Show STOCKS NEAR DANGER POINT Market Approaches roaches Ex Ex- Height lIei Business None N one Too Good GoodY GoodBY nr BY Y F. F tE Special Correspondent ot of If The Stand Stand- ard 1927 1921 Consolidated Press Association NEW EW YORK Oct 8 The 8 The stock market Is In the position of the mountain climber who tho Is approaching the final rc peak k In his ascent He has come up from the Uie valley and safely negotiated the long gradual slops slopes back a II little lIttie from Ume time to time but resting at higher and cr er levels le The last few hundred yards are arc the hardest and most dangerous and offer the greatest resistance nce to his courage and endurance At this height hell ht there are Me no detours possible It must be a perpendicular climb to the top or failure For nearly a II year ear the stock mar- mar marLet market Let ket has been In high price elevations It has fallen alien back occasionally losing considerable ground early In August but going forward since then This I week It its best average a This would seem seen to indicate that It has all of or the reserve resene strength re required re- re to sh p-sh It still sUll further furl her up up- up ward ard There are however abundant signs of ot exhaustion The old leaders have a 11 fagged out appearance New favorites are arc taken up from day to toda day da They Ibey run a rapid course for a little while and are abandoned It is I obvious that large larl e holdings of or securities s arc are passing from strong Into weak hands and that the new owners are more sensitive to external devel- devel developments developments developments than were ere the old ones and their change change their market more quickly It Is quite possible that the aver Cr average average age of stocks may go higher her than It Itha has ha been so fir fir- f very ery probable In Indeed In- In Indeed indeed deed that many Individual al shares will ill rise aboe e the level lel at which they are now quoted But like t e moun moun- mountain I tarn tain In climber near the summit the market Is in a dangerous altitude and not for the novice to play with l There arc certain cerlan technical market conditions that may explain a part of or the advance ance in stocks at a time when earnings applicable to them are unsatisfactory and the yields yIeld they produce are too small to be the prime consideration of or the buyer On On of these Is the great reduction In the Rc- Rc lc supply of or all the standard Issues during a year three bull campaign cam cam- campaign campaign when the American public has I lace the largest surplus J v J invest Infest In history Supplementing this Is the effect on considerable bodies of or t I 1 vestment estment shares of buying by the investment trusts that have been formed in the past two years ears ears They are arc placing the proceeds of sales of or trust shares to the public In listed stocks at higher and higher levels until their PT aiding has been car car- carried riM ried to a dangerous It cannot be said that lr irr r |