 1826 1 26 by Association NEW YORK Oct 2 bu 2 2 ring the past put week the tho tor forces working tor higher stock prices have ha been commonly successful although not 80 o The stock market hu paid no attention to firmer money conditions the bond mar mar- market market market ket has In bonds trading slowed UI considerably the tho end ot of othe the tho week not because ot of 6 6 per cent call cUI money which sva was obviously due to tho temporary requirements ot of the tho October October settlements but be- be because be because cause cauco of or the hardening ot or time money rate rates The Tho markt for tor the longer term loan reached the highest since the early part of the year This naturally ally had a R sobering effect upon In In- In In securities which fluctuate with the tho ho Interest rate rather than with business changes At one timo there Was a 0 a Ao good jod d deal of or polling ot of Liberty bonds bond High grade rails and Industrial bonds were wre not de- de de depressed pressed but apparently they were tor or sale Bale around current levels le A further deterring factor actor was the fat Cat that thai the tho market had bad been called upon to absorb a very large larlo output of new Issues and that these were sero coming Into Inlo competition 1 the tho members or of orthe the list NO XO t CREDIT PINCH DUE lUL The money changes were In line with exp expectations of ot a slowly ri ris In t tendency at least kast turing during the remainder oC or the tho year Still no- no nobody no nobody body believes believe there therO Is to be bo any pich or an any restriction upon credit to co long as the commerce or of the country Is as tree free fr m speculation a as It Is Ir and so long as a asWall niI street borrowers 8 keep within Rediscount rates were not this l week eele as they would have ha been heen had speculation been ben re- re re carded re-carded carded as ns excessive This Thib Is dis- dis di dis distinctly a point In favor of or the pres prea present ent stock stok market position formation of a 0 big bis European European l teel combine to take In the prin principal cipal cipa al steel Interests of or Germany l and ana Belgium D Ium h-Ium ha has ben been looked upon In Its broadest stepIn namely that It Is an nn additional step etel In the direction of enduring peace Yet It 1 t a combination on which will bring Into powerful play the thc effect of or depreciated currencies ana low labor costs upon world competition The Tho American steel trade will have to rely more than ever er upon th the strength of or tho 1110 tariff wall The Tho action of the the the-sti-fl st 1 securities at the lose of o the week when they were Vera ly IY bought at advancing prices would seem to be an Indication ot of confidence on thi this score ecore RAIL HAIL POSITION coon GOOD Railway ay shares moro more particular ly Iy particularly those of ot the dividend class hava been making better response to the tariff and tonnage figures and to the prospects prospect of ot a very buy busy autumn Inc Increasing e thought thought-hiis been taken of ot the great reat a addition to equities resulting from the enor enormous maintenance expenditure ot of and 1925 1225 and from the en of ot a ac The belief bellet seem seems well founded railway that the time is arriving when rail way stockholders will get more benefit from these accumulatIon either In the shape of ot extra stock alock dividend 18 or In the shap of ot large distribution On this belief beller the rise In the railway shares has been one of or the big Incidents incident ot of he he week has been blen based It la is a 11 much more solid movement than the tho one a sear Har ear ago when the animus U the vague Idea Ide of ot railway met mer gers gore mergers raIsing market values alues lIC Itc railway market of or 1925 was va a high highly ly Iy speculative market The Tho rail railway way market of ot 6 contains a large e ment mont of ot In FOREIGN EXCHANGES STEADY STE Little worth noting has happened n In effort erfort the he foreign exchanges The of- of ef fort still seem seems to bo be to keep them around the present nt level rather than to bring about a n re- re recovery re recovery covery If It this policy Is pursued for tor any length ot of o time St It will be th equivalent or of o writing oft off the tho depro depro- dation which has been going on for so many years ears and accepting the th tact that paper currencies In terms ot or o those stand at par are paruro not worth orth more than they are Quoted tor for COMMODITY YIELDS YIELDS HEAVY Speculators In commodities who hae ha been banking on the lateness or of the season to bring about dam damage age from frost have o been badly Ie- Ie de deceived c Ived The Tho spring wheat crop ha has been made and the estimates or of combined winter and spring wheat yields bushels Ields range ranee from bush bush- ci els upward This Is II well welt above the th average The Tha corn crop Is 1 down substantially from the big years year but the amount of or Injury received has haa been over o calculated by tho Iho clement and the total prom Illes to 10 work ot lt well up to the te In the meantime tho the cotton colton trade trado Is II confronted with Ith predictions the highest a yield of well vell over bales It If V ere tre realized It woul would 1 mean a I pro pro- well lell In excess of ot the bi TI of ot a year ear ago |