Evening star., 1924-09-27
NEW HIGH LEVELS
IN BOND MARKET
Further Price Advances in
Foreign List-Steady Buy
ing in Rail Liens.
BY GEORGE +. HUGHES.
DeciaI Dispstcb 70 Tho Star


NEW YORK. September 27.-The
firm tone in bonds which has been so
consistently maintained throughout
the week was again in evidence today.
Advances however. were confined to
specially favored issues.
In the foreign group the Belgian
7hs. which have gained a point and
quarter on the week. sold at their
recent high. This represents read
justment to the price at which the
new 6hs have been selling. The
latter. quoted more than two points
above the offering price up to very
recently. have been selling on a
lower yield basis than the seasoned
issued. United Kingdom SIS Of 1887
duplicated their high of the year on
their investment merit They are
still selling below the record Of 1922
condition found in many other
parts of the bond list.
Behind Domestic Issues.
In general foreign bonds have lag
ged behind domestic issues this week.
Prices have been steady and frac-
tional advances have been made, but
activity has been restricted. Notable
exceptions have been the Mexican OBJ
legations in default. where an active
speculative movement was founded
the oil interests.
In the speculative rails the feature
today was st. Louis. San Francisco
income 6s. They sold in large volume
at new high for the year, while
there was strength to a less degree
In the adjustments. 1t has been point
ed out this week that in event of
any consolidation of the road with
any other system. interest payments
on these bonds would become fixed
charge instead Of contingent, as they
are now. Both these issues will sell
ex-interest on Wednesday next.
Scaboard Bonds Strong.
Seaboard Airline bonds were strong
To-Day as they have been since August
earnings statement appeared There
was not so much activity in the New
maven list. although all the issues
are up on the week following nredic-
tlons as to the success of the refund
ing operations next year Another
conspicuous speculative movement of
the week has been the Denver and
Rlo Grande bonds, the refundine IS
having gained more than points
Chicago Great Western As have like
Use advanced over points on more
1avorabl financial statements.
In the high-grade investment list
the feature OF the week was furnish
ed by the Treasury AIS. which ap-
proached the high of the wear
established June II at l0610.
Ihere has also been persistent de-
mand for the first-mortgage rails, and
later In the week for some of the bet
Ter second grade. such as ST. Louis.
san Francisco prior lien As, Southern
Railway general As and /. G. n 6s. The
iast-named crossed par this week for
the first time.
Other Gains Recorded.
Among the utilities gains have been
recorded for Commonwealth Power 6s.
Kansas City Light Power 5s and North
American Edison 6s. Hudson and Man
haitian refunding 5s also did better.
or the new offerings of the week the
most important was the $125OO,OUU
New York State serial As on $50 to
3.65 per cent basis. The very low rate
at which these bonds were marketed
demonstrates the strength of the invest
ment situation. Last April the State
sold bonds on 40 per cent basis. and
in 1917 a highway issue was marketed
on a 3.7S5 per cent basis.