Show US U.S. HALF HALF OF WORLDS WORLD'S GOLD COLD COLDI Immediate I in iii c d i a t C Future In Iii Stocks and Bonds Is Uncertain t S By B. BYRON SELLER ri Special Sp t of or orThe The Tim Standard Examiner Copyright 1927 by Consolidated Press Prest Association NEW YORK April The 16 The I movement mo of ot security prices this week has been Indecisive Invest Invest- Investment I ment mont demand holds quotations up around the high of ot the tho year but buyers buers refuse to advance their levels le In bids above prevailing I other words word the Immediate future In both stocks and bonds Is tain tam As far as bonds are concerned the tIme preference has been given to new issues IssuM practically all of which have ha been ben quickly absorbed not net notwithstanding notwithstanding withstanding withstanding- thin the fact that many man I of or thorn them were sold on a 11 lower yield basis than at any time since the world war var The stock market markt has been a two sided affair Shares of oC com coat companies companies with ith demonstrated earning earn In power PO er backed by large equities have pushed ahead while others representing Industries suffering from production over or excessive exee h 3 competition have been depressed The probabilities are that the first class has been marked marled up some some- somewhat what extravagantly and that the time others have been sacrificed 1 at fig fig- figures figures ures not n t representative of their real ral value Rut But that Is tho th Ils- Ils characteristic oJ o 0 this market marlet The rIme line between the stong strong and the time weak has hs been bee very sharply drawn MONEY SITUATION SITUATION- Any An competent analysis of ot the time situation therefore there Core must go deep deep- deeper er tr than the tIme surface Indications given JI by b day to day fluctuations in security prices It Is generally agreed that the fundamental of or prime Importance in all the mar mar- markets markets today Is the money situation There has hs been ben no change In the rates eha ed for fixed period ac ac- ac- ac accorn corn Call loans which are aro of or the most interest to speculators speculators are a shade higher but not enough to affect sentiment and judged by records of or the past are really very low The Time supply Is ample not net only for Cor Coral Wall al street borrowers but for Cor legitimate busi busi- business business business ness as well Bearing Dearing on this point the fig fig- figures ures tires made public by the United States treasury tr are arc illuminating They show that on April 1 1 the tIme United States held the largest supply of or monetary gold ever over ac cc- accumulated accumulated cumulated by hy any country In the history of tho the world American holdings of gold now amount to almost exactly 50 per pr rent of or the time total world supply Until this huge mass amass of or gold goM begins to be redis redis- redistributed any material disturbance of values In the thi better hetter grade grado of or se securities so- so is unlikely in the extreme root FOOD PRICKS PRICES T Commodity prices show signs of ot stabilizing after atter their long de de- de- de cline chine Thero There are Exceptions of or course most of oC them bent In food food- foodstuffs stuffs but others are arc hardening so IO that the average is about the same Sugar Is 19 Improving some some- what Copper has stopped topped going down Iron and steel are the same as a week ago Crude oil Is the weak spot and here further cuts arc are possible according to those best informed There have been some Iome further reductions in prices asked for tor motor cars but hut the tho next change In the tho tire In Industry In- In industry Is expected to be We on tho the side of or advance adanee More or less securities representing representing these various Industries have ha fluctuated In connection with the price outlook Sugar stocks And bonds bond for Instance have haye been obligations have been depressed Business men arc are still sUII observing the cautious policy embodied in so-called so hand to mouth buying As long as this continues hasty Scat liquidation of ot goods Is of ot course out oC ot the tho question Finally we come to what may maybe maybe maybe be called the technical aspect of the market An excessive output of new securities might easily prove a Disturbing clement element and this is something to be carefully watched So tar far however there Is no sign cf ct danger front from this source I On the contrary the appetite of oC Investors for desirable offerings is isa Isa isa a standing marvel to bankers hankers and dealers alike From the specula specula- speculative speculative speculative tive viewpoint it Is axiomatic that prices cannot always move In one direction Nothing is surer than that sometime quotations for stocks stocky even of ot the best of com corn companies panics will be lower than timan they arc are today tolla No market Is more moro peril verll- perilous perIlous ous than the tho one ono that reflects the opinion that nothing can stop an aim already alread prolonged advance Such markets collapse c of or their own weight and generally unexpected unexpected- I ly h COUNSEL SErJ CAUTION But nut Wall rall street is bearing all that in mind and counsels of ot cau cau- caution caulion cauLion lion tion besprinkle every market let let- letter letter letter ter that brokerage houses send out Probably Pr bably there are more pro pro- professional speculators today look- look lookIng lookIng looking Ing for Cor a a. decline than those who are arc confident of or a II fresh Cresh advance A good many of ot them have Jave backed their opinion with Ith their money mone all of which helps keep the tho mark market markt t up Summing It up there Is no occasion for Cor alarm about the time mar mar- market market market ket status from Crom the attitude of or the trading clement element Railroad Hall road stocks have o quite as prominent this week as sis last although values have been b en enwell well maintained In a a. few tew days das now v tho the March earnings state state- statements statements ments will begin to appear and judging by the car loadings re reports re- re reports ports they the are aro likely to make a favorably comparison with those of or a year ear ago Meanwhile annual reports coming coming- out make mako pleasing reading for tor stockholders The Tho Atchison 1926 statement is isa isa a n. case In point Operating revenue re for 1926 was higher than ever be be- before before before fore the tho increase amounting to per cent over results a a. year ear ago while net available for Cor divi divi- dividends dividends and surplus was per cent The gain came entirely from Crom freight receipts Passenger In Income In- In Income income come showed a a. falling off oCt but rail rail- railroad railroad railroad road men are arcs of or the opinion that thaI automobile competition which Is U Uthe the cause of ot the drop has now reached Its climax and that here here- hereafter hereafter after aCter Income front from this title source will willbe be maintained if It not nol increased |