Show MONEY FACTOR IN STOCK MART I I Less Speculation In Com Corn Commodities Commodities Outlook Is GoodBy Good GoodBy By Dy STUART UT P 1 W VEST SC I Special Corle polet o of dar buu l J 1 Copyright n l i by Consolidated iress Association I V NI YORK Jan U- U Money 0 considerations have lIa entered mol more prominently Into the iho markets of ot the past week than they have In la e while bith the other 11 regional banks 4 per vel cent as lS heir mini minimum mum labia rediscount the thc be 3 Y per tr cent rate at al New York YOlk seemed oui ou ous Although there thero was WN an ob dl discrepancy between th tile thu low lowbank lowbank lowbank bank rate and nd the higher rate pre pre- pre prevailing In th the open market nn on ad- ad adI ad adjustment I has Jas been boen discussed for tor past But it I is 28 that the New York bank whIch has been blen work working In in close under understanding standing with the Bank or of England Englan since last August has lias been putting no obstacles in the way ot of a fn gold movement and yei CL In th iII meanwhile has been endeavoring to maintain Its own financial 10 1 po- po po Ilion an anti anil hold terling around parity I NO O STRAIN SOW NOW With Lb luru of f it tao year eor and ond the consequent removal ot the eus- eus binary year end end eor strain upon Eng Eng- Eng English lish Ush bank resources the necessity oi o keeping the official discount at Now ow ork abnormally low was re- re removed re removed moved The rho New Yok York authorIties as It appears took th the occa occa- occasion occa- occa occasion sion to put the New York bank on onI ona ona ona a level with the others so as not notto notto I to divert that part of or the return return- returning returning ing crop mone money How belonging to New York to other olber banking cen cen- centers cen- cen centers tars Ibis seems to be the main 8 sg sig significance of the action of the ted fed federal fed federal eral o bank In the New York district on Thursday in raising the rediscount rate rale from flom 3 a 4 to 4 pr per percent cent cenI The rho outside money market was prepared for fOI the news WI ai sho 11 shown Fi by the fact that on Friday the call money renewal remained at 4 per cent which was the lowest since the early carl Autun autumn while time money was as as still sUIl quoted below elow till th S 5 per cent at w filch it had long been held beld SLIGHT bLIGHT REACTION UJ The of me tac raising of the bank rate In the investment mar mor- bythe ket market et could scarcely be judged by the slight reaction occurred Bond Dond and other invest Invest- Investments investments ments meats have been going up all oel and u setback was In order under any circumstances Tin Tue slime same could be said sald of the u- u speculative market It ha has been ad ad- ad advancing ad steadily over the holiday period and into the first few days das of January On general principles some sort of a downward rd turn as asto asto to have been expected That no Important nelling selling occurred on the th bank bink rate action and that parts of the market promptly recovered were Indications that there hn had l been no real change In the all Vahl Wallstreet Street situation OUTLOOK IS GOOD The outlooK 1 is for or continued case III casein money an and l for not nOl only a main male maintenance maintenance of the present activity In business but an increase In tn certain lines ItIs during the first quarter It Is on these l two wo grounds that the stock market now rests Last year ear was a period ot 01 comparatively low prices yet et of fairly earnings In the leading industries rho rhe tendency for tor the present Is to accept these puce pi ice levels which Cannot annat be altered under the ex- ex ex hating existing wage scales an and to Increase the profit margin through combia- combia combinations combinations which will reduce overhead The combinations combination are arc chiefly ex- ex expected ex expected among amoni the railroads and among the oil companies nut But there is also a a strong suggestion I that they will III be extended where where especially sp among Ih thu mak makers ers era of railway equipment Quite Quit mergers may take ak place in the automobile trades traded What these alliances can do in th the I way of bringing down costs cots and gl git glIng leg Ing a 0 fairly good earnings results I 1 under low prices prIce has lias been IlIUS durin during the last 12 months In the copper industry CRISES During Juring the coming week French ut is to ble We reassemble an and l will take up first of all in tn financial problem This problem has grown more serious herious during the recess because the further has occurred in the French paper currency An In- In Increase In Increase crea crease of nearl nearly francs franca In paper notes was disclosed disclose lu lii tiLe the statement of the flank Dank of I Ira The rne Increase canto came about not Jill as u the uthe result of or government borrow borrow- borrowing borrow I ing on the contrary the govern o ern melt meat was paying oft off on balance balanc to the bank It Jt was I clue due ue primarily to private needs The French franc frane has been sustained In the face of thi li crisis 1 by the hope hOlle that the Li- Li finance nance will be able to put through a II program reform which will really balance the budget iti It Jt I hu has been a hope which has been I entertained thelast many mony times durin during the last years and has not been realized SPECULATION ON SLACK SLACKENS S ENS Sp Speculation In the tho commodity markets has quieted down don cotton prices a month or oi so ago agu drew close to lO the level levei of ot actual cost of production It signified a turning point Since then a mod mod- crate recovery hau hiSs taken place out nut I there Is n no 1 po to carry the tho recovery reco far fr t r in the face fco of the large hugO overhanging supply There will have to b be more of an improve me ment improvement lt In the domestic mill dema demand d and ond more of a livening up In the the export trade trad in order for tor the ad- ad ad advance vance to be carried much farther In the meantime cotton tione are agitating like wheat or or- or were a n I I I year ago alo for lor a fl reduction In Wheat speculators playing with I the remnant of the old crop In I InI whIch the farmers farmer have no loner I I an Interest pushed their gd- gd vantage vantage dd as IlS far as a they could In Inthe the closing week of 1925 Since I tics then they have suspended l I ties and are looking for tor more proof I than they have at present that I- I I European buyers are willing to tel fol follow Ilow I low the market up fOI 1 |