Show i r l t iI Y I I I. I New Y of It Bona t tf c fly By the te Press The following la 13 the high hw an ancoa cIoe for tor 1516 Uhl the tot totI 1 coa u. u United States government government bo bonds in dollars and con 0 U. U S. S BONDS u DS Sales Sale In 1000 I SIc Sia I Igl High I Low I Close LIberty 35 I r do 3 s 1 rg rg do let lt de b. b do let r reg do lad gl 22 59 m 06 do 2nd re reg do let 4 I do reK reg do 1 4 1 4 10 do reg do 2 do reg e 1 do 3 41 35 do reg do 4 12 do reg 1910 U S i Trea a 3 3 g ig i do h U 44 04 4 1 do reg reg do reg I Sales de ligh Low Lw Clues Adams Adaa Na e C tr 48 85 89 Ajax Ajax Rub 80 S' S tOO to Am Clo Cl 7 na 5 J Ant Cli Ch ef db Ga 08 L Am 1 1 6 6 Am Rep deb G Cs 98 09 ll Am Smelting el I 8 1 1 U AI Am Y Sug Ref g fg Am Am T T 68 do col Sa 1046 do ef at Os 58 1960 1060 07 do eol col 48 OO 08 06 03 Am Typo Type Ge Am Is 58 Gil I IUS 1848 O 08 03 Os Aol Am V 00 Paper Go 1403 62 02 f 42 4 GO 60 do 68 J 6 UI GO 60 Anaconda Is 38 33 do Andes C It 1 7 43 00 Anglo hl Nit is 88 84 88 00 7 S Ann nn Ar Arbor r 4 51 02 75 70 Armour el 6 5 1 05 02 06 do real est 92 02 00 OO 02 Ass OIl 01 ret 68 65 A A T S F gen 43 4 03 80 02 02 do 88 U 84 87 do ad 4 sip 80 04 S1 87 87 do Okla Okla 08 00 Oi C I. I Is 10 do uni 4 l 8 46 05 0 04 Ot 08 do 1st lt gold 4 1051 05 02 04 do 1 laN c t U 45 2368 1368 04 90 DO 02 AU All Dan 1 48 68 02 78 76 80 do 8 76 65 AU All Gulf WI Os 73 65 73 AU AtI Iet deb deb Os 1236 1216 09 At At 83 76 82 8 Baldwin Loc O B 13 0 1029 1020 do 1095 1195 pon do rIg Os 5 03 13 do do Sa Os D 97 un do lot ht 58 55 4 do dc Is 6 olt SW 98 08 do 97 07 IH 04 97 do gold 4 H 00 89 89 01 oH do PL 2016 93 13 89 do tOy IV 1550 1650 82 71 1 82 G Cs 96 06 Ol Beld Horn 03 I 08 Bell 1 I Pa 1 r 6 is ln ig 1 1 do Os 5 C Beth SIt St con 6 A 06 do con 07 87 87 97 07 do Os 58 1154 90 do p on I Os 6 1936 1036 2294 OO 99 93 03 9 09 Booth t FIsh 6 75 lOos NY AL ALOs sh Os 80 g Brier Hi 10 Ed g be 6 A 1607 U 31 R 11 P J 1381 09 00 02 04 1 UG 1 do let 5 Ih B R 1 1 coo can 4 48 s 94 87 07 04 OH eel col Os 58 15 Bush 1 55 81 26 25 do Ion on 58 08 00 00 96 06 Calif Calf G B 02 Os 58 Calif Cal Pet 1220 1103 Sug OO 09 00 Can Cn Nor Sr aC 14 11 do deb 50 17 17 do 4 1 11 05 07 07 do deb deb f 06 86 80 80 85 05 Can Nat Ry fly 4 ia e 1260 09 Oi Ih 08 do 40 1054 05 05 05 Caro C 0 l g Im tg Cent Diet Tel So 8 Cent of-Ga of do i U 1 ig Cent Leath ct 2311 Cent N Eng 4 4 1130 78 70 68 60 78 70 Cent Pacific Os 68 07 10 d. d lt gOd f. f 1788 1780 03 92 81 Ot do 54 07 OG 97 Cent RR ER NJ J Os 5 13 12 Central central- 14 13 lS 1 18 Ches la 0 con Os t 48 do ref reC Os do gen 41 1593 97 97 02 on do 4 s OD 09 07 07 OO 00 i Atton lt 6 62 01 61 hAo ilo 3 cIte rI g 09 01 g 09 do 72 7 61 6 71 7 C CD 33 Q 5 58 A do gen 90 00 93 Itla IU g 1 g g giess do ill div cl 04 91 91 less than would those centers where boom conditions have existed The development ot our resources continues The and population lation laton or of the state grows steadily and with the IncreasIng demand for our our products to supply the growth or of the Pacific states it I is only a question queston or of a few years when we shall bear the same relation re- re lation laton to th the Pacific states as PennsylvanIa Pennsylvania Penn Penn- sylvanIa does to tile the Atlantic sea sea- 0 board In the earlier earler part ot of the month the presidents president's message together wIth a report whIch Mr dr Mellon Melon issue issued is- is sued