Evening star., 1923-11-08
G|[T-EDGE BONDS
IN GOOD DEMAND
U. S. Loans Strong-For-
eign Group Firm-RaiIroad
Issues Irregular.
BY GEORGE II. HUGHES.

Special D1spatch TO The star.
NEW YORK, November S.--With
but few exceptions strength prevailed
throughout today's bond market, re-
flecting investment buying of high
grade securities based on the money
outlook. the more favorable feeling
in evidence in the stock market and
the optimism born of the reception
accorded to recent new issues.
The buying of gilt-edge bonds was
selective, attention being concen-
trated on a comparatively small num-
ber of desirable issues. Prominent
among these were Louisville and
Nashville unified As in the railroads
and United States Steel sinking fund
5s in the industrials. Central Pacific
first As and New York Central 5s
were in demand.
Government Loans Strong.
All the United States government
loans were strong. Apparently the
probability of the passage of a bonus
bill is having no adverse effect just
row.
Among the specialties, noteworthy
strength was shown by Market Street
Railway SIS and 6s, the former ad-
vancing point in the first two hours.
At 80 the SIS were up nearly points
above the low of three weeks ago.
United Railway investment 5s, the OBJ
legation of the holding company. for
Market Street Railway, were also
taken at advancing prices. United
Railways of st. Louis As was another
traction to show Improvement. There
was continued recovery in the I'd
Avenue adjustment 5s, 2 points above
the recent low.
Rails Are Irregular.
Speculative rails were more or less
irregular. with the St. Paul and the
Missouri Pacific issues failing to show
much rallying power. Wheeling and
Lake Erie refunding 4l2s sold frac-
tionally below Wednesdays high, but
with a good demand reported just
below the market. The Wheeling
Lake Erie has made remarkable re-
covery in earning power, net operat-
ing income of $4,000 for September
this year comparing with an operat-
ing deficit of nearly $4,000 In the
same month year ago. The 412 per
cent bonds are up nearly points in a
week, rejecting this Improvement In
the financial position.
Foreign bonds We're mostly STEADY
United Kingdom rs of 1929. how
ever, made another new low for the
year in response to the weakness in
sterling exchange.
Days New Offerings.
The new offerings of the day in
cluded a foreign issue, $25.O0O.O0O in
Dutch East Indies 512s. due Novem-
ber 1853, and priced at 80 to yield
ga per cent to maturity. similar
amount, with the same coupon rate
and also maturing in 1853. was offer
ed last February at sS. These bonds
sold at 80, the Offering price of the
new issue, on the exchange today.
There are two other Dutch East In
dies issues listed and traded In, both
6s. one maturing in 1s47 and one in
1852.
Another new issue was 100000 in
Illinois Power and Light first and
refunding 6s, maturing in 1853, at
9S1a, to yield over 6.10 per cent. Also
there was offered today 100000 in
six Y per cent debentures Of the
Tennessee Electric Power, due 1888.
at sc, to yield 7.05 per cent. Tennessee
Electric Power has per cent
mortgage secured obligation traded
in around 921a, to yield about Sc per
cent. These bonds were fractionally
higher today.