The Washington times., 1924-03-22
BONDS
ON UPWARD
TREND
Treasury 4N's Advance to
Highest Point Ever Reached
as Liberties Move Up.
BY MUNROE ROBERTS.
Copyright. 1894. by Cosmopolitan

4SST' W SVDsHVHVuSOH
News Service.)
NEW YORK, March 22.-Extrem0
ease in loaning rates proved q
much moro powerful factor than
passage of the soldier bonus hill
by the house Of Representatives In
the bond market during the past
week. Probably the fact that only
small cash OUTLAWS are necessary
under the measure in ite preSOn0
form which stressed insurance, p1oa
vented depressing Of values.
Growing Demand.
Steadily relaxing monetary comm
tons with time and call rates drops
ping to the lowest levels since the
war, were reflected in a growing
investment demand mainly origins
ating with banks and other ingtitI1N
tons. With the available supply Of
treasury certificates and other shore
dated investments pretty well dried
up, attention was directed to the
better grade Of corporation fixed
term and United States Government
securities which were in brisk fH1A
Quiry throughout the week. PartiC0
ularly the latter were taken I'M
large blocks, the Treasury AZ PEI
cent advancing to the highest point
ever reached and various classes Of
Liberties moving in to new higA
ground for the year.
Stimulated by the continuance "a
the sensational advance in the
franc and the adoption by the
French Senate Of Premier Poincare'a
taxation program, foreign bonds
were steadily bought, although inn
provementS were not as marked az
in the preceding week. The new
Japanese 6h per cent contrasted
noticeably with the rising trend
elsewhere. holding stationary around
their subscription OF 92M-a fairly
trustworthy testimony to the fact
that the loan was not, according to
dealers opinion at the time, foated
below its reasonable investment
valuation. Cuban issues were lool1p
ed upon with favor in connection
with the more favorable economic
outlook in that island.
Price Movements.
Price movements In semi.speculas
tive issues were as usually conc
trolled by the fluctuations in stocks.
The traction group was given fore
AAOok e@SSCIALAOA OCSAADC IA SAAO AAA0NAS
improved earning position Of These
companies. Railroad bonds were In
constant demand. Interest converV
ged on the Norfolk & Western cone
vertible 6's due to further talk Of
an operating agreement with the
Pennsylvania road. New Haven
franc and dollar sevens responded
to the knowledge that discussions
for the refunding Of these bonds
will be considered at the next mOOAs
ing Of the board Of directors ON
April Is.
Erratic movements characterized
trading in the industrial divisions
Wilson issues continued to rallys
Kelly. Springfield per cent broke
badly early in the week but rallied
later on. Chemicals were steadily
depressed.
Bond offerings this week total0d
about $29, 900, 900 against $27, 900 ,000
the previous week and $64. 600, 900 in
the corresponding week Of 1928.
According to reports dealers ard
preparing for an active municipal
bond market. The biggest ISSUE
soon ready for flotation IL the
$45, 900 600 New York State soldier
honus bonds, on which bids are now
being received. Interest rate has
been fixed at Az per cent and the
bonds mature in one to twenty-five
vnarQ