Show STOCK MARKET TREND UPWARD Money Rates Kates Vary For For- Foreign Ol eign Exchange fed bed ed an and Steel Strong Hy fly STUART 1 P 1 VEST ThoI ond nt of ot The Tho I Standrd Copyright 1926 Iren NEW YORK YORK June Jun DurIng n 13 the past pMt week eek there has his been a continuance of ot money j a firm market tor for In ln cat cat- ment Hl ciu-Hl 3 low Jow price for tor cotton further unsettlement In rench Beglan and nd Hallan n cur cur- currencies and nd with this a rl market for tor stocks stock It Is I curious how little anal s ot oC the th stock market ha has Changed from week to week during the th put rait st month Going back b ck o over ocr er Il a period ot of o years ono on finds a history or ot rising markets marker passIng passin Immediately Into selling markets without any Intervening when hen movements movement are re r checked there thero ther Is no period ot of InertiA They quickly develop elop Into buying movements movement The feature about these thue chances chanes i Is that they occur Without any essential happening In the outside WallStreet Wall Street treet had ad the th same arne sam business data datil before It In February when aloCK itoc prices were breaking as aa it IL had h dearly early in January when prices Were cre going up 10 so be b sure lure sur 11 n was wu led astray tray b by over optImIstic r made mad from hIgh terl tere ter quarter at the tb opening of the year sear ts to what was as going to happen later ater In IMS But It has hu the chance to observe In January just justas ut III as well cU a In that a big distributive business we was 21 being done throughout the country that lh tIn In many lines linea line Wa was wa beinG belne taken at t price 1 which were not profit profit- profitable profitable able BUSINESS ESS SITUATION BETTEll Some slight Improvement ha has occurred In the Ule th price pric feature SIt lit lt as 08 compared with a 0 month montha ago o There h has ha been an in ad- ad adVance ad vance vanc In certain lines line or ot steel a slIght hardening of copper quota quota- tion quotation and related metals metal and a somewhat firmer tons tone ton In the th tex tex- textile tex textile tile industry therla But It cannot be b said aid that there Is 13 any marked forward swing swine In commOdity prices price such tuch a ai there ther hould If It a a business Doom were Itt In progress On the contrary Dun Review summarizing for tor forthe the week eek has ha nothing much en- en encouraging encouraging en to say ay on the th price question Out of sixty changes chance 31 were advance and 2 29 decline but buta buta buta a week ago there ther were 45 com corn commodities commodities which went up as aa t 0 against 23 22 which went down The Th sItuation In the th French franc I li Is one on of the th most Interest Int 1 Ing aspect of International fin fin- fin finance an ance French cabinets cabinet come and andeo Go In la what might seem to be b a general round merry Now the socialist s are Aro ar In They were not strong enough the th last lut time timeto tImeto to put through their favorite pro pro- program pro gram which Includes a a capital tax The They may bo be b strong now Inasmuch as 88 a the th other par par- parties partie tie par ties tie have hav failed But It II I dim dim- difficult cult to conjecture what the th et- et ef effect fed feet would be b upon French psychology psychology already thoroughly un- un undermine un dermine If It were suddenly an- an announced announced an announced that a certain percent percent- percentage percentage percent axe age of all alt the th capital In France Franc wa to be gathered fathered In by the th gov- gov government eov LOW WW MONEY NONEY hATES KATES The Tb Investment market for tor the thelast thelast last few tew weeks week hu baa ha shown that it ha has hu become adjusted to the th low ziney rates It can no longer lonser get any fresh tresh Impulse from the thee e such luch a as has been given e by the late latet t y operations operation of a super abundance of funds For the first time since the th war loans were w re r floated there was Willi wa no new treasury financing to set off ott the disbursements which Wash Wash- WashIngton Washington Washington ington had to make at the middle of the th month Yet there Is I not a ripple In the mone money market for over eight years ea ear the tree treas treasury ury had been Issuing short term notes note covered by tax tx collection to balance what hat It had to pa pay payout payout out In Interest on tho the government debt It IL felt tell Itself tron this thle time to to payout py pay out the coupons on the th United States loans without attempting to freeh mone money The Th e experiment has haa haaI been interesting on the ground I that It has shown tho the ea easy state of at money The stock market position re- re remaIn re remains mains maIn aa as It has been for tor the th last three week The Th heavy y or of February March and April was finally absorbed and stock Jot got Into Itron strong bands band They have been pushed ahead again arain all any fresh reason but simply be- be be because cause the th decline late In the win win- winter win winter ter wal wa overdone In the th same amway wa way that the advance In the fall talland and early winter loter had ad been ex- ex excessive ex excessive 00 00 |