Evening star., 1933-09-20
BONDS CONTINUE
TO MOVE LOWER
Selling Pressure Is Eased
and Declines Appear
Slightly Smaller.
BY JOHN A. CRONE.
al nispatch TO The Star.

Special Dispatch 70 Inc Star.
NEW YORK, September 20.-The
bond market moved lower today, though
offerings were not IS large as In the
preceding session and pressure to sell
was not so urgent, with the result that
price declines on the whole were some
what smaller
A handful of European loans reached
record high quotations. This list In.
cluded Switzerland 512s, French rs and
United Kingdom As. These moves
followed fluctuations of foreign ex-
changes, the new low price for the
dollar in terms of such currencies. and
the record high level Of gold IN the
London open market.
United States Government obligations
moved erraticaly during the first two
hours, with most Of the offerings on the
exchange centered around Fourth
Liberty 4As which. however, were
down only 2-32 in this period.
Utilities Still Weak.
Public utilities remained under pres
sure despite the publication OF the weekly
electric output figures. which indicated
power use last week at a tWo-year top
and 12.7 per cent over the same period
of a year ago This group continues
to feel the pressure of the Muscle Shoals
situation and the very theoretical elec-
trio light rates announced in connection
Herewith.
Speculative rail issues also behaved
disappointingly in the first half OF the
session. though rail circles predict
further gains in car loadings, which
seem to be justified by the actual
amount of traffic moving in many parts
of this country.
Exceptions to the general trend in
utilities included the 3l2-point gain in
Brooklyn Union Gas first 5s Of
1945 and the APPOINT rise in New York
Steam Corporation first SIS of 1851. New
York Gas g. Electric Power As, however.
were down more than a point. Laclede
Gas SIPS of 1860 were down about 2
points. In the better grade group Du-
quesne Light 4i2s of 1867 series A
showed signs of flrming for the f1rst
time in several sessions.
OFF Less Than Half Point.
BY midafternoon the market was less
than p point lower on the aver
age, though industrials were down more
than that amount and first-grade rails
and utilities almost that much. Sec
ond-grade rails were off around 4
point
Canadian loans sold lever following
Ottawa dispatches stating that the
Dominion would float an issue Of $780,
100000 on October 10, Of which 85 per
cent will be used to pay of matur-
ing obligation and the remainder en-
ployed for capital expenditures on pub
lie works.
Outstanding in foreign security move
ments in the final hour were the at
tainment of new highs by the various
French city issues. such as Bordeaux IS,
Lyons IS and Marseille IS, the peak
reached by Montevideo IS Of 1859, and
tie minimum hit by Colombia IS OF
1851 ARGENTINE Governments averaged
q "-0oi-t loss.
Chioago, Indie napolis 8, