The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-09-29
oDuo0k T. HUonEo
lc6psfisht. 1871

NoW lOTRs sept zvs-ltEe8uAA
reaction continued ID the bond mar
bet today. Here and there. there
wers spots where relative nrmness
WAS displayed. This was notably
the case in the high coupon rate
short term issues, an example Of
which IL Illinois Central 6hs.
Some of the public utility issues
wsrs also in fair demand, particu-
lAfiy underlying and divisional.
telephone bonds. It has been no.
ticeAble during all the recent re-
action that the utilities seem to
hold better han the rest Of the list.
All these. however, were the ex-
ception.
The general market was soft.
Apparently there was selling, not
aggressive, but steady and persist
ent, by large holders. While yes
terday the inclination was to
ascribes the weakness to the foreign
situation, today's opinion gave ex-
pectation OF high rates for money
a. to blame in part at least.
Quotations for most Of the high
grade Securities were lower. Ex-
Amples we're U. S. Steel sinking
fund S., General Electric 5 deben-
lures, Canadian Pacific IS, Reading
- and American Telegraph & Tele-
phone As. Atchison general As
gained fractionally in the early
trading. This bond has been in
supply for some time and has react
ed substantially from the high of
the year. Pennsylvania 61ss were
also a little higher at one time.
Considering the remarkable i'm
provement shown by the Pennsyl-
vania in the past few months and
that fact that the 61ss are non-call-
able and give high current return
the strength in the bond was not
surprising.
OF the speculative and second
grade issues, the Fries were lower
notably the convertible BIS, which
sold at so, at which price they give
a fiat return Of per cent The
Erie convertibles, series A, B and
D, are all secured by second lien
on the very valuable stock of the
Pennsylvania Coal company. II
wa4 coal profits that made the
Erie's 1921 report so Unexpectedly
favorable. The Rock Island re-
funding As, Southern Railway As
st. Louis-San Francisco B IS and
Duquesne Light 6s also sold lower
Foreign bonds were practically
all weak and lower. City Of Toxic
5s Of 1912 dropped point between
sales. Here, of course, the SLUMP
In sterling exchange was the gov
| erning influence. Both French is
sues lost ground. The SIS got dowI
to 80 and the TVS were off frac
tionally. Both rallied slightly later
J United Kingdom SIS of 1937>wer'
irregular, but the tendency was
downward. Czecho-S lovak IS made
a new low since they were LISTED
on the exchange. 1t was hardly tt
be expected that under the condi
tons prevailing in southeastern
Europe the obligation of new es
tablished nation would be regarded
with favor just now.
Liberty bonds shared the treat
ment accorded to high grade rail
road and industrial issues. All de
clined. The fourth 4As held bet
ter than the second 4As or thu
third 4As. In the continued alb
sence of any further news from
Washington as to the plans of thu
secretary Of the treasury specula
ton about the terms Of the new
government loan languished.
The American Power & Ligh
company announced that it woul,
redeem on Nov. l next, all its out
standing s per cent secured bond
at 107h.