Evening star., 1925-10-04
fewer new BOND
ISSUESEXPECTED
Debt Paney Outcome viii
Handicap Much Pending
Foreign Financing.
BY GEORGE r. HUGHES.

Bx 0EOh0E T.. dUGHE6.
Special D.spsAea 70 Tho Star.
NEW YORK. October s.-Notvtth.
standing the tact that tho Investment
market Wa scarcely changed on the
average this past week. as compared
With tho week before. there was a
sood 81 OF interest shown in the
exchange. and In the various items
IN tho outGlde news, which bore direct
ly upon investment values.
Worry Over Speculation.
Dealers In investment securities al
the close Of tho week were looking for
further easing In tho call loan rate.
With tho October corporation settle
naents out OF tho way, there appeared
Of rates around tho recently prevail
tng Isvels. It u doubtful, however.
that prices Of high.graAe bonds and
pFefaFred stocks will be appreciAbly
!nduenced-either In point Of activity
Or Of actual price changes-by such a
Development
Ono matter Of considerable concern
mas been the growth in land specula-
tion, which has been a factor in keep
ing money UP. This use Of funds has
thrown q new element into tho situa-
ton, and is not altogether pleasing to
the banking community, for money
diverted into this particular channel
OF speculation Is no longer liquid.
Less New Financing Likely.
fhAro was fairly active selling OF
the French bonds toward the close of
the Week, tho z per cents falling over
. point, a. compared with where they
were quoted just prior to tho termina-
ton OF the debt negotiations and the
adoption Of q tentative plan for the
payment Of only enough to cover five
yease' interest at charges. Wall Street
bad hoped that an agreement accept
abie to both Sides would be reached
For some time past tho opinion has
been general that a great amount Of
new financing was being held up pend
ing & satisfactory adjustment of the
French debt issue. Now the feeling
Is that the aggregate Of this pros
pect!ve financing will be cut down.
New loans for private foreign enter
prises will como along. but the major
operations which have been expected
onertngs-Uill undoubtedly feel the
effects Of what occurred in the Wash
!ngton conference.
II q fresh obstacle has now been
put In tho way OF new French loans
| In the United States and in other for
etSn capitals, II Is q question whether
even present payments can be main
tanned. The whole situation in inter
national finance Is involved. No at
tempt is made to hide the concern
with which the difficulties besetting
French financial circles are viewed.
Counter Trading Dull.
Business in overthe-counter trading
IN bonds this past week has continued
dull. In fact, it has been at a low
ebb. according to reports from dealers
themselves. In the domestic section
OF the bond list, prices have varied
little. There have been one-quarter
to one half point losses In q number
Of the htgh-grade railway and cor
poraie issues, but these have been
pretty much Offset by similar gains
In other directions.
Speculative bonds have hardly kept
pace with tho swiftly moving favor
ties in the share list. There has been
4 revival OF interest In q few OF the
rubber and tire. motor and public
utility bonds. but It has not been par
ticulArly noteworthy.
Among the now issues expected to
b brought out tho coming week are
q stock Offering of the Brown. Bov-
erie, Limited, OF Baden, Switzerland.
and an Offering OF tho Alabama Power
Co.