Evening Star Newspaper, July 27, 1924, Page 26

HSTOCKS REACH L= NEW HIGH LEVELS === fliils, Sugars, Publw Utility Shares-and Others Climb «- in Saturday Trading. FOREIGN EXCHANGE GAINS Reports of Improved Business Con- itions Chief Factor in Lively Upswing. 4 By the Associated Press. * NEW YORK, July 26.—Stock prices continued to respond today to reports of . improving business conditions. { moving upward on a large volume of 1tradmp., under the leadership of the i rails, public utilities and : sing issues. Twenty-four established new high prices 11or the year during the brief session, . including six rails, five public util- :me., six merchandising issues and { meven miscellaneous industrials. { “Heavy buying of American Can, {which crossed 120 for the first time l\vnu- its sharp decline earlier in the Tyear, was one of the day's features. lmmr pivotal issues also improved. Baldwin closing a_point 118 and United States Studebaker closing fraction sat 1012 and 377%, respectively. | . Selling Orders Quickly Abxorbed. 4 The market had to contend with "the usual volume of week- end profit- taking, but selli orders were well @b orbed. M: et . letters of the {larger commission houses devoted more attention to foreign affairs, sev- . eral expressing the opinion that i settlement of the reparatiol } tion at the lLondon conference the completion of arrangements for a t1.German loan would act as a great *stimulus on domestic business, tcularly that of the metal industri Further accumulation of the T road issues resulted in net gains of a point or more in Rock Island ])flk-l\\.l“n.x “Ka preferred and ash, while Baltimore and Ohio commen and . preferred. Nashville, { Chattanooga_and St. Louis, Pitts- tburgh and West Virzinia preferred 'nnd Southern Railway preferred | broke through their previous peak i prices. Lehigh Valley, New Or- {leans, Texas and Mexico and Rock i stocks i1sland 7 per cent preferred each fell egh'v"k a point on profit-taking. Co s held firm with Kennecott, Cal et and Arizona and American Smelt- ing preferred selling at their best iprices of the year. New highs in the { public utility group were recorded by Consolidated Gas, Brooklyn Union IGas, - United Railways ' investment i common and Public ‘Service of New % per cent preferred. eral Electric Soars. ZGeneral Electric was the outstand- {ng industrial gpecialty, soaring more Hfhan 6 points to a new high recora . or nearly 60 points above the Kinn & Co. led the ng stocks into new high climbinz wmore than 7 %, other strong spots fheing \lnn gomery Ward, Sears Roe- ibuck and Associated Goads UStrength of International Harvester | ,((—fle:vvd the reviving prosperity of he Western agricultural communities. n exchanges improved slight- despite the adjournment of the ndon conference over the week lend. Demand sterling ruled nearly cent higher at $4. 40, while French of about 5 | Jersey rease of ‘fl. 452,000 in loans, iscounts and investments was the eature of the weekly clearing house tatement. Increases also were hown by most of the other principal tems. including $1.081,000 in cash in | wn vaults, $2,678.000 ‘in the reserve {pf member banks in the Federal Re- ‘®erve Bank, $84.860,000 in net demand Meposits and $5,846,000 in ouits, Amgregate reserve totaled 628.674.000, leaving €XCess reserve .l( $29.875,290, a decrease of $8,796,850. Wall Street Briefs. NEW YORK. July 26.