East Oregonian : E.O. (Pendleton, OR) 1888-current, 1922-09-29
French and Belgian
Bonds Go INMcr

NEW YORK, Sept. 29.--(A PD--
Weakness of French and Belgian is
sues, which sank to the lowest levels
| in several weeks in response to weak
cned tension over the near east stu
alton, was the outstanding develop
mcnt in yesterdays bond market, the
main trend Of which was downward.
French 1-2s and IS and Belgian SIS
declined less than a point, but losses
of to 1-2 took place in scissors 6s,
Bordeaux 6s, MarseilIcs 6s and Bel
Iglan 1-2s French American ~
J drwopped Ia points. However,
| Brazil Is and Mexican 5s moved up
ward, each gaining point.
A three point break in Chicago e.
Northwestern general SIS Of 1887 was
the most noteworthy development in
the rail list, which developed several
weak spots. st. Paul general 12s
and Senboard Air Line consolidated
6s each dropped two points and Chi
cago Great Western As 1 1-2. Losses
of 1 to 3-S were scored by Rock
Island refundinE IS, Pennsylvania
consolidated 1-2s, Southern Railway
general As, Chicago & Alton 3 LIS,
Erie general As and a few others.
Cerro de Pasco Ss continued under
Ipressure, yielding more than 2 IL
points. Invincible Oil IS fell back /
1-2 and losses of approximately a
point we're noted in Republic Steel 5s.
Wilson convertible 6s and Goodyear
SIS of 1871.
Total bond sales, par value, were
1916, $4,000.
Speculative operators renewed their
attack on prices in today's stock mar
kct, being assisted by the liquidation
of some weakened speculative ac-
counts of individuals and few pools
tThe declines, however, were not as eX-
tCnsivc as those of yesterday and some
extensive short covering in the final
hour brought the prices of a few lead
ers above yesterdays closing quota
tions.
Uncasiness in European financial
circles over the near eastern situation
as reflected in the further weakness of
foreign exchange and the marking up
of call money to per cent aided the
bear faction. However, evidence that
the current reaction was influenced
more by technical considerations than
by developments abroad was apparent
by the fact that rumOrS of q clash be-
tween the British and Turkish troops
which were circulated through the fl
nancial district in the late afternoon,
failed to check the rally then in pro-
gress. There were indications that
large interests were accommodating
some of the high grade stocks on the
downgrade.
The principal declines today took
place in stocks which had been the
subject of extensive pool operations,
but the market generally Offered more
stubborn resistance to selling pressure.
indicating good support just beneath
the current levels. United States steel
common successfully withstood the at
tack of short interests, buying support
being attracted by reports of unusual
ly heavy orders being received in the
last few days, Republic Steel was un-
der heavy pressure, dropping more
than two points on circulation of un-
favorable reports indicating the
breakup of the proposed Republic
merger. Crucible
Steel fluctuated with Il range OF three
points, but closed fractionally higher.
Rail shares were irregular, but most
of the variations were less than n
point either way. There was a fair
dehand for the st. Paul issues upon
publication of the August earnings
showing gain OF nearly |
100000 in net income over August, |
1921, but the net gains of both the !
common and the preferred issues were |
only fractional. New York Central |
sold off n point on comparatively