Evening star., 1933-09-23
BONDS CONTINUE
ON UPWARD TREND
Junior Rails and High-Grade
Utilities Take Lead
in Advance.
BY JOHN A. CRONE.

Special Dispatch to The Star
NEW YORK, September 23.-The
bond market, under the leadership of
domestic descriptions, especially specu-
lative rails and the better grade of
public utilities, notably communication
issues, continued upward in today's
session.
Speculative bidding for Junior rails,
such as st. Paul Adjustments and IS,
Chicago & Northwestern 4a4s, Rock
Island Refunding As, Missouri Pacific
Is and Wabash 4 IS, started the general
domestic bond list on its way upward.
In the meantime highgrade rails OF
the type Of Atchison General As. Union
Pacific As and Chesapeake Corporation
issues steadied or ranged higher. -he
American Telephone group and Western
Union issues headed the ascent in pub
lie utilities, with such strong operating
comparies as New York Steam, Louis
vile Gas e. Electric and Duquesne
Lighting leading their division. Later
some of the more speculative utilities,
such as American g. Foreign Powers IS,
met quickened demand.
U. S. Issues Stronger.
Foreign loans ranged from dull to ir-
regular and United States Governments
STRENGTHENED Transactions were con-
siderably lower than in the same time
Friday and much narrower, being large
ly confined to domestic carriers.
The character of news emanating
from public utility sources was mixed.
Although the New York Public Service
Commission extended to october the
effective date of the per cent rate
reduction in local electric rates, which
accounted for the rally in issues OF
Brooklyn Edison, New York Edison,
Consolidated Gas and New York Steam.
the numerous Otober l maturities OF
power and light bonds that will have
to be extended was considered dis
Quieting.
Only $4,000 900 of utilities fall Que
the first of next month. but of issues
of $500,000 or more only two will be
paid and both of these happen to be
debts of the Bell Telephone System.
The list includes: S3,585,300 of United
Public Service 6i2 per cent debentures.
on which interest is in default. and
Maryland Electric Railway First 6s. on
which payments also are in arrears.
Dallas Telephone first 5s and Roches-
ter Telephone general IS. in amounts Of
S9379 900 and S721 900. respectively. will
be paid when due, but the S1.399, ,000
Burlington Railway & Light first IS
and the Iowa Southern Utilities 6S and
Extension IS are to be extended. A
refunding plan has been offered for the
Sl350,O0 of Denver Tramway first
IS. the S1167.0OO of Denver Consoli-
dated Tramway first IS and the Den
yer Tramway Power first IS.
Steel Debentures Active.
Ffrmer steel prices brought greater
attention to the better grade steel de-
bentures. such as Bethlehem Steel SIS of
1912 and IS of 1886. Miscellaneous
gilt-edged industrials Jagged
Switzerland SIPS opened at their pre-
vious peak of 152. as the Exchange an
nounced that holders may receive Octo-
Der l interest in terms of gold dollars
If special certificates Of ownership are
executed To be a good delivery bonds
must carry october l coupons. but de
layed deliveries" between September %
and 81. inclusive, may be made with the
coupon detached and cash settlements
made.
United Kingdom As of 1960-9o, start
ing Tuesday shall be dealt in ''ex' the
November l interest coupon. After
Monday the Serbian IS. due in 1862,
may be dealt in with the November l.
1882, interest coupon stamped as to ST
paid, but all other coupons attached.
French 7l2s dropped a couple of
points as the dollar appreciated, though
most of the obligations Of French cities
were not much changed. French rail-
way issues were somewhat lower and
virtually all Reich issues. the Federal
governments excepted, softened.
(Copyrieht 1933)