—Net operat- Ming income of the first 20 class 1 rail- §3d~ to report for June aggregated time de- 506.000, compared with $26,463.000 he same month tast 9,000 in May, totaled $138. 129,000 in Jun bf 14.2 per cent. Wall street witnessed some’ im- provement in industry this week, al- “though it was spotty. A turn for the ibetter developed in steel buying, ‘which if long continued, market ana- Qysts said, must be reflected in pro- fil\nlmn expansion. The metals start- wd to discount a favorable outcome of liconditions abroad, and producers of ‘wopper. lead and zine were treated o a price advance. in the midst of fawhich there developed a somewhat dbroader demand for these commodi- ku» The textile situation showed no lsign of bettering, as indicated in '(urlher curtailment at mill centers. i Crop Situntion Studied. The financial district still was in- wlined to .pay considerable attention ito the Western growers an entirely because of the unfavorable trend of ladvices from growing centers was !led to believe that certain crops jimight prove to be short to a greater {jextent than earlier suggested. ili The present high prices for grains, otably wheat and corn, have brought o the western growers an entirely 1 ew situation, in which they heen confronted with & ‘prosperity ‘Eol easily visualized several months 1923, a decrease g0. The Canadian wheat prospects ave been a large factor in this espect and the probable crop to me out of the Canadian Northwest Jls far below the yield of last year. .hlst what would be the effect on e steel industry as a whole in the event the Federal Trade Commi nlonu ruling on the “Pittsburgh plu \{plan should be upheld in court ap- Dears to be in doubt, although it has lfcreated in certain financial quarters ffa_belief that the independent makers 0f steel “would suffer rather than jjprofit by the change. | Consolidated Gam Strong. Further strength in _Consolidated Gas, which sold at the highest price |yt registered on this movement, was ue to what brokers described as ‘ederal court confirmed the special aster’s report in the dollar-gas itigation upholding the contention f a subsidiary of the gas company that the dollar rate was confiscatory. ‘he decision was of particular import because a dozen or more other suits by various subsidiaries of Consoli- ated Gas Company are pending vhich hinge on the same legal points. t i8 expected that later this year the #Consolidated Gas Company will do iffinancing aggregating - upward of 11840,000,000. . i Rails Draw Following. have [0 90% 127 109% 9% 6% 144% 110% 60% 40% 60% 55% 9% 65% 20 17 80% 256 15 443 14% 56% 54% 81% 20% 1243 93% 130% 109% 111 100% 148% 108 89% 20 52 58% 10% 15 10% 19% 93 b2 | By dint of steady pressure a fol- mvhlg has been created among the ils, according to leading brokerage ouses. Thus far there has been no jgn as to what suggestions will “emanate_from the Interstate Com- tmerce Commission in" its proposed evised plans for consolidations among he rallroads. To judge from the any rumors now ~current as to ergers certain bankers and rail ex- jecutives have in mind steps for ounding out_ their systems which Hihey hope to have sanctioned by the fjGovernment board once the initial teps have been taken. g T FLOUR 10 CENTS HIGHER. MINNEAPOLIS, July 26.