| Show STOCK MARKET REMAINS AINS STRONG By STUART P WEST IVEST Special Correspondent of ot The Standard Examiner Standard Copyright 1926 by The Consoli Consoli- Consolidated Consolidated dated Press Association NEW YORK July The 17 17 Themore more important questions raised as a result of oC the happenings ot of the past week are whether there Is to be a further upward drift tn in money how the desperate of- of ef efforts forts torts ebing made to stem stein the col- col col lapse collapse on the French aranc are coming out and finally whether business developments In this country are going to be such that the public will viii be drawn back Into irto Wall street the way It was last autumn marketIs It Is recognised that the market Is In strong hands Stocks which are aro believed to represent the atu- atu attitude atti attitude tude of leading banking Interests the tho premier motor and have shares have been strong The Therise Therise rise In copper and stocks Into greater prominence Vari Vari- Various Various Various ous Industrials more or less leas under I pool control have forged ahead This has been the market for tot the week l PROFESSIONAls PROFESSIONAL It has bas not been the big broad brond buying movement ot of nine nino months ago The greater part of ot the list has stood still while operations for tor the rise have be ben beun n going on In the favorites So far tar despIte all the optimism expressed In InWall InWall InWall Wall street literature the up- up bidding bidding up-bidding of ot a L dozen or so selected stocks has made no appeal on the outside Oil stocks have die dis- disappointed dis disappointed appointed their large tollo following The sugar stocks have done noth noh nothing ing Occasional spurts have oc- oc occurred occurred oc occurred In some of the the- rail rails but butas butas butas as a group they hate hae not budged This condition maybe changed as the result ot of a more aggressive campaign than has been cd ed but in the meantime It Is II a narrow professional market In which buying Is la going on In a handful of ot special Issues without showing any signs of ot spreading to the tho general list hat Time money monty re representing loans loana for fixed periods has hns worked higher It has had an obvious et- et ef effect upon the Investment section Bonds have not been at all weak but there Is a general feeling that the peak for tor high grade Invest Cst Investments ments was reached some time ago Consequently Institutions which are called upon to InVest money have hare been Inclined to go more Into real estate mort mortgages ages liberty bonds and short term tern securities leaving out the first rank railway bonds Absence of Buying In this section of the tho list rather than any of ot selling Belling Is ts accountable for tor the heavy hoary tone of ot the market In the tho first place this particular class of ot Investments Is looked upon as having got out of ot range In the second place there there-Is a II die dis- disposition dis disposition position to wait walt and and- see what the money market Is going to do nt c s 's FATE TE IN IX DOUBT l The dramatic episode of ot the tho week has been tho the renewal ot of o the from the franc Three Years ago when the German mark markwas markwas marKwas was going to pieces the outstanding ing log feature was waa renewed buying of securities domestic and for tor- foreign for foreign eign which the German people were frantically bidding for tor an tor for their rapidly melting paper currency The same ame sort ot of thing thine has hns been reported from the Pari Paris Bourse within the last day or two There has hag been a great rush to buy securities which will not be affected by a a further smash In the franc The Tho sequel at the tha moment ap- ap appears appears ap appears pears very doubtful The govern govern- government ment mont cannot get power It want wanta from the chamber of o All political groups group are to gO before beCore the people and ask them to make malte the sacrifice they would have to make In order to save Iove the th situation New foreign credits credit ar arquite qui quite to out of ot the Franc France has not yet arrived at the xe- xe stage that Germany Will was wa In when It repudiated It Its debt but It looks hooks look very much as asIt asif a aIt It if this would have to be consid consid- considered ered as a 1 possibility A depreciated paper currency after the state o ot of affairs as u ba bad badas as It is in France Is a vicious thing to deal with Ith Bach IBach fresh decline means meana that to run the government and finance private business takes so much larger a volume ot of o paper note notes In order to set oft the diminished value Then there Is the tear on the part ot of Industry that It the currency cur cur- currency currency rency were wera suddenly stabilized and anda an ana a reaction the other oth r way were to set In It would Involve enormous loutS losses to those who had been ar- ar arranging arranging arranging ranging their business on the basis of minimum valuations COMMODITY SPECULATORS The commodity markets are In Inthe inthe the season where ordinarily the crops deteriorate It Is the time when the speculators come In who are willing to take the chance that the weather reports will be poor that Insect damage will abound and that the tho estimates ot of final yield will come down This I Is what has haa ha been happen happen- happenIng Inc Ing tor for the last two weeks In Ingrain Ingrain grain and cotton The upward movement a 1 has been highly speculative speculative but It has hu been based baaed upon precedence The possibIlIties are ara that the crop reports report will show In the n next two months some ome downward revision as compared with expectations early In the e Ie lion But so 10 far there has bas been nothing In the weather ye- ye report r port to Indicate any serious falling ott of f |
