Evening star., 1924-03-29
F|RMNESS MARKS
PRICES OF BONDS
Fluctuations in Stocks and
Current Pessimism of
Spectators Disregarded.
BY GEORGE II. HUGHES.

Special Dispatch to The Star.
NEW YORK, March 29.-Sustained
frmness characterized the bond market
in the trading of the last day of the
week. Fluctuations in stocks and the
current pessimism in speculative circles
were ignored, as has been the case all
week.
1t Is true that there was reaction in
such issues as the St Paul Is Of 1925
and other junior obligations OF that road.
but this was to be expected from the
rapid rise of these bonds. Nor is it
surprising that high-grade investment
securities should move without regard
to stock market sentiment. The i'm
portant point is that reasonably good
ponds yielding around per cent have
been readily taken all the week by
buyers who apparently have no fear of
any approaching trade depression
Inis sort OF buying contDued today.
U. 3. Bonds Start Recovery.
United States government bonds,
which had been reactionary the last
up of money, showed some recovery
today. On the week nearly all the
issues are down fractiona1ly with the
Third AZ Lbertys below par for the
Htot III some Time Hlgh- grade rail-
| road mortgages were firm for the
most part On the week changes in
this class have been irregular Among
the strong points were Central of
New Jersey 5s, which sold at prac-
tically the high point of the year.
Atchison General As. Union Pacific
first IS, Reading General As, New
York Central 3hs and bonds of that
type have been steady. Illinois Cen
trail collateral As of 1853 sold at the
high of the year. In general, how
ever, changes in this group have been
small.
st. Paul bonds have been the lead
erS among the speculative rails under
excited trading. New highs for the
year have been made by all of the
active issues. even the general mort
gage As participating & in the recovery.
The advance in the As of 1925 was un-
ldoubtedly helped along by a certain
amount of short covering, but the
main incentive on the buying side has
been the noteworthy improvement in
earnings.
! New Favorite Exploited.
| A new favorite taken up late in the
week was the Peoria and Eastern in
comes. which at one time had an ex-
,treme gain on the week of ten points.
THE subsequent reaction was not
greater than might have been ex-
pected. Here buying was based on
reports of a new offer to the bond
holders by the Big Four" mana ge-
ment Atlanta Birmin CHAM first As
gained more than four points on the
week. This Is short t-term issue. an
lobligation of the Seaboard Air Line
iSystem. which has been selling out OF
Iline.
fractions Irregular.
fractions have been irregular. On
the week all the 1nterborough bonds
and notes show losses. On the other
hand Third Avenue refunding As are
| higher. Brooklyn Manhattan Transit
! SIS have about held their own. There
were a number of weak points among
the industrials, one OF them, Wickwire
| Spencer Steel Is, at a new low for
| the year. American Agricultural
Chemical 7hs have also been very
heavy. Foreign bonds have been
quiet.
That the investment market as a
whole is in a very strong position
was evidenced by the quick sale of
the new issues of the week. The total
new financing for the week was around
STA 900. 600.