—Flour un- changed to 10c higher at 7.90a7.95 & el. _Shipments, 28,645 barrels. 300. Wheat, No. 1 northern, 801.43; July, 1.37; September, 1.37; acunhnr, 1.39%." Corn, No. 3 yellow, Oata, N%u“l.z'hlln, 52%a _98% _ Adams Express. . Advance Rumley. Advance Rumley pf. Alr Reductron. ... . Ajax Rubber. Allied Chemical & Dye. Allis-Chalmers Mfg. Am Agriculture Chemical. . . Am Agriculture Chemical pf American Beet Sugar. American Bosch Ma; American Can. American Can pt ‘American Car & Foundry. American Chicle. Americun Express. Am & Foreign Power American Hide & Leather. Am Hide & Leather pf. American Ice. . American International. American Linseed . American Linseed pf. Am Locomotive (new) American Mctal. American Radiator Am Ship & Commerce. American Smelting & Ref. Am Smelt & Refining pf. American Steel Foundry Amcrican Sugar Refining. Am Sugar Refining pf. Am Sumatra Tobacco. Am Telephone & Teleg. American Tobacco. ... American Tobacco B. ‘Am Tobacco pf (new) . Am Water Works & Ele: Am Water W & El par p American Woolen. ... Am Writing Paper pf American Zinc Lead & S. American Zine L & S pf Anaconda Copper. . 88% 9 ‘Asso Dry Goods. . . 108% Associated Oil (new) 29% Atchison, Topeka & Atchison Topeka At'antic Coast Line Atlantic Gulf & West Ind Atlantic Gulf & W 1 pf. Atlantic Refining. Atlas Powder. . Atlas Tack. Austin Nichols. Baldwin Locomotive Baltimore & Ohio Baltimore & Ohio pf. Barnsdall, Class A. Barnsdall, Class B. Beechnut l'ackmz Bethlehem Steel. ¥ S Fe pt Brooklyn-Man Transit pf. Brooklyn Unior: Gas. Burns Brothers. . Burns Brothers Class B Butte & Superior . Butterick Company California Petroleum (new) California Petroleum pf. Callahan Zinc & Lead. Calumet & Arizona. Calumet & Hecla Canadian Pacific Case (J 1) Thre: Central Leather Co. . Central Leather Co pf. Central Railroad of N J. Century Ribbon Mills Cerro de Pasco Copper. Chandier Motor. Chesapeake & Ohlo Chesapeake & Ohio pf. Chicago & Alton. ... Chicago & Alton pf Chicago & East Illinois Chi & Eastern Illinois pf Chicago & Great Western. Chicago & Great Weste.n pf. Chi, Milwaukee & St Paul. Chi, Milwaukee & St P pf. Chicago & Northwestern Chicago Pneumatic Tool Chicago, R 1 & Pacific. . Chi, R1& Pacific 6% % 18% 1% Chile Copper. Chino Copper Clev., Cin., CI 260 Columbia Gas (new) 4 Commercial Solvents, A —— Commercial Solvents, B. 3 Congoleum Company —— Consolidated Cigar.. 5 Consolidated Gas new. —— Consolidated Textile. 4 Continental Can... 2 Corn Products Refining. —— Cosden Company 4 Crucible Steel. . 3 Cuban-American Sugar. —— Cuba Can Sugar. ... —— Cuba Cane Sugar pf. 4 Cuyamel Fruit. .. 8 Daniel Boone Mill —— Davison Chemical. 9 Delaware & Hudson. 8 Detroit Edison. 8 Du Pont de Nem 4 16% Eastman Kodak. .. 160 Eaton Axle & Spring 4 Electric Storage Battery. 5 Endicott-Johson. —— Erie Railroad. . —— Erie Railroad 1st pf. — Erie Railroad 2d pf. 2 Exchange Buffet. 25% 2.60 Fairbanks, Morse & Co 8 Famous Players-Lasky Sl 7 Federal Mining & Smelt p 9% 64c Fifth Avenue Bus. 163 10 ‘Fisher Body 5% —— Fisk Rubber. 44% 3 Fleishmann Company. 6% 6 Foundation Company. —— Freeport-Texas. ... 354« 8 General American Tank. . 31% —— General Asphalt. . . 