Show HIGHER MONEY ACTS AS DRAKE BRAKE Losses Feature Stock Weeks Week's Activity n fl nr n P r WEST Special ClaI on of ot The Copyright ht Ins 1 Consolidated Press A AssociatIon NEW YORK yom D Dec c 25 In a 1 week 1 which hl hll Seen leen en the mon JY ratIO othO ot of of- of hO ho year the nook market kt moving as al usual u ual- ual by groups a mixture of ot gains and to losses with wito neither really rally mating predomInating The 6 Ii vr p r cent figure on call lolu loath prevailing in the tho first firt hall hail hallOf Of 1193 week win Wt followed bv by an advance to t 8 per een cem ThIs ThiD was wasa wana U a 1 occurrence because It coul could not be bS b Attributed to 10 any my Inn Inn- Iro nt dr ln upon New TorI bank It camo carno too early carly to sat act down do n to 10 preparation for tor or tine Iho ond of 11 the tir year Thes Thea Th o scarcely ever er become u a SeriouS fee lB- fac factor I tor until the thO th dosing week of tho thole rear r If It the th G C per cent money rate does docs not nt denote a greatly reduced supply of o money mODy or the Iho th expectation veeta- veeta tion Ion of o a what Is la its Iti alc r ec Will Wall street has haa been debating this tine question qu all week and has hila commonly answered It by say JIB ing 1111 saying aay that the Ule U c banks a ae a- a not lou bus loue to ice lee a B big bit speculation At thIs timo Ia Partly II then this till may move haVe vi boon boen 1 a defensive measure olIne M at the stock mark market ct Partly t It seemed to be b a 1 warn warn- warning ing log to slow alow up with the tho now new scour scour- Ity Ity issues have hll been upon the market tor for the tho th greater creater part ot of 1326 BOND 80 MARKET t m The She Th bond market markot has haa come to tomoro moro of ot a standstill than the stock market which baa hils ha had a R number of oC interesting moves to 10 liven It up The investment community Is Ix I loath to bOlIes 6 l e In view of ot the tho th strong of the th federal reserve and andIn to tn view loW of ot the th annual return flow of money r to th the principal centers which Is to start after th the first ot Of tb the year y r that the present tic In rates rata rate Is 11 anything snore moro than temporary t Is Ia laYing Its Ha Calculations calculations lations accordIngly an anS an'S nd Is not bonds bond tor for sale pie ale In this connection the th higher reached week by byA bya bya A number of old line preferred stocks como corno corn In Tor lor or attention These Theo purely ta uC arc arr quoted quoted ed fd around highest at ot the year It 11 Is la another pl pit j of ot testimony to aa of ot capital to accept what by comparison with Other nr fn year lf In hi the th past I Is II a s 10 low r ye- ye re return turn lurn I 1 Ii i not no not con with any idea a th that t hither money has conic come cometo to sta stay DE DENIES DENIED lED Merger rumors rumor affecting H the companies a have been denied denlo The shown by hy some of the motor shares share probably reflects Ih the hopeful Iv taken ra td to tn th tha tho motor In In- In In s duato-s t least In Oft the thc early months Of lOt of ot the railway shares lisa hAS found nt in the III con con- continued con continued Increase Ii In dividends and the tho antl Ip Uen of ot more A wc week k Ago It was and Noah Noah- villo this week It Rs on-as Ka Reading Were t o old oH carrIers no noted ed for tor or their extreme ext It In the Ibe past to P PaY PaYout payout oai out mOl to their chol simi It 11 to foreshadow tore hadow jl A A more lib lib- e 1 Ill all along loUII the line IIno an aim assumption of the 1110 Idea that tb havo Ii bean beell up ap to 10 lb Ih of ot iy 1 condition nl thai was waa 1 0 no longer cloy Rny In In- In In to 10 keep eel on year ane after yar pIling up TOry troa-TOry ur IO 1 SHARKS Sn I G pt ot 1111 1110 U roo motors notora tors and I sails alii Iho ho g greater eater part of ot the tho list Iu has boen lagging behind h At no o ot Of the tha upward movement which began an In tO t 11 of nt October slId end nd lasted until the tl middle or of De- De De December comber cember was Ib there e any suggestion of the takIng an Interest the 1 It did 11 last t year But the sud- sud gud dP with which th the tho m market out and canoe down an 80 abruptly In Sin the dally daily volum or of sh sl wed wod the disappointment nt of professional Wall aIl with the way 11 things w wore goiny T Ti turning point came when him the th to tn en- en en enthuse thue over the Iho 41 40 per lr cent States Stales steel extra Thereafter r oth other er pr dividend leDd legan to 10 fall 1111 flat t It Ilp appeared eo ed it 1 n fair Inquiry to ak ne as a f to whether hether the tho th very n high Inti Il of stock alock lock prices had not nob these Items ot of favorable ne neThe news newa The markets market's he hesitation may have another reason rellon besides lb- lb high h mono money rate and the tim lack or of InspIratIon In dividend announce announce- announcements ments ment It may also alio reflect 1 a gen Sn genuine eec desire desir to await a better hub upon next years year's are business bu lne TintS This desire Is I quite understandable the way WILY In III which highly predictIons mal 1 1 during the last tl f's v yea years tow rd the end nd of ot D Dc- Dc De December cember 1111 base proved disappointing TRAIn TR HF It I Is Ii too early arly to con con- conclude con elude clude from rom tha th recovery which has o occurred In cotton the tha the th cotton trado has hu turned the thO corner But this e weeks week's ks k's action of prices has bas given more nor ground round for tor bopp hop than lice hal bon ben held tor for some time on Ihl tills score The cotto cotton market markt knows know the very worst possible re- re regArding regarding rc gArding the th seasons season's production lend the th lb excess e c i supply Involved It Itha has haa nth rod trad sources which likely to last laet and In the tine distance I Is ti lh th J possible substantial re- re reduction re reduction In the tho th new area to b ho planted and nd In th lb the new crop to be turned out The Th l Ilso In French francs has hili been choked ch around tine the Ic c level apparently with the thO th lull full ull approval lII It if not with will tho tIme h Ii hip Ip of the Fr French Now York I Is Ie only In three three- Corner P IT 1 lion b ty r w 11 I liOns bee ber drone lii In oH fr 1 ini fr-ini an m Inn II ten lh Ih- Ih 1 14 l Ot ff r lt t tup I 11 icY liv the aol il 1 i I G 1 mn inic 0 curl s-curl-fr curl If LIS LI'S Ii l tit lb St t |