Show BOND MAR MARET ET PEAt PEAR PEARLow Low Interest Rates Fea Fea- Feature Feature Feature ILow ture Of Investment Trading I fly r BYRON I SIC ii Corl ot of The ne blandat 1 Cop 1924 1024 by Ih Con Con- Consolidated COB Press 1 NI NEW YORK AilS Aug 16 IG heth er or speculative stocks lock ha base ha o 0 gone up fa taster faster ter than tho situation warranted Is la a matter mailer upon which t two tao 0 opinions arc rc possible Theto Thelo I can bo be no doubt however ho th that l Investment bonds are ar still sill behInd 1 In Inthe I money rates rate Tho high point sis wa tho the bond market this bummer reached on July 25 5 when hen the Il a crage price of o 40 domestic cor- cor corporation corporation cor issues Is IMS is 81 C but In 1 1922 1022 the tho rate aye fo foi the iho same Is 1 52 53 and money group croup ass MIS 1 82 cheaper to hY than It a was sas In 1922 1322 The ence Is not large o but bu but at t least it Is significant This 14 the outstanding feature of the In- In Inv Investment v market a as the week tek ends endi CREDIT Ul As to Interest rates ratOs the situ Is unchanged from a a week neck ago Generally at this season c Is 1 0 dl distinct of chaises Th's Th ear seems to be an exception In one the trend seem to tobe tObo bo be downward rather than I IA A few transactions In III short dated paper of the highest ted this week t st grade acre ero repol 2 2 per cont or 10 loss lower or than any time during the tho past teR tep ten ears cars No Nd has hils the cut cui In the rate tato of the th New lork ark 1 I e leral o 0 bank banI a n neck weel eele ago SO I e In any locren e In Ii rediscounts On tho the there thore has been a falling off from Crom thc tho preceding neck celt the th s figures l being 29 29 against t This is for tor total bills discounted The Tho comparison alth the same ame week neck eel In 1923 Is h i strIking At that time discounts totaled 1 1 The peck peik was Mover over ove r Ot In 1920 1320 At no time timi since the federal resen reserve e S 5 stem I as established Isas ha there thero been such uch a plethora of o unused credit BIG DIG GOLD IMPORTS All this thit condition has t about as s hs h's his been I pointed out In these thee dispatches es I by bythe the huge hurc gold cold Imports Import The latest reports show thit the total stocks of gold cold In the United Stat Stat-s on 01 let Itt were 4 The gain cain during July nas 11 as 26 2 7 7 T Is tho the smallest Increase for an ani month in III the fhe he tear sear car to 10 to dito and it portends a slack slacken slacken- slackenIng lacken-Ine lacken Ing of oC the inflow er JIo that be the effect will III remain foi COI COIa foia foia a long time Government bonds are little ch on the week eel the tho only new high hi h record established beIn beIng be- be Ing In- for tor the treasury lit which Is 1 the longest On the r hand the list his bp ben been Mry scry n taly ady On 15 tho the so his its next to lo com pUsh The Indication now are aro ar that the treasury will III be bo able blo to Jt new pap r at i s neW ne low since before beCore the woId vO Id or Under those these conditions condition there thero is no Immediate In prop ct ot of f ny seak- seak enk- enk enin In Investment W GIR 1 LON LOIN Turning to abroad the tho s chief topic of Interest Is 19 the pros pros- e Gel man loan Assuming that the conferees in London COMe COMeto cometo com to aT an understanding market con can the success of at the theto th to foreign reign bonds both for tor speculation and Ins In ln estment his not been be n Is enthusiastic this week as last the tho th average price ba has advanced ad to a ane anesI anew nesI ne high point Sentiment Ine In e e to Is moer in the lh east cat than at any anytime anytIme time during the past two a ear ears The In bankers who wi I Ibe be called upon to under underwrite rite the now loan 1 confidence In th their lr ability to place a secured German bond nith the In- In Investor invest in investor vest vestor or I there here has ben been a good cooil dell of talk this reek about terms of the th loan loin but ill of ot it 11 Is probably guc work ork nork It Jl Is I plain however that the return Mill o hae ha o to bo be mado mad 0 If It it Is to compete will the sith the thc outstanding dollar bonds tf of already a I In this While the tho Invest Invest- ment ment Ields obtainable le l hn do- do decreased creased some somewhat hat during the tho re- re recent recent cent advance in foreign bonds bond sor or e of nem are arc still hl high rh Probably the buers of these German bouts boni wIlt wIll receive at least t S 8 per cent to compensate for tor the tho risk OLD WUl BONDS Ono One curious development of th last th l-ast l fortnight I Is interesting In InthIs Inthis thIs connection That Is the l stary ry of the tho th stupendous profits mada made by speculation In old German erman var T bonds No 0 one seems seem to know just how this speculation got II its stal stait t tor or upon pon what hat it Is founded rounded There Ther seems a 0 aeu ague Idea I that In order to e 0 the success 1 of the th Da es plan lan the Gel Gm man gov gov- government goy goy- government will ha hale haie e to do SOMA SOMA- sor- sor thin orr-thin thin thing for tor the holders of o thesa WUI we I bonds The Geiman Gelman financial pre has bias done all aJI In its power to ris i Is- Is IsI I courage the movement ut u with with- without without out much success It v s sn m that Americans American who were nero ere burn burn- burned ed In the tho German mark manIa follo Inc the armistice would have learned their lesson It would be ba unfortunate It If tho result should be bc between confusIon In the public mind mimi b be- be between be tween these thee old German war ar loans and the new now dollar bond issue ue to 10 h ha theDa put out In connection with wilh the Da Dawes wes K n NEED HIGH INTEREST I the tile German govern govern- ment ment covern-ment loan would be bc followed tollo by offerings for the account of ot the tho German Indu Industrial COl para lions Certainly Is but a boo be- beginning ginning willbe willbo of ot tho the Ol I Am America will be called upon to do in the fInn fInn- finin-ci finin clat l rehabilitation ot of Europe ThIs will volvo I a change chane In front on the tho part of l I ln c Most ost l potent Influence In bringing this condition will ha have havo vo to be th of the return com corn compared compared pared with securities Nothing else elso nIh nIll an I Alii-I Arii- Arii Ani s bond huei- huei bu er to sent ond hIs hi mon money tf y outside outBids the bins bins- Its of ot his 0 own It country I |