71% & General Asphalt pf 93 6 General Baking 193% 8 General Electric. Gooarich (B F) Co pf. Goodyear Tire & Rubl Goodyear Tire & Rub pr pf. Granby Consolidated Gray & Davis. ... Great Northern pf. Great Northern Ore ctfs. Great Western Sugar. Greene Cananea Copper. —— Gulf, Moblle & Northern 5 Gulf, Mobile & Northern nl 70% 5 Gulf States Steel. 72% 4 Haruman Corporation. .. 3 Hayes Wheel..... 1 Hupmobile Motor Car. 100% 7 -INinois Central. . 104 6 Iilinois Central pf. 15% — Indian Motorcycle. 6% —— Independent Oll & Gas. 31% 2% Inland Steel Internat’l Bus Machine: 40% 4 International Cement. 22" 2 Internatl Comb Engine. 78 5 International Har, new. 6% — Inter Mercantile Marine . 26% —— Int Mercantile Marine pf. 113 — International Nickel, 3843% —— International Paper. 3 4 International Shoe. . 66 6 Inter Telephone & Teleg 10% —— Invincible Ofl. 39% 6 Iron Products,.. 16% —— Jewel Tea. 78 — Jewel Tea p 18% —— Jones Bros Tea.. 21% 3 Jordan Motors. 17% —— Kansas City Southern. 51% 4 XansasCity Southern pl .. 20% —— Kayser (Julius) & Co. 8 Xayser (J) & Co 1st pf. 9% — Kelly Springtield Tires. 52% — Kinney (GR).. 47% —— Kresge Dept Stores. lede s’m 87 28% 106331043 R TS ¥ S [ S [ R o S A S ey I FHEIFHIFHIHLI LI+ I+ I+ 4+ +++ 1+ + R R T D T T o I I R B o I [ oy B R e AR R R S R AT R Py R} o Ld+ 441 e s PORTS - = FEEFPERIRIEPS & =¥ 0 FrE AR T R - o - - & *& Ei 118% 114% 124% 74 94% 5% 15 85% ividend rat Liggtttt & Myers. Liggett & Myers (B) Lima Locomotive. Loew’s, Incorporated. . . Loose-Wiles Biscul| Loriliard, P. Toulsvine & Nashvili Mack Trucks. Mack Trucks 18t pf . a ‘opper Mainon & Co Manati Sugar. tan Elec Supply . Manhattan Elevated gtd Manhattan Shirt Maracaibo Oil. o Market Street Raftway . . Market St Rallway pr pf Marland Oil & Refining Martin-Rockwell Martin-Parry. Mathieson Alkali Maxwell Motor, Clam A . Maxwell Motor, Class B. May Department Stores. Mexican Seaboard . Mexican Seaboard ctfs Miami Copper, Middle States Oil.. . . Minneapolis & St L ne Mo Kan & Texas new. Mo Kan & Texas pf new. . Missour) Pacific. .. Missouri Pacifis pt. Montana Power. Montgomery Ward Moon Motors. . Mother Lode Coalition Mullins Bogy. .. Nash Motors. National Acme National Biscuit. Nat Dairy Products. Nat Enamel & Stamping National Lead. ... National Lead pf . National Supply. [l |1] | |mmond [ Je} ]} [onne)yanus]nsnal - fes a I3 s o] o] 2 New York Canners 1 New York Central. —— New York Dock. ... New York, N H & Hart. —— N Y, Ontario & Western. —— Norfolk Southern. 48 Northfolk & Western. 2% Ohio Fuel Supply - 1% Orpheum Circuit 4 Otis Elevator (new). —— Ois Steel. . 3 8 Pacific Gas & Electric. 2 Pacific Oil. 120 Packard Mot Packard Motor Car pi Pan-Amenican Pet Trans. . Pan-Am P Tram Class B. Park & Tilford. . Penna Coal & Coke Penn: People’s Gas, Chicago. Peoria & Eastern Pere Marquette. Pere Marquette prpf. .. Pere Marquette pf. . Philadelphia Company Philadelphia Co pf . . Phila & Reading C&I. Philip Morris & Co - Phillips-Jones. . Phillips Petroleum Plerce-Arrow. Pierce-Arrow pf.. ... Pierce-Arrow prior Pierce Oil pf. . Pittsburgh Coal. Pittsburgh & W Punta Alegre Sugar. Pure Oil..... Pure Ofl pf. Reading 1st pf. Reading 2d pf. Replogle Steel Republican Iron & Steel. . Reynolds Tobacco, B Royal Dutch ctfs (N Y) Rutland pf. St Joseph L. St Louis-San Francisco. St Louis-San Fran pf. St Louts Southwestern St Louis Southwestern Savage Arms Schulte Stores. Seaboard Air L Seaboard Afr Line pi 6 Sears-Roebuck: ~+—— Seneca Copper... —— Shattuck Arizona. 