Evening star., 1930-12-12
BONDS IRREGULAR
IN SMALL MARKET.
Domestic List Improves, but
Foreign Credits Are
Soft.
BY F. HI. RICHARDSON.

NEW YORK, December 12.-Domes-
tic bonds improved all around today,
though foreign credits continued to
snow SoftneSs in the absence of any
bulllsh news developments and q con-
tlnued Indifference of institutions and
individuals badly bitten in the recent
sweeping declines in these securities.
:, The feature of the domestic list was
the strength of junior railroad secur-
tiles. The weakness of these bonds,
many of which have been selling on a
10 to Is per cent yield basis, has been
one OF the most depressing factors on
market sentiment. Now the Street has
1t that bankers pool has been formed
with resources of 5000, 900 to support
ts:s section of the market.
Hlgh-grade issues were firm to frac-
tionally higher. Industrials were quiet.
Money rates were unchanged. Volume
was well below Thursdays $12,500, 900
total.
Starting from the lowest levels since
1925, the market showed a cheerier
tone from the opening. Erie SIS of 1875
opened point higher and 4 points
above their low of Thursday. st. Paul
5s gained TX points. Missouri-Pacific
As were also up u and there we're sub
stantial advances in Chicago & Eastern
Illinois SIS, Chicago Great Western As,
Frisco AIS, Seaboard Airline IS and
Western Maryland Is.
Despite the Interstate Commerce
Commission decision bringing nearer
the prospective transcontinental road
under the Van Sweringen system, by
conditional approval of the purchase of
the Denver & Salt Lake Railway by
the Denver & Rio Grande western.
some OF the securities of the Van Swer-
1ngen group were still under pressure.
Van Sweringen IS on the curb exchange
were OF points to a new low since
issue. Nickel Plate AVS were weaker
at the start, though they made sub
sequent recovery. Denver g. Rio
Grande Western SIS were steady.
High-grade rails like Canadian Pa
cif1c As, Pennsylvania AIS, Frisco A As.
Union Pacific As, Northern Pacific Is,
Great Northern rs and Chesapeake Cor
poration 5s all were fractionally higher.
Public utility and industrical investment
type bonds were also firm, examples
being Standard Oil of New York 415s.
Standard on OF New Jersey SIS, Du-
queSne Light AIS and Utah Power &
Light IS. Convertibles had a mixed
trend, though both American Telephone
and International Telephone converti-
bic 412S were sharply higher.
international Telephone IS were
forced up from their low following
publication of the company's nine
months earnings, showing fixed charges
covered about 312 times. American 6z
Foreign Power SIS were firm. This bond.
issued at 90, is new selling at 13-point
discount and another issue, Electric
Power & Light SIS of 203O. traded on
the Curb and also put out this year, is
selling at over 14-point discount.
German Government SIPS held steady
while German Central Bank IS, Coloone
612s and German Preparations Is de-
cllned fractionally. United Steel Works
612s were slightly better and so were
Berlin 612s. Karstadt 6S were off near
ly 2 points. French bonds held firm
despite the continued stalemate in
French politics. Some high-grade dollar
issues such as Denmark 412s and Tokyo
o12s had small declines. South Ameri-
cans were again weak, with Bolivia
again threatened by revolution.
New issues were down to a total of
slightly over $1,000,000 of municipals.