The Washington times., 1923-08-18
BONDSAREF|RM,
WITH SALES
LIGHT
French and Belgian Issues
Vary With Reports
From Ruhr.
By MUNROE ROBERTS.
Copyright. 1923. by Cosmopolitan
News Service,l

NEW YORK, Aug. 18.-Stimu-
lated by continued ease in money
rates ana the more cheerful tone
Of the financial district, the bond
market during the past week showed
signs Of reviving although the va
cation season was still factor in
holding down the volume Of sales.
Gilt-edged investment bonds, prin-
cipally legal" rails, displayed con-
siStent firmnesS, rejecting the steady
demand from savings banks and
foreign investors. It is interesting
to note that, while first-class rail.
road bonds were selling at their
highest point Of the year, NUM-
cipal bonds. which are regarded as
prime Investments, were at their
lowest, due to the lethargy pre-.
vailing In that section Of the mar
ket.
French Bonds Vary.
Liberty loans as usual remained
steady and fluctuations from day
to day were trifling. The dull
ness was livened up q bit in the
latter part Of the week by the APP
pearance OF q few good sized trans.
actions in the tax exempt Sh per
NSAAS eAASA TAG 4OuAAu. = - RSE C04ISs
In the early part Of the week
simultaneous weakness appeared in
French francs and French and
Belgian government bonds, caused
primarily by concern growing out
Of the negotiations between Eng
land and France, but q robust
rally carried these issues materially
above their low levels. This re-
covery was based on more hopeful
cables regarding the prospects for
an amicable settlement Of the Ruhr
problem.
Cheerfulness was reflected in
greater interest for bonds Of a
seYni-speculative character, particu.
larly for low grade railroad issues,
among which the Erie bonds and
Seaboard Air Line were most prom.
inent. Bonds Of the Chicago Mil.
waukee and st. Paul moved against
the general trend, the 1925 issue
dropping to a new low. The re.
funding OF this maturity IL the one
big problem facing the road, caus-
ing persistent heaviness in these
bonds.
IndustriaIs Steady.
The Industrial group pursued q
steady course. Sinclair 81 g formed
an exception, having been momen-
tarily unsettled by large selling
orders originating with some deal.
ers, who were loaded up with large
blocks Of these bonds at the ex-
piration Of the syndicate.
There was a sharp increase in
the volume Of new issues brought
carried over from the previous week
when public offerings were held in
allegiance during the nationwide
period Of mourning for President
Harding and the total for the cur
rent week was about $42 zoo. 900,
compared with $3.50 900 the week
before.
The largest offering consisted of
$4,000, 900 Of government Of Nor
way 20-year 6 per cent external
loan gold bonds. which were OBJ
tanned by syndicate Of American
bankers after strong competition
with English capital Another fea.
ture was the $2o,000.0O0 loan to
Southern cotton planters to aid
them In marketing their crop.
Public utility offerings aggregated
$11, 900, 900, industrial issues $1,000.
900, and State and municipal offer
ings $1O,000.O0O.
Interest in next weeks bond
market will undoubtedly be alb.
sorbed by the probable floating of
the new Argentine government loan,
which will be priced at not less
than 90, the interest rate not to
exceed 6 per cent. An issue of
Sc, O00, 900 one to fifteen-year equip
ment trust certificates Of the
Louisville and Nashville railroad
company will be offered Monday.