Show r CHEAP MONEY FLOODS TRADE Light and Power Com Corn Companies Companies Feature Active Active- Actively Actively Actively ly on Utility List By Byron Dyron Seller rU r Standard Examiner r s Correspondent Copyright 1924 1024 By Tb Tha consoli consolidated dated Press NE NEW YORK March TC 22 22 development d of oC Ihl lh we week J In the tho financial orI 1 ct the tho remarkable d dop 01 In the quota quota- quotation quotation tion lion for monc money Call fun on Fri Fri- Friday Fri Friday day on the tho stock go tell fell to 2 per cent the 10 lowest est hinca April 24 1916 1915 except for a loan JOAn at 2 per Ir cent cont just before the c ose OC or of business on November 3 S 1919 In the outside market mony loan loaned en d deen esen en below the tho official rate rato and at al that large urns punts could not b b- b To a 0 less degree this rase ase WA w was IC te- te le In the tho quotations for time money and In the rates for bank bank- bankers ers era acceptances R TE TEMPORARY Rt SeH Sei rial al explanations were ere cur cur- current cur current rent In Wall street for tor this thu phenomenon phenomenon menon The Tho one oue mot most widely ac- ac accepted accepted ac accepted BBS RS that the situation wa 11 brought about b by the tho operations of oC oCth th the coincident with w the ta tai due on arch 15 On this theory the ates i ero ero only temporary and an up- up up upward ward nard reaction might be bc expected b next neCk eel at tile latest Another cause cuse alleged in some somo quarters 1111 1 wa the tho up let In the demand of or busi bust business business ness nese upon the bank Not so much stress was put on this suggestion I A few economists expressed presed the opInion that conditions In lit the mon mon-I monIC moncy mon mon- money ef- ef ef effect ey cy C were ere the cumulative feet of the tho enormous sw SUI plus pius of gold On this theor while there might be some advance anc from the I low of or the tho week cek easy mone 0 be expected to continuo continue I oel el a Ion long period Whatever er the the effect upon the In- In In Investment vestment was waa Immediate In art pronounced It first appeared In the quotations for United States Government securities All Iho I loans except the tax exempt s 3 s ran up to n ne new high h le levels kelS els of the he icar ear The busing was as as under under- under under-I understood understood stood to 10 come In p front from hanks banks who ho found themselves es forced to 10 find and some ment II for their excess funds The Tho up- up upward up upward ward vard movement mo however was wag not to government go securities There was as as eager for high 1 alII oad and Indu lt Ill I'll bondS I advanced only oily fraction fraction- fractionally fractionally ally In this group croup but hut the tho trend as as unmistakable Here too banKs and financial institutions were lre re- re reported re reported re-I re ported to 10 be active e on the bu Ing sIde Some Somo were ere quoted as the belief that the up- up upturning up upturning turning Investment as much moro more than a temporary af- af affair af affair fair NEED J 1 II tET T I 1 I here Is 19 undoubtedly room for in market marJet pi Ices of I high J grade investment c bonds ro- ro re regardless of or the day Jay to 10 day In mone The high point for this ear was as I leached late tate In I January under a belated reinvest reinvest- reinvestment ment meat demand Present Q aTe are well ell under that high While it Is verv rv erv difficult to It is proba probably bl II that some buy bu ing lug IngI for foreign account n was as ble I Itoi fot fOI tho the best prices not only this I sear ear b but t last 1 this hh applies only to I ibon bonus bons s ot or the host highest gride Thele I I Is no ao indications of or any such for for- for foreign or- or orI eign buying buSIng bu Ing at this time One of oC o I Ithe the tho characteristic of o this eek necks s was as that the bonds I most el et e not those ot of the theer er very ery highest grade grado otI I 4 44 to 4 s per er cent but rather those giving a of 4 41 43 I to Ii Ely pel pei cent Such Suh bond bonds a as ew ork lork orle Central 5 s a ind South South- Southern em ern Railway D 1 Sa s 's s ale nie Illustrations lions c even en a 10 low Ion lower er Cr In quality el scio 0 II e In I dc-I dc mand In every ca case e low 10 ever e cr pur purchasers I chasers chasen an obligation Ithe tho quality of which could not he be affected by an any reasonable fluctuations in the Ibo trade po position In the tho e market a sharp line lino was nas drawn ln between bet raIlroad nd utilities on the one side and in- in industrials In Industrials on the other 01 able earnings statements t I with Ith talk of oC mergers and Increases In indi dh di stimulated speculative tow aids the thc rails The general expedition was as that the meI 1 monthly statements wOUld reveal improvement upon tho those e for January The fhe only section about Mch there thero seemed to be doubt douDt as ia the tho Northwest orth Stocks of the Iho carriers operating in Ihl this part or of the country were ro depressed On the tho theother theother other hand bonds bonts of the same samp cat cal were stronger The negotiations negotiations negotiations for tor a lease of or the Norfolk I nd Western estern by the Pennsylvania PennS hanla n ant ani 1 peculation as to the terms lerms all aided in rousing Interest in railroad Se- Se se securities I ORM POWER TIt GROUP As to the tho utilities the feature as as the activity And Interest among unlisted stocks stock and bonds More and more the market for tor these so- so se securities is broadening out This Is Isono t tono Isono ono result of or the customer owner 0 ownership n ship campaign sO BO Igol ou ly car car- car on In many parts paris of the Iho coun coun- CoUn- CoUn CoUntry country IT try Earnings of ot electric light and oer companies show sho heady and Ing Increases ases both In gross grosi and net They have hn the advantage oer o the tho railroads on an ere a ot of better t b by utility com corn commissions missions So tai far there has been no campaign to reduce rates lates comparable ble hie with aith outcry in congress against ho railroads The me mand for fOI light and power rose roo by leaps caps and hounds bounds In this thi connection connection tion the announcement thi this of the formation of a super po roup by ten electric It Power powel pro pro- pro producing 1 ii 1 significant rho fhe n Is for rather than foi for financial purposes but Its Us pr promoters motu expect it to ork workout ork out Jut to tire the benefit of or security holders holders hold- hold ers |