Show MONEY RATES MORE ST ABLE No Concern Over Gold Ex- Ex Exports Exports ports North South R Rs In Favor By ny BYRON SELLER Correspondent ot or Standard Standard S Copyright 1925 1 25 by Consolidated Press Association NEW YORK 1 March llarch 21 The Theone Theone Thon one thing that tha stands out In the In- In investment In Investment vestment situation at the tb end of o the eek Is I that Indications of ot higher money have havo disappeared This I Is the tho stor story tory told by the eely ft pf f the federal re- re ten re-ten en serse e banks bank v sho showed ed at onCe a decrease In rediscounts and an In- In Increase In Increase crease in holdings or of o short term United States State gO to nt obliga obligation lions Ilona tion In other word words the th for money tor for business bulnes purposes Is smaller mailer than It IMS as as a n eek ago go and surpluses are ar again going Into securities Ibis state tate of ot affairs attain may ot of ourse oure as a the spring ad- ad ad advances vances ances but for the present at least there is 18 I no pressure upon the bond market from sales salea sale by banks anti and financial Institution Any extended forecast depends upon the view w taken ot or the Industrial out out- outlook out outlook look 1001 and as to that opinions opinIon dif dlf- tel dl-tel fet CL It Is apparent however r that no boom I Is In sight eight It needs Deeds only a 8 casual stud of ot pig pie Iron and steel condItions to show the tOte Correctness nt If that conclusion JOD IO PRICES STABLE ST or or Is la there any more inor concern displayed over oer tho gold cold mo ement There are ar some om 8 ship shIp- shIpment shipments meets ments to Germany and andi total gold of ot tho the Lanka show a small but not significant decrease lIme money rate are ar quotably Un- Un Unchanged un unchanged changed but there Is not much de- de demand de demand mand for tor the longer and call funds ha hate hale e been down to 3 per perc percent c cent nt during the th week seek this being the first time It had gone one so 80 low lowIn lowin low low-In In a month The Th inference from nil all this Is iri not that bonds bond am are In for tor any substantial rise but rather that prices are arc ar likely to be fairly stable for tor some time tinie tini The rhe average prIce ot of domestic Issue I Is now stall ell ll beloW bolow be below low the th high ot or a month ago ano but still till above any point leached cached 1 In Inthe Inthe Inthe the preceding preceding- years year This does not apply to fOI bonds are arc governed by an entirely differ differ- different ent n nt t set et of o ne b The general bond market of o the eek eek has reflected the break brel In stocks following the ho similar break Iti grain grata and to a n les lees Ices extent the Impression created by the t St Paul Pul Probably the th latter lalle wa was the minor factor simply he- he because be because cause cuse It had haul been so o long anticipated edCA ed CANAL cAL CA U COMPETITION Financial commentators hose hale out again and again that the case of the St Paul raul nas as a spa spa- I cial one and was not In tny ny sense of the railroad situa situa- situa situation lion tion as a whole The troubles ot of othis thIs particular carrier c are primarily due to the extension of or facilities to toa toa toa a region which has not let et grown grownup grownUp i up to them The ono thing the St St StPaul Paul needed and still sill need needs is more traffic Nevertheless there er i etc at least leant two to point In the St Paul episode which hale haio a bell bearing ring on the outlook for tor or other And nd One ene of ot these the thes is h I the tho disastrous com corn competition competition petition ot of the th Panama canal Thi This competItion I is felt by all II anon line lines The St Paul wa was not a as well st ell eli able to hold out ont II as the th rest n Between net roads reads ot or equal Investment choice la is I veer veer- ing veering toward tho those systems which run north and south and all away ny from those thoe which run east and anti west on of ol this very ery ery Panama com corn competition petition car ear competition t Is the he oth- oth cr er Cr In which there Is are a re- re re resemblance semblance between the case ot of o the tho St Paul and that ol ot other rail rail- railroads rod roads In round num numbers ber passenger ger ger earnings ot of o the St Paul bele 31 35 In 1920 had hod tall fall fallen tall tall-en n en to 21 In 1924 1 24 an enor enOr- enOrmous enor- enor enormous enormous loss expressed in percentage and In great part due to the busl- busl ness neBS taken a ay front from the railroad I by the tho automobile Other roads road ha hate hae e had the same e experience hut but buti i hn base e hid hd the opportunity to offset I reduced by increased t freight earnings It may be bo that I thIs form torm of or comp competition has haR retched 11 Its maximum In most parts ot of the country but the subject I is isone Isone one that deserves attention from toni all Interest te din I all oad securities Asfar 9 tar 0 as the general I all road situatIon Is i concerned security holders holder have havno no cause causo for tor anxiety lelY as long as car loadings hold lold up as they are ar doing nt at present For Vor or the week eek ended March 7 the th latest for tor which fig fig- figurea fig figures urea ures aro available loadings e ed all previous pre tou records tor for this time led ot of year In ln tact fact tor for the tho first ten welts of ot 1925 the th railroads ot of o tIe the United States State hate ha hn e handled bandIed the ot of o freight t eser er carried by them in any con In ing period BONDS nODS rOI obligations hive ben been neglected thi Ihl tills eek One Oue or tl tao 0 new foreign offerings ottering have gone cone tery sery ery nell Boll and the th gen gen- general ao gen jeral eral list has been t He noticeably so In the case cac of ot the German and the Japanese bonds Since the lat Jot latest est eat French dollar loan was as brought out last sear ar there has been a II striking In the marlo market appraisal of ot French and German securities Each floated a 7 per cent loan lon In the United States Slate about the same time but whereas the hue offering price or of o the I r rench bond was 00 two tSo above that ot of the German the latter I Is no now sell sell- gellIng sellIng dell Ing Ing mo more e than use fl points than the Issue The Jap- Jap Japanese Jap-ancs Jap anese obligation It Is I also alo Interest Interesting ing to note nole Is 19 no longer disturbed oser oer er the th political relations relation boleen bolts eec the United States Stale and ond Japin T Maich 21 Hour lour 13 15 I to hither higher family patents 9 D 0 D 30 SO a burcl Bran 51 J SO 00 |