Evening star., 1933-09-01
DULLNESS MARKS
DEALINGS IN BONDS
Market Ends Slightly Lower
Both for Day and for
Week.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, September Foreign
and domestic bonds today presented
rather sharp contrasts in price move
ments, the former being irregularly
lower and the latter generally higher.
Although early dealings were a trifle
more active than on Thursday, the
market was dull.
United States Governments, after
opening up fractionally, reacted and
then seesawed without producing an
important volume of trading. New
York City bonds continued to feel the
influences of the wrangle between
bankers and officials over further bor-
rowings. Bankers gave no indication
in the forenoon of their intention to
make the needed loans to meet interest
that some source would be found from
which interest funds could be obtained.
HeavineSs of German issues generally
resulted from the numerous Reich de-
faults of interest due today. Those Of
ficiauy making default announcements
included Siemens g. Halske 6l2s of
1851, Deutsche Bank stamped American
certificates extended to 1885 and Gel
sen-Kirchen Mining Corporation IS Of
1894.
Argentine Loans Higher.
Argentine governments generally were
higher. though a few Of these issues re-
acted after the quick run-up Of the pre-
vious session. The favorable July trade
balance Of Argentina, along with sign
ing of the world wheat agreement by
that country, were back of the activity
in the group.
Brazilian issues Jagged behind the
rest of the South American group, such
as Colombian. Argentine and Uruguayan
descriptions. as the State of Pernambuco
announced a default on the September
l coupon of the rs of 1947, which is the
fourth default on that issue.
Domestic bonds were not entirely free
from default news. Otis Steel. which
defaulted March interest, decided not
to pay September l interest on the IS
of l94l. Rock Island secured A. IS of
1852 and Rock Island Arkansas &
Louisiana first 4 IS of 1884 were among
the rail defaults California Consumers
Co. notified trustees it would be unable
to pay October l interest. Central of
Georgia Railway directors stated no net
earnings or income were applicable to
meet interest on first second and third
preference income bonds.
Speculative rails, in view of default
developments. did fairly well in the
forenoon Rock Island Az IS of 1852. de-
As of 1884 were unchanged. St. Paul
adjustments were a shade higher.
B. & o. Issues Strong.
There was no immediate explanation,
other than the statement that they
are out of line" for the firmnesS and
activity of Baltimore & Ohio issues.
Some of the better grade carriers, COM
pared with recent sessions, hardened
This was true of New York Central
debenture IS of 1894 and PENNSYLVANIA
Railroad 6l2s of 1886, but. in part. such
moves we're offset by declines in Kansas
City Southern IS and Illinois Central
refunding 5s
Gilt-edged power and light securities
were exceedingly dull. in contrast to
the activity in communication issues of
equal grade, but pointed higher Typical
of this trend. which was not held
throughout the day were Peoples Gas
of Chicago Consolidated 6s of 1943 and
Louisville Gas & Electric IS of 1852.
A rally of nearly 2 points in United
Kingdom 5i.s, continued offerings of
German loans and steadineSS of Japa-
nese issues featured foreign dealings
in the last hour.
AS expected. the Missouri Pacific de-
faulted interest due today on the gen.
eral As of 1875 and the series IS of
1877, both of which eased fractionally
following the announcement. United
States Governments softened near the
end. The close was exceedingly dull
and both for the day and week, slight
ly lower
(Copyrieht 1o331