Salt Lake Herald-Republican | 1918-05-26 | Page 38 | Allies' Confidence is Reflected in Bond Market

ALLIES' ALLIES CONFIDENCE IS REFLECTED IN INa a BONO MARKET I Prospects of Ultimate Success Success Suc Sue cess Have Influence on onI I Government Issues Confidence In the ultimate outcome of or orthe th the worlds world's rente t battle or series of battles l i hI expressed s d In more than com corn and expert military ry reviews It finds expression in dollars and cents in francs and pounds says sas the Boston News Bureau I Its most direct reflection i Is contained in the quotations for the tho public securities of our allies nIlles Other consideration of oC cap cap- fU Uil sup supply ly and of or market cheapness ma may have had Incidental bearing hut but unquestionably blY It is the tho happenings and the tIme prospects on the time that Just pow jow are arc main mainly effective In dictating the price levels o of French and British h bonds Within the past da day or two these theeo foreign for for- or- or eign olga Issues have reached prices which show gains of or from 2 and und a traction fraction to more than 7 points from rom the low of or the year ear as follows follow nE Recent cent 1918 high low Adv Arh Am foreign securities 97 94 41 2 French Anglo 93 4 i CIl City of Bordeaux Cs 90 84 6 CIl City of Lyons 90 00 90 SI 81 51 6 C CH City o of Marseille s Cs Gs 90 90 84 54 6 City of Paris Cs Sf Si 67 3 republic 5 9 94 4 44 4 United Kingdom dom 2 r 99 9 97 2 United d Kingdom 5 s 95 i 2 U. U Kingdom dom new neSS 5 55 s s. s 97 7 n United Kingdom dom r 5 s 91 3 4 i Meanwhile a 3 reverse current Is In evidence evi dence on this side tilde Sales of or the new Liberty rt 4 s with only 5 per cent paid on the th major part art of oC the Issue at close to 97 ml might ht to one who did not look below the the surface indicate some trace of or war misgiving ln in this countr country T t tIt It docs does not is of oC course made plain not only by a host of or Indices of determination tion tiomi and confidence throughout tho the country coun coun- try tn but also b by the opposite trend of our allies' allies securities as cl cited ted above What hat it really betokens is Is of or course the shaking down process that accompanies accompanies panics the tho fl fIst st but not final lodgment o of BO so great an Issue plus a a. correspondence correspond correspond- I once ence to the hard actualities of oC money and Investment conditions and also plus some flome on tho the part rt of a few of tho ho great grent army of subscribers A relatively few of oC these can rend readily II become the tho determining small fraction which makes males the tho receding price There Is not much question that a part a again aln of this very cry small fraction Is composed of oC buyers huers who must rather woe woefully ul Inan in inan inan an excess of or enthusiasm have hn overestimated o mated their own absorptive capacity c. Had Harl the they more correctly gauged that capacity the final subscription uh aggregate ato might indeed have been a trifle trifle- smaller The TIme net riot result however as ns Including price and general l morale morale of of time the great ho host t patriotically accepting 4 41 per cent centI In a market at al least i per cent hl higher higher- l ml might ht be decidedly more desirable Tenacity in III retaining title to Liberty bonds bought is a n needed e virtue and individual jud judgment ment should go JO with the time utmost will and effort to subscribe The whole situation completely Justifies the rather tar tardy y provision of or an active discretionary discretionary dis dis- sinking ln fund It Is up to lo th the average citizen In a alime time lime when ordinary Investment canons as well as business codes do not carry their full former sway to make the need for such operations as all light as possible