Show BUYERS SHOW KEEN CHOICE I Discriminate Closely In Buying of Stocks and I or Bonds B By BYRO BYRON O for Tl The t Examiner I gb 12 1923 1 NEW YORK TORK Aug Aue 11 flue Due Du to the suspension s of ot business bu lne s entirely on and partially on Wednes- Wednes W day dat da trading in the th mar mar- mai ket was on a small emall mall scale cal this week and the changes chancel were Irregular and contused confused There Ther were however two or three thre significant movements which If It sustained may throw some om light upon the th future One On was vas wa the tb demand tor for the th very ver lOne highest typo type of ot Investment bonds and the tho th other was the th discrimination tion shown In the stock market be- be between tween the th shares hara ot of o those corpora corpora- I position corporation lions tion In Jn D a a thoroughly sound Round tion and those of ot organizations where th the outlook Is la mor moro more In a bull market little such men discrimInation Is I shown Under tho en- en enthusiasm ent t II usia u l sm m of ot the th bUying stocks for tor forthe the most moat part move together with with- without withOut without out much attention being paid to relative values In the Uio ani way waIn In a boar market the tho th trend Is downward and the tb good suffers with the bad Neither o of 01 these con con- conditions prevailed this week T T nEST BEST DS The Tb strength In the tb high grade cradO tr d bondt bonds Ts was marked ThIs does doc not no t I notI mean that the th advances were lar- lar larer er Cr A gain pf pt a a point In Ia bond which Is ls selling to return only a II lit lit- littie tie more mor than a n liberty Is i large Even fractional gains sometimes are Important as forecasting tendencies A study of the th range of bond quotations this year to dato dat bows how that the tb gilt edged issues IssueR were at the th low In the th spring abent when stocks were selling at the high Since March llarch however and while the th he tock took tock market was turning downward those these the bonds nave nav very vr slowly and almost without notice been creeping upward This week I Ithe the progress was pronounced Atchison general fa 45 s may m y be b taken as the th type of this da cla class ot of bond It ItIs Is probably the th premier railroad The Th Atchison III I among muong the th most prosperous of ot all Amen Amerl- and aad Its It general 4 per percent percent cent bonds bond of ot Ilif 1995 are secured cured by b first lien iia Il n pon som some of ot the moat ImportAnt mileage In Uie the ch There Thue Ther lj u no room or roomier th-i th r f 3 doubt as 1111 to Its quality quality- It t Is very vei Interesting then that thee hec bonds should have made mad a a new now high hith rec- rec record record rec ord for or the tho th year on Thursday and that purchases In comparatively small amounts amou ts should ht hM hae e been beon sufficient to cause caus this advance In a k less degree derr othe- othe oth 1 bonds of that grade crade have hav In the th lm- lm pro Ement pros ement Now it J Is impossible to say AT ay wIth any degree of certainty from just what sources buying of this kind comeL- comeL It Is la banks and Insurance which invest In this class of o securities Due Du t to the t of the th Income tax private Investors generally centrally demand a high high- er en return It might be bo that with smaller demands for tor money for fo strictly commercial purpose banks with surplus funds have bare turned tur d to tc bonds banda But there was another sug- sug AS a to the th reason for tor th the strength In la the th high grade frad bonds bon I this week This was ae as that th the tho buy buy- In Lag Inc was coming from abroad nel aad po possibly lIo source ces 1 1 1 the th mark Inflation reaching such fantastic heights that t a D million more or less lese lea to the th dollar doUar Is hardly worth counting it Would would be b very natural for lor German capital to ser refuge ut In securIties about the th Lu- Lu Intrinsic Strength of which there could be no quest Ion This explanation atlon Is a II plausible one on Certainly conditions on op the th oth- oth other other other er sid id have hav shown few tew signs Il of pro ement m nt CS DROP he Th French rr francs franc have hav h ve made mad new low record tor for all time tiro So S hll hae bat e the th Belgian francs There Ther 11 1 i grave an anxiety ety In G Creat t Britain and an even hero here her In ln but It Is reasonable to suppose that our Own domestic conditions condition will continue continua ta t govern overn here This makes all the th mor later big Ing the th discrimination shown In ill th the stock th-stock I stock market markot Stocks of t 1 st-ern st cnn ern roads have hav displayed further I weakness on the theory that the th thel plight of the f wheat what farmer Jarmer will ye- ye r act act upon the tb prosperity t e t whole region r lon On the th other oth r I I I hand securities o the til f fI I carrier have hav been In ta or of the of theory thory that the th WashIngton author Ittes lUes will to presenta a strike That being the th case cas thero both cUve speculation In the bonds bo d and stocks of 01 the tho th ErIe Erl which has ha been b n reporting f fly good goed s y 1 n J f I OAR OAK fJ LOADINGS 1 Amon Am sE the th Industrials fa or ha or has hIlS j been shown s to the th shippers shipper or of t elec- elec ciccI eec eec- I man e I while of corporations interested Inter Inter- j I ested in shipping have hav been beci react- react reacting ing until in some som cases cass nw now JoW Quotation were we reached Generally speaking the th busIness outlook k Is no unfavorable and th prospect Is 18 Tr for prosper prosper- prosperity ity Confidence In President Cp dr l- l ll l e I s almost universal Car load load load- continue nue o at record figures Un- Un Un Js is atI at I a minimum an and tho ner nen o over the political as us affecting the th railroads lull ka bated for the th present at least J Jp j Tr p |