Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-03
BONDS ARE STEADY
IN LIGHT TRADING
Evidence of SeIective Buying
Seen-Secondary Issues
Strong.
BY F. H. RICHARDSON.
] Dispatch to The Star.


NEW YORK, December 3.-Bonds
continued firm today in a moderate vol
une Of trading The strength was APP
parently all through the list, though
there were some soft spots in foreign
dollar bonds.
The market showed evidence of a
considerable amount of selective bargain
buying. Some secondary and third
grade issues were pushed up from 2 to
IA points by buyers anxious to take ad-
vantage Of what they believe will be a
broad general advance in bonds. Money
rates were unchanged.
The feature of the opening was the
sudden run-up of Pathe rs. For long
time this bond has been selling at levels
ordinarily associated with the obliga-
tons OF companies in receivership. In
a group of successive sales the price to-
day advanced nearly IA points. The
November interest on this issue was
paid. There are $5,200,000 of the Is
outstanding. During 1929 the company
earned 81 times fixed charges.
The movement of this bond was mere
ly one instance of the search for issues
that have been selling out of line. Hud-
son Coal SIS sold 9 points above last
weeks low. Shubert 6s gained widely,
and there were substantial advances In
Paramount Public 512s, Chile Copper SIS,
Dodge Brothers IS, Goodyear SIS, United
States Rubber SIS, Goodrich 612s, Colon
Oil IS, Skelly Oil 5Ias, Transcontinental
Oil 61as. Brooklyn Manhattan Transit
IS, Chicago & Eastern Illinois SIS, Chi
cago Great Western Is, st. Paul SIS,
Rock Island AIS, Erie general lien As,
Florida East Coast SIS, Frisco AIS and
Southern Railway As.
High-grade domestic bonds were I'M
changed to fractionally higher. The
feature in this group was the 2l2-point
advance of Chicago, Burlington &
Quincy general As. Smaller gains were
in Canadian National SIS, Canadian Pa
cific As, Frisco A As, Great Northern
rs. Nickel Plate 41as, Chesapeake g.
Ohio 4l2s, Chesapeake Corporation SIS.
Inland Steel 41ks, Philadelphia Co. IS
and American &c Foreign Power SIS.
The recent selling of Liberty and
Treasury issues, which was ascribed
chiefly to banks DESTROYS of disposing
of some part of their security holdings
at profit, had dried up today. Both
Liberty First 4Hs and Fourth 4l4s were
1882 to 5-32 below their highs.
Convertibles were mostly unchanged,
with a tendency to improve slightly
shown by Philadelphia & Reading Coal
& Iron 6s, Chicago g. Northwestern
Az. Texas Corporation SIS and Loew IS.
In the foreign department strength
characterized French, Belgian and Ital-
ian bonds, but Germans showed heavi-
ness. German government 512s. rep
aration Is, German Central Banks IS,
Cologne 6las and few other German
municipals had fractional losses. United
Steel Works 61as, however, gained over
points Central European descrip-
lions were dull and SO were South
Americans.
Among new financing that the mar
ket will shortly be called upon to alb
sorb will be $35, 100000 Of Toledo Light
& Power notes. These, it is understood,
will carry per cent coupon and ma
ture in two years. They will be secured
by 80 per cent of the total mortgage
bonds and SO per cent of the common
stock of Toledo Edison Co.