Evening star., 1933-12-09
j. s. BONDS MIXED
AS TRADING LAGS
Medium Grade Rails Hold
Center of Attention in
Domestic List.


NEW YORK, December s.-Federal
issues, after opening up fractionally
turned irregular in today's bond session
on the Stock Exchange. Meanwhile
foreign governments continued the
selective trends initiated at the outset
and rails, especially medium grade, were
the center of demand IN the corporate
domestic division, which generally was
firm.
The success Of the quarterly Treasury
financing partially was offset by the
lower trend of the dollar abroad today
though the R. F. c. kept its gold buy
ing price unchanged at $34.01 q fine
ounce.
German governments were irregular
possibly because of the Dulles report
which indicated Reich creditors here
could not expect larger transfer pay
ments than are now in force when the
present agreement expires The Reich
bank statement as of December Z, show
ed loss in gold.
Italian issues bettered on the reduc-
ton of the bank rate in that country
The vote of confidence won by the
ChautempS government helped French
loans. Australian issues moved almost
uniformly upward. Argentines featured
the South American list. Brazilian
bonds reacted.
Oil Liens Unaffected.
The couponed security market. which
in the last few sessions has felt the
effects of Tightening money rates in
cident to business expansion, was more
active in the first hour today than
in the same period Friday, though Gov
ernment dealings we're smaller
Oil debentures were not much affect
ed by the plan to raise a pool to sta
biliZe prices, largely because bulk ac-
tivity in this group today centered
around high-grade issues. which were
affected more by general investment
factors, such as money rates, than by
trade news.
This same situation prevailed in the
rails, where prime issues were neglected
as spectators bid up the OUT line,
medium grade carriers and afterwards
took to the second-grade issues. Thus,
while Atchison general As were barely
moving, Nickel Plate AIS were rising
"a point between trades Similarly
while Union Pacific first As were
neglected, Allegheny IS of 1850 turned
active.
Illinois Central issues as group
overshadowed other rails near the end
Of the first hour. Later New York
Central, Pennsylvania and Southern
Pacific mortgages were in demand
Baltimore q Ohio issues. contrasted
with recent sessions, we're dull and
almost unchanged.
Prime Rails Traded.
Later some Of the prime rails. like
Louisville & Nashville 4s, changed
hands. About this period, however,
there was greater interest in COM
munication securities, especially West
ern Union and American Telephone
Postal Telegraph IS were up more than
u point.
All of the Consolidated Gas deben-
lures were a shade higher but this
brought about change in similar
grade issues such as Duquesne Light
412s. American & Foreign Power IS
fractionally recovered Local fractions
benefited from the improved traffic at
this season.
Activity and unevenness Of industrials
marked the closing minutes. Loew's IS,
at 3012, were up u, and International
Paper IS were up a point, but Pure
Oil 51as of 1910 lost point and Ameri-
can Smelling IS were down fractionally.
American Rolling Mill SIS rose almost a
point and Crown, Cork & Seal 6s Of
1910 flrmed. United States Govern
ments finished virtually at their lows
Of the session. The end was active. with
prices slightly higher, but movements
highly selective
tCopyrisht, 1881