Evening star., 1933-09-21
BONDS IRREGULAR
IN ACTIVE SESSION
Junior Rails Display Most
Weakness-UtiIity List
Also Down.
BY JOHN A. CRONE.

Special Dispatch to The Star.
NEW YORK, September 2l.-The
bond market was active and irregular
today. Foreign loans were the first 10
point downward as other currencies
declined in terms of the dollar. The
strength of the latter unit may have
been q contributing factor to the recov-
cry of United States Government OBJ
legations.
Second grade rails remained the out
standinsly weak group in domestic cor
porate issues. though public utilities
and many miscellaneous issues again
were offered rather freely in the in
creased transactions during the forenoon
period.
Treasury issues rather than Libertys
appeared most frequently at rising quo
tations on the tape during the first
several hours. Some of the purchasing
Of these securities doubtless came from
the Federal Reserve system. but many
savings banks in this district also were
buyers Of Governments in the last few
days.
Unable to Keep Levels.
Spectators, institutions as well as
individuals. were responsible for the
decline in junior rail bonds. Basically,
the railroad situation has shown i'm
provement in recent weeks. However,
many of these issues were bid up to
unwarranted heights two months ago.,
st. Paul adjustments. for example.
sold down to 1914 before midday. of
y. The gold IS at SO were down more
than points. Chicago & Northwest.
err convertible Ans at 27ls registered
a decline Of more than 4 points. In
ternational Great Northern adjustments
clipped of a couple of points on the
firSt few trades and subsequently dipped
further
The Interstate Commerce Commission
today granted permission to the Reading
Co. to extend for a period OF 10 years
the 81, ,e44 900 Of Philadelphia e. Read
ing Railroad prior lien mortgage bonds,
due October l. and to guarantee prin-
cipal and interest of the bonds during
the extension period. Reading issues
were not at once Influenced by this de-
velopment.
second-grade rails averaged de-
cline of ~ points in the midafternoon,
while high grade carriers were OF less
than a nth of a point. public utilities
about q fifth and industrials about
third Of point.
Gold Issues Decline.
Allegheny Corporation convertible IS
Of 1910 fell more than 4 points. as did
Baltimore & Ohio convertible 4ias OF
1880 and Denver g. Rio Grande West
ern SIS Of 1856 Mobile e. Ohio IS and
st. Louis Southwestern income SIS were
zach of 3 points.
Lehigh Valley Coal IS of 1854 broke
points. American Writing Paper Is
softened. Warner Bros Picture con-
vertible IS reacted more than point.
Local fractions we're in slightly in
creased supply and failed to maintain
their rising tendency Of recent sessions.
Foreign loans in the final hour con-
tinued trends started around the open
ing. The various gold currency issues
declined. United Kingdom issues were
unimportantly changed. German de-
scriptions averaged 2-point loss. Mon
tivedo 6s. by fractional gain. recorded
A new peak. but most Central and South
American obligations were heavy. United
States Governments. recording either
the belief of no immediate imitation or
OF reserve system support. closed higher.
(Copyright. 1a33)