Evening star., 1924-08-12
BOND QUOTATIONS
TURN IRREGULAR
u. S. Loans and French Is
sues React-NeW Financ.
ing Grips Interest.
BY GEORGE II. HUGHES.


NEW YORK, August 12.-Bond
quotations moved irregularly today.
There were few exceptionally
strong spots, but for the most part
the tone was heavy. All the United
States Government loans were frac-
tionally lower, although there was no
change in the money situation. The
outlook was for lower rather than
higher interest rates. Predictions
were made that commercial paper
now quoted at 81 to 3h per cent
would shortly be shaded to to 3A
per cent.
The market, however. was more in
terested in the reception to be ac-
corded to the new financing now on
the schedule. The largest single
piece is expected to be $4,000, 900
Baltimore and Ohio first mortgage As.
with an additional l per cent sep
arately secured to be offered about
par. The outstanding 4 per cent is
sue at the market returns a trif1e
under per cent These new $75,-
100000 bonds are to retire the prior
lien 312s of 1925.
French Bonds React.
The foreign list continued reac-
tionary. At 107 French IS were down
points from their recent high and
the French 712s at 1031a had lost "
point from Mondays top prices. This
doubtless represented profit taking
by traders. Japanese bonds held up
much better than the rest. The fact
that S22,000,000 Industrial Bank of
Japan three-year per cent notes
guaranteed by the Japanese govern
ment were offered today in this mar
ket inspired confidence in a continu-
ance of the mutually profitable finan-
ciak relations between the two coun-
tries
Speculative rails were relatively
dull. Erie convertible Ds were active
and lower in sympathy with the stock,
while New York Central 6s and Nor
folk and Western convertible 6s
moved with their respective shares.
ST. Paul issues were mostly firm.
Among the industrials the feature
was Chile Copper 6s at new high,
the advance being based on the con-
version privilege. Wickwire Spencer
Steel rs were strong following the
announcement of the reorganization
plan. The present Z per cent bonds
are to be exchanged for new bonds of
the same principal amount, interest
rate, maturity date and redemption
price, but without sinking fund until
1928. The bonds are to be convertible
into stock.
New offerings included S2,050.o00
City of Charlotte, n. c., Az per cent
bonds, due Serially to yield from to
ABS per cent, and s2,265, 1000 Allegheny
County, Pa, Az per cent serial bonds
to yield from ga to 4 per cent.
Issue Quickly OverscribeA.
BY the Associated Press.
NETWORK, August 12.-The alb
sence of important price changes
in today's early bond trading centered
attention on new financing. Heavy
oversubscription was reported by the
National City Company for the $22,-
GOO 900 loan to the Industrial Bank
of Japan, which carried the unusual
provisions that principal and interest
would be payable in time of war as
well as peace, irrespective of the ma
tionality Of the bondholders. Direc-
tors Of the Baltimore and Ohio rail-
road were reported ready to approve
a s75,O0O,0OO issue of per cent first
mortgage bonds to refund a like
amount of prior lien 3las maturing
next year. Sale of the issue Is ex-
pected later this week at a price
slightly below par. with provisions
for the exchange Of its present Shs.