Evening star., 1933-09-27
BONDS WEAKENED
BY STOCKS TREND
Increased Offerings Around
Midday Bring Some
Losses in List.
BY JOHN A. CRONE.

Special Dispatch to The Star.
NEW YORK, September 27.-Steadi-
ness in domestic and irregularlty IN lot
eign descriptions characterized bono
dealings on the. stock exchange in the
early part of today's session. but
around midday the weakness OF STOCKS
caused increased offerings OF conVertl-
BILE issues.
United States Government issues re-
manned firm throughout the nrst lew
hours and gilt-edged corporate securl-
ties ranged from steady to higher.
Belief that the administrator Is
about 70 come out in favor of sound
money and against currency imitation,
bond dealers declared today, was re-
sponsible for the stiffening OF better.
Grade obligations and the softenng OF
speculative issues.
Reserve Action Watched.
This NAV have been the primary
cause for the hardening OF Umteo
States Governments, starting with
Treasury SIS and Fourth Liberty "A
and extending through the<fest OF tne
list. On the other hand the Feoerai
Reserve System frequently steps into
the market Wednesday to buy SIZE
able portion of it's weekly purchases.
I'm TO noon volume OF Governments
was lower than in the same perloo
Tuesday. .s,,s+r,o,s
The action of high-grade induStrlalS
in the first several hours was typlneo
bv Standard Oil of New Jersey os;
Onening unchanged at 104, they easeo
to lO33a, and then promptly recovered
and clung around previous hnal levers.
This issue is not much affected py
trade news. though the favorable gaso.
line and oil statistics for the week hao
no important effect on oil deoentures.
General Electric 312s, Corn Products
Refining IS, and Bethlehem steer oS
ranged from steady to higher. central
Steel IS, however, proved an exception
to the trend, as they opened silgntiy
lower.
A fractional initial gain in Atchison
General As set the early tone Tor the
rpilt- edged carriers. New York Central
31as, however, lost a point shortly
thereafter Union Pacific lst As stead
led. Burlington issues bettered.
Junior Rails Sag.
Meanwhile speculative rail leaders
we're in supply. St. Paul Adjustments
quickly lost more than point as deal
ers heard of the offering of sizeable
block Chicago & Northwestern 434s
around 81 in the early afternoon were
down a point. Missouri-Kaasas-Tex
Adjustments started the slide by open
ing off almost points.
New York City long-term 414s were
up an average of point today until
the bankers and officials postponed
their conferences to late this afternoon.
following which the bonds lost most OF
their earlier gains. Boston issues were
a trif1e easier after it was announced
that no bids had been received on the
present loan offering, part of which
now is likely to be acquired by the
sinking fund of that city.
United Kingdom As sold lower as
London cables indicated that the gov
ernment may redeem this issue through
another flotation of 21a per cent bonds.
South Americans, especially Argentine
bonds, were in demand at rising quo
tations.
Missouri-Pacifc issues averaged loss
of more than a point. North Amerl-
can Edison debentures came within
couple points of their previous lows.
Postal Telegraph SIS weakened, while
International Mercantile Marine IS
gained 3 points. International Tele-
phone IS in the final hour were OH 2
points Chile Copper IS yielded more
than 2 points. United States Govern
ments remained firm, even during the
irregular close.
Copyright. 1933)