Show FOREIGN BONDS FEATURE WEEK Domestic Fixed Rate Is- Is Issues Is Issues sues Stationary Market Mar Mar- Market ket Is Stable By Dy nyno SELLER SELLEn Special Correspondent of The Standard Copyright 1926 by The Tho Th Consoli Consoli- Consolidated Consolidated dated Press Association NEW YORK Sept Invest IS-Invest- 13 Invest Investment ment activity this we week week k has been confined for tor the tho most part to foreign obligations Domestic fixed Interest rate roto bearIng securities securities securities ties have maintained practically n a dead level le of prices There has hIlS been a n slight shad shad- shadIng shading shad shad-In Ing of quotations quotation In response to I IndIcations of ot hl hither higher her money mony but It was wu very slight not enough to establish est a trend rend t There seems to be bo no doubt that tho present demand for tor funds for tor business purposes Is going coins oln to Increase and that money mony rates will work mod mod- mod mod-I moderately hither I SEASONAL PAST Tho rho fact tact then that bonds bond have been so ao stable has a 0 signIficance as yet not Generally recognized The Tho inference Is that no disturb disturb- disturbance disturb disturb-an anee ance of ot current values in high grade securities Isto Is to be looked for forand forand torand and that Investors are convinced that once one the seasonal demand for fund funds Is past money will bra br come Como come easier casler again acain and bonds u ce I which has ha been hi In effect since the world war Of Ot court course this Is a long lone look ahead Traders are arc ar not Interested In what will hilI happen pen next January or next year They are concerned with Ith the short time timo fluctuations Such bond buyers are Ire holding oft of and this mikes for tor tho current dullness In transactions On the theother theother theother other hand hond genuine Investors whose chief aim olm Is I to keep their funds employed aro not willing to sacrifice their holdings and so from th the offering as well wella as aG from the buyinG side Is plow olow low The Tho Th probability Is that the bond holder who looks to the longer range ran of prices price Is I per per- pr correct In not troubling himself about the tho tb current minor r price changes chances All this refers to seasoned bonds bonds The case car with Ith new now is- is issues Is Issues sues Dues Is a 0 little different Here litre tho market hilS begun to mate rather sharply There Ther Is rio longer longor the tho eager demand or of ortho the tho late spring and early summer for tor the lowest yielding ln of ot these new offerings Unless It Is an I exceptional instance any new in- in investment In Investment vestment priced to tl return tho th buys buyser buy buy- buyer buyer er less than s 6 per cent c nt Is not easy cuy cuyto to sell The he pric prIce of ot on one utility Issue Inthis In Inthis this class brought out In a II lower than 5 G per cent basis was actually dropped a point by the th bankers themselves when they th y discovered the situation Doubtless thIs till Is II a temporary condition and eventually eventually eventually ally utilities will 1 bo be b able abl to finance themselves on just lust sa as a favorable terms as ns the tho th railroads of ot equal strength but for tor the th present In- In Investment investment In vestment sentiment has hu not been ben educated quIte quit up to that point DOLLAR WAS LOANS ACTIVE While domestic bonds bond have hav been fluctuating between these opposIng opposing Inc Ing forces foreign dollar loan have been active and strong strone and many of ot them have hav been malt mal malIng malting mak Ing new n w high prices price for tor the tho year and a tw tew the tho th bet best price prIces since they were put upon the tho th market ThIs has been th the Teal real feature ot of the th day to transactions transaction Two causes have hav been oper oper- operatIng operating operating to bring brine this about One On of them was the tho high hl h yields all nil these foreign bonds offer returns return whIch are aro no longer possible on the th do do- do do list The Tho Th ether other is I th the growing belief bellet that affairs abroad ore are on the mend This belief bellet may I not be well founded but that Is not th the point Th rho Investor Ismor Is Ismore ismore more confident about the th out outlook out out- outlook I look even for tor those thos countries the deprecIated currencies of ot which have h been the th great Croat financial problem of ot Europe I FRENCH BONDS UP VP French bonds bond for tor for Instance have ve sold Bold this week hither than at any other time this year There Tero has been no corresponding Im- Im Improvement Im Improvement provement In French finances nor norIn norin norIn In the th French franc It Is more morea norI I a chine change In the th state slat of mind ot of the th Investor Take Tak another example le that ot of J Japanese e bonds bond For months these have dragged along alone tho 1 market with a minimum of ot ron range e This week however they too were bid up to a II new high price In tho the case cose cas of or Japanese I the factor that hold 11 held ld the th market for the th bond bonds back was wu doubt I not about financial stability but about political relations That too has hILS been put In the tb back back- P ground giving another illustration illustration Illustration tion of ot a II changed chanced mental ment attitude altitude on th the tho part of tho investor GEn X'S I ComIng to German aerman- bonds the tho best illustration of ot the favor ta with whIch these obligations are now received Is Js In too the th ae- ae accorded ac accorded corded to the tho th new abate of ot Prussia sl ala sia Issue offered ott red this thia 1 week eel The price at it which this latest Cerman loan was marketed was on a basin to return the buyer less than on other other any other n new w German offering sIn since co the war Of course courso the German government 70 the th Inter Inter- international International national loan designed to put the Dawes plan Into operation sell soli now to return the Investor less than he li is I alloyed allowed on new Prussian bonds but the rho German Grman 78 have advanced from 92 02 to which Is tho the prevailing pre quo QUo- tation quotation II a a gaIn of or 13 points point They probably would sell all higher were v crIt It not for tor the tact fact act that the the Call prIce Is also All this does not alter the fact that it is easier crier to distribute I a aGerman aGerman German bond In the tho th American m market today than at any ay time sInce financing of ot German gov gov- governmental gov- gov governmental governmental divisions dl and Indus Indus- industries Industries tries rles was resumed h here r after the war |