Show CONFUSION IN STOCKS SHOWN Sharp Declines Contrast Contrast- Contrasted ed Cl With V th Upward Trend of Some Classes B fly HIIS 1 r. IU 11 of ot standard standard- lIsa Copyright 1927 by iy Consolidated Press Association NEW NEsS EW April 2 Con Confused views as to the v values allies of ot different cla es of ot stocks were expressed In Ira Inthis inthis this weeks week's share hare market where new ne high average a prices price In one section contrasted with lh numerous new low 10 quotations for tor the year ear 31 elsewhere ell where the experience I was wa given glnn n won Wail street reet of ot seeing gilt gi edged d ed railroad industrial and Dd public util utility ity I shares hares moving rapidly upward at tho the came namo time that the tho stocks of ot a considerable body bod of ot Indus Indus- Industrials industrials trials and one small entaIl group of rails wen were reflecting the CIte thE fears of ot stock stockholders stockholders holders that earnings could not be LI maintained at the 1926 19 rate rato and that therefore dividends dividend might be jeopardized or fr distribution tion of oC profits profs be long deferred I A list of oC more moro than two score oil al textile fertilizer f baLing baking cie ch I Inc refrigerator radio automobile ant and packing house stocks rev cats declines ranging front from 10 to Ia prInts from tram the tho years year's highest highet and an average decline of ot about 1 12 J points This Timis explains w why hy there am all al such uth opposing opinions con con- concerning tho the market outlook even en when the tho foundation of It IL appears appear so ons as a U Is id d lt b by the almost dally daily advance into a new high area ares by b such widely videly held Issues as United States Slates Steel General Motors Atchison A e Western Vestern and Pennsylvania The on 01 one exploring time the the stock market lists In an nn effort for to discover cr a definite trend Iron In prices Is 18 duplicated in a I degree when the various trade tade statistics statistic arc nrc scanned in I or Ir r to obtain obain an anIdra Idea Idra of or how buncIS may act throughout the remainder of ut this lila yea lI Ursi Bho March quarter quartet jIn just ended has j hll been rather father better beter than U it I had promised to bo be at the close doso of 1926 The volume of or trade has ex exceeded ex- ex c e though profits profit were we're not so BO large as In the the- Jar lar a year ago A number of ot nourished Ill nourished II-nourished Industries have ha e been getting on their feet Ceet at the lIme I same lame time that others have he h e be become be- be become come sickly The he Iron and steel trade has ha shown s great vitality Railroad car ear have havu been t cen will 11 In excess leel of or other winter months and amid url uro now running between bet 7 and 8 S sw- sw cn above c those of ot last March tarch Ex Es- Except E for tor two or three producers th output of automobiles s Is salts satis factory The Th weather conditions throughout tho the country have en be-en heel mote more favorable to economical rail rail- railroad rai railroad road rond operations merchandise II ll farm work worl and to a stimulation of motor car demand demana than thun normally Is true Irue MONET no generally has been satisfactory and lie tho tte nations nation's malon's wealth has h moved mo e upward strikingly on 01 the basis basi of ot ft r s high wage scala and anda a n steadily commodity list There has hns been no disturb disturbIng 1 Ing effect of or over o speculation or ovel extension of banking ties eI to assist speculation as u a there th Wa va H In the first of Brokers Brokers' Broker loans are high but not nOI dangerously high with wih every evi evidence eVIdence dence that the public which la is now expressing Its Investment p prefer prefer- refer refer- e enec ehe In the market Is I doing HO so 10 with judgment as to values rather than thal on oil 01 tips Ups Money has been abundant gold supplies have llave reached a 1 figure that proclaims pr Americas America's A merlas merla's financial su BU supremacy su- su our government go has lute been Llen reducing Its It debt as us I other othel govern gO n increased theirs and ant tho tile ob oh obligation ol of our government SO us ns v wI I as of af our strongest corporations have han reached a level lc le el unparalleled since e before the lie th war FARM SITUATION H This is Ia the base on 01 which the bu structure of the tte country ruts at ot the opening of ot the lie second Quarter of ot the year a u period normally devoted to Increasing In industrial tu and agricultural activity It I Is 16 the tho season when the tho Careful observer watches how it I goes ln the farmer rather rath r more than lit lie concerns himself with wih the tho lecturer But Dut tho the Industrial sit alt situation meanwhile m should not muot be bo Ig Ignored nored tiered for tor there serious are arc prot- prot problems lems leml within U IL J und nd ann a number of oC dis disturbing diS- diS influences Undoubtedly Is la pro over overproduction pro ove-pro- In tnt some lines of ot manufacture ture and there will wi be serious price prie cutting in others others The Tho oil 01 indus industry try tr Is I. another cycle ccle of or restricted profits and the failure of a n sec eec second IC ond large rest real die die- firm Is likely to cast cut an nn even en e n broader shadow over o er tho the market for this type of ot security than had already clouded It I. I Ul Ol FACTORS Against these thue special situations however there thero la Is II the ho great sup tup- supporting porting factor actor of oC abundant money at A low rate ratu rates the certain assurance that hat tha nothing wilt will wi be bl done political political- politically ly Iy this year ear ar to disturb business and tho the ever er present fact that so 10 far faraj farCa aj Ca 1 1 Europe Is I concerned her po po- political po- po and anul economic health Is now so BO much improved ed und and nd her cur cur- currency currency currency rency and Industry so eo well wel stabilized Iud that this thU country no longer needs fear tear investment ulment abroad and andIn ant andin In tn fact may find justification Ju for tor oven more dollar dolar loans loan |