Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-04-07
TRADING QUIETER
IN BOND MARKET
List of New High Records In
Creases, HoWeVer-SpeC-
uIative Rails Strong.
BY CHARLES F. SPEARE.

Special Dispatch to The Star.
NEW YORK. April 7.-Quieter mar
kets for all classes OF investment and
speculative, bonds prevailed today.
There is a disposition TO withdraw
moderately from the market on the
part of those who have been accumu-
lating bonds for resale to the invest
ing public. Purchases by institutions
recently have been smaller than they.
were a week or so ago, Inasmuch as
the supply has not been excessive.
however, the price level has held up
we'll and today the list Of new high
records was supplemented from each
of the prominent groups.
Speculative railroad bonds were
strong. In this class those that at
tracted most attention were the st.
Paul old issues, on the Stock EX-
change, and the new per cent mort
cages quoted in the outside market.
Along with these were the Denver 5s.
which have recovered all OF the
ground lost after the recent announce
ment that payment of interest on
these bonds would be deferred. The
Fries We're much quieter, with profit
taking apparent in the convertible
"D's'. Kansas City Southern refund
ing 5s and the Texarkana . 12s reached
the best figures of the year, as did the
new Missouri Pacific 5s. A better tone
was exhibited by the Seaboard Air
Line 6s
In the industrial list recovery at
one time of liz points occurred IN
American Agricultural Chemical 712s.
A new weak situation was uncovered
in Warner Sugar refunding 5s, which
broke 3 points. rejecting the general
heaviness in sugar securities. Lacka-
wanna Steel first 5s were at the high
est of the year, there was further ac-
emulation of Marine 6s, and advance
in the oil producing company bonds
and fractional responses by telephone
bonds to the high prices made today
for both American Telephone & Tele-
graph and International Telephone &
Telegraph stock.
The market for foreign issues dis
played some irregularity. Brazilian,
Peruvian, Chilean and Bolivian is
sues were heavy. The japanese
group was steady after yesterdays
reaction. French government and
railroad issues were up II to q, and
Belgians We're slightly higher. The
Italians held their recent position as
did Germans.
The $50 900 900 Z per cent loan to
the Kingdom of Serbs, Croats and
Slovenes was quickly oversubscribed
on a 760 basis. This is one of the
foreign issues supported not alone on
government credit but by specific re-
ceipts from monopolies and customs
as well as from railroad earnings,
which in this instance are sufficient
to many times cover the annual serv-
ice of the debt. Those who have made
a recent study of political and econ
omic conditions in JugOslaVia believe
it is one of the promising small
countries of southern Europe. The
progression of its credit in the last
two years has been very striking and
/ those who had the courage to hold
the original per cent bonds floated
in 1922 at 951s, later dropping about
40 points, now have premium of
points on their original investment.
An unusually large amount of Cam
adam financing now is being done in
this country. In the past week half a
dozen loans by Canadian cities and
provinces, all with a Az per cent
coupon, have been readily disposed Of
here. Others are under negotiation.