Show HIGHER GRADE GRADEI ISSUES RISING I ILess Less Desirable Bonds and Stocks Also In Demand in BYRO Special C Correspondent Standard- Standard ExAminer I Copyright 1923 1922 NEW YORK Auff Aug The 18 IX 18 The The BC- BC 50 I market both and nd Investment have shown a II bet bet- bettOr bettor tor tone tono this ot cok There Thero Is more moro I confidence In III the tho Industrial list and less worry worlY worry about political problems problems land lems Moreover there have hav been beena a II remarkable resistance to news nes The rho best example ample Is the th oil trade While hIle naturally sold old oft off fol- fol following following enough oil securities Ithe lowing the price cuts so widely ad- ad there th re was very little cf- cf j feet upon the rest of the market 1 Then Then too th the alarm over th the foreign situation and tho the drastic I drop In French and Belgium francs has abated for the moment How Howlong howlong I long this Improvement will con con- con continue of ot course nobody can say Speculative sentiment is notorIoUsly unstable It does docs look 1001 howee eT as asIf asif asIt If some new flow obstacle will have to be up which has hs ruled for tor the past few fow months resumes the may Imay now brol broken tn In its way wn the Investment situa situa- situation situation tion ion Is full fully as as the speculative The week seek has been marked by a 01 of Interest In high grade crade securities Ii In some ft n s st I t tiis this ls sas as an unexpected Clop de meat ment Stocks and bonds of or second gride or o ot of status have been selling to return try ery attractive e yields risk rick For instance stocks of sound public utilities listed on the Ne New York stock exchange e ha been quoted on the th to she gise the Investors at current levels an anywhere here from S 8 Sto Sto to 10 per cent Shares in automobile automobile automo- automo bile companies seem to pe attractive although the the slack slack sea sea- season seaon seaon son on on In the automobile business Is jut about beginning and there are alwn s those who foresee foreste a near approach of the much talked about point Junior bonds of railroads pa payers ers such as the Etie El Ie but hose earnings are makInG maUn steady progress in the right direction have also been sell sell- sellIng sell inc lug Ing at ery ery low v figures f mures BONDS GER It was a natural to expect that that this erad grade of stocks and bonds would respond promptly to the themore themore the more more hope 1 feeling But the therea rea really II Important change chance has been In the attitude of ot investors estors both ate and institutional toward securities of the th l cry ef highest grade those about which there here is ne eran neer an doubt as to quality no matter what the business outlook may be Last week neck there was som some evidence of foreign bu ine In American first mortgage railroad bonds such as asare asare asare are Investments for saing bank In New Kew York state This W this demand had widened to In- In In Include clude elude Inquiries from domestic In- In In Investors estors The Tho result dealers dellers In this 1 group are greatly encouraged the first time In months they hae ventured to anticipate an Improving ing tag bond market in the fall How much of ot tills this ement I is due to restored confidence and how bow much to an accumulation of funds seeking investment is a mat mat- matter matter matter ter of opinion Probably both causes have been influential It ItIs ItIs Itis Is the normal order order- follow Coli 0 me a along along long period of ot depression for high Jugh grade bonds to show the first sIgn sIgnor or of returning confidence But Dut the present situation Is quite different I There has been no depression In business There may have hae been be some reaction from the high level of o the spring but that it has been beena a serIous reaction Is not generally What hat has happened Is this The three or four months Ho- Ho do- do dine stocks stoc and a ld l h Id recollection recollection tion of ot the experiences of 1921 IS have made Investors estors so timid that they ire willing e en e en no now to take takeno takeno no chances HAS lL VAGUE RS rn m The situation abroad is still re- re replete re replete piete with disturbing The uncertainty shows itself more In the Ilia th market for for for- len for Ign bonds but it has its Influence on domestic securities as asBell Bell eli In Ina Ina Ina a iague ague sort of ot Way wy w y the th rears fears the reaction upon our o on n prosperity of ot any general upset In It Is a question ever ho boc bo v ever bow much i this iio admittedly A i able factor has been discounted At any rat rate It U is not looked upon with quite quito so much concern Just us no And tho two other conditions that weakened the low Jow price of ot heat ft heat and the probability of political attack upon the rail rail- railroads railroads rail railroads roads In the new congress are not so 80 alarming For one thing thine the heat market shows signs sign Igns of re- re reCO re recovery CO covery ery and the th politicians are arc not so as asto to their Intention The nc ne ney labor farmer-labor senator Minnesota from from Minnesota says while ho he Is ii to fight for the of at hi his ag- ag ac agricultural Washington ton constituent at Washing Washing- Wash ing- ing ton business he intends no injury to busi busi- ness Meanwhile there Is Ig practically cally no unemployment retail trade Is good rood and credit Is Ii I abundant COMPETITION There Thero Is one condition which no In estor can guard cuard against by at at- at attention atte te to general business bu or to tho ho financial situation That Is the changes brought about by the tho Progress of ot science and Invention A case ease in In point Is the tho competition by the radio and cable companies I More competition Important stilt is the compe compe- between the tho trolley car and the g oUne driven 11 1 automobile private automo- automo b bile and the jitney bus This Is well Illustrated by the tho strike of the of th the Public Service Corporation of New Jersey Jercy now In 1 progress DurIng Buting nearly ly two weeks Dur But Ing all this time the compan company is h-is made no effort to run un Its It car and more remarkable yet the public seems to have havo suCCeed ced a minimum of Inconvenience For the b busses have d the gap least Undoubtedly partially at some sort ot of an will bo be reached so DO that trolley Ice will wUi be bo resumed l It Is i 11 matter upon which holders holder of bonds secured upon trolley roads will wilt do well to ponder The Tho railroads have havo suf- suf suf suffered feted from automobile competition as far as passenger service Is li son son- pon on- on and In some Bome om cases caBes many local trains ha o been boen discontinued In the tho moving of long distance freight they Still till have hao th the tho mon monopoly mon mon- monopoly monOpoly With th the tho electric street rail railroads rail rail- railroad roads road the situation is mor more serious than n with the steam railroads |