Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-02
H|GH-GRAQE BOND
LIST HOLDS FIRM
Market Turns Irregular,
However, on Weakness in
Convertible Group.
BY F. H. RICHARDSON.
Special Dispatch to The Star.

Special DlSpatcn TO Inc Quar-.
NEW YORK, October 2-High-grade
domestic bonds and a stable group OF
foreign dollar bonds were strong today
with substantial gains registered in
many issues. but weakness in convert
ibles and large body of industrial do
nestle descriptions gave the market an
irregular tone. Money rates were I'M
changed. Volume was heavier than on
Wednesday.
There was total of nearly 20,O00,-
600 in new bonds, which being largely
of good-grade public utility types-a ia
vorite investment class in. the current
market-were rapidly distributed and
consequently offered some resistance to
the Improvement of outstanding issues.
at the opening the feature was the
active strength of German government
5ias, which improved point under
heavy trading. They later fluctuated
narrowly around a 9-point discount
which, however, was 2 points above the
low point of earlier in the week. Most
other German credits improved, includ-
ing German Preparations rs, German
Central IS of all maturities, Berlin 61as,
Bavaria 6hs and Deutsche Bank IS.
Other strong spots in the foreign list
included British issues, which had a
bulliSh argument in the establishment
of 1901. minimum for tenders on the
new per cent issue, Greek IS. SileSiaE
Bank 6s, Swiss 5las, ICaly rs, Milan
6l2s, Rome 61as, Denmark AIS, Seine
rs, Lyons IS, Royal Dutch As, Peru 6s,
Colombia IS, Uruguay 6s, Chile Mort
gage Bank IS, Chile IS and Argentine IS.
Some of the South American descrip-
tons showed tendency to rally
strongly.
Particularly weak spots in the oils
included Creole Petroleum Richf1eld
Oil preferred and Standard Oil of Ohio.
Atlas Plywood registered one of the
first lows in the industrial list and
National Aviation performed a similar
feat in the aviation division.
Pennroad Corporation responded to
the intimation that it may be put on
an annual dividend basis of 40 cents a
share. This action would, of course,
depend on the general railroad outlook
when the matter of dividends is before
the directorate in january
In the high grade domestic section
Baltimore &c Ohio first As, Canadian
National IS, Chicago Burlington &
Oil of New Jersey IS, Utah Power &
Light SIS, Utilities Power Blight 51ss
and New York Telephone 4las were
higher.
Convertibles were irregular. Inter
national Telephone convertible 4l2s
were persistently weak, dropping a
point to new low level for the year.
u. S. Government bonds were fairly
.ctive and close to their best prices
FOR the year.
There were number of soft spots
in the industrial group, most of them
rejecting wide cuts in earnings. Good
rich 61as dropped points, to sell under
par for the first time since 1923. U. S.
Rubber IS were still lowering around
their lowest level. Armour of Dela-
ware 515s were off fractionally to a new
low. Dodge Bros IS and Chile Cop
per SIS were lower. Pathe Is, after
dropping 312 points at the opening. re-
covered quickly to show net gain of
/ u points. Parmalee Transportation IS
were fractionally better Oil company
issues were generally weak fractions,
especially the New York City group.
maintained their strong levels. Secon-
dairy obligation of the carriers were
apathetic.