Show STOCK MARKET MARKETIS IS rJ PROVED Technical R Raso Reasons aso aso l Upper Upper- Uppermost most most ill in R Recovery After Long Decline c By Br STUART nT P 1 W WEST T Special Correspondent of ot the Examiner Copyright 1920 1926 Consolidated Press JS Association NEW NEY YORK May 12 The 22 Th stock market marlet of ot the vaSt pasi pa t week has lIas done some hat better But It has been a f reco co ry followIng an extensive decline and an by no means anything suggesting a afresh afresh afresh fresh advance ance Technical reasons have been uppermost When a market has brew been going coins don steadily for four foul months a a short interest Is apt to develop develop or of o auf suf- sufficIent ut proportion to snake make It worth while for professional traders to experiment with the theother theother theother other side This Is 15 I what has Leen going on on- on In the last lost few days das Speculative e stocks the feature lbs market marlet has appeared to be oversold In some ot of the motors and other highly locks stock which had a a tremendous fall in the period from the end endot ot of January to tho early part of May The public has not been I doing any fresh buying but the tho habitual trading element clement In Wall WallStreet WallStreet Street has haa sensed the tho th position that liquidation bad its Ita It course cours and that there Mere ere many short contracts which might bo be forced in at higher prices prices- BONUS BONDS STILL On On the the features have been wen the continued low rate for money largo distributive e business being don done throughout the country and the new low rec records for tor french rench and Belgian cur cur- cur currencies The The low money level as a usual has made Itself in the tho bond mar mar- market mar market ket which has been stormed but without any fresh tendency to- to toward to toward ward advance FOREIGN lOREIGN BONDS UNSETTLED Foreign l- l bonds have been more or less leu unsettled In conjunction with the decline in paper money alues but the higher higher- class ot of Issues have been hold hold- holding hold holding ing around their highs of ot the year ear There Thele does doe not seem yet yetto et to be any prospect of ot a change chang In the money situation and there there- therefore therefore tore there fore In Investments which vary ary Ith B ith money conditions The Th recent rise rl e in Sterling above an anything since December 1914 suggested the possibility of gold export which might have been felt In supply but the Sterling advance did not con con- continue continue con continue and with n new w indications ot of further trade expansion and with mth prices low the essentials ale aie al e not not present for money to work worle upward The he best opinion Is that tb the money market will continue as us it is for a long longtime longtime longtime time to come and that this will mean sustaining u Investment yal- yal val val- valuations val valuations t t their present high level oven even It if there Is no Increase BUSI BUSINESS ESS In n general Jeneral business stress is laId upon the large larg volume of Lan Lank I clearings and car loadings which continue to show aU aU ala- But nut on the other hand corn corn- com prices are low In steel they are arc under anything since last October In sugar they are below bolow pro I cost for tor all but the best financed companies In copper copperI they are distinctly disappointing I IlS as compared with the expectation of oC six months ago that there thele was to be a general revival re In Europe which would Involve olve Increased of American metals COTTON COrrON MARKETS f DRAGS GS The cotton market is II dragging drag along within the same narrow limits that it has maintained In tho last year Here l-Iem again In a case of or a slim profit margin The main supporting factor Is that prices representing trade opInions on the new crop are ale to so near the actual cost of o production that they cannot well go lower The curtailment In the textile indus Indus- Industry indus indus- industry try try try-alon alon with Ith the thc better weather conditions n in n the crop belt has be been n a depressing Influence which It has been hard for the market marketto marketto to resist FRANCS rn RALLY R French francs rallied toward the close ot of the th week presumably because ot of various artificial ele- ele elements dc ele element ments ment of et o support The AmerIcan loan ot of made mad two years ago Is said to have ve b been en avaIlable for tor such a purpose and andas andas andas as an extreme measure the gold reserve resene of ot the Bank ot of France could be drawn upon It If 1 these have have been adopted It simply Imply shows the desperate desp rato straits which French finances ha have reached There have ha been rumors of ot at attempts tempts to arrange further credits with Ith American and Great Britain on the pledge of ot industrial as stes as-stes stes But these the o have havo not been confirmed and on the contrary there seems to be a disinclination on the part of o both American and British capital to take any tur- tur fur further ther interest in the French situa tion situation |