The Birmingham age-herald., 1924-04-07
RAILS. RETURN
 TOLEADERSHIP
Hope For Quick Tax Cut BOlsters General Bond
 Trading

NEW YORK, April 6.-(Ey Asso- ciated Press. )-Recoyery of bond prices last week followed a return of easier money rates and assurances that Senate action on the tax reduction bill would be expedited. Constructive influ- ences were at work, based on the as- sumption that funds would continue in supply indefinitely at reasonable figures, stimulating activity and rising prices in all sections of the list.
 The return of railroad shares to stock market leadership for the first time in many months was accompanied by a similar development in bond trad. ing. Moderate gains were registered by a wide variety of the high grade rail- road investments, with numerous spec ulative mortgages such as St. Paul, New Haven and Erie, staging spirited rallies.
 Strength of European currencies was reflected in a stronger tone for foreign bonds. French republic issues reached new high levels for the year. Their improvement, along with that of other foreign government obligations, was attributed partly to the confidence inspired by the forthcoming Dawes re- port. Serbian 8s and Cuban 51as also moved into new high ground for 1924. Liberty Bonds Move
 Large scale transactions in liberty bonds, with several $1,0O0,000 blocks changing hands, aroused reports that either the British government was re- newing it's purchases for application on the next debt payment or that the United States treasury was buying bonds for its sinking funds, . z
 Interest in new financing centered in the Notation. of $30,O00,0O loan for the government of Switzerland, the first important foreign operation since 'the sale of the Japanese loan.
 Proceeds from the sale of bonds are to be used for the purchase of wheat and cereals in the United States, for which the Swiss government will be paid in. it's own currency. The issue was quickly oyersubscribed.
 Following a sensational advance of 70 points in the Belgian franc, reports were circulated that a large crdeit. similar to that granted to the bank of France, would be established for Belgium. -S't'"s .
 Fiscal agents for the government denied any knowledge of, such a trans tSNANA' A@oSSA AS OCfClOpcu tudJ HeROLId- tions were under way for a long term loan to the country's organized indus- tries, to counteract possible losses to trade from wide fluctuations in ex- change. Three banking syndicates were said to be competing for the business.
 MunicipaIs Active
 The continued flow Aof municipal bond issues into the market, which in the first quarter exceeded the total for the corresponding period of 1923 and ran close to fhe& 1922 record, aroused fears that there would be recurrence of the situation, experienced last fall, when drastic price cutting measures were adopted to clear deal ers' shelves. .--y.-'1'
 New bond issues for the work ag- gregated more than $SS,OO0, 900, S25,- 100000 less than the previous weeks offerings. The reinvestment demand. re- suitlng from April 1 interest and dividend disbursements, brought ready absorption of the large number of small issues placed on the market. Prospects for the future financing include A $50 100000 or $75;OOO, 900 borrowing op- eeration by the Pennsylvania railroad for construction, of new Philadelphia terminal mad other Improvements.
 
 ARa.Heraid W.n4 A5-