Evening star., 1923-07-14
BOND QUOTATIONS
SLIGHTLY HIGHER
Even French Issues Show
Strength in Today's
Brief Session.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, July 14.-Bond prices
were higher at the opening today, and
although trading was dull as usual or
midsummer Saturday the market
was firm. Even French bonds, which
might be expected to show some
weakness. in view of the Paris cables
reporting French dissatisfaction with
Premier Baldwin's speech. opened
higher. Libertys sold around last
nights high, and there were advfces
here and there among the high-g grade
rails and industrials. Instances oi
the latter were Atchison general IS
and Reading general As, and such bonds
as Pennsylvania ANS.
High Grades Firm.
Today's market presented the same
characteristics as those of the past
three or four days. There has been
firmness all the week in all high
grade securities All the United
States government issues are up on
the week Treasury buying has been
especially evident in the third 4A 8
but there has been accumulation oil
all the issues, and the Treasury u
of 1852 have been within point OF
par. Then, too, there is always the
possibility of purchases for the s"-
count of Great Britain having been a
marke factor. but naturally every
effort is made to cover up this puglns
1t viii only be profitable to the Brit
iSh government as long as llpertys
are obtainable under par.
Perhaps the most notable feature
of the week has been the way the
foreign bonds held up in the face OF
apparently adverse news SIDE. Inc
result is that practically all the net net
changes are advances, the greatest
OF which is shown by the French
cities issues. French IS and French
7As are also both higher on the
week. bat still two or three points
below the high of a month ago.
Domestic Issues SpOtty.
There has been greater irregularity
among the domestic issues. but most
of the cases in which declines have
occurred were those where there was
some special condition involved. The
greatest loss was sustained by In
ternational Mercantile Marine 6s
which sold down to new low rec
ord almost points below the price
of "A week ago. The inactive New
Haven issues are off or points
on the week. while the active issues
are 2 to points up. The decline
came the quickest in the bonds where
the speculative activity had been the
greatest, with the result that these
were the first to rally.
Among issues to sell higher Hud-
son and Manhattan incomes were
prominent, with a gain of between
81 and 4 points. responding to the
improved financial condition of the
company testified to by an initial
dividend on the preferred stock. II
is curious that the refunding 5s, the
investment issue. responded so little.
Few New Offerings.
New offerings for the week were
the smallest for the year to date,
aggregating only S21.626.0 900. The
largest issue and the most important
was the Cleveland Union Terminal
Company 5s. These were very we'll
taken, sales being made on the ex-
change a point above the Offering
price.
The municipal bond market had
been little weaker of late and in
vestment bankers have been advising
municipalities to do short term
financing with the idea of putting
out lower coupon rate. long-term
bonds later when the market condt
tions are moro favorable.