sue both emphasized the strong financial condition of of the government government govern govern- ment and the progress made In other directions durIng the past year helped stimulate the bond market to a marked degree The Te Investor for many years years' has receIved a return of 6 per cent and better beter on sound bond Issues For Fora a long tIme to the close or of the war exIgencIes permItted the bond buyer to obtaIn 7 per cent and 7 2 1 per cent bonds of sound corporations at par or less and In some Instances the rale was as high as 8 per cent Later Lter as reconstruction recon recon- adjusted Itself isel there were several years when a 6 per percent percent cent yIeld was readily obtaIned upon upon prime securities This We believe beleve has has' now flow definitely passed and the bond market has resolved itself Into a 3 5 per cent face rate for high grade domestic bonds bondo All Al of this Is the result resul ot of the or of natural wealth whIch Is ours and which we are only now beginnIng to understand For the Investor who continues to seek a high hIgh Coupon rate rte there remaIns only one class or of bonds and that is the foreIgn government fIeld Yet here too to there are unmistakable unmistakable un- un mistakable sIgns ot of a gradual lowering low low- ering of f the coupon r rate te Nowhere throughout the the bond list does there exIst such of future enhancement en- en n- n as Is possIble through h the judIcIous purchase or of n bonds During the past month In tIle the foreign n group the greatest amount r activity and prIce advances took place in all al the German is- is i- i sues sue Induced by the announcement announce announce- ment or of a 10 per cent income tax In Germany on future foreIgn loans The exact effect and method ot of application of this tax calls cals for tor tormore more analysis but it ft would appear to be a restriction on loans This at least was the immediate here To In our opinIon bond prIces will wi continue upward for some time to come Even in thu outlook outlook out out- look for trade wIth the possibility or of a a reaction next year year should ten tene to help the thE bond market rather than hurt it I. I In such circumstances nee working capital would be released and nd hoult tend to divert diver funds from stocks to bonds On this point John Moody says S 13 New bond Is Is- sues lumping Jumping all classes On In a general general gen gen- eral aver p have lately been cold Bold around a S 5 4 34 per cent yIeld basis basis A few years betor the war they sold 4 4 3 per cent basIs and they seem likely to do co so again sooner or lat r. r J i f fi 0 j 4 i iC 0 9 C D B Q 1 09 9 C F B ul ill uI ni-uI c OV Chi C Conn HY j O l H 44 I g Cli 1 0 Or West 70 i ll 64 ivo 6 C c I J L 11 do 1st Os 19 92 m C ft St I Os do Os 68 n. n 07 47 4 05 Hi do cot Os ls elf tt 1 67 47 4 66 56 do gen 98 90 00 96 06 Jo do vt 4 67 57 47 4 66 06 do cU el 07 46 4 56 do 58 4 51 I Ido do 48 08 5 4 57 do O gen 45 41 A 1 1333 87 81 86 do aen 43 4 1925 I 67 57 4 56 do 1925 dr ctr 57 51 46 4 56 do deb Os f 1934 67 57 47 4 66 do db 2667 2661 57 7 47 4 60 56 do 10 v 1408 56 50 II 67 55 do 1754 66 45 45 56 55 I IC C Chic Si N W 7 1156 do Ii m m do s f 65 do t m m 19 lm do gen gen 5 do 4 1987 1987 10 do gen geil 48 f. f JO O 85 91 do gen 79 74 78 Chic Halway Os 6 St 81 65 75 C R N I P l gen 4 88 08 56 85 07 do 4 92 87 87 93 03 CS P l 95 lt 10 I do deb 5 98 C T 11 H S E 35 50 04 94 80 50 93 do O