Show MONEY RATE GOES LOWER I Bonds and Middle fiddle Grade Securities Taken I Eagerly BY BYRO BYRON Special Jal Correspondent ot or The TheS S E Copyright 1925 1 2 by The Consoli- Consoli Consolidated Consolidated dated dated Pros Pre s AB AssocIation I NEW CW YORK Jan iO 10 The ruling influence In th the In e Invest inest Investment t- t ment market marke this week eek h has ben been money hIs has probably had iad a a good deal to do with the tho recession In speculation pt pe for tor the th rise In stocks stock lh-c lh I Is no doubt that the they note ele Itie all all- important all important factor go in In- In inS S securities After a brief perlo perio 1 I during which rale rates hardened toward the th end nd ot of the yea yeam money mon Inon y again dropped back toward the levels of oC a It couple of oC months ATO re Call Cund funds on the stock exchange which had hall touched a high of oC S 5 Sa Sper a per cent Il around tho the of ot the seal toll tell back to the tho th sum mu-sum- sum mil Ie mar mer low of oC 2 per por cent while GO- GO GOday to today day accommodations wore were quoted a quarter of ot one olle on per pr cent eit 10 loner er erS S Some mo such recession In rates ates rate I is entire entirety normal at this The money mony movement nay be bere re In the spring tpring he when 1 there are aro greiter demands on Lanka Lank for tor agrIcultural purposes purpose but how how- however how ever that m missy may y bo be the Immediate result a was to 10 advance quotation all alon along the Iho line 11 10 A Rood good deal has ha been barn made out of ot the lie fact that gold I has lias be- be begun begun gaa be-gaa gun to flow floss out ot of the he country and the advance ance In l ng e chang e change to a new nw high since nine the thear ar approaching peril parity has ha ben been poInted to as Indicating that IheI I gold export e port mO movement nt is I II Kel to Increase se t I In as a much 11 as its the ease eul In mono money over oser the th pat past tr ur has been due largely to the th he normouS I of at gold Imports it is 19 plaus plaus- plausible ible ibie to argue that a 10 tu- tu tu-i tu In the tide would mean higher mica rale and so 0 fundamentally than the tho en- en enI entire en I tire lire It lil 11 n not t do hoe cr to expect an ouI tu I readjustment In the first place the tho country countr s excels ceso e of ot gold irold old Is still vry sery ery large In the he second place the policy of at th lh 1 I i o 0 banks bank In gold Into lion has resulted In lu an folding do doss n of oC the reserve reee How Important factor this his I r ma may Inay b be from frona the tho tact fact t that ant al gold certificates In circulation 11 In- In In crt from Iron on Oc- Oc October October Oc October tober 1 I 1922 to lo on October 1 1924 an Inc Inc-casc irs In two Iwo years ears of ot 4 These Thee certificates bythe could be bo call called 1 In by bythe the treasury at any anytime lime and theoretically or dol- dol dollar dol dollar lar represented d b by a gold I elate ate so 60 called In ou y ioui 1 furnish the legal bal basis tot lot 2 50 In red Fed red red-cral oral ral Reserve 0 notes Such buch bue a large Irgo l expansion in circulation I 1 ot of course courso improbable in Iii the tho th ex- ex ex except under t tila ti mot moat p tra ci but It it serves rv erves to emphasise o the possibilities of ot the 11 1 I BOil nO BONUS v Ll I lj 1 I l 1 I to the tir bond lont market marl itself It- It self Belr elf the th most significant ent of oC tIe he week weck e k as tt testify lIC Ino Inc to the tho abundance of oC InHo ines me mei mci t c capital was as the th prompt s 5 tIe lie of oC the new Telephone and 1 ide grap 5 S per pr e ut tx liv- liv ony l I Sl Sta 18 gO go- tov op Ihla a was sass the Japanese largest single issue hsue sin since co the Jap Jap- Jap anese loan Joan of ot a vear ear ar ago n cent expel lence lenc teaches as In a acceptIng too readily from Crom o l os subscriptions oyei-subscriptions ci I ot of ne non offerings There ha ha c e been boen tot miny cas case cases I the be en- en en enthusiasm for A ol new bowl bond Issue lass bas evaporated c after arter a month or orso orso orso so ot Not ot until an issue Isue has ha been ben placId placed with lIh estors can Us Its Il real lie be established but the th ness with which these nn bonds bond bondson bondson On a a 5 30 Ier per ceiL b baa siert rt taken was vel vely vety y e In listed Issues l liberty s havu havo been quirk quick to respond to 10 lower loner mones mOnc and even eten sonic Bomo ome of ot the bank I aBroad mo ha has brn fraction II higher TO 30 fl r The Tho most moat encouragIng thing about the mallet has been ben th the renter greater attention paid to me I no good middle and ind second glade ado tle tie ties a long bug time no now non h ha liae hae e ben been entirely On th time ono one hand th Ihry ale ala i not con on enough Co foi Oi tI Ii- Ii siao ro demands only enl gUt gin se ie and on the other hand the base hav no ao e appeal appal In a market marl tike like Ilk the present prent to 01 he chances of oC price are aro limited 1 his applies t to both bonds and I red stork selling ou 00 a Ix ix to e seven ell per por coil COlL basis the tho lower 10 or return on th the bonds bond and the th higher on p toek stocks GOOD I n r Changes Chang In the mon y market marketa fortin forthia a ae 0 not In for tor thia g glade giad ade of ot Investments and UI until very recently the outlook for tor trade trad and the tho rising stock tok market ha have hase 0 hid hlll no nil marked effect on this particular ular group Speculators hav hae e beta ben absorbed In following rollo the upturn In Common connon Stocks and In bidding up adjust moot Cud and Income Inome bondi And let et It the tho advance In all these theo highly e obligations obligation Is I JUStified the Iho investment talus status tatu it if t these middle grade grado bond boils bonda and of ot these I goo I prefer od SI tock must have hav been raised J I hI his discrepancies week recognition of ot hese hee hc e dia- dia dis seems sem to have havo hav nash a k ond ned So Bo tar far the tir hatnot hanot movement has ha not gone gono gon V ver verv r far tar bu but JL a I ning ha lma has boon bOOD mails made mad In tho Judgment ot of some ome som no beter Investment opportunity ox- ox cx hats just jut now In nn any tny market maket than presents In this clans I U it HULS i G The foregoing ns ap 01 ply apply moro more mor to the th utilities than Ihan to Ithe tolie lie railroad railroads There Thero ar are arx a good man many v railroad bonds bondo which liase e failed Called to reflect t earn earn- fewIn ing earning posItions but they are Ure ur few tew In number complied lh the tho utility preferred stock stocks which are artill till still available to gIve high re- re return turns turn Railroads Railroad havo hav a long ICIng way to go before th the they vp op a the utilities In the matter maHer of ot en- en securities public c iii l their |