Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-01-25
FOREIGN BOND list
MARKETLEADERS
French Issues Still Strong,
and German Is Cross
1903 Today.
By GEORGE T. HUGHES.

special Dispatch to The Star
NEW YORK, January 26.-Foreign
bonds again provided the feature Of
loday's trading but instead of the
french 1t was the German and Brazil
ian obligations that assumed the lead.
ership. French bonds were still
strong and new high records for all
tiine Were set up by department of
the Seine rs. above 10l, with the
otner French issues selling around
thelr previous highs, but trading was
not so active as on Monday, when
the market had the stimulus Of the
reported gold shipment from France
70 TINS side, a report which later
was modified, but which did not check
upward movement.
German Is, the international loan
crossed 1OS today for the first time
selling more than three points above
the callable price. There were heavy
dealings in Berlin 61hs, Cologne 6Ihs
and Bavaria 61as all at par. All
three Brazilian obligations, the aus
the Is and the IS went to new highs
on the movement. Japanese SIS
at 1O2 were at new 1927 top. In
general the foreign section Of the mar.
ket showed ability to absorb the realiz.
ing sales brought about by the extent
Of the recent advance.
Erie BOnuS In Demand.
Erie bonds were in the Creates
relative demand among the Junior.
rails. Erie convertible d As opened at
SO, up y point at the highest thev
have ever sold. The bonds are now
selling entirely on the conversion
privilege which has prospect value
in that they are convertible into com.
mon stock at so, up to October ].
1nvf nSInN- -
New Haven As of 1857 which added
fractionally to the gain Of a point on
the day before, both New York, On
tario and Western 4 per cent bonds
and International Great Northern
adjustments.
Among the fractions, New York
State Railway 41as and SIS stood
out. The movement in these had be-
gun late yesterday afternoon and was
carried on vigorously today. At the
high this afternoon the AIS were up
some 8 points from the low OF the
day before and the SIS showed a
gain of almost points on the same
basis.
Sugar bonds were well supported
and attracted the most attention
among the active industrials. Warner
Sugar Is of 1941 touched los, up over
a point and at new high since the
sale of the property was announced.
Obligations of the Cuban Producing
companies were firm. unaffected by
the recent weakness in sugar futures.
High-Grade Issues Steady.
There was not much change In the
strictly high-grade investment bonds.
either the United States Governments
Or the savings bank rails. The week
ty statement of the member banks of
the Federal Reserve system show a
reversal of the trend of the week be-
fore in that there was a sharp falling
off in investment holding other than Of
United States securities. This appar-
ent drop in buying of bonds by the
banks coincided with a falling off in
commercial loans, an unusual show
ing.
Prospective new financing is heavy
One large new issue will be $4,000, 900
North American Edison 5s to be offer.
ed at about SO with a privilege Of con-
version after one year into preferred
stock at par. 1t is expected that the
same company's secured 6s and 6hs
will be called for retirement. Both
these issues sold today around their
respective prices.