Evening star., 1924-08-09
j. s. LOAN
ADVANCES TO 1O3.
c. & o. SIS Sell Lower in Short
Session Today-Marked
Gains During Past Week.
BY GEORGE t. HUGHES.

Special Dispatch to The Star.
NEW YORK, August s.-The week
in the bond market closed with prices
approximately at the levels prevailing
Friday. All the foreign group was
still firm, and in some cases further
fractional gains were scored. Specu-
lation, however, was not as active as
on, preceding days. This is not sur
prising in view of the extraordinary
advances all these bonds have en-
joyed.
French issues have been the leaders
all the week, and among these the
Department Of the Seine rs have made
the largest gains, the net advance be-
ing nearly 6 points. Other French
bonds are up anywhere from 3 to 4
points. AS it stands today no French
obligations yield more than 7h per
cent, and this return is possible only
with French IS. The smallest yield is
returned by the French 7hs. but
these have the compensating attrac-
tlon OF being on-callable.
Hungary Bonds Active.
Second only in interest to the French
bonds have been the new Hungary
7lss. Offered originally at s7k, they
sold up today to SSA, a noteworthy
accomplishment for a new Offering.
1t goes to show the issue was better
placed than the average. Much the
same condition exists with regard to
the new issues of CzechosloVak SIS,
which, together with the old bonds,
have advanced almost 3 points on the
week. Both were strong today. Jugo-
slav SIS continued today in active de-
mand around the best price of the
week. This was also true of the City
of Greater Prague 712s.
Si
bonds was based of course. on the
agreement reached at London on the
Dawes plan.
The reduction in the rediscount rate
Of the New York Federal Reserve
Bank announced Thursday night, had
no effect upon the bond market, ex-
cept to advance the United States
Government list, the fourth Az Liber-
ties and the Treasury ANS making a
new high record for all time.
High-grade rails and industrials
failed to respond, apparently because
they had already discounted the
money situation. Nor was there any
particular stimulation to the market
for speculative rails, where the domi.
nant influence, as in the stocks, was
merger talk.
Among industrials there was some
good buying of rubber bonds on the
belief that rubber and tire companies
had turned the corner" Ajax Rub
Der IS were especially strong.
Weeks New Offerings Heavy.
The weekly statement of TAI men,
ber banks of the Federal Reserve sys-
tenn shows another increase in hold
ings of investment bonds and stocks
while commercial loans are un-
changed.
The weeks new offerings totaled
$S4.339,000. Shelves of dealers have
been pretty well cleaned up, and the
stage is all set for the long expected
German loan.
L. $. Loan at New High Point.
By the Associated Press.
NEW YORK. August 9-Mixed price
movements featured today's early
bond trading. United States Govern
ment issues continued to respond to
the reduction of the local rediscount
rate, the fourth As establishing a
record high price at 103, the first of
the active Liberties to reach this OBJ
jective, which Government bond ex-
perts set for them some time ago.
Treasury 4As held around 1O6. A
strong underlying demand for French
obligations held the foreign list firm.
Several railroad bonds, including z
Chesapeake and Ohio convertible IS
and Louisville and Nashville As moved
lower. Wilson convertible 6s lost
more than point