Evening star., 1923-10-06
INTEREST CENTERS
|. NRA|LWAY BONDS
Less Selling Of Liberties Also
Noted in Today's Brief
Session.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK. October 6.-Interest In
today's bond market conferred In some
Of the railway issues which were
moving sympathetically with their
corresponding stocks. There was an
active demand at substantially higher
prices for Chesapeake and Ohio con-
vertibles. following the talk Of higher
dividends on the stock.
Treasury 4Ns Down.
With the course Of the week the
selling OF liberty bonds abated. There
was no rally to speak of. however.
and the net decline was a half point
or more. Meanwhile the Treasury
ms got down to q low OF 9s.11, which
meant q loss Of over q point from q
week ago. Inasmuch as the member
banks reported q slight increase In
their holdings OF liberty bonds, the
selling could not be set down as bank
selling. like 1t was In other weeks.
But the shrtnkage of $2O.00o.000 in
holdings Of certificates of indebted
ness and OF $5,0o0.000 in Treasury
notes showed that the policy was be-
ing continued Of financing in part
the autumn crop-moving demands
ORerinSs Not Yet Digested.
One reason for the continued
heaviness in United States govern.
ment bonds is that there has been no
sufficient time for the large quanti-
ties which the banks threw over last
month to- be digested. But the other
and more important reason lies un.
doubtediy In the disposition Of in
kA III
return. This tendency has been evi-
dent for some time and IL has not
been confined to the national loans.
It has shown equally in the market
ior SeFtain municipal bonds. especial
ly the New York city issues
Some OF these bonds are or one
half to two points on the week, the
decline being due to the lowering of
bids. During the last day or two
the government bond list has. been
chases for the sinking fund and Of
buying orders traceable to agents of
tne British government which is get
ting ready for its semi-annual paw.
ment on the American war debt in
November.
Foreign Group Less Active
French and Belgian bonds have
ceased to be sensitive to the daily
fluctuations, In the exchange. Both
French and Belgian francs came
down rather sharply from their re-
oent high because OF the realisation
that the surrender Of the Berlin gov
ernment In its Ruhr policy did not
solve European difficulties. But this
movement did not affect the bond
market. French SIS are up nearly
a point. The 7hs dropped off today
to 94S, as against e5h at the close
Friday. But even SO they were OF
only three-quarters Of a point on the
week. Belgian IS and 71ss are down,
but less than q point.
In corporation issues the tendency
has been somewhat mixed. The high
er grade Issues, embracing the saw
ings bank list, have been held in
check, the same as the public loans,
by the inclination among investors to
press for q rather better return on
their money. But second and third
grade issues have followed the move
ment In the stock market and are
therefore in the main higher than
they were week oga-
Seaboard Issues Strong.
Ono Of the features has been the
active demand for Seaboard Air Line
issues, rejecting the notable i'm
provement In the earnings Of the
company. It Is thought that the
adjustment 5s have a good chance
Of being restored to an interest basis
next February.