Show STOCK MARKET MOVES UPWARD Public Participation In Speculation Is on Oil Increase Dy Ily STUART r WEST SpecIal Correspondent of The Examiner Stan Standard lard The Consoli Consoli- Consolidated Consolidated Consolidated Copyright 1926 by dated Press Association NEW EW YORK Aug No 7 7 No de- de development de development In tho financial situa- situa situation situa situation tion durIng luring the past wee week Ie has hIlS attracted so o much attention as that which has taken place on the stock exchange The upward movement which got under way some two weeks ago In the big IndustrIal loaders leaders has resulted In new high h prices being established In United States Steel and Gen Gen- General Gen Gen- General eral cral Motors the two stocks upon whIch efforts to bring about re- re resumption resumption re resumption of ot a l on the tho buy buy- buy buying inside ing in- side have havo been concentrated The Tho week closed with these thue rep rep- rep Industrials down some some- somewhat somewhat somewhat what from their highs but nith Ith the tho still in progress In other directions The volume of business bl while a good g distance a away WilY from the record breaking totals of ot last lut March has been on the tho Increase nd on two occasions exceeded the two and one halt million share hare mark This Is a a clear enough In- In Indication Indication In Indication that the outside public is fc In 1 the h pro pro- proc taking snore moro ot of a part c than at any time since the culmination ot of the bull cam cam- rne four months ago l THE lE N 1 The spectacle ot 01 General Mo- Mo Motors Motors Mo Motors tors moving mo forward orward five to ten points dally daily naturally was expect expect- expected expected ed ad to attract public attention es- es especially es especially since the rise was ac- ac accompanIed accompanied ac accompanied companied by the publication ot of In- In Int in interview what was purported to be bo an t with Thomas Cochran ono one ot of the members of oC J P Morgan lorgan nd com company pan crediting him Ith ith thOl th statement that the tho rise riso In Inthe inthe the price of ot the tho stock Is more than justified by the earnings fu- fu fu future ture tOre prospects and management of the corporation But what was of or more canca cance ance to speculative Wall Vall street was the remarks attributed to Mr Cochran that General Motors should and will wUl sell bell at least points higher D Despite the late l contradiction by Mr Cochran ot of this latter lutter I there thero was enough In the Interview to fire speculative imagination NOT mr BULL YETTo YETTo YET YETTo To say that the operations ot of the past week Indicated that Wall treet Is experiencing a genuine bull market marlet could be rather far far- far f The buying has extend extend- extended extended ed to industrials ot of the ass ais where earnings s are arc known to bo be good and to a few tew groups where prospects for their re- re respective re respective industries are favorable fa But the list s a whole had failed to be influenced and it Is the result of ot aggressive e operations for or the rise in a few tew quarters where the advance has been pro pro- pronounced pro pronounced RAILS lUlLS ARE Rn LEADERS LEADEnS Railway shares at the close of ot I the he week have havo assumed leader leder- le leadership der- der ship The demand for this class ot of securities has been a reflection lion tion of ot the prosperity of ot the nil nil- roads roads and the favorable outlook which the tho industry for Cor Corthe forthe forthe the remainder ot or the year Ac- Ac Ac According cording to the report of ot the tho bu- bu bureau bureau bu bureau reau of ot railroad economics gross r venues of ot all roads were 3 3 nearly more than In tho same came period last year eor Net operating Income was 1194 Should the same ratio of ot In in- in increase In-creaso In crease be maintained throughout the remainder of ot the year rear proms profits i from 1926 will aggregate 1200 1200 which would compare I with ith for tor 1925 This ot of course will depend largely upon crop moving mo demands Is no reason to expect however that it should not be maintained In view of or the largo large crops which the thO carriers will be called upon to handle The Tho net not railway oper oper- oper- oper operating operating Income ct et class elass 1 roads In Int inthe Inthe t the he eastern district again sho shoed ed edthe the largest cst increase with a total ot of which was at atthe atthe atthe the annual rate of ot returns of ot I per er cent on property Investment cuM STRONGER GER I The rise In tho the stock market values alues however hoover It to be bethe bethe bethe the result of ot special reasons more than a a reflection of ot any pro pro- pronounced pronounced pro pronounced change In business con con- conditions con conditions on tho the out outside Reports from basic industrial centers call attention to comparative activity ot of business at a period normally is the quietest season ot of the year Extreme heat has re- re resulted re resulted suited In some curtailment at the steel centers but with production holding up exceptionally well for tor August mid August The grain markets have been Influenced in a 1 small degree deg by bythe bythe the OSO speculation on the stock ex- ex ex exchange change chane but been nothing nothing- more than sympathetic The de- de de declining clining tendency of ot some of ot the themore nore I themore more Important commodities has been checked at least temporarily and buyers buyer while conservative e in making commitments are begin begin- beginning beginning ning to show Bho less he hesitation The otton atton market continues to be Influenced by weather conditions with the price for tor futures futures some some- somewhat somewhat what hat above e the lIc level Is considered the cost Ot of ot pro pro- pro production In most sections INVESTMENT T MARKET 1 So far as ns the tho Investment situa situation tion Uon ion is concerned little change has occurred during the week Investment buying Is somewhat better but the bond market eon con continues con continues dull interest being divert divert- diverted diverted ed td by the happenings on the stock change The international banking banking- com cern community community has taken a more hopeful attitude on the tho French francs franc's rise above abe the tho Sc level where here It compares with lIb the extreme low ot of 93 e At U the same tame time French government 7 per cent bonds established a 9 new high for he ha year but have reacted from their heIr beat best figure In the meantime the latest weekly statement from the Bank ot of France discloses I another In- In increase In Increase crease In the paper note circulation lation bringing the total danger danger- dangerously dangerously near tho the legal limit The tax increase proposals ot of the Po- Po PoIncare Po cabinet so far have riot not been affected and it remains tobo tobe to toba ba bo seen what hat success they will encounter |