1 Shell Union Ofl. . 1 Simmons Company Simms Petroleura. 22 Sihdidir Con Oil. 8 Sinclair Con Oil pt Skelly Oil Sloss-Sheffield Stl & Iron South Porto Rico Sugas. . Southern Pacific. .. .. Southern Raitway. Southern Railway pf. Spicer Manufacturing. ] llnuhimm;hbasl‘.lblmi ]M‘?[uhmw-lun-|-nq © oo 3 Hal=l]]=l e Studebaker. . . Submarine Boat. Superior O11. Texas Com . Texas Gulf Sulphur. Texas & Pacific. . . Texas & Pacific Coal. Third Avenue..... Tide Water Ofl. . % .| | |§u| |sm;;¢~l~nm|nao o £ Transcontinental Oil. . Transue & Williams. . . . Twin City Rapid Transit. = Sauac|wa United Alloy Steel. . United Cigar Stores. United Drus. United Fruit. United Railway Invest. . e Satmo & U S Cast Iron Pipe & Fdy U S Distributing Corp'n U 8 Hoffman Machine. . United States Steel. United States Steel pf. Uriversal Pipe. Vanadium Corporation. . Virginia Railway & Power []~<zgh=l=l1111] 7 Western Union Teles. . . 6 Westinghouse Air Brake. 4 Westinghouse Elec & M rates as given in the ‘Week ending July 36, 1904. High. :'.-';. Clese. {110 3109% 109% 6% 6% 6% United Railway Invest pf. Y Net. § #ReFex LR TN - F3 3 I++++++++++++ 1 +++ Terraaels -~ EGE FasRRer 1444+ I+t ++ I+t FE s RERLRR S e ARSI NN 1 19 54! 104% 106% 124% 125% B IR AE e AL S I S B e e R e | (FErat (ohk e e B - ~ T4ttt D+t I+ 1+ 4httdtt bttt o FRESR pEge- LR +t+ttttt+ I+ I+ R FOFErnax #F2"Fs § L T 5 + 3 payments DA tabl annt based on the latest quarterly or i yearly declarations. um.u otherwise noted, extra or special dividens are not included. t Fartly Illfl. 99-3 96-20 96-24 97-25 96-27 ’!-l i, 101-28 102-13 101-27 102-156 102-16 105-18 Low. 100% 86% 96% 96% 97 1% 91 99% 100% 1023 102 102 39% 87% 23% 93% 107 92% 92% 84 89% 923 T6% 88% 3% 2% 2% 89% 109% 65 99, 106% 98% la-, 98-22 Liberty 3%s 1932-47. 98-8 FINANCIAL 'BOND Eflllhdnfll\ltfif FOR THE VV]EIZI( Tow. U. 8. BONDS. Liberty 1st 41(s 1932-47. 102-13 Liberty 2d 415 1927-42. 101-27 Liberty 3d 45 1928.... 102-15 Liberty 4th 4%s 1933- 38. 102415 Treasury 4%s 1947-52.. 105-8 Prev. week's FOREIGN. - Chowe. Argentine 7s 1927 Austria s £ 7», 1943, Belgium 65 1925. Belgium 7%s 1945 Belgium 8s 1941. Bordeaux 6s 1934. Brazil 8s 1941, Canada bs 1952 Canada 5ls 1929. Chile 85 1926.. Chile 85 1941 Chile 85 1946 Chinese Govt Ry . Copenhagen 5%s 1944. . Caechoslovakia 8s 1951 Denmark 65 1942. Denmark 8s 1945. Dutch East Indies 6s Dutch East Indies 6s 1962 Framerican Ind Dev 7%s 194 French Govt 7%s 1941 French Govt 8s 1945. Japanese 4s 1931. Japanese 63s, 1954. Jergens Utd Margarine 6s 1947. Lyons 6s 1934. Marseilles 68 1934 Netherlands 6s 197: Norway 8s 1940... Paris-Lyons-Med 65 1958 Queensland 6s 1947 Queensland 7s 1941 Rio de Janeiro 8s 1946 Sao Paulo, State of, 8s 1936 Seine, Dept of, 7s. Serbs Crotes Slovenes 85 1962. . Sweden 68 1939 : Swiss Confed s United Kingdom 5%s 1929 United Kingdom 5%s 1937 . 104 INDUSTRIAL AND MISCELLANEOUS. 82 92 963 2% 9% 4% 94% 83% 96% 9% 87% 96 107% 921 29 86 87% 87% 98% Amer Agri Chemical 7%s 1941. Amer Smelt & Ref 1st 53 1947.. Amer Sugar Refining 6s 1937 Amer Tel & Tel cl tr 4s 1928 Amer Tel & Tel cl tr 58 1946 Anaconda Copper 6s, 1953. . Anaconda Copper cv deb s, Armour & Co 4%s 1939....... Atlantic Refining deb 5s 1937 Bell Tel (Pa) ref 5s 1948.. Bethlehem Steel p m 55 1936 .. Bethlehem Steel s f 65 1943 Brooklyn Edison 7s D 1940 Central Leather 5s 1925 Chile Copper 6s 1932.. 