Evening star., 1933-11-17
j. s. BONDS RALLY
IN BRISK TRADING
Dollar Firm After Reports
From Paris Of Early Sta
biIization Move.
BY JOHN A. CRoNE.
Special Dispatch to The Star.

special Dispatch to The Star.
NEW YORK, November 17.-Firm-
ness Of the dollar and sharp breaks in
the pound sterling and French franc
following report from Paris that the
United States would stabilize the dol
lar, brought about brisk rally in
United States Government bonds and
high-grade corporate domestic issues in
the final hour today and corresponding
weakness in some Of the foreign dollar
loans The Paris report was later de-
MED by the Federal Reserve Bank of
New York
The briskest recovery in Federal
bonds came in the much depressed
Treasury IS, the new 4As of 1945 and
the As, though later some of the Lib
critics rallied vigorously from = their
earlier lows. This movement stifened
municipal bond quotations and helped
prime rails and industrials.
British Loans Decline.
United Kingdom As at one time
Welded more than 6 points French
governments were off a couple OF
points. Polish loans reacted
French Cities declined. Canadian
loans had been a trifie easier from
the start. Swiss 5i2s gave way, as did
Irish Free State S.
Atchison general As American Tele-
phone 512s, Consolidated Gas IS,
Standard Oil of New Jersey SIS, and
similar high-grade issues recovered.
Speculative issues snapped out Of
relapse that took place around midday.
Federal bonds softened at the open
ing as the street read the weekly report
of the Federal Reserve System, showing
Government bond purchases in the open
market last week of only S2,ooo,ooo,
which contrasts with the large weekly
purchases inaugurated weeks ago and
gradually permitted to taper. The Fed
eral Reserve System. a semi-public in
stitution, offers no explanation for this
changed policy
United Kingdom As, French rs and
71as, Polish IS and Swedish 512s opened
lower as Polish IS and rs bettered and
most of the Australian issues, especially
the cities, such as Brisbane, advanced
on continued rumors of a conversion
offer to be made by the commonwealth
which would exchange dollar securities
for issues payable in sterling.
Junior Rails Later OFF.
Junior rails, like Allegheny Corpora
tion SIS Of 1850, st. Paul gold" SIS and
adjustments, International Great North
cIA dOJuhGL4G4IS dAlN SALACd6O O. NOI III
western convertible 434s, opened higher,
but did not retain their early gains
throughout the midday period
Atchison general Is opened shade
higher, but they did not set the tone
for the rest of the high-grade carriers,
as Union Pacific first As started in a
trife lower and were followed on the
downward path by issues like Canadian
Northern debenture U.s. several series
of Canadian National Railway 41as and
New York Central 3I2s. Prime rails,
however, were not as soft as on previous
occasions this week.
Illinois Central mortgages were up
slightly, as the board reported nine
months net loss of $1,220,559, against
S4,4l7,32l in the same 1882 period.
Pennsylvania issues generally we're
helped by their September net income
same 1882 month. Reading bonds were
not much affected by September net
profits of 1925 1888, against S566,635 in
the same 1882 month
DHquesne Light Rises.
DuqueSue Light AIS Of 1867, series A,
opened up point, though the COM
pany showed net income for the II
months ended September 80 of Sl0,-
964,261. against s12, ,497 ,223 in the cor
responding period of last year.
Philadelphia Co. IS were not much
changed, after their long period Of
heaviness, though the company showed
IL months net income of $7,582, $50
against S9,789,510 in the IL months
ended September 80, 1892. These earn
ing trends are typical of the public
utility group, which has been hit by
increased consumption of wholesale
current-which is not the profitable
side OF their business-mounting taxes
and numerous rate reductions.
Petroleum debentures failed to be in
huenced Immediately by the upswing of
their shares. Standard Oil of New Jer-
sey 5s and Standard Oil of New York
412s as usual moved entirely with the
investment industrials. american 1. G.
Chemical 512S dropped another point
on their initial appearance today after
q net decline Of points Thursday.
Copyright. 1889