East Oregonian : E.O. (Pendleton, OR) 1888-current, 1922-07-25
New High Marks
Set BY ibeIties.

/ New lligh Marks
Set by iberfies.
NEW YORK, July 25.-(A. PD-
The activity and strength Of liberty is
sues again made dealings in the bond
| market noteworthy. New maXimums
| we're made by the LIS at 1O1.OS,
tirst As at 1O1.30, second As, at 100.S0,
second 4 las at 101, and fourth 1-4s
at 1O1.68.
Foreign loans were uneven, frac-
tional gains in French governments
IS and several of the French munich
pals being offset by heayiness in Mex
lean As and 5s, Argentine SIS and jap
anese first 1-2s.
| Guided largely by the reactionary
course of the stock list, many domes-
tic rails eased fractionally to one
point, notably Union Pacific As, Erie
general As, st. Louis & San Francisco
| incomes, Atc-lison general As and
| Chesapeake e. Ohio convertible a. 1-2s.
, Industrials owed their moderate
strength to sugars. which were more
| responsive to better trade conditions,
but utilities including local fractions,
| gave way to pressure. Total sales,
par value, aggregated $12,421,000.
New underwritings Of the day en-
braced the Virginia Carolina Chemical
$12, 100000 15-year 1-2 per cent con-
vertible bonds and CITY Of Now Or
leans $1,400,000 IL per cent paying
certificate issue.
The progressively reactionary tone
of today's stock market clearly indi-
Gated that greater consideration was
being goven by traders and the pub
| lie to adverse factors, ontably the coal
and railroad strikes.
This was emphasized In dispatches
from western centers which declared
that labor troubles were making in
creased inroads upon general business,
although railroad tonnage held close
to the preceding weeks level. The
confidence recently shown by investors
at interior points also seemed on the
wanc.
Prices held fairly steady at the out
set, but soon became unsettled on re-
newed selling of motors and their sub
Isiriaries. ReVersals later encompass
cd the oils and many unclassified spec
ialties finally extending to rails.
Weakness among the motors again
was mainly due to Pierce Arrow COM
mon and preferred, where additional
esvere losses were attended by more
circumstantial reports regarding the
company's financial standing. Chand-
| Ter was under constant pressure with
Studebaker and the market for all
motors was thin"
Mexican Petroleum resisted the
early setback in oils, but gave way in
the final hour, wehn most Of the do
nestle division. especially California
Petroleum, Sinclair and Standard Oil
| of New Jersey, were freely offered
with Mexican Seaboard.
Independent steels forfeited practi-
cally all of their advance and although
| forecasts OF tomorroW's quarterly
statement of the United States Steel
corporation were favorable, that stock
yielded substantial part of last
weeks rise with leaders of the metal
group. Quotations were lowest just
before the close, even though call
loans then eascd from to 1-2 per
per cent. Baldwin and Studebakcr
were the targets, showing net losses
of 1-2 and ga points, respective
ly with United states Steel below par.
Sales exchanges were firm on small
dealings, sterling rising to within a
fraction of last weeks best. Allied
bills gained to I points, marks raj
lied to above .0020 and all the neu-
trails Denmark and Switzerland eX-
cepted, were materially higher, with
yet another gain for the Czecho-Slo-
ValSlan rate. ... ..