1 Cons Coal (Md) 1st ref 5s 1950. Cuba Cane Sug cv deb 8s 1930. 104 Detroit Edison ref 6s 1940. 106% 89 100 92% 100% Du Pont de Nem 7%s 1831 Empire Fuel & Gas 7%s 1937 General Electric deb 58 1952. Goodrich (B F) 615 1947. Goodyear Tire 8s 1931 114% Goodyear Tire 8s 194 96% 99% 9% 82% 86% Humble Oil & Ref 5%s Indiana Steel 5s 1952 Inter Mer Marine 6s 1 Inter Paper 5s B 1947. Kelly-Springfield 8s 1931 88 Lackawanna Steel 55 1950. 93% 104 9% 90% 0% 99% 77 Y Gas EL H & P 5s 1948... New Ybrk Tel 4= 1939 New York Tel 6s 1941. 1 North American Edison 6s 1953 Pacific Gas & Elec 5s 1942 Pacific Tel & Tel 5s 1952.. Philadelphia Co ref 6s 1944. Public Service 55 1959. 8734 Sinclair Oil 7s 1927. 97 100% Sinclair Crude Oil 5% South Porto Rico Sugar 7s 19, 111% United Drug cv 8s 1341. 8% 99 102% U S Rubber 1st & ref 5s U™S Rubber 7%s 1930 U S Steel s f 5s 1963. 87% Utah Power & Light 5s 19 52 28 Va-Carolina Chem s f 7s 1947 107% Western Union Tel 63%s 1936... 79% Wil on & Co 1st 65 1941 47 Wilson & Co cv 7%s 1931 RAILROAD. 85% Atchison gen 4s 1995 & Ohio ref 58 1995. B&OPH(SLE&WVn{!! 1 B & O Southwn daiv 3%s 1925.. Brooklyn-Manhat s f 6s A, 1968 Canadian Northern 6%s 1946. .. Canadian Pacific deb 4s.... Carolina Clinch & Ohio 5s 1938.. Central Pacific 4s 1949 Chesapeake & Ohio cv 4%4s 1930 Chesapeake & Ohio gn 4%s 1992 ¢ Chesapeake & Ohio cv 53 1946 Chicago & Alton 3%s 1950. B & Quincy 1st ref 5s 1971. & Eastern Ill gen 5s 1951. Great Western 4s 1959.... M & St Paul cv 4%s 1932 M & St Paul gen 4%s 1989, M & St Paul ref 4%s 201 M & St Paul cv 5s 2014 Chi & Northwestern 63%s 1936. Chicago Railways 5s 1927 Chi R I & Pacific ret 4s 19 73% 112% Chi Union Station 6%s 196: 71% 100% 102% 80% 81% 9T% 66% 34% 84% 61% 53% 54% 5 Chi & Western Ind con 4s 19 C CC & St L ref 6s A 1929 Cleveland Term 5%s 1972. Colorado & Soulhern 4%s l 35 Cuba R R 58 1952. % Den & Rio Grande con 4s 193 Den & Rio Grande 18t ref 53 1965 Detroit United 43%s 1932 Erié 1st con 4s 1996. Erie gen llen 45 1996. Erie cv 48 A 1953...... 9% Erle cv 48 D 1953. 102% 110% 96% Grand Trunk s f deb 6s 1931 Grand Trunk 7s 1940. Great Northern gen 5% Great Northern gen 7s 19 u Hudson & Manhattan ref 5s 1957 Hudson & Manhattan adj 58 1957 Illinois Central 5%s 1934...... Inter Rapld Transit 5s 1966.. Inter Rapid Transit cv 7s 193: Inter & Great Nor adj 6s 1952 Kan C Ft Scott & M 4s 1936. Kansas City Southern 3s 1950. Kansas City Southern 5s 1950 Lake Shore 4s 1928 Mil Elec Ry & Lt 1st ref MStP &S SM6%s 1931.... 8% Mo Kan & Tex pr In Missour! Pacific gen 4s l|15. Missourl Pacific 68 1949. N O Tex & Mex inc 65 193 New York Cent deb 4s 1934. New York Cent ref imp 5s 3013 New York Central deb 6s 1935. New Haven deb 48 1957 4 N Y N H & H cv deb 65 194 N Y West & Boston 4%s 19 Norfolk & Western con 4s 1996, Norfolk & Western cv 6s 1929 Northern Pacific 3s 1947.. Northern Pacific 4s 1997. Northern Pacific ref imp 6s 2047 Ore Short Line ref 4s 1929. Ore Short Line gtd 55 1946 Ore-Wash 1st ref 45 1961. Pennsylvania gen 4%s Pennsylvania gen bs 196! Pennsylvania 6%s 1936 Peoria & Eastern inc 4 0 Pere Marquette 1st 6s 1950. Reading gen 4s 1997.. Rio Grande wanern cll 4s 1949 R IArk & L 43%s 1 uasxacl 1933... Seaboard Air Line ref 4s 1959.. Seaboard Air Line adj bs 1949. . Seaboard Air Line con 6s 1945. Southern Pacific cv 4s 1929. 