Evening star., 1923-11-03
TEL. & TEL. BOND
ISSUE FEATURE
Effect Of New $1O0, 900, 900
Issue Closely Watched.
Few Changes Today.
BY GEORGE t. HUGHES.

Special Dispatch to The Star.
NEW YORK, November 3.--Interest
in today's bond market centered In
the new offerings of 800, 000,0 Amer
lean Telephone and Telegraph de-
benture 5hs, subscription books for
which will be opened Monday, and in
the effect of this new financing on the
outstanding obligations Of the tele-
phone company and Its subsidiaries.
American Telephone and Telegraph
collateral trust 5s of 1947. which lost
nearly 2 points Friday on advance
reports OF this new financing, opened
fractionally lower. The collateral
trust As of 1929 were affected in less
degree because Of their shorter term.
Bell Telephone of Pennsylvania 5s
and Illinois Bell Telephone 5s opened
down a half to three-quarters of a
point. All rallied later In the day
New Bonds Debentures.
The new bonds are debentures only
and In that respect different from
the outstanding issues already men
toned, which are secured by mort
gage or by deposit of collateral. The
price at which the debentures are
onered, however. was generally con-
siuerod in Wall street today as in
suring the success Of the issue and
possibly large oversubscription.
This Is the largest piece of new
financing since the Anaconda Copper
os and rs were marketed last jan
uary.
Otherwise there were no great
changes in today's market. The de-
mand FOR high-grade rails and in
uustrials continued good, but there
were some fractional recessions in
quotations, although on the week
Ilxr
higher. United States Steel sinking
fund bs were up today above their
previous high this week. Union
Pacific first As sold lower.
SeabOards at New Top.
Among the speculative bonds Sea-
board Air Line adjustments made a.
new nigh for the year. maintaining
the uniform rise which has marked
the trading In this issue all the week
A payment on account of interest is
confidently expected on the 1st of
February. Seaboard Air Line 6s Fri
day and today shared the improve
ment. Chicago Great Western As was
another speculative railroad bond in
favor: On the week these bonds are
up about points. St. Paul bonds
about held their recent gains On
the week all the active issues are
up about points, in response to the
more favorable outlook for the road
Practically all the speculative and
second-grade railroad bonds which
have been under liquidation pressure
the past month or so are up on the
week.
New York fractions Weak.
In comparison with the rest of the
market the local fractions were weak.
Selling has been heaviest in Third Ave-
nue. adjustments, although they rail-
lied a point and half above the low
Curiously. Fifth Avenue refunding As,
which underlie the adjustments. are
up about 2h points on the week.
Interborough Rapid Transit issues
have been irregularly lower.
In the foreign group the feature of
the trading has been the strength in
Belgium SIS and Belgium 71as. For
the most part foreign bonds have
been dull. Belgium SIS equaled their
high of the year today.
Weeks New Offerings.
The weeks new offerings were
only $13,493,000. Probably investment
bankers will be inclined to leave next
weeks field to the telephone financ-
ing. One issue scheduled for Monday,
however. is 100000 in province Of
Alberta 1zs to be offered at par.