Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-10
BONDS ARE HIGHER
AFTER DULL START
gh-Grade Issues Move to
New HighS-Inquiry
Is Greater.
BY F. H. RICHARDSON.
,ial Dispatch to The Star.

NEW YORK, March 10.-After a
hesitnat opening. the bond market re-
Surned its upward swing today, with all
parts of the list participating.
Evidence that the market had not
taken full advantage of last weeks
lowering money rates was contained in
the movement of many high-grade
bonds to new highs. Contrary to the
situation prevailing barely 10 days ago,
when demand was slack and new issues
moved but slowly, there is now lively
inquiry for good bonds.
The Allegheny Corporation chose an
excellent time to bring out its $25 ,000,-
600 issue of per cent collateral con-
vertibles, and as a result, when the issue
was admitted to unlisted trading privi-
legeS today, 1t sold at a fractional adj
vance over the Offering price of 81. The
subscription books were closed before
noon. The outstanding Allegheny bond
issues of similar character advanced
over a point.
New offerings included $4,000 900
United American Utilities per cent
convertibles, SO, 600, 900 State of Arkansas
Az per cent short term notes, and
50, 100000 of other municipals.
With the market as active as it is
now, the Street is again filled with talk
of new issues soon to be brought out.
According to report of the Pennsylvania
Railroad is preparing to bring out
SIS 10000 of new bonds, including
$50 100000 to retire a like amount of
per cents due on April l, and S25,-
900, 900 of debenture 4Ias. The coupon
rate on the $50,000,000 block is not
known but it is thought 1t will likely
be Az or less.
United States Government bonds were
again strong, the Liberty first 4As,
Treasury 32ss 1947) and Treasury 3ass
Q943) all going to new highs for the
year. American Telephone 512s gained
fractionally to a new high and improve
ment was made by Atchison General As,
Canadian Pacific As, Pennsylvania 4l2s,
Frisco "A" As, Standard Oil of New
York 41as and Utah Power & Light IS.
Convertible bonds were higher, re-
hecting the upturn of their companion
stocks. Bonds of amusement companies
were particularly active as a sequel to
merger rumors in the theatrical group.
Warner Brothers Is and Shubert
Theater 6s were most active, the latter
gaining over 4 points to a new high.
Among the junior railroad bonds the
most active issues were st. Paul adj
juStments, Erie General Lien As, Mis-
souri-Pacif1c 512s, Frisco 41as, Seaboard
Airline IS, Southern Railway As, West
ern Maryland Is and Atlantic Gulf and
WCSG AhOISS %. AL u1dQe advances OF
fractions or more.
There was strength in American Ma
tural Gas 6i5S, New York Telephone
AIS, Pathe Is, National Dairy Product
| 514s, Dodge Bros. IS. United States
Rubber IS, American Sugar IS, Colon
Oil IS, Phillips Petroleum 5Hs, Hud-
! standardization refunding IS and Inter-
borough Rapid Transit refunding SIS.
Brazilian and Argentinian credits
featured the foreign department. They
were stronger, with Brazilian 615s
jumping point and Province of Buenos
! Aires IS a similar amount, both to new
high levels for 1880. italian and Ger
man descriptions made the best adj
vances in the European group.
Bond trading on the curb exchange
was centered around tremendous activ-
ity in insult Utility Investment COP
vertible IS, which gained points.