Show STOCK T MARKE ARKET BREAK Trading Volume Large But Prices Down Elections Watched Bl isy STUART inT I P F WEST Correspondent of ot The Tl Copyright t 1926 Consolidated Press NEW roni Sept 18 Look 18 Look Looking ing back Into Wall Ills- Ills his history tory the tho observer will wilt note noto that it Is 13 very seldom that the last three weeks of September Stave have been a period or or- orrl rl prIces OrdInarily In this tl s Interval a ro- ro re reaction action occurs from the spectacular spectacular spectacular ular operations of ot tho summer ThIs seems seem to bo ho what la IS happen happen- happenIng happen in Ing In tho tim present instance Professional ProCessional Wall Tall strett Inter Inter- Interests Interests Interests ests during July and August bid up prices and tried to gel an out out- outside Outside out outside side following Here and ond there they their succeeded but for tor tile tho most part they tolled tailed The rho result was fIrst a sagging movement and as the tho market began to give Ive way a II sharper break In the spec spec- specula spec ula the Issues The Tho favorable fa features feature In the tho are the extremely large general business volume through through- throughout throughout h- h hout out the countr country as IlS attested by such accepted data as raIlway lIway car loadings and bank clearings second the easy credit con conditIonS and third the Improvement In the economic situation abroad cape epe- espe especially daily cally In the countries ot of central Europe CD PRICES LOW The Tho features which ale not so favorable are re tho the low level eyel of commodity prices the tho keen com competition coming Into important line lines like the Ule th automo automobile Stile bile lle Industry anti and the approach of the congressional con In whIch tho discontent among artong the the farmers is likely to be a 1 aCtOr The cotton raiser ralser except in ill the more f sections is 15 in the same position as the Inc wheat grow grow- grower growers er ers era three years eals ago nto a o u lie cannot get tile the price level le for en E hIm him to ta make mone money hIs Is a II I I circumstance which Is Is bound to tell on Oil the tho future buying power ot of large districts In the south and andIn andIn andIn In tills this way reveal itself In trade generally The steel companies booked urt- urt unusually usually un usually large lar-e orders In the midsummer mid mid- ummer summer and ond they are maintaining II a high record during luring thor the current month It will be lie Interesting t to see whether tl a a at af 85 per percent cent of mill capacity can cani bl bandied profitably with teel prices on the average as low as they are now This Is a 0 point wilt will be in ih In the steel stel report for the thir third Quarter II Is Isal D 11 ways wass was wa's considered SI significant ant when the market for iron and steel steelE E rap sr-rap develops a tendency one nay lY or the other ther and the scrap 1 larket at pittsburg Is la reported eaSter n-eaSter with quotation on Iron and deet the sami samo as ns a the they have been nil along which means a low level le u n OtT OITI OOK FAVOR r FAVORABLE OR ABLE Lr It Is commonly agreed that while the railway had It a substantial rise between their lOW 10 points point of or the tile summer and ard theIr recent highs they thy arc are still IIII faced I with an excellent outlook Traffic over the transportation of the countr country continues to surpass All records and this condition Is likely ly to continue throughout the autumn The difference bet between the carriers car carriers ear car rier and many industrial establishments Is that the tho former by reason of ot lon long years of ot ally ally hl h maintenance appropriations appropriations have got their costs down so that gross Increases show how up pretty thorough thoroughly v In net In many In lint lines volume ot of business Is satisfactory but the tho profit margin Is not because prices have not been raised sut- sut suf sufficiently to offset labor co costs ts SECURITIES STRONG No change has occurred In the money market Rates Bates both on 01 call calt calland calland and time lonn loans are arc the tho same ns as they were a 1 week ago The suc suc- success sue sue- success cess of or the Prussian Ir state loan brought out on terms more morr favor favor- favorable favorable favorable able to the tho borrower than any German loan since ine the war bad hod hada bada R a stImulating effect on the mar mar- market mar mar- market market ket for Cor European government se- se securities securities se securities It Is too early to draw any conclusions con conclusions eon con regarding rega the recent flue flue- fluctuations fluctuations In foreign currencies as asto asto asto to whether or Dr 1 r not they really rN do 40 denote a R degree of or not present resent before But Dut the Uie lct Is that for tor nearly a n month French Ital an and Belgian t roles rates have had only normal variations With the tho ht exception of ot the Italian lire there thre has hIlS not ben been been much of a arail rail rally but the liquidation that went on Ott In the spring and ld earlY summer Rummer especially In French and n francs francE has not recurred in hl nearly two to months montha The Bank of Fran France Franca was stas able abl to report d dur- dur ir d lr- lr log the we week k another In its not note Issues COTTON STILT S 'S Commodity markets continue to await awalt developments of weather welther condition Despite all alt that has been said on the subject of ot the lateness of the cotton crop and the Iho consequent liability to dam dam- dama damage dam dam- a ago age e from frost trost the cotton trad trade shows no Tile Tito mar ket ket has not not not Rot ot over o the stagger staggering ing blow d dealt olt b by the last bureau report which placed laCed the probable crop total much In excess pf t 11 vate vall estimates The weather news In the In-the the the lm Im wheat growing crowing sections ns ot of otho the tho Canadian i and American northwest has been good but It Itha ha has made mado exporters go slow This Is 13 the season of ot the year ear when It 1 Is is customary for Europe to to do doIt Its It big buying ot of o Am American wheat v So tar far the foreign de demand demand-at demand m times has not been beeh up to th th average |