104-28 . High. Last. Yield. 101-13 330 102-10 394 101-25 3 62 102-13 3 60 10214 393 1056 391 Last 102% Low. 102% 913 100% 106% 105% | up some of the slack NEW INVESTMENT ISSUES TAKEN UP i| Lower Grade Securities Given Attention as Prices Still Move Upward. GOLD INFLUX CONTINUES Merger Talk or Belief in Lifting of Restrictions Aids Rail Bonds, Stock. BY GEORGE T. Special Dispatch to The NEW YORK, July 26—With the in- vestment market established on what appears to be a permanently higher level there has been a shifting of in- terest this week from the so-called gilt-edge sccurities to those of slight- ly lower grade. This is the normal development when the advance in a bond market has reached a certain stage. There comes a time when the vields to be obtained on the very highest class securities are no longer attractive and investors begin to Persuade themselves that they ean afford to sacrifice a little qualitg for the sake of a little more income. The difficulty is that no one say just when this stage has ar- rived. The professional trader and dealer is almost sure to be ahead of | the market. What appears cvident { to him he believes is evident to other | people and so while most of thess professionals claim e convinced that present quotations for Govern- ment bonds and first mortgage r: roads have 'about discounted the money situation, their conclusion may well be premature. Not Shown In Quotations. As far as the quotations go there a8 yet no sign of any substantial re- artion. Not only is the average fof 40 bonds, including high-grade and second-grade railroads, industrials and public utilities at the high of the but the high point for 10 in st grade was also reached this If the rise to date has run ahead of the fall in money raies 1t does not yet show in the guotations. There is also the possibility that these market commentators are de- ceiving themselves about the futurs of money. The expectation is that re- viving business with its increasing demand upon the banks for com- mercial purposes as well as the nceds of the crop-moving season will take in_the money TGH market. Sooner or been the orde and, of cours a stiffening in_mi rates would « ck the rise of high- turn them downward. difficulty in any foreca that there is no precedent to go by Gold Influx Unparalieled. Never befqge in the history of this country, or df any other for that miat- ter, has therc been such a steady inflow of gold s been pouring into the United s for the past vear or more. No one can ¥ when this tide will be checked, or, if not checked, will be absorbed in bus ness and speculation. Study of th weekly statement of the Federal Re serve Banks affords no ground for the opinion that any change in fundamental conditions is at hand. The figures are instructive. Total gold reserves of the Federal Reserve Banks are at the high of the ) Holdings of discounted bill: going down. The loss in this total this week over the preces was $14,400.000, while the loss for the year was $465.700.000. F serve notes in circulatic $30,100,000 and are now below what they were the sam a year ago. It will be ti to talk about the effect of a demand for money when it be show in the reserve bank statements. There is. however, anothe