Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-08-10
BONDS IRREGULAR
!. IN HIGHER TREND
Speculative Rails, IndustriaIs
and Utilities Lead, but
Lose Some Gains.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, August 1o.-Corporate
domestic bonds featured dealings today.
Starting out steady and moderately &C
tive. the market worked higher and
picked I'D volume as the session pro-
dressed with speculative rails indus
trials and utilities in order named.
leaders on the upside.
Fair sized transactions in one OF the
two new United States Government
issues was an interesting development
of the first hour The when issued
Treasury 3Ls of 194l made their bow
on the exchange at 100.19, or premium
of 1892 over the offering quotation.
The best price this issue attained IN
ver-the-counter trading was 100.l8.
British Issues Firm.
United Kingdom 5l2s appeared fairly
frequently on the tape during the first
two hours around 1l9, up slightly. For
some days after their conversion offer,
July 10, this issue turned over at the
rate of more than 100000 a day
Some estimate that as much as $20,-
O00. 900 of this $4,000, 900 issue was
offered for conversion. 1t Is now be-
lieved that large part of this British
external issue has been sent back to
London, though a few large holders
here indicated they might not convert
their holdings
A rally in South American issues, led
by Argentine governments; further
gains in French securities, notably
Paris Orleans Railway 5i2s of 1868, and
irregularity of japanese descriptions
characterized foreign loan trading in
the forenoon.
Low to medium grade rails furnished
the volume of domestic transactions.
ST Paul adjustments did not vary much
from 81, their previous final price, while
the gold IS Cancelled an initial gain.
Once again a more or less uniform up
ward movement in the Van Sweringen
issues attracted attention.
Allegheny Corporation convertible IS
Of 1914 opened up "a at 65&. The
IS of 1850 at Ala we're up a point.
Chesapeake Corporation SIS rapidly
reached l0534, up p. Nickel Plate
Is opened unchanged at go. but later
1rmed. The 4l2s at 50 were up Is.
Market Up Slightly.
BY midafternoon the market as a
whole was up slightly, with high-grade
rails and public utilities shade lower.
industrials a trif1e higher and second
grade rails recording the best gains.
Profit taking. however. in speculative
issues in the fourth hour reduced or
erased many of the earlier advances in
junior carriers.
Although the notice of the Stock Ex-
change in listing the new 3i4 per cent
Treasures. which are to be issued Au-
gust Is, places the amount as $780,
100000 or therea bouts" the Street ex-
poets allotments to bring the total to
S00o 900, 600
If this latter figure is reached. the
new issue will be the largest American
loan listed on the exchange since 1924,
when Sl.036,334 500 of per cent
Treasures we're admitted to trading
The new Treasury issue led in activity
today, being approached only by the
Treasury As of 1914.
Wide gains scored in low-grade in
dustrials included points in Botany
Mill Gigs. in Kelly Tire IS, around
3 in American Writing Paper IS, and
834 in National Acme first IS. North
American per cent debentureS of 1861
were down points
In the last hour Cuban AIS of l949
came out at 1914 Cuba Cane Sugar
IS at Ga were down 80. Cuban 5l2s,
1858. sold at 7812 The market slowed
its pace near the end and closed ire
gularly.
Copyright, 1880