Show I PUBLIC UTiliTY j SHARES STABLE Improved Car Loadings Report Aids Market Rails Firm nr BY BYRON O Standard St Special Corre Corre- Corre Correspondent Correspondent 1924 1824 byThe by The The Th Consoli Consolidated dated d ted Press Pros Association NEW V 1 YORK ila Ma la 31 I The ture he tn- tn Lure ture stands out In n the tir In In- In Investment estment vestment market as an the seek eek closes is the tir increasing be- be beh be between to make m a sharp distinction sensitive to lo coin n- n h tween CO ings jugs and those thoe so strong as notto not notto notto to be bo affected b by the ups and ot of o geneal business More lore and moro more bonds nd preferred tocks In the UH l latter cla vo b been In n demand and moo mole and mole moe bonds and stocks In the th toi category hao hav 1111 o 0 lost favor This Is best Illustrated In the easo caso ot of railroad d April earnings statements ol ot the car car- car to roi fot the most part h have hao l 0 been Out of ot 64 4 cl class ono one roads so tar far reported gross re show a falling tailing oft off over the tho same sarna month a oar ago ot of 10 9 i per cent while net not operating ot of Income shows s a decrease around 7 per cent This Is partlY p accounted for lor but not altogether b by the tact fact April 1923 was an unusually good month for tor the tho It 11 Is la true however that taking t the country as s a hole there has been a alling or oft off In sufficient to affect net re- re suits CiR J C fl LO DIGS BUTTER BL Some Improvement ement was noted In the tir report ot of ca CM cat loadings for tor forthe the week ending May tay 17 over the preceding week but the total was stilt still till far tar below that ot of o the corre corre- corresponding corresponding corresponding period ot of 1923 Now Now- It Is a fact tact thit t In Invest Invest- Investment Investment Investment ment circles toward railroad securities In recent months has bas been far fr more moro ta- ta fa favorable than toward Industrial obligations obligation The demonstration ot of efficiency which n the railroads hae e given In 11 conducting their affairs since the roads were returned to their 0 nel s after ater government control has brought about a bet bet- better better bet better ter market for tor both railroad stocks and railroad d bonds than In Ina ina ina a long lone time This applies both to speculative th e and to 10 estment Issues This 1 neck eek ho hoe ho however e e tr er It has been noticeable that the line separating iu hLf I ii- ii iiii 11 ii- ii lath latie e had beet aster aier to define denne Bonds of roads such as the tho Atchison Illinois Central and New w York Central the market price of o which are art responsive e to only changes chance in the tho mone money rates base o been drawn n faither falther a assay front from the bonds o of roads hc base only recently Oed reco earn earn- earnIng earning ing log po power er PLENTY TY orThe or OF The Tho trend to toward ard easier mone money which has been so pronounced for tor forthe forthe the past month 01 oi so o was as In evidence this week eek Both call money mone an funds were ero cas- cas casler easier ier ler The fact fat that on Thursday monc money loaned it t t 2 31 a per cent 0 oser oserthe er erthe the triple holidays holidis was as con proof of ot the enormous surplus of funds and suggests at least II a alack of demand for commercial purposes This state stat of ot affairs affair In- In in invariably variably rt results In a strong trong mar mar- market market ket for the highest grade of in- in in investment vestment bonds It 1 Is the old line seasoned issues secured on pre pre- prewar prewar pre prewar war values alues that are in demand The 1 late ate of ot return Is a secondary consideration of ot that of ot security It ought to bp bo added that it Iq i perfectly possible that this sort ot of timidity may b be bo the opportunity which more mor cou-ageous cou Investors ma employ The heat best opinion Is that no major depression depression depres- depres sion lon Is li In sight ind nd nd If It BO so there are many bargains to be had among the th speculative e bonds The point to be b emphasized sized here how ho hot however t es er cr Is iq that the this Meek sek seems to base e been toward to ard extreme conservatism censors bl Probable t the e uncertainties ot of polities at home and arid abroad O hise h had much to do with tho the attitude of the investment In public Apparently the market has paid little or no attention to the s vicissitudes tudes of ot the tax tea reduction pro pro- program program pro pro-Eram gram with Washington nor does docs doc there ther teem seem on on the tho at least east to have base been undue concern about the dela delai In application of ot the Dt e en plan pian to the reparations problem In But both the these e situations must have hav had bail a re- re re sll influence Only In one group does docs doe confidence seem scorn to be tobe established on a th flim m basis and that is the public utilities there 1 here Is I still a vigorous demand for tor speculative as well as Invest invest- investment invest ment ment stocks and bonds and a de- de demind de demand I deI mind mand seeming justified by the facts There has been no falling failing ort off In earnings of ot the electric I light and und 10 power er the th gas or the telephone companies On the tho con con- con II ary these then securities all report earnings earning available to foi fot divi- divi dividend divi dividend No tio Inventory In ss orry the man managers of ot these theo eor- eor corporatIon cor corporations Only such a general falling failing oft off In business as would decrease demand for tor their set set-s ices ers have any effect upon their financial statements and ot of o sucha such a falling off oft there ther apP appears rs no ap- ap apparent tip parent prospect |