Evening star., 1924-06-21
FOREIGN OBLIGATIONS
AGAIN LEAD BONDS
Display Impressive Strength Due
to Better Political and Eco.
nomic Outlook.
UTILITY ISSUES STRONG
Short Saturday Session Proves
Lively Affair.
BY GEORGE r. HUGHES,


NEW YORK. June 21.--Fofeign
bonds and speculative rails were the
features of the trading at the close
of the week. Strength in the foreign
group attracted more attention than
anything else, put there were several
sharp advances in the low priced
rails.
Notable among the latter were l.
G. N. adjustments. which ran up a
point and a half almost at the OPEN
ing. rejecting sale Of the road to the
New Orleans. Texas and Mexico. To-
days price was practically the high
of the year. Under the sale agree
ment, the purchasing road guarantees
the holders of the adjustment bonds
not less than 4 per cent up to and in
cluding the year 1927 in return for
an option of purchasing their hold
ings antil January /. 1928, at IS.
Another speculative railroad bond in
favor today was Peoria and Eastern
incomes, up a point.
In the foreign group today the fea-
ture was the advance in the CZecho-
slovak IS. These bonds had been held
down in market price during the plac-
ing of the new series B issue of 1852.
From the action of the market today
it was apparent that the new bonds
had been cleaned up. French issues
were a little off from yesterdays high,
Department of the Seine Is sold at
SO, the only French issue to show a
loss on the week.
Liberties React Slightly.
The largest gains in the foreign
group of the week are, four and a
half points in Argentine SIS. three and
a half points in Brazil Is, three points
in Norway 6s and more than two
points in Denmark 6s and Rio de ia
neiro IS of 1916.
Liberties have suffered a slight re-
action on the week Evidently the
pace of the advance was too fast to be
sustained The Treasury AIS have
been relatively the strongest.
In the high grade rails and indus
trials prices have held firm. with eAe
largest gains in the inactive issues
While the average price of listed
this month, this average is still two
points or more below the high of
1922. The high point for the foreign
group was reached yesterday, but
here this point was still below the
highs both of 1923 and 1922.
The strength of the market for new
offerings was shown by the prompt
sale at par of the slS,00o,000 Chesa-
peake and Ohio per cent equipment
trust certificates. Total new offerings
was the largest
Foreign ISSUES Impressive.
By the Associa ted Press.
NEW YORK. June 21.-Forelgn
bonds again demonstrated impressive
strength in todays early dealings.
Under the leadership of French is
sues various European obligations
forged ahead, due to improvement in
the political and economic outlook.
South American liens also won in
creasing favor.
Inquiry for domestic issues ran
largely to public utilities and specu-
lative rails. International Great
Northern mortgages registered fur
ther recovery as sale of the road to
the Gulf Coast Lines was completed.
Gains of a point or more were record
ed by Brooklyn Union Gas rs of 1922,
Peoria and Eastern income As and
Third Avenue railway SIS. A 100000
Detroit United Railway issue of five
year per cent bonds was quickly
subscribed.