Evening star., 1923-10-27
MOVESARE MIXED
IN BOND MARKET
Liberties Again Firm-For.
eign List in Slight Advance.
Mexicans Down.
BY GEORGE II. HUGHES.

NEW YORK, October 27.-Irregu-
larity featured the trading in the
bond market at the close of the week
as indeed had been the case for the
preceding five days. The vitality i'm
portant developments of European af-
fairs found only slight reflection in
quotations. theoretically French
bonds should be the first to respond
to any Improvement in the outlook OF
the rerArations dispute. and there
were fractional advances in French
on scale commensurate with the
importance of the news.
1t Is perhaps too much to expect
hibit enthusiasm when there are still
SO many uncertainties in the situa-
ton. 1t should also be remembered
that even when conditions abroad
were apparently at their worst and
franc exchange was sharply depressed
French dollar securities dealt in on
this market showed remarkable re-
sisting power.
Liberty Bonds Again Firm.
There was not much change else
where in the foreign list Czecho-
the week for no assignable reason.
Mexican bonds were down on dis
turbing reports about Mexican po-
litical conditions, which reports were
not taken seriously by the bankers
Libertys were again firm today. as
they have been all the week. Up to
last night every United States loan
on the list. both coupon and reg
istered, showed advances over the
closing prices Of week ago. This
fyr1V hna els
ascribed to the influence of easy
count of the British government.
and to purchases by the United
States Treasury for the sinking
fund. 1t is interesting to observe
In the federal reserve system made
public today showed decreases in the
holdings of all United States Sc
curities. bonds, treasury notes and
certificates Of indebtedness
Railroad Issues Higher.
This does not look as though the
buying had come from the banks. al
though the figures for the banks are
week late. The high-grade rails
and industrials have been firm, but the
not uniform throughout the list. On
the other hand there has been no real
weakness. First-grade bonds to show
higher prices included Atchison Cen
eral As. Atlantic Coast Line IS. Cen
trail Pacific first 4s. Colorado and
Southern first As. Union Pacific first
Is, and among bonds of a slightly
lower grade. Toledo. st. Louis and
Western As, and Mobile and Ohio gen.
eral As.
Recovery In St. Pauls.
In today's market the feature
recovery in some of the st. Paul is
sues, chiefly the As OF 1925. Dur
ing the break about midweek these
bonds made record low of IS, but
they sold at II today. St. Paul and
Missouri Pacific obligations were the
this week. In the case of the St.
Paul this could hardly be due to pres
ent earnings. The September state
ment was very good.
Industrial bonds, both today and
all the week. huctuated more or less
In sympathy with stocks Sometimes
the bonds and sometimes the stocks
would lead the way. For instance. on
Thursday American Sugar IS sold be-
low par, making q new low record
In the stock did not come until to-
day.
Rubbers on During Week.
United States Rubber 5s and TVS
also were down on the week. the loss
in the 7hs being the greater. On
the other hand. Ajax Rubber Ss rail-
LIED sharply; ,h a.a case not IT. easy to ex-
Railway bonds, with subsequent re-
covery. 1t is very unusual for bonds
OF So short maturity to fluctuate so
rapidly.
s7s. 900, the most important pa 'e1 of
which were the Pere Marquette SIS,
the Philadelphia Electric 51ss and the
Southern California Edison SIS.