sibility to be taken into consideration. That is that the disparity in money rates between London and New York may induce a_flow of funds from this side to the financial capital of the old World Foreign Investments Noted. It is more than probable that some shifting of this kind has been g & on this week and accounted in part for the strength in sterling exchange. Here again we have the difficulty that political consideratic well as money movements the ox- changes. to go then is to say of money and inv ment conditions are valueless unles hse attention is paid both to t ederal Reserve Bank statments and to the exchange market. So far, only high-grade investments have been considered. Any review of the week would be incomplete with- out reference to the extraordinary strength exhibited by securities lower in quality. There has been active speculation in low priced railroad bonds corresponding to the me sort of buying of railroad stocks. There is this difference, however, that IhI rise in the bonds has more to justif it than the stocks. This, at le the case with roads whose earn have been unsatisfactory in the past few years. Strange Price Differences. There have been some curious dis- crepancies in the relative prices quoted for the stocks and bonds o these roads. While the stocks w being bid up three to four points the bonds of the sam: corporation were obtainable at pric to yield any- where from 7 to 9 per cent and more. In some instances there have been large accumulations of unpaid interest on income bonds which must be cleared up before stockholders can receive anything on their investment and yet speculation in the stocks has go on just as if_these accumulations did not exist. Some of these dis- crepancies have Jbgen partially can celed this week by higher prices for the bonds, but many of them remain. ‘The motive for the buying which has advanged quotations for railroad stocks an® bonds alike has not been increased earnings. It may have been talk of mergers or it may have been in- spired by confidence in the near ap- proach of a time when the railroads will be allowed to work out their own salvation with a minimum of pullllcnl interference. BONDS HOLD WELL WHEN WEEK CLOSES Spirited Trading in Public Utilities Feature of Brief Saturday Session. NEW YORK, July 26—Public Utility issues assumed the leadership of the bond market today, as the Week closed with prices holding around thetr highest levels. Spirited trading in the public utility lens »sictually monopolized intere in the abbreviated Saturday se: Announcement thui the Public Service Corporation of New Jersey weuid sc!! next week $20,000,000 6 per cent bonds to retire obligations bearin| higher interest carried a brisk rally in the £ompany’s 58, which mounted 3% points. Northern States Power and Brooklyn Union Gas issues also were in demand at rising prices. Rallroad mortgages were neglected. although advances of a point or more were scored by St. Paul general 4 Towa Central 4s, Chesapeake an Ohio convertible 5s and Frisco ad- justment 6s. Bethlehem Steel 5s and Wilson & Co. convertible issues, which had been depressed by unfavorable de- velopments during the week, recover- ed 1 to almost 3 points today. New financing already in siht for next week was sald to exceed this Week's total of about $35,000,000.