The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-02-07
Bond Market
BY STUART p. WEST
Copyright. 1921

Wall Street, New York, Feb. T.
The most important factors in the
! bond market today were the firm
ness of Liberty loans. still higher
prices for United Kingdom issues
and the concerted advance OF Erie
Railroad bonds. These reflected
! either favorable outside develop
ments, or as in the case Of the Erie
situation, a satisfactory compare
tive report for the year just pass
ed.
The market for United States
government bonds appeared to be
relieved considerably of any appre,
| hension regarding a new issue COW
ering the proposed soldier bonus.
The possibility of taxes on commod-
oties rather a fresh fiotation OF
| bonds has resulted in a check on
/ the recent gradual decline of Lib
/ erty's and today they displayed re-
newed strength. United Kingdom
51a per cent of 1922 and 1929 NOV
| ed into new high territory. The
! advance in these bonds was coinci-
1 dent with the further rise of steri-
! ing exchange and contributed large
ly to the general strength of the
market, especially the foreign gov
eminent section. Belgian skies
again struck a fresh top and Mex
lean tours and fives kept active at
/ better levels.
| All the Erie Railroad company
bonds gained ground as the result
of the statement by the road of its
operating income for 1921 and of
! tho 70 fhnf Vn0
equivalent to four per cent divi-
dends on both classes of the prefer
red stock, with a balance left over.
The Erie general fours were up
over two points, and the other OBJ
/ legations of this carrier rose a point
or more. The new Great Northern
513s admitted to trading on the
stock exchange today, on an when
issued basis, sold around 27. Yes
terday trading in them began on
the Curb exchange and the high
est price at which they were bought
! was 97H. The syndicate offered
them as an issue of $30,000.000 at
9612 and interest. Southern Rail-
way As, Frisco incomes and Balti-
more and Ohio Is were also feat
ures of the dealings in railway
bonds.
The bulk of the industrial bonds
were steady. Maine 6s and Good
year IS of 1871 were up and so were
the Cuba Cane Sugar IS. fraction
bonds were irregular and the Pub
lie Utility maturities gained frac-
tionally.
Sale of the $4,000, 900 federal
land bank per cent 10-20-year
bonds is exceeding all expectations
of the syndicate members, one of
them said today. This is very sat
isfactory for the investors, large
and small. 1t is significant that an
estimate made early yesterday of
what the first days progress would
be proved to be fully two-thirds
short of the actual amount sold. 1t
is expected that the syndicate man
ayers will give no definite informa-
ton regarding the distribution of
the bonds until great portion of
them has been disposed Of
Producers and Refiners Corpora
ton preferred and common stock
holders, of records of Feb. Is have
the privilege of subscribing to a
remaining issue of 100000 first
mortgage 10-year s per cent sink
ing fund gold bonds, secured by the
company's first mortgage, dated
June 1, 1871, with stock purchase
warrants attached. The bonds may
be secured at 100 per cent and &C
crued interest from Dec. 1. 1921. A
syndicate today sold S1,500,000
Guerin Mills inc. first mortgage 10
year per cent gold bonds, matur-
ing Feb. L, 1887. Another group
disposed of an issue of 612 per cent
sterling loan, City of Brisbane,
Queensland, Australia, Metropoli-
tan and Ipswich Water Supply and
Sewerage board bonds due 1871.