| Show I BOND MARKET REMAINS QUIET QUIE Quotations at Sigh Level Oils Attractive Tractions Up By Dr BYRON nOX 1 SELLER Special of The Copyright 1926 Consolidated Press AssociatIon NEW YORK TORK May The 29 2 bond market marked marked marced time this we week k as tar far as All the th strictly In- In Investment in Investment vestment Issues r ira are concerned There was the th usual amount o of activity but it It centered In and obligations The Th relative quiet that prevailed In the th other othOr part of the th list Is I ex- ex explainable cx by the tha high level of ex- ex quotations Buyers Buyer see se lit lit- little littie lit little tle tie opportunity for for- further ap appreciation re In the th market prIce pric of ot high grade securities and the yield 1 Is no longer attractive United d States Slates government bonds sell to return per cent cont or less Thu nut first mortgage age railroad issues Is ues will average verale a little better than per cent The best of the pUblic utilities return considerably less than 5 per cent except those thos high high- er Cl coupon obligations which are quoted at or above the th callable price CAUTIOUS C BUYING There Ther Is I In this sItuation to encourage a 0 trading Interest There Is I always more or 1 less buy buy- buyIng buy Ing on the tho th part of ot savings s banks and financial Institutions but even these purchasers aro arc shopping around and putting In Ia their orders cautiously When the tho existing deadlock will willbe te be broken Is I uncertain unc Some Somo- Some thing will depend upon the terms of and the th reception accorded to the treasury's tr June Jun 15 16 fInancing That the main advance In the th In- In Investment Investment In Investment vestment market has been perma perma- permanently permanently checked very few authorities authorities ties believe There Ther wOul would 1 have to tobe be be a radical chine change In the money situation to bring bring- about any such result Meanwhile there th rc has ha been beena beena a turning to yielding hither bonds even those thos with a ft certain specula specula- specula the live quality and the list has ha bee been thoroughly combed In the th search for issues selling out of ot line STREET CAR R ISSUES Probably as striking a feature ot of 1 the weeks week's trading as anything else has been the th renewed Interest In Inthe Inthe the tractions The fortunes of othe these companies are ar dependent of course upon local conditions It Is at least significant of an Im- Im Improved improved Im Improved proved sentiment toward these transportation securities that they should have been so prominent In recent tradIng The Th difficulties which tho the traction companies hav have faced In the past decade have been In the th main of two kinds one political and the other the competition of ot the th bus bu and the private motor car The political obstacles obstacle can be overcome It If surface car trans trans- transportation Is essential It must be allowed to earn enough to attract capital If It this Is denied opera opera- operations operations operations will come to a standstill and slowly this thil axiom Is ii beginning to tobe tobe tob be admitted ov oven n by politicians The other hazard to which the tractions have hav been subjected that of motor car competition Is be- be beIng beIng Inc b-Inc Ing minimized In part by the th sub sub- substitution of ot buses for tor trolley cars carsbY carsbY carsby bY the th traction companies them them- themselves themselves themselves selves and In part by the lh use us or of buses to to supplement the th surface car cars So far the th results as trans trans- translated Into earnings earning statements have not been bean particularly Iv but the tb market tor for the th trac traCk traction traction tion as a whole Is I distinctly better than at any time tim this ear OILS ons ATTRACTIVE E In much the th same sam way Ue the funded obligations of ot the oil com corn companies panics have hav been attracting favorable attention Here Bore too there has been Improvement In the th con con- conditions condition within the Industry nn nit Im- Im Improvement improvement Im Improvement provement adequate to explain the better bOtter prIces price which so m many ny or of these securities have recorded There are ar all of oil bonds from the th most conservative down downto downto to the th extreme speculations but It ItIs itis ItIs Is not the th higher hither grade trad which have been ben th the objects object of th the buy Ing buy buy- buyIng Ing so much as those which be- be because because b caus cause of ot their position are ar ordinarily ordinarily more mor responsive to changes In the th financial condition of the corporations represented It Is characteristic of ot the th present mar mar- market market ket to give the th preference to a 0 securIty which does doe have hav this pos pos- possibility possibility of ot price pric appreciation TURN TO R It R STOCKS Curiously enough the th lower prIced railroad bonds have hav not reo re- ro nearly as an much to the th bet bet- bet t ter r railroad outlook as a have hav the stocks In this group croup Investment demand has centered center about the seasoned dividend paying railway shares rather than on the th bonds ot of the th relatively weaker roads even ven though the th latter have hav pre pre- presented presented pre presented lust just as encouraging a finan finan- financial financial financial cial picture In other r words when the th choice laid between a junior railroad bond of a 0 toad road which has ha only In recent years elus achieved prosperity and the th com corn common cornmon common mon stock of ot n a a road with a long and unbroken record of ot dividend payments and when the th bond and the stock return approximately the theme tb am me yield at the th market buyers have been turning to the th stock IRREGULAR IrregularIty In the th foreign list has ben been b n the tb rule rul Just as It has among the th domestic obligations French Belgian and Italian bonds are just about where they were n a week ago aco Ono On or two ot of o the South American Issues issue have hav en- en enJoyed enjoyed en enjoyed joyed considerable advances More attention Is I being paid to foreIgn industrials as a dIstinguIshed from governments government Buyers are ar learn learn- learnIng learning learn Ing to discriminate among these thue offerings just as they do among those put out at home One On or two of the th new Issues along this line have gone con Very poorlY others other hive hav h ve been readily taken It Is a good sign when the American Investors begins to select cl ct his hi securities on their In- In IndivIdual In Individual merit and not accept or reject simply because they happen to bo be b domestic or foreign In origin WEEKLY BANK OK ImpORT NEW YORK May fBI By 2 ByTh The Associated The Press Press Press- Th ac- ac actual Actual ac actual condition of clearing house banks and trust companies for forthe forth the week show chow how ices reserve of This Tills Is ii a decrease In reserve of compared with last week when excess re- re resene serf re-serf serpe sene totaled Rayon being produced d In Ger Ocr Germany Germany many now has hili ha a total production of more mor than twice that of ot two ears vears ago age |
