Evening star., 1933-10-25
STRENGTH SHOWN
. |NFORE|GN LOANS
Governments Payable in Gold
Lead-Treasury Issues
Weak.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. october 25.-Strength
In foreign loans. especially Govern
ments payable in gold. weakness in our
Federal Government list. jerky upward
moves IN speculative domestic issues
especially low-grade rails. and softness
In gilt ledge carriers, industrlals ana
utilities featured dealings in bonds on
the. Stock Exchanges today.
The first purchase of gold by the Re-
construction Finance Corporation under
the new monetary system brought out
investors offerings of Liberty ana
Treasury bonds. The selling of dollars
abroad and purchases of French francs 1s
put up the latter and weakened the
former. which moves helped all French
dollar bonds listed on this market.
French Issues Advance.
French rs and 7l2s opened up s2v-
eral points The various French mu,
nicipal descriptions initially advanced
more than S points. Belgian loans
however, moved irregularly. SWltzer-
land S. IS we're up a couple of points
The few Dutch issues that came cut
were firm to higher. as were Polish
securities.
United Kingdom As and 5l2s were
both up on the strength of sterling
Irish Free State SIS for time showed
unexplainable hardness. Reich loans
recorded about as many losses as gains
and South American claSsiflcatlons IN
clined to dullneSs.
United States Governments. both over
the counter and on the Exchange, we're
Irir1
first several hours as owners OF them
viewed the present gold purchases and
the commodity dollar" as steps toward
imitation. Like on Tuesday. losses in
this group were narrow. but Federal
Reserve purchases may have accounted
for the small price ranges.
Metals Firm.
The advance in the price of domestic
copper brought about Stltfenlng IN
the metal debentureS, such as American
Metal SIPS, Chile Copper IS and held
American Smelling 5s steady when
other industrial issues of similar invest
ment rating were easing. Bethlehem
Steel SIS of 1886 likewise moved against
the trend of better grade industrials.
Obligations of prime operating utlll-
ties were affected not only, by invest,
ment offerings but by the reduced
electricity output last week, compared
with the preceding week. Warner
Quinlan convertible 5s typifled the up
swing in petroleum debentureS, based
on trade prospects and hedges against
imitation.
Corporation Groups Lower.
In the afternoon all of the leading
corporate groups. second-grade rails
alone excepted were lower, High-grade
rails. industrials and public utilities, in
order named, registered the widest de-
clineS.
European government gold currency
descriptions continued in brisk demand,
with Dutch issues a feature of the final
hour Silesia Electric i2s Of 1916 were
in special demand in the foreign util-
ity group.
Illustrative of investment selling OF
bonds were the turnovers and de-
clines recorded by Atchison general As,
Great Northern general rs. Louisville
g. Nashville refunding 4l2s, New York
Central refunding IS. Norfolk & West
ern consolidated As. Pennsylvania gen.
eral Alps. Philadelphia Electric As and
Illinois Steel AIS.
Fairly wide gains took place in such
speculative issues as Allegheny Corpo-
ration IS, Chicago & Northwestern
convertible 434s and Postal Telegraph
5s Brisk sale of the New York State
bonds aided the general municipal list,
but did not prevent steady stream
of United States Government offerings.
with Treasury 31.s OF 194l and 4i,s
of l947 especially in supply. The mar
ket finished actively lower.