Evening star., 1933-07-26
BOND LIST FIRMS
AFTER Dull START
Speculative Domestic Issues
Lead Way to Stronger
Price Basis.
epecial Dispatch to The Star.

Especial DlSpdtCH 10 i ne otAI
NEW YORK. July 26.-Bonds, after
opening irregularly, steadied in the
early part of today's three-hour ses-
sion At the end of the first hour they
displayed a rising tendency, under the
leadership of speculative domestic
securities.
In the over-the- counter markets the
greatest interest was shown in New
York City issues, in which trading was
cautious pending the opening of the
special session of the New York Legis-
lature at pm. today for the financial
relief of cities in this State.
Junior rails featured the first hour
In point of volume st. Paul adjust
ments opened up point at 81, hesi-
tated around that level. and then
moved upwards in the second hour.
St Paul gold 5s' pointed higher from
the outset.
Wabash Issues Gain.
Wabash issues averaged gains of a
point or more, thus belatsdly respond
ing to their favorable June earning re-
port published in the closing minutes
of Tuesdays session. Chicago &
Northwestern 4s.s opened up l34
points in response to the roads traffic
showing last week. International
Great Northern adjustments at 2024
were up l34 points on their initial
trade.
Meanwhile some of the medium
grade carriers, like Erie Refunding SIS
of 1875, Illinois Central 434s-this road
hoc "a Cnntnry
of Progress ExpoSition-KanSaS City
Southern IS and Southern Railway
6l2s steadily moved forward.
Throughout this period high-grade
rails were little changed, offerings be-
ing less than in preceding sessions. In
the speculative utilities American &
Foreign Power SIS moved quickly back
and forth in a 2point range.
The financial district heard today that
tf the markets did not quiet down the
rediscount rate would be raised this
week or next. but confirmation of such
q program is not mirrored in the move
ments of gilt-edged issues, such as
United States Governments. Further
more such a step would tend to defeat
the Treasurys financing program a
fortnight hence unless it was believed
that a rate rise would prove a quick
corrective.
Foreign List Mixed.
Argentine Governments moved un-
certainly again today, as the Street
seemed to be confused about the cabled
reports from that country discussing
the payment of foreign debts. Bra
lillian issues generally were off about
point. In the European division
trends were mixed. Gains offset losses
in Belgian loans. French 71ks reacted
NJ T,lf+n al
512S were active, but not much changed,
as holders appeared to be as uncertain
as ever about accepting the conversion
offer
Rubber debentureS apparently had
discounted today'S tire price advances.
Goodyear Tire 5s and Goodrich IS and
and 6l2s were a shade lower. which
was true of United States Rubber SIS in
the first half of the session. Interna-
tional Mercantile Marine IS opening at
563s was up 234 points. National Dairy
Products 5l4S worked higher most of
the DAY.
Earlier Trend Reversed.
Reversing earlier trends, rubber de-
bentureS. such as Goodyear 5S and
United States Rubber 5s. moved ahead.
Studebaker IS were up almost 2 points.
Humble Oil IS hardened as Atlantic
Refining IS softened. Texas Co. IS
1rmed.
National Steel IS in the last hour rose
IL to 95. but other steel descriptions
moved more sedately Metal issues were
steady. Liggett & Myers Is opened off
fractionally. but at once recovered. The
shorter term United States Government
obligations were slightly easier in the
final movements, though long term loans
remained firm. The close generally was
quiet but higher. with emphasis
throughout on the speculative issues.
(Copyright, 1889