Show U. U S. S BONO BOND ISSUES ARE HOLDING STEADY Swapping of Liberties for Other Bonds Do Does s Not Depress Market NEW YORK YORK Nov 1 15 S. Although urh somewhat somewhat somewhat some some- what below recent tops top Liberty loan bonds bona hold steady In recent reent mon there has hal been a flood fod of new securities foreign governments gov goy railroads industrials and public nubile utilities which carried Interest as Sign high ai a. a 8 per cent and In some come cases were offered at prices to yield even better beter than 8 5 per pet percent percent cent cent To make the tho new issus Inus attractive to small amal Investors th they were with one or two exceptions offered In denominations as al low lowas lowas as 00 while in Issues running into the hundreds of millions subscriptions were received re se- for Cor 00 bonds bond In In most roost cases casel the issues were heavily oversubscribed as Investors Investor were anxious to lo get Iet securities returning them 7 1 per c cent nt to toI 8 I per cent cent Moreover with wih prices declining and indications indication of a price level levei still lower purchasing power of the use dollar dolar will wi be In Increased In In- creased so that a term long bond bought today on a yield basis basIs of 7 per cent or better r may have a purchasing power of 10 per cent or even 1 12 per cent in a few years yeara as measured by purchasing purchasing power of the today Tin re has been some selling of Liberty bonds bonda by investors In for tor the purpose of in ln- ln vesting proceeds in the new high hleb Interest bearing issues The largo large investor Is It able abla to charge any loss on sales of his Liberty bonds against income for the year for tax ta 1 purposes The small smal Investor tor is making th the swap with wih a view to increasing his hs in income income In- In I come m from say per cent to o 7 per r cent centor 0 or teller better ef and K with prospect r c th that with r I easier I money n rates bend prices IC will ad advance sd- sd vance l the next few years 8 to such I that appreciation in price of his now no in investments in- in In-I In vestments will wi more mor than offset any loss sustained in disposing of Liberty bond hold hold- lags Ings Ings hOld I Investment demand is I so keen at present 1 however and absorptive pow r so 10 great grot that swapping Liberty bonds for other Investments investments investments invest- invest ments is being carried out without depress depress- In ing the Liberty bond market markel There is demand for Liberty bonds of course couros coure tor or their tax free feature |