Evening star., 1923-12-15
|. c. c. RULING AIDS
RAILROAD BONDS.
Denver & Rio Grande Issues
Lead Market-0fferings
Drop to S25,OOO,OOO.
BY GEORGE II. HUGHES.
Special Dispatch to The Star

Special Dispatch to The Star
NEW YORK, December 15-The fea.
ture of the bond market in today's
short session was the jump in Denver
and Rio Grande obligations on the an.
nouncement that the Interstate Com.
merce Commission had approved tn,
Denver and Rio Grande Western re.
organization plan. The result was ar
advance of nearly five points in Den.
Yer and Rio Grande refunding 5s a.
the opening under heavy transactions
The plan provides for the exchang,
of the refunding SIS for so per cent Of
new general mortgage SIS of 1856 ant
40 per cent OF 6 per cent cumulative
non-voting preferred stock Interes
on the refunding bonds is provided fol
to February l. 1924.
Denver and Rio Grande consoli
dated IS, which, with the other un
derlying bonds are undisturbed, ad
Nanced point
st. Paul Issues Move.
Elsewhere in the railway list tn.
chief activity appeared in St. Pau
issues. Up TO last night all the st
Paul junior bonds showed losses OF
the week with the largest declines
in the refunding Az s and in the con
vertible 5s. both long-term issues
Trading today was around yester
days lows.
Traction bonds claimed a good dea
of attention today as they have al
the week. The advance in Brooklyn
Manhattan Transit 6s was resumed
today, carrying the quotation wei
above 20 and showing net gain fol
the week of around three points
The basis for the advance was, Of
course. the high yield the bonds give
at the market and the favorable
earnings statements.
Traction Group Weak.
marlborough issues. on the Other
hand. We're weak today, showinE
losses over yesterdays close and fol
the entire week. Decision of the di-
rectors TO pass the quarterly divi-
dend rental installment on the Man
haitian guaranteed stock brought sell
ing into the Interborough Bonds.
Another weak spot in the tractor
group this week has been Chicago
Railways 5s, selling around the low
OF the year. Market Street Hallway
5s and the per cent notes are prac'
tically unchanged on the week. al
though earnings statements are very
favorable.
The high grade investment issues
showed little change on the week
Most of the liberty issues are trifit
higher. but the higher grade rails ano
lnuuSCrldlS, ditHOuBn lTil, SIoW III
tendency to advance.
Market on sound Footing.
That the investment market is or
a sound foundation was demonstrated
this week when the syndicate support
was withdrawn from the new Ameri'
can Telephone and Telegraph deben'
ture ) rs. The extreme loss amount
ed to only half a point. and the bonds
sold today within a quarter po, OF
the issue price.
The St. Paul union depot new IS
have also met a good reception, but
the additional block of Chicago
Terre Haute and Southeastern re-
funding 5s seemed to have a de-
pressing effect on the outstanding
bonds.
Foreign bonds have been fairly
steady all the week. Mexican issues
were down naturally on news OF
revolutionary disturbances and the
Chinese Railway 5s fiuctuated spec
tacularly on uncertainty as to the
payment of the next interest coupon
an uncertainty which was relieved
by a statement from the bankers that
funds for the payment had been de-
posted
The new offerings totaled only &
little under S25.000.000. as compared
with SG5.000,000 a week ago.