Evening star., 1933-08-22
BONDS IRREGULAR
AS TONE WEAKENS
Corporate Averages Are Off
Almost Imperceptibly
In Afternoon.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, August 22.-Bonds
moved slowly through the forenoon ses-
sion on the Stock Exchange today.
Price trends were irregular, though in
the main foreign issues declined and
domestic securities ranged from barely
steady to higher,
Speculative carriers were unsettled
around the end of the first hour
as washington advices stated that
an official in the Bureau OF Finance
Of the Interstate Commerce Commission
reported the commission had rejected
the 81 000, 900 loan application OF the
Western Pacific Railroad, whose first
mortgage IS Immediately dropped to
32h, decline of As points.
Argentine Groups Soft.
softness Of Argentine loans today. in
contrast with their recent hardness. fol-
lowed Buenos Aires cables telling OF
President Justo's appointment OF Fed
erico Pinedo as minister OF finance.
Senior Pinedo was the author OF the bill
to decrease foreign debt sinking FUND
payments $1,000 900 annually for 50
years. which bill passed both houses.
but the government refused to put II
into effect. Argentine loans averaged
. point loss on this news.
Amusement, meat packing and dairy
ing debentures were OutStandlngly
strong In the industrial division. The
shorter work week IS expected to In
crease theatrical audiences, since les
sened work Is supposed to be accom-
panied by more or the same pay. Specu-
lators bid up Loews IS, which at s8l2
nd
Paramount Famous -Lasky issues, which
averaged an advance of 2 points.
Armour AVS and 5as were the chief
movers in the meat packing group,
which Is expected to benefit from the
hog destruction process which will In
crease pork prices after October l. Ma
tional Dairy Products 5As perhaps
were helped by the Governments plan
to end the glut of butter and the fiow
OF fats here California packing SIS were
a shade lower as Pacific Coast dis
patches indicated that the fruit and
vegetable pickers' strike was still on in
scattered regions.
The averages of corporate bonds by
midafternoon were almost impercep-
tibly lower. First-grade rails were
down about one-tenth of a point and
industrials up about that amount, with
virtually unchanged.
Extension of the forenoon break in
Cuban government loans. declines in
Colombia Mortgage Bank issues, firm
ness in Paulista Railway rs and heavi-
ness in North German Lloyd Is. on the
proposed reorganization, were the chief
foreign loan incidents. Queensland IS
hit new top.
Softest IN Senior Rails.
Morris & Essex issues were softest in
the better grade rails. Speculative in
dustrials like Colorado Industrial IS. In
ternational Paper IS, Remington-R Rand
5las and Tennessee Copper & Chemical
IS did best in their classification. Chi
cago & Northwestern 4as, Denver &
Rio Grande IS Of 1855 and Frisco con-
solidated IS Of 1850 were weak In the
JUNIOR rails.
Steadiness of the Van Sweringen
rails, hardening Of International Tele-
phone 4hs. fractional recovery of
American & Foreign Power S. were de-
velopments of the last hour. Warren
Brothers convertible IS broke almost S
points Southern Railway 612s spurted
about point. United States Govern
ments were not active. but near the end
most of them were slightly higher on
the day.
Copyright. 1889