Show i iNEAR STOCK CHANGE NEAR DEADLOCK No Pressure to Sell X Nor or I Fl Fresl 11 Incentive c to Purchase I n I Tl RT r P SJ m lore orre pon of n I I I am Ii Copyright I 1926 S 26 Consolidated Press A Association NEW YORK Jan n The 23 23 The it sit situation on the stock stacIe exchange dur- dur durIng durIng Inc dur-Inc 1 Ing the pat past week has ha reached like a deadlock I On the one hand th there r l I Is no fresh tresh buying Initiative and there there- I therefore therefore fore outside of or certain selected stocks moving for tor special reasons i Is no upward tendency On the other Hand there I la is no pressure ure on the selling HEllIng Holders of stocks stock are arc satis- satis I fled after litter the lIe he reactions which have i that present value values are arc tot exaggerated Consequently they aro are not anxious to sell arcI I There Is a 9 good deal of oC profit profit- profit taking going on hut it ft only oc- oc oc occurs curs when the tho market markel ha has periods of strength th So far tar It has no not I forced prices price down materially by comparison with the previous rise I PL FACTOR F I The most h Important Incident of the lie otilie week welk was the decision by the oti head hlad of the federal reserve reser bank that there should be more snore public public- publicity publicity J II ity a about bout brokerage e loans loa The details of at the new nc regime rel have not I Leen entirely worked out Pre Pre- Presumably Pre Presumably the Information required will 11 appear In in the monthly bulle bulle- bulle- bulle bulletin bulletin tin Un of or the authorities at Washing Washing- ton Washington ton Ion But Hul this development came at a time wh when n the market for Cor Corother other causes w was as Cs hesitating and andon andon andon on this account it had moro maIo Influence ence nce than It would have hae had hen the speculative campaign was In full tull OJ OPINION DIVIDED TH The Thc The Wall all street position I Is per per- perhaps perhaps haps lisps more Interesting than it has hasI iteen heen at any time In months this I because of or a 0 genuine division of I Some Sonic good judges cs be- be behove be believe hove lieve that thaI favorable developments in the shape of at optimistic business reports capital ups split dividend I Increases I Q and u offers VB of at new sha 0 s Q u VB 0 rights have been discounted by the rise of oC prices which started In the begin begin- beginning ning of at autumn and continued through the nut first fe few days of at Jan Jan- January January uary EXPECT HIGHER R PRICES The oth other r side Ide continued to hold the belief bellet that 1926 will be a pros pros- prosperous prosperous prosperous year In business and that this will be reflected In a snader- snader moderately moderately high range ranee on the stock ex cx- cx chance ex-chance change The Thc old fashioned thought about bout a liquidation of at wages has nas passed out The business Is bound to accommodate Itself to a high standard of ot living for labor It has to meet the problem of In- In Increased In Increased creased production and and depend up- up upon upon up upon on this rather than upon an ad- ad advance ad advance vance In prices This shows In the steel Industry and in the automo automobile bile trade Also It Is reflected In Inthe inthe Inthe the distributive business which the merchandising corporations are doing on a a large scale cale with the turnover big and price schedules moderate INVESTMENT IX Money rates have not come comedown comedown comedown down any further but the otter offer offerings Ing ings at the low figurEs figurE's flure are lire larger This means me na an Investment surplus going Into the securities of recognized recognized merit and gradually raising their prices Some of or the liberty bonds and the treasury loans are I selling at lit the highest of at the year Corporate Issues Issue of ot the th first tint rank are In the Bame sante condition There III i a well defined demand tor for bonds yielding 3 to 6 i per cent and the I same is true of at Investment In stocks has haa ha ebbe ebbed but Invest Invest- Investment Investment ment Is on the Increase These are the two principal features of at the financial situation at the present time SITUATION SITU I The French note currency for forthe forthe forthe the second week In succession has come orne down but this does docs not Indi- Indi Indicate Indi Indicate cate that tho question of or Inflation In France has been settled It rep rep- represents rep represents resents simply a a ea seasonal onal decline The only solution Is Ie through addi addi- additional addi- addi additional additional taxation and It has ha yet to be seen een ier any French ministry ill have the the courage to go to be- be before be before fore ore the public with a program for tor extra tax tas burdens COMMODITIES MARK RK TIME TUn The commodity markets are lu In Ina lua Ina a waiting attitude They are try try- try try-Int ins to get ret a It clearer line on the outcome of the new crop planting The fluctuations In cotton hove have bEEn th the smallest ot of the year ear Wheat heat speculators speculator are no longer sure eure of their position They bid prices up In December on n the Idea that thaI the world supply was wa going to turn out deficient But Ith the increased buying power of this conjecture Is no longCr long- long Cr r sure Wheat heat prices price during the tho thelast thelast last lut few days day have been coming down and the th reason reson Is that the grain trade has a different con con- conception con conception of or the relation between de- de demand de demand mand inand and anti supply than It had a month CLI ago tUn L T DOESN'T RESPOND The stock market was lookinG forward all through the autumn and early winter to tho th announce announce- announcements men ments Is of or capital I ups split and divi divi- dividend dividend Increases as a the big ble factor on the side elde of rising riling prices These announcements have been made In Ina Ina Ina a number of at cases cajes during the last month and they have bave had no ef- ef effect ef effect upon the market Naturally Wall all street draws the conclusion that all Ihl this favorable news new has been anticipated sufficiently |