Evening star., 1933-08-15
JUNIOR RAASLEAD
: DECLINE IN BONDS
European Issues Also Weak,
but Cuban Government
Group Improves.
anecial Dispatch TO The Star.

Special Dispatch to The Star.
NEW YORK, August 15.-Foreign
loans and junior domestic rails fea-
tured the downside of forenoon bond
trading on the Stock Exchange today
Continental European descriptions led
the descent of foreign issues. while
the South American group, especially
Argentine governments, pointed upward
Declaration Of moratorium on ex-
ternal state debts and interest pay
ments by Rumania occaSioned an IN
crease in Central European offerings
Rumania rs of 1859 opened at 81, OIL
a point. The moratorium involves pay
ment of 100000 900 lei annually.
The tone for European securities
however. was set by United Kingdom
Sis. which at ll6l2 were down IA
points Subsequently the As Of 1890
sold at 81. off IL. French rs at l39
were off ~ and later widened their
initial loss Belgium 6s at "a recorded
an opening decline of point.
Cuban Loans Improve.
Meanwhile loans of the Cuban gov
ernment continued to improve as con-
ditions on that island quieted. Ar
gentine governments averaged initial
gains of a point Later BuenoS Aires
provincial securities strengthened. Peru
Wan issues and the obligations of vari-
Gus Colombian provinces, especially
Antigua, then braced.
The appearance of some June raj
earning statements and further weak
ness in Western Pacific first IS brought
out larger offerings of speculative car
rierS Western PaCiflc'S softneSS was
attributed to doubts about the Septem-
ber interest payment which were
not cleared away by the appearance
OF the June earning statement. West
ern Pacific reported net loss OF Sl93,,
TOO in June against 1884 ,203 in the
same 1882 month. Net loss in the first
six months amounted to $1,725, ,69s
against net loss of s18l5846 in the
corresponding period of 1882 The
per cent bonds opened at 80, of two
points
Chicago Il Northwestern 4a4s were
Off fractionally at 3634. though the
road reported June net loss OF only
1886 against a net loss OF 81 .l83, 62(
In the same month Of last year. Net
loss for the first six months of $7,502,-
655 contrasted with $7,l54,0 ,009 in the
first half of last year.
Recovery Erased.
The recovery at midday. especially
In low-grade rails was erased by mid
afternoon. Dealings slackened anC
broadened offerings encountered soms
thin bids in first-grade rails and better
grade industrials Meanwhile public
utilities and junior carriers met with
better response They were the lead
ers in volume during the last hour.
United States Governments generally
were more active and firner than II
the preceding session, as the Treasury
handled large money turnover caused
primarily by its mid-August flnancia
program. In awarding its S75,l0000(
of 9l-dav bills. the Treasury stated
that applications totaled S28l,34l 900
or in other words the issue was over
bid to l.
Further improvement took place II
bonds like Atlantic Gulf 4 West In
dies SIS. American & Foreign Power SIS
international Telephone debentures
Cuba Northern SIS. Cuba Cane Sugal
6s and Francisco Sugar TIPS, as Ha'
. vana Gables indicated the quletme
down of the Cuban revolution.
(Copyrlght, 1933J