Evening star., 1923-11-10
STEADY ADVANCES
IN BOND MARKET
Bonus Bill Talk Fails to At.
feet Liberty lssues-To-
days Movements.
BY GEORGE #. HUGHES.

Special Dispatch to The Star.
NEW YORK, November 10.-The
week in the bond market closed with
prices generally well maintained
United States government loans were
firm. All the active issues show sub
stantial advances over those prevail
ing week ago. The renewed threat
of a bonus bill seems no longer to
affect the liberty bond market. This
factor is more than counterbalanced
by investment demand based on easy
money rates and probably by pur-
chases for account Of the British
government preparatory to payment
Of the interest on it's war debt to the
United States.
HiGh-Grade Rails Firm.
Similarly the igh-grade investment
rails and industrials were firm today
as Tor the week past. Buying here
Is. however. more selective with cera
tain issues in especial favor. Atchison
general As. for instance, touched 80
today.
Probably some of the support for
these high-grade bonds comes from
abroad, where investors are more
anxious for security than for yield.
~ 10 u See why the SAVINGS Dank
Issues selling to yield less than per
cent should be accumulated by individ-
uals subject to- income tax charges
WIN banks, OF course, the situation
Is different
In this connection it is little curl
GUS that the middle-grade bonds yield
ing around s per cent. such as the
Southern Railway As and st. Louis, San
Francisco prior liens. should be COM
paratively neglected.
Where Interest Lies.
Attention of both investors and
traders seems to be concentrated either
on the very high grade or on the spec
eral 4s, FOR instance. selling today be-
low 6s, have varied only little over
three points during the year to date
st. Louis San Francisco prior lien
A 4s selling today at about the low
OF the year and yielding more than
6& per cent have varied only points
since the LIST of January. A more no.
table instance is found among the in
dustrials. where Hershey Chocolate
6s selling little below SO today have
varied only little over points in
ten months.
Foreign Group Unsettled.
Foreign bonds are influenced more
or less by the changing news from
abroad. Nevertheless, the losses this
week in the face of the disturbing
dlspatche have been comparatively
small. French government IS and
hs are down only fractionaIly on
the week. French Cities issues had
a larger decline. as did the Paris
Lyons and Mediterranean 6s, but not
more than should have been expected.
The loss in the Dutch East Indies is
sues is due to the competition of the
new offering of 5 " per cent bonds
brought out this week.
Senbonrds Improve.
Seaboard Air Line obligations are all
up l to points on the week, and SELL
Ing at the high of the year. all in re-
sponse to the improved earning outlook.
Another road which has done remark
ably we'll lately is the Wheeling and
Lake Erie. Its 4 Il per cent bonds have
reflected this betterment with an ad-
vance of more than 2 points, but the
prior lien, the consolidated As. have
Jagged behind. Bonds of both the St
Paul and Missouri Pacific have been
heavy, but not really weak
Weeks New OGerings.
This weeks new offerings, including
the $1o0,O00,000 American Telephone
and Telegraph 51s per cent debentures
were the largest since the second week
in June. The total was I52,771,OOO
Other notable issues were the Alberta
59s and the Dutch East Indies SIS,
already referred to. The way in
which all these bonds were taken was
encouraging to the investment bankers