Evening star., 1933-09-29
JUNIOR RAILS Join
ADVANCE IN BONDS
European Issues and New
York City Loans Also
Are Strong.
BY JOHN A. CRONE.
enecisl Dispatch to The Star.


NEW YORK. September 2s -
Strength of European loans, especially
French and German issues, recovery
In Argentine descriptions, hardening OF
New York City obligations and rally
in iunior rails featured forenoon bona
transactions on the Stock Exchange to-
day.
French securities such as the govern
ments ana cities, and somewhat later
the rails, led the upsWing in European
issues Later the German group, head
ed by the governments and cities. start
ed upward The Reich list Sprlnted as
London cables told of German bond
buying in the city, following the Franco
German disarmament conversations AZ
Geneva
French tbs opened at $50. up ll2
points and at a record peak. Near
noon the Is reached 153. also record
high Meanwhile. Bordeaux IS and
LYONS IS also we're bid up. as were
Paris Orleans Railways 5l2s. German
rs and 5i2s averaged gain OF more
than a point before municlpals and
provinces of that country headed higher.
Argentines Rally.
The rally in Argentine governments,
which ranged from fractions to more
than two points, followed BuenoS Aires
cables stating that the government had
obtainei a SiX-month renewal on Its
Sl7.500000 loan and interest had been
cut from 5to a per cent. Other South
American lStingS, however, did not bene-
fit from this Argentina squirt. Although
the new Australian loan, floated in Lon
don, quickly touched a premium and
subscribers were able to get only 10
per cent of the amount asked for, the
dollar loans of that country here today
were inclined to recede from the higher
levels established earlier in the week.
Bidding up of New York City bonds
followed the approval, by bankers. OF
plan to rehabilitate the city'S credit.
Gains in the first two hours ranged
from to points in long-term issues
and from l to ? points in short-term
descriptions.
The rise in speculative carriers was
headed by standards leaders in this di-
vision, such as St. Paul adjustments,
International Great Northern adjust
ments, Missouri Pacific 5i2s and the
various Alleghany issues.
An advance in the price of various
steel products, such as plates and struc-
tural shapes, along with the proximity
of awards under the public works pro-
gram, attracted dIt6IlllOfl 10 SCecl Qc-
bentures National Steel collateral SIS
were up ss points on few trades and
Wheeling Steel Alas rose the same
amount. following which miscel-
lsneous group bettered
Move Shade Higher.
Gilt-edged rails, public utilities and
industrials generally we're a shade higher
in midafternoon dealing. but specula-
tive carriers sold off. The announce
ment that Allegheny Corporation would
pay the interest due October l next on
the SIS of 1850 had been forecast by
rise of 2as points, but the issue prompt
ly moved ahead.
Betterment. Ill Costa Rican, Dutch
Austrian and Swiss loans marked the
foreign list in the afternoon.
American Rolling Mill A 2s were one
of the few steel issues to ease today.
They moved lower despite the an
nouncement that the plan providing for
the exchange of 5 per cent notes due
November l. 1888 had been declared
operative Metal bonds moved irregu-
larly. with American Smelling SIS and
Chile Copper SIS higher, ST Joseph Lead
5l2s virtually unchanged and Amer
lean Metal 5l2s down a shade. United
States Governments finished fraction
ally lower. The market closed slowly
with average domestic quotations slight
ly firmer and with foreign prices irreg-
ularly frmer.
Copyright. 1897