Evening star., 1933-08-08
BOND LIST MIXED
IN QUIET SESSION
"Do|Iar Doctoring" Rumors
Weaken Prices for U. S.
Issues.
Special aljbispatch to The Star.

Special ibispa tch to The Star.
NEW YORK. August 8-Bonds
ope4ed quietly and irregularly today,
with a rather distinct cleavage exist
Ing between the price trends of high
glade and speculative securities as
s<sult of the renewal of imitation talk.
Rumors of dollar doctoring" caused
forenoon declines in most Of the United
States Government obligations. AL
though actual volume on the exchange
in this division was below the same pc
riod of Monday trading was moderately
active in the over -the-counter market
where it was conceded that fluctuations
of the group were meaningless.
Any threat of initiation logically
would send Government bonds lower
but under present conditions the decline
would be promptly checked, if only tenn
porarily. by the purchases of the Fed
eral Reserve System under the Thomas
initiation amendment.
The Treasury officially announced al
lotments of the new issues. the eight
year 3i4 per cent bonds. and the two
year 1l2 per cent notes, but late Mon
day trading had been on the basis of
such news, which apparently had
leaked out of Washington. Wall Street
these days is SO used to being ignored
about Washington matters that it was
not surprised to get the advance in
formation on the Treasury allotments
via Pittsburgh and Southern points.
High Grade Rails React.
High-grade rails likewise reacted to
the initiation rumors, for it is natural
that gilt-edged issues first feel the eff
fects of monetary tampering These
securities Are usually held by the most
conservative and best informed security
owners, who always are frightened
about changes or reported changes long
before such news reaches other holders.
Atchison general as opened off 2
point, but subsequently recovered.
Union Pacific As at 100 opened of 70.
Burlington general As opened down IS
at GAS. New York Central 3l2S were
moderately active at S3la, unchanged.
A similar trend was noted in the
better grade of industrials. Standard
Oil of New jersey IS at 105is were off
"a. Bethlehem Steel 5s of 1886 opened
at 3d.. off Il, points
Meanwhile, speculative rails and pub
lie utilities moved along the upward
path taken by their shares. st. Paul
adjustments were up almost a point
around 251s. The gold 5s were up
slightly. The road reported loadings
last week were 24l2 per cent over the
same 1882 week, while in the preceding
week traffic vas up 81 per cent ever
the same Week year ago.
Northwestern Group Lags.
Chicago Il Northwestern issues
moved slower than the other lowpriced
railway issues. following Washington
dispatches stating that the carrier had
requested the l. c. c. to permit it to
sell and exchange 1882 900 of its gen.
eral mortgage 5 per cent bonds cf 1887
to care for one-half Of its October
maturity of S7,724 900 of Fremont, Elk
horn & Missouri Valley per cent con-
solidated mortgage bonds. The re-
naming half of the maturity would be
met with cash payment out of funds
requested from the Reconstruction FL
nance Corporation.
Many of the high-grade utilities
yielded with United States Govern
ments and the rails. Consolidated Gas
a. IS CpH~ed at 981,. off II. Duquesne
Light li2s, series B. at 1862 was un-
charged after the company reported
net inc ne for the IL months ended
June 80 Of s1O.974.670. against s12962.-
663 III the previous year. The Detroit
Eli5on group around midday generally
was lever.
The market was not much changed
In the afternoon, with the highgrade
rails and gilt-edged utilities shoWing
the widest declines and the second
grade rails slight gains.
tCopyright, 1933)