Show lAPS JAPS PROTEST RA High Rate On Loan Is Needed to Insure I Acceptance I I IBY BY lal l Special Corre Corre- CorreI Correspondent I pon 1924 1 24 by The Th Consoli Consoli- Consolidated dated Pre Press 3 Association SEW NEW YORK reb 16 It The out out out- outstanding standing e ent e ent of oC the thc week In the theun un estment market was WM the si ful rul fu placing of the Japanese I 1 rio In IThe The operation v was 80 notable In la set set- eral ci-eral oral fluis S In to the first placa It rs Ithe the lar largest larget e t peace penco time long lone Um foreign foreign n loan loon eser eer e er placed In this III market a El D Den tsen en enith with ith in nl conditions sound b i d- d they tho aIL atthe ai at the the tho ement wa-s wa remarkable In th second place too tao luige sup sup- support pup port 1 port from corporations was s cant cant It testified not alone to tn con con- con confidence In the i bu the e e of substantial benefits to merln trade l is have lve been loon sa log a Ion time th flit United States Slates 1 to do doI I on an am lat br l ri seals scale lIh foreign customers It must mut 1 0 Ide Idee e eulls and roe rn no i av a v to 0 o do his his It Ii i t 1 1 llio 1120 absorption of ju jug jua tc for for- for elan I 1 ans rin IUn it vi i I Cables CableR hoot fiODi tI om Japan I dis din din- satisfaction lon among the Japanese at atthe the tite rate of Interest the co go c was obliged to pay for Its liS funds abroad Th The reeling fet over there seemed to be thit Japan was wasI I not b the Am am an British bankers As tai fat as cnn can be seen teen hero here this is un unwarranted Un- Un warranted The Tho best hest opinion among banking circles of Amerlia Amerita Is that the tho rate was as In keeping with the general gentral market marJet all things thine consid consid- considered considered I ered II It 11 must not be forgotten that it I sas essential to otter offer a large n 0 to Insul e There Is li Riso also among amonI In In- In In sectors estors moro more mor or less les le s prejudice In Investments cat ind unfounded perhaps hilt but hiltner butner n er 0 er the loss l ss reil rho bankers t ho had also to r con the that lt until vr sers hAs his been felt in Certain circles clr les against J the tho limitations ot or nim a ai conference at ol Vi hington and nd th I sympathy for tor fol lowing the iho 1111 1 use done much to till but bankers rs coull couil not nol blure sure of ot this It Il 1 I 18 likewise Uk Iso atlo llo that sonic Home doubt ml-ht ml n o er the tho done b bs the upon anee anee resources All Ih tho r operate to 10 the tho market marlet pi Of a 1 foreign hethel rot such cuch and sub opinions ions bolt Ion or pun o en en such misgivings I ju I 1 I Is icide bc lic the tho point Hurt must b hi bp taken Into conel ii the fixing of the offering of a foreign loin I Thel e li ii another side to the lem I liens the llio ln i t bLar In mind Up Hp lu has an on ob 01 to the Individual Amer I lean sn In ilor lor ai nell ell r ts to the ern bono borro V ver r 1 If Ir the Hie Ito price this 01 ha has haa been beell of 1 ere i Ito to the Iho American public wa aa a as ins laj the opinion would bk to have hare it there ther Is Ij no ito as tha that later on when hell th the s support orl Is 18 i withdrawn the quotation would wold not hate haic i i a n sharp h rp d decline Ihil 1 han hai ha times not only with loans but with as 0 well ell SometiMe also It ha has been du duo due the fact that the Ibe th original price w was too hi h One tine or ts t of this kind mole make mak u n ba Impression upon the tir minds mind of ot th customers of these thes ins In house I At e r natt-r of fact tact wI-I wI th ii on oa the new Japanese bonds bond I a little hither higher than afford 1 by th outstanding Issues of Noay tb Dutch East Indies and Denmark It ItI itis I is not out of line IIno with Ith the tho price of th the Japanese 4 of 1931 It Il Is certainly a a much lower loer yield n that offered by the tho dollar bonds of th the tho French government or of t tl French provincial pro and mu municipal mu- mu municipal municipal obligations obligation It I Is much couch lower than that given elven by the bonds of the tho central European government and mail It Is q much below the gh en obligations of South countries which have hav reasonably goo good 1 creditS credit s S SLOW ShOW UP VP The British a anmer er eru to the Japan Japan- Japanese p ll h J u es ese eso criticism I Ill will doubtless ue up e be found In the tho th future action of the tho bonds although that obvious obvious- obviously obviously ly Iy depends In part on general In- In In Investment vestment conditions TakIng up the situation the largo o amount of new offerings since the tho first fot of o the ear would indicate that a test lest 1 est p was ws In order It takes tm time to digest est such large Irgo blocks of ot new nosy securities even when hen surplus funds and credit ar ore are os as plentiful as os they ar are today loday This Is not to say that any larf large orge reaction Is to be expected As a matter motter of II fact the bond market was Mas remark remark- remarkably remarkably ably steady notwithstanding the break In stocks and the competition from from the tho new bonds The Thet i t li q no reison In mono mone conditions Why It should not continue so this ot of course doe does not apply to those e 1 highly speculative bonds Yo which share hare the fate tat of ot speculative tocks stocks It remains true however that sur- sur sur surplus plus pius funds must find employment some somewhere here end ond somehow Neither nor political changes chances can mOdIfy this principle Mean Meanwhile traffic on the tle th rail rall- railroads rail railroads roads roods is mo mosing mo Ing at a record rate Lo Loadings for tor the week eel ending ending- Jan Jan- January uary 19 IS were ero larger than ever bo- bo boror before be before fore In itt a aTi single January wee week It 1 her hel e Is no reason to chance opinion opInIon opinion ion that the tho business outlook for 1924 promises reasonable D to re cons er management Ut- Ut |