Evening star., 1925-05-05
BONDS co HIGHER
IN TRADING TODAY
Railroad Issues Are Most in
Demand-NeW City Of
fering Sold.
BY GEORGE r. HUGHES.
pecial Dispatch to The Star,

NfSN@eA
NEW YORK, May 5.-Bonds were
strong again today with the more
speculative obligations in greatest de-
mand.
board issues, making new high prices,
and the St. Louis-San Francisco
junior bonds. Seaboard IS were espe-
cially strong, selling at 95, where
they were up nearly 3 points in a
week. The adjustment As made a
new high at 81, and the refunding
As at II. The first As, both stamped
and unstamped, were in urgent de-
mand up about 2 points and also at
new tops.
Other Strong Issues.
Among the st. Louis-San Francisco
issues the adjustment IS made the
largest gain, but the income 6s We're
also higher. A movement developed
in New Haven 6s. both the 194S ma
turity and the new 1910 bonds. New
York, Westchester and Boston 4ja s
were eagerly bought up points In
sympathy with the strength in other
| New Haven descriptions. Interna-
| tional Great Northern adjustments
and Missouri. .Kansas-Texas adjust
best figure.
Chicago and Eastern Illinois 5s raj
lied nearly a point and there was some
buying in Chicago, Terre Haute and
Southeastern refunding 5s on the re-
ports that the bonds would not be dis
turbed in the st. Paul reorganization.
1t was stated today that the st. Paul
plan would be ready perhaps by July
IA. Norfolk Southern refunding 5s
| ant hf VII
western As. Unusual activity marked
the advance Of Denver, Rio Grande
Western 5s above SO.
Foreign Bonds Strong.
Rubber and tire bonds were promi.
| nent among the industrials, the leader
being Ajax Rubber SIS, which were up
nearly 3 points. Brooklyn Manhattan
Transit 6s and Interborough refund.
ing 6s were the most active of the
fractions. Magma Copper Is were
! the strong spot among the coppers.
High-grade investment issues were
steady.
In the foreign group Japanese 61z s
developed strength, buying for ac-
count of the sinking fund being one
| explanation. French bonds did better
the new Is running up a point. An.
ton Jurgen 6s We're also higher.
We" lSSueS lIlCluu0Q lDe-
troit Railway and Harbor Terminal
| first 612s and S1.750 of the same com
| pany's debenture Is both at par.
City Bond Issue Sold.
| By the Associated Press.
NEW YORK, May 5.-The largest
municipal bond issue of the day-a
| $50. .000.0 900 New York City Az per cent
| loan-was sold today at a substantial
premium after spirited competitive
! bidding by most of the city's largest
| banking institutions. The bonds were
awarded to syndicate headed by the
| National City Co., whose successful
bid Of 102.3197 gave the city a cash
premium of 81 ,391 900.
| The price received by the city, said
| Controller Charles L. Craig, is the
| highest recorded on any of it's bond
sales since 1909. when a small issue
Of notes was sold on a net yield basis
Of 3.93 per cent. Today's award was
made on basis of 4.045 per cent.
% Bids Submitted.
| Twenty-three bids altogether were
submitted, ranging from par to the
| winning offer Of 102.31s7. Curiously
the National City Co. also submitted
! the lowest bid, a condition offer of PAL
for any part of the Sc. .000, 900 total.
Included in the winning syndicate
were the First National Bank, the
| Guaranty Co.. the Bankers Trust Co
| and Brown Bros. & Co. The second
| highest bid was submitted by a syndi
cate headed by Kuhn. Loeb & Co. and
Dillon, Read & Co., whose offer oi
| l02.017 represented a 4.07 per cen,
yield basis