The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-01-06
Bond Market
BY STUART p. WEST
(Copyright. 1927

Wall Street, New York, jan O.
The principal feature in the bond
market today was the strength of
railway first mortgages and other
Of the top rank investment sacuri-
ties. A good deal OF the buying of
this class of bonds had been COM
ing from institutions and is a re-
suit of the fall in money rates. The
markets response to the decline of
call money to 3l2 per cent for the
first time and the drop in time
money rates to q per cent. was,
however, nothing like il would have
been six weeks or two months ago.
There were gains of a half point
or so-quite commonly but few of
any larger advances. 1t was an
other proof OF what there have
been many during the last month
that the bond market is slowing up.
Liberty bonds had a moderate
further rise. Illinois Central 61ss
were an exception among the rails,
jumping IL points to los, which
was their previous high. Missouri,
Kansas and Texas 6s series B rose
a point. Between 80 and 81 they
still returned about III per cent
and are regarded by some bond ex-
perts as being out of line. For the
most part the gains were less than
point in such representative is
sues as Louisville 51as, Southern
Pacific As, Rock Island General As,
Penna General AIS, Union Pacific
6s, Oregon Short Line As, Atchison
General As and Union Pacific and
Southern Pacific convertible As
There was an active demand at ris-
ing prices for the Interborough
Rapid Transit SIS, which was in
spired by the favorable analysis of
what securities would be worth If
the traction properties were taken
! over by New York City. Third Ave-
nue. adjustment IS were also high
er but even at their best of today,
were Off nearly points from their
high of ATS.
Industrial bonds were irregular
with small advances in American
Telephone and Telegraph collateral
As, American Smelling 5s, Mercan-
tile Marine 6s and Mexican Pet SIS,
and with small decline in U. s.
Rubber 711s, Virginia and Carolina
| debenture TVS, Dequesne 6s and
Producers and Refners IS with
| warrants.
Diamond Match 714s were also in
/ demand.
Some interest in pending munic-
ipal financing is being shown in the
prospective sale by the city of Phil
adelphia of about 100000 bonds
1t is expected that bids for all or
part of the issue will be received
soon and that a New York synci-
| cate will offer the bonds for sale
before the end of the month Har-
ris Forbes & Co. and associates
are selling s250.000 GuiIford coun-
ty, North Carolina bond anticipa-
| ton per cent notes, to yield
about 5.25 per cent, due serially
from Dec. Is, next, to same date
1924.
Syndicate managers of both the
new 100000 railroad bond is
sues anticipated the closing of the
books before the close today. Pot
ter & Co. and Harris Forbes & Co.
sold 100000 Chicago, Indianap-
oils & Louisville railway company
! first and general mortgage per
cent gold bonds, series b, due May
1, 1866, at 941@ and interest, yield
ing about 62s per cent. With equal
success the 100000 Western Pa
cific railroad company first mort
gage series B per cent gold
bonds were sold by the Equita BILE
Trust company. These bonds are
offered at 100 and interest to yield
| 6 per cent and, like the Chicago,
Indianapolis & Louisville bonds,
basis.