Inc Os 5 76 76 87 07 IC C U S 8 a C 10 00 6 72 19 16 I I do 4 58 98 94 97 C W Hi I 1 5 do 4 48 2486 2489 87 I 81 01 87 Chile Chie Copper C Cs 10 10 E 01 Ole a lOs do Is 1 Cities P 68 A 98 54 97 1190 do Sc 58 D 1767 1757 99 do deb 4 8 99 59 9 99 do gen 43 41 90 85 65 58 88 Cleve Cleee Sh L Cleve Cieve U 1 do Sc S 1092 1052 Colo F I 97 I 91 D Cob Colo 5 4 94 83 53 03 9 o C Si So 48 1279 95 do b. b 64 99 95 98 99 CoO Col G E B lot 5 58 4 99 50 99 do Os 58 99 59 91 Corn Com 8 82 HI 75 82 Corn Com Credit Ge 68 44 I 93 96 do 1207 56 91 D Pow ow Cs fa 1259 2 o C Az 85 05 Conn ConnU n L 41 48 97 97 90 94 C Coal Coal ot of Md Id Os 68 1991 86 02 82 o 0 97 Consumers Pw Os 58 90 55 82 52 f Cn OVilla 6 1951 1551 99 95 99 Cuba C 2551 92 I 98 do deb 7 1742 96 56 88 95 Cuba Co G 6 19 1915 5 1142 03 9 99 Cuba No Itys Os Cs 1162 92 Cub r ClO Q 10 10 do is 6 96 88 55 94 Am 1095 I 1107 Cub s 2373 2173 91 I 99 55 Cumb T T Is l g 19 g g n 9 03 Del 10 I do do cot 58 1105 16 tb do 4 41 95 90 90 94 55 94 Den 98 do Os 58 99 35 93 93 98 D B R 30 G Imp 5 98 95 59 99 do 95 55 89 59 94 con 4 1551 52 85 51 D I do gen 55 16 62 73 5 D G 61 Went ery or Is 51 D 65 76 D Edan Det 35 do 5 1940 I do Sc 58 1949 A do Os 68 1955 Bet Det n fl Tun 95 94 Bet Det Un 4 s 96 56 90 95 55 D 13 92 95 PaId Dold Jar Dom Born I SoS S 62 62 I 34 24 I I 50 Doner DOhner 98 I 1 92 96 36 Duquesne Lt 15 do 1554 East Cuba S 7 0 0 1 Cub CI Cp 68 1001 58 98 98 Emp G 0 1 7 al 1105 4 do J 1 I 1 97 Erie 1st c ext do 1st c p- p pI I 1 48 82 1 do gen 74 7 64 I 73 do len Esi 4 A Al 75 67 leI d do 48 4 s ser r B 33 05 85 73 7 79 do D B 05 85 73 U do 4 8 6 1 I 1 GR 1 60 11 6 98 SOS SO'S Pe Erle-Pe PeOn Erie n c tr 4 43 98 58 Fed Lt It Os 68 st et 42 4 do 65 sr er D B 1954 90 93 53 95 Fed Lt I to Tr Os 97 87 93 53 85 F Fed ed Metals cv v 7 78 97 07 54 8 I 89 53 Fisk Rubber 16 Fla Fia It E C 58 55 1974 96 56 I 1 99 95 do 58 SOS SO'S Fonda J G 66 58 58 63 fa Ft V R U 1 45 i 95 97 9 G Asphalt Is Ga 39 Gen Elec 1791 52 9 87 I 91 Gen Pet let 5 1940 98 Gen 65 31 1100 1103 Ga Ala con S 31 Ga Ga Car Nor 5 6 19 99 99 Goodr D B F 1 1707 1106 Good TR Tn 7 78 31 2503 do 1941 Gould Coup Os Ga 40 94 I 8 I 85 55 Gr C lS P Is 00 do 6 sta Ita 30 G Rp Ind 2nd 97 87 95 96 it t Yr Tr Ry By Can 7 7 6 5 do Cs l 77 Gt Falls Fala row Pow 58 Gi Nor O 75 I ncr A A. 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C 6 07 88 05 91 01 Ont P N F Os 09 g gg m Ont Transit Os 09 l Ore Cal 1st 5 Ore R It to N con i 30 02 50 03 o 0 S 5 L con 6 68 do ret ref 4 98 06 06 93 I W O-W Rn flit N 41 88 83 03 86 Pacific C let 6 96 00 91 01 12 Pacific GJ 5 58 97 Pac Pao ot of Md Id 1 ex cx 41 1044 54 DH 91 53 13 Pac PL i 1 r Os 10 99 09 Pacific TT TT 6 58 1105 do ret reC Os 1052 05 Am ran 78 7 1860 JOH 1051 do Cs 12 5 98 03 94 04 07 97 Park Tex Ix 6 1 06 85 05 04 fenn penn RI 7 1 30 lOG 1004 14 do gold 6 s a 2565 12 I do gen Os 1 1060 1419 do Os 1064 Im 00 t do con His 98 08 do gen 04 DO 00 do 4 1506 97 96 57 do 1052 g 06 I Ido do 4 41 1548 1048 14 Pee Peo GO GC Chi CbS Os 6 08 Peoria E 1 4 57 8 79 11 85 Pee Peo E Inc f 1341 42 42 36 35 42 Pap PP Un Ry fly 58 Pere Mar ret Os I 1071 Phil Phi Bait Dalt W V Os 55 lPh Co ref Cs 1077 leO leOdo 04 do 0 1160 1005 98 53 Cl C 5 50 Oi Sty Ry 46 45 41 42 4 Pierce Arrow 88 10 Pierce O I deb Os 43 93 Pillsbury Flour Cs g 58 A do Os 58 D B 1075 1175 2040 lOS D Pt A CD Cs 68 A 1053 Port El Pow Cs 68 09 Port G. 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