Evening star., 1921-11-04
BIG GAINS MADE
IN BOND MARKET

NEW YORK. November 4-The
bond market today was the most
wonderful exhibition of any day so
far in respect to the volume of busi-
ness and the extent of the advance.
The rise was SO rapid as to arouse
the misgivings whether it could last
, without some sort of setback. But
after all, il was no more than normal
adjustment of prices, especially among
bonds where the yield was sill hign,
in accordance with Wednesdays low
ering of federal reserve rates and the
! casing Of the outside market yes
tcrday and Today.
Lln-rty bonds and foreign govern
,l.nt issues were the real leaders
The demand for libertys was cnor-
nous and the rise which. of course,
car ricd them INFO new high territory
for the year. extended from SO to so
spectacular bidding in the foreign
group.
The new Republic of Chile SIS. dealt
in for the first time. Immediately rose
. points. Other South American is
sues, like the Brazilian SIS and the
, Sac Paulo SIS and the Uruguay SIS,
were lifted a point to . points. The
French SIS surpassed their previous
records when they sold at 101s.,
although later in the day part of this
gam was lOSt.
Swedish government Is, which were
9a1. yesterday morning. sold above
96. This was a rise of over points
| in less than fortnight
Northern Governments Firm.
| New high records were made blythe
I Norway SIS. Denmark SIS and Zurich
Ss. the Rio de Janeiro SIS and the
. Bern IS. but the most remarkable
. performance occurred in the Belgian
. 7lss. which on three successive trans
actions sold from 1885, to los, a gain
of 5 points.
! Railway bonds were not behind the
I other sections of the list. Among
. the representative issues to surpass
, their best of the year were Missouri.
! Kansas and Texas As. which reached Sc.
/ Denver and Rio Grande improve
, ment 5s. Delaware and Hudson con-
| vertible 5s. Baltimore and Ohio con-
vertible ANS, Union Pacific con-
vertible As. Northern Pacific SIS.
Atlantic Coast Line rs. Great North
ern Is. vt. Louis and San Francisco
prior lien AS, which jumped to 66l.;
| Kansas City Southern 3s. Pennsyl-
! vania general 412s, Baltimore and
, Ohio, Pittsburgh. Lake Erie and West
! Virginia As and Grand Trunk IS
were all active.
! Public Utility bonds bore their share
! in the advance, with new high records
for Hudson and Manhattan refundinE
IS and Northern States Power SIS and
with Interborough 5s up over point.
! Industrials which reached their best
figures for 1921 included Chile Copper
Ss. Fisk Rubber SIS. General Electric 5s.
, Kelly Springfield IS, Liggett & Meyers
Js. Tidewater Oil 6las. United States
T. Rubber 5s, Western Union 612s, West
i inghouse as. American Smelling 5s and
Cerro de Pasco SIS.
J New Issues Coming.
Soon after the election there will be
! formal announcements Of several i'm
portant pieces of financing. including at
least two new offerings of local utilities.
One will be large issue by syndicate
sof which J. p. Morgan and Kuhn. Loeo
& Co. are leading members. OF the New
York Telephone Company bonds. The
other is $50, 100000 Offering Of the New
York Edison Company.
Final action by the public service
commission is awaited in the case OF
each of these issues. and the houses
which will market the securities are ex-
pected to give out more definite infor-
nation shortly.
Harris. Forbes & Co. announce that,
with their Chicago associates, they have
purchased $1,000, 900 6 per cent first
mortgage sinking fund bonds OF the
Utah Power and Light Company.