Evening star., 1933-07-14
BOND LIST FIRM
IN CLOSING HOUR
Reactionary in Early Deal
inqs. Brisk ReCoverieS in
Secondary Rails.
BY the Associated Press.

BY the Associated Press.
NEW YORK, July 14-The bond
list, somewhat reactionary IN spots IL
the early dealings, firmed up in the
final hour today.
There were brisk recoveries in many
of the secondary rails resulting IN final
net gains as against earlier losses
Traders showed enthusiasm for the
communications issues after they had
sagged a bit during the forenoon. In
ternational Telephone debentureS
pushed up points, while Postal Tele-
graph SIS and Western Union 5s rose
q point or more.
There were wide advances in several
industrial loans, including Philadelphia
& Reading Coal & Iron IS and
Goodrich 6s.
South American bonds held the
previous days gains, anc gained a
little besides. Other parts of the for
eign list were firm. Germans ruled
higher. United States Governments
showed little variation.
Lead in Demand.
st. Paul SIS. International Great
Northern first IS and adjustments, 81.
Paul adjustments. and issues OF tnaG
type were in most demand in the rall
list In contrast Atchiscn General As
and Union Pacific As barely budged.
The early advance to new highs IN
some of the anthracite mining COM
panies, like Hudson Coal 5s, or IN issues
of hard coal carriers. such as the Lehlgh
Valley group, was explained by the m
creased coal shipments to Canaaa'
which, in view of the dollar deprecla-
ton here, now finds it cheaper to buy
coal from the States than from wales.
st. Joseph Lead s. IS were the flrSt
of the metal issues to reach new highs.
International Power 5s of 1947 led tnelr
group Again it was the loWer-prls<H
local fractions. like New York Railway
incomes and Broadway Seventh Avenue
first consolidated 5s, that took up most
of the tape in that division. Dodge IS
opened up point at 95. International
Cement convertible 5s were a shade
stronger.
Irregularity in United States Gov
ernments resulted from disappointment
that the Federal Reserve System had
purchased only S12000000 in their open
market operations last week as against
S25,OOO.0o0 weekly heretofore. Fur
thermore it was quite generally believed
that the latter figure, under the Thomas
amendment to the farm relief bill, would
be adhered to. After eight weeks CT such
purchases the Reserve System has taken
only $170000,000. Total purchases Of
So 600 100000 of Government bonds
were authorized by Congress under the
imitation program.
Foreign Securities.
Switzerland 5 S were the first of the
European gold loans to be pushed to
new peaks, as they opened at 1872, up
134 points. Increased export trade
the last six months explains the greater
interest in japanese Governments, some
of which hit new highs today
Later Italian government Is sold at
81 up II points from their low price
earlier in the week. Yugoslavia Merit
gage Bank Is established their best level
for the year today. Nord Railway 6l2s
opened I'D points.
Postal Telegraph SIS were the first of
the speculative communications lifted
to new levels for the year, though later
International Telephone issues pointed
upwards. Moving slower than the low
priced issues. InteIborCugh refunding
5S and convertible rs scored new highs
around midday