The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-01-10
Bond Market
BY STUART p. WEST
Copyright. 19S9-l

New York, Jan 1o.-Today's bond
market once more took its cue from
developments in the money market
The evidence of a great excess
money supply for which It was diff
ficui- TO find employment at the
loan counter led to the assumption
that a considerable part viii have
to float into the investment bond
list. Consequently there was re-
newal of investment buying along
the line with the United States gov
eminent bonds In the lead. New
highs in the movement were made
in both victory issues and in the
third and fourth liberty loans. In
the foreign government group Eur
ichs SIS were up a point and Uru-
quay SIS nearly two points at new
high of los. English, French and
Belgian bonds were steady but
without much change
In the railway section there was
sharp recovery in the Erie con-
vertibles and in the Erie general As
which were SO weak yesterday.
This was in response to moderate
ly reassuring statements by the
vice president of the Erie company
and it was a reflection of the
sounder opinion which had not had
a chance to show on the previous
day, that the government could not
and would not allow the Erie to go
by the board for the sale of the
SIS. 100000 notes which mature in
April
Among the other members of the
lTy1ey
were made in Baltimore & Ohio As
around rs. Denver G. Rio Grande
refunding 5s, up points, Atchison
general As. rising a point. Lake
Shore As of 1928 at 90. West Shore
As touching 80. Reading general As,
Rock Island refundings IS, Northern
Pacific prior lien As making new
high at Sc, Illinois Central 51as,
and in the st. Paul Consolidated
AVS and the convertible 5s each up
over a half point. Burlington joint
61ss rose IS above last nights
close
The features OF the industrial
group were Virginia-Carolina,
Chemical first IS, Diamond Match
7hs touching 10 for the first time,
Rubber TVS, u. S. Steel sinking
fund 5s at a fresh top of 1904,
Portland Railway & Light IS ad-
yancing u point, General Electric
5s. Goodyear SIS of 1941. Bush Ter
minal Building 5s at their best of
S71a and Central Leather IS around
ga
Although the street looks for a
great deal of new foreign govern
ment and corporate financing dur
ing the next few months, lull ex-
lists at present in the market for
fresh f1otations of any consequence.
Today Blair & Co. sold 1922 900
Kings County Lighting company,
Borough of Brooklyn, first refund
ing mortgage 615 per cent gold
bonds at 9911 and interest to yield
6.55 per cent. The bonds mature
July I, 1854, and are non-allable
prior to Jan. I, 1910 Public offer
ing has been announced Of $1,000
600 Great Northern Railway firsts
and refunding mortgage 4A per
cent gold bonds at a price yielding
about Ats per cent. The bonds ma
ture Jan. 1, 1861, and are lien on
1857 miles of road. Johnstown,
Pa. has sold s157 900, AZ per cent
25-year sewer and highway bonds
to Harris, Forbes & Co. at 102.591.
Mckeesport. Pa, has sold $4S0,00O
per cent IS Sc year average
school bonds to Redmond & Co at
1888. Miller & Co. are selling an
issue OF 100000 Oregon Washing
ton Railroad & Navigation company
first and refunding mortgage 4 per
cent gold bonds due Jan. /, 1861.
They are sold to yield about $50