Evening star., 1922-12-27
.UBERTYS LOWER
|NT0DAY'S TRADING
Little Pressure on Any Part
of LiSt-Even Railroad
Bonds Hold Firm.
BY GEORGE t. HUGHES.

Special Dispatch to The Star.
NEW YORK, December 27.-With
only q few more days before the ira
ditional January reinvestment de-
mand makes it's appearance. the bond
market today seems stabilized around
present levels.
There was no great pressure aD-
parent anywhere today on the list.
Even railroad bonds, which have been
declining under the influence of un-
favorable earnings, showed no further
losses and neither was there evidence
OF any desire to bid UP prices. This
was regarded as very healthy condi-
ton. Probably the best buying for
the last week or more has been that
OF the insurance companies.
One Of Days Features.
One of the notable features today
was the sharp advance in New York,
Westchester and Boston AVS of 1916.
No reason was given for the interest
shown In this bond. which is guar
anteed by the New Haven. Although
secured by first lien on highly val
liable property. charges have not been
earned in recent years and the New
Haven has been compelled to max c
up the deficit. Erie issues did little
better and the market seemed able
" ldhe SdIc vi dll tue ~. oui
offerings without any shading of the
price. The ST. Paul problem seems to
be the restoration of its credit in
time to meet the maturity on June
!, 1925, of the approximately $780,
100000 European loan As and gold As
years Of good earnings this ought TO
be possible. Iowa Central Is. Sea-
board Air Line 6s both showed the
effect of what was probably selling
for the purpose OF. recording losses.
This process will end this week. 1t
will be easier after the first of the
year to estimate the status of the
speculative bonds like these Denver
and Rio Grande refunding 5s and st,
Louis-S San Francisco adjustments also
sold lower.
Some Issues Lower.
Among the high-grade bonds. Cen
eral Electric debenture 5s sold down
half point on very large dealings
Even at today's price the yield is
very small. Probably the obligations
of no other Industrial. unless 1t be
United States Steel. are in greater
demand among investors thaW those
of the General Electric. Testimony 10
this effect may be found in the ex-
traordinary high price at which the
General Electric special stock sells
Chicago Union Station 6hs. another
NcIy due Soi' dp n pci"''
At today's price of rs. the maturity
yield is about 5is per cent. but the
bonds are redeemable at 1.10 on and
after January l. 1885. which would
bring down the yield to a very much
lower figure. Terminal bonds gen
orally secured on real estate are in
high favor.
Copper ConVertibIes Weak.
Copper convertible issues were weak
in sympathy with copper stocks.
United States Realty js selling at
par. made a new high record. Manhat-
tan Elevated As advanced. South Por
to Rico Sugar Is declined. Detroit
River Tunnel 4izs advanced over a
point. The guarantee by the Michi-
gan Central alone is sufficient to
make this a high grade issue even
not considering the valuable property
upon which it is a first lien.
Among the foreign bonds the fea-
ture was the strength and activity OF
the City Of Copenhagen 5l.s. Mexi-
can 5s advanced fractionally and the
Serbian IS declined. No listed foreign
issue has had such an unfortunate
career as this one. Today's price is a
new low since trading was begun on
the exchange.
Liberty bonds. after their show OF
consistent strength over the last few
weeks. reacted today without any
known reason. Except for the 31as.
they all sold below par. including the
new Treasury 4As.