Show EUROPEAN BONDS WELL RECEIVED New German Offering Sells at Cent Domestics Dull By Uy BYRON SELLER Special Correspondent ot Standard Standard Examiner Examiner Copyright bt 1926 by Consolidated Press Pre Association NEW YORK Oct The 9 9 The event ot of o the week In the Investment In mar market ket was the renewed Interest In European government go bonds tot tot- following fol following lowing the offering ottering- and sale on side oC of the state ot or Hamburg with a coupon rate lower than any Germon bond sold fold here since the war ar i The amount ot of the of offering ottering Cering was hely el small but the Interest rate and the price were more nore favorable to the bor- bor borrower bor borrower rower than any of oc Its predecessors In fact tact there are only a few tew con con- continental continental European dollar loans of oC countries participant In la the war with Ith 6 per cent coupons The cities of Bordeaux Ly Lyons and Marseilles have a a 6 6 per cent bond but that was put ut out In 1919 when the rench financial difficulties difficulties difficulties ties were ere not commonly foreseen There Is a Belgian 6 per cent loan offered In 1925 5 but that was orl- orl originally marketed at a discount ot of tour four points greater than the new ne Hamburg offering GERIA GERMANS S HIGH GIL Each successive German bond Is- Is issue lue sue aue testifies to the improvement In Germanys Germany's credit with American Investors and each Incident ot of this kind has hu been toll followed owed by a cor- cor corresponding corresponding cor corresponding responding marking up of oC the old old- older older old older er German obligations That Is what happened this week Three or four tour of ot these sold cold this week at atthe atthe atthe the highest prices in their his his- history history his history tory and there was active trading In all of ot them To a very moderate degree feel teel- feeling feel feeling ing extended to other to foreign reign bonds The French railway loons loans probably received more attention than any other group French gov- gov government gov government eminent obligations themselves ruled practically unchanged and so did the Bel Belgian Beltan lan Issues notwithstanding notwithstanding notwithstanding standing cabled reports that a a de- de decision de decision cislon had been reached to stabilIze stabilize ize the Belgian franc fronc at approximately Its present value with rela rela- relation tion to sterling In this connection a new large loan was mentioned as a a tary sari sary preliminary to stabilization It H would be Interesting to see It if and when this new ew financing Is effect effect- effected cd ed whether It can be bo done on any better basis than Belgian bonds are arenow arenow arenow now selling seiling AS a matter ot of o tact fact our market makes little distinction distinction distinction tion as tar far as the dollar bonds are concerned between Belgium which has ratified the refunding war debt agreement with 1 the the- United States and France which has not Nor does the matter matler ot of currency stabilization stabilization stabilization seem seem to be much of ot a tac- tac factor fac factor tor although doubtless any re- re renewed renewed renewed collapse In l Franch ranch francs would be reflected In the French bond list MAY BE Dr HINDRANCE Coming back to Germany the case with which loans for tor Ger- Ger German Ger German man mon provinces and ond municipalities are floated Is ts not looked upon with with- without without without out misgivings In certain Quarters For In instance tance the Midland Bank nank limited one of the largest of ot the British institutions in a review published this week takes the po- po position po position that these large foreign bor- bor borrowings borrowings bor borrowings may Impair Germanys Germany's ability to meet the Dawes plan re- re reQuirements requirements re requirements during the next few years cars It points to the t e difficulties In n the way ot of securing exchange to meet the constantly mounting ser ser- service service ser service vice on these foreign loans at the same samo time that transfers on rep rep- reparations reparations rep reparations account are Increasing No one has ever offered a con con- convincIng convincing con convincing othow answer to this question ot of how the exchange obstacle l is to tobe tobe tobe be overcome o but bond buyers are not disposed dl posed to borrow trouble on that score now They are simply a reviving German Germany an attractive re- re return return re return turn on German Germon securities and a aready aready aready ready market for tor German dollar bonds That is enough for the present DOMESTICS DULL Outside the foreign list trading In domestic issues h has s been very ery dull The average price Is just about where It was a week ago Large Institutional buyers which are the main support ot of o the mar mar- market market ket SO 90 O per cent of ot the time are In- In Inclined In Inclined dined to hold oft ott and traders find scant picking In fluctuations as email as they have ha been lately Comment Is heard over and over again In the street on how much easier it 1 la Is to Interest an Investor tn In a new issue than a seasoned one I 4 This Is good for the bond sales sales- salesman salesman salesman 4 man and he Is making the most ot of It it but It Is II not to thinking of ot the theold theold theold old time trader The awing that govern the long range awing of the bond market present bethe no new aspects unless it be the outlook tor for commodity prIces Sliver has hIlS made another new low and while specific reasons s can be therdor most of them connected with currency Station reorganization In India attention has again been called colled to the tact fact that in the past depression In the price ot of o sil- sil silver sit sil silver ver has coincided with or preceded preceded preceded ed general commodity price de- de de declines dines clines Any effect upon the general lev- lev level lev level el ci of ot bond prices Is apt to be ex- ex experienced ex cx experienced so gradually that only an academic Interest Is taken In Inthe inthe inthe the subject now but It Is a point that ought not be overlooked If Ie we are in tor for a long period of matter tailing falling commodity prices no mat mat- ter how lowly there can be no permanent reaction in the highest grade ot of o Investment bonds |