East Oregonian : E.O. (Pendleton, OR) 1888-current, 1922-08-26
French Bonds Slump
In New York Market

In New York Market
NEW YORK, Aug. 26.-(A. P.)--
/ Pronounced weakness of French gov
ernment and muaicipa issues was the
outstanding development in the more
restricted dealings in bonds in yester-
! days market. Declines of / to R
| points were registered by French
| RS and SIS. Bordeaux 6s and Mar
'eilles IS, with substantial fractional
teclines in all other French issues, re-
| -lecting the decided slump in French
! exchange.
Japanese and Mexican government
F.! As also dropped a point or more but
Cuba 5s of 1904 were relatively strong.
Our own liberty issues yielded
| slightly.
In the industrial list, Marine SIS re-
! covered more than a point, following
their recent decline, which was attri-
buted to reports of prospective cuts in
| transatlantic passenger rates. Cerrol
de Pasco SIS also scored a substantial
advance, but American Telephone con-
vertible SIS continued heavy under the
, dampening Influence of an early offer
ing of SHE, 100000 additional stock.
Rails were In much less demand and
mixed changes prevailed. New York
State Railways 4 Us advanced 81 in
light dealings, while gains of / TO / "
points took place in Chicago, Burling-
ton & vuincy Illinois divisions 3hs.
Minneapolis & st. Loupis refunding As
Texas & Pacific firsts and Western
Maryland As, while losses of point or !
more were noted in Chesa pcake & /
N f0 4
general As.
Total sales Opar value) were $i2,-
103, 900.
The principal new offering today
was 100000 issue of Chicago joint |
stock land bank bonds, which was Of
fered to yield 4.6O and were quickly
subscribed.
The stock market, after an early
display of strength, turned decidedly
heavy in the final hour today in re- /
sponse to extensive selling pressure
exerted upon the announcement that
the strike conference between crtain
railroad executives and brotherhood
chiefs, acting as mediators, had been
definitely broken off. Most of the
days gains were Cancelled and many
stocks were depressed one to two
points below yesterdays closing quota
tions
Liquidation was directed principally r
against railroad shares, steels and
on the theory that those
would suffer most by the
prolonged labor trouble However,
rails offered stubborn resistance in the
face of an announcement by B. NJ.
Jewell, shopcrafts leader, that it
would be flight to the finish"
Stocks like Northern Pacific, Chicago ,
& Northwestern and Atchison, which
had advanced materially in the last ,,
few days. sold off more than q point,
while shares like Union Pacific South !.
ern Pacific, Reading and Erie, which ..
were in a better technical position,
Yielded only fractionally. Louisville
& Nashville, Omaha and Ann Arbor
preferred established new high rec
ords during the day, but receded with :
he general list of the close.
;o5corh!5 lpna wap osition In
United States Steel was pushed up
% l05 y, the highest price in two
'ears, but sold off half point at the
lose. Crucible and Vanadium also @
peak prices and managed .
o hold part of their gains. Activity b
n steel shares was attributed to the 0
of higher prices for
teel and iron products, which is ex- e
,ected to find reflection in forthcom- n
ng earning statements.
Public utilities issues, especially gas c
hares, were in active demand. New h
high records for 1929 were made by
Gas, Columbia Gas O.
Iorth American company and Laclede "
las, Leathers Were also strong. peak "
rices bein greached by Central I.eath- Y
r common and preferred and Ameri- v
an Hide & Leather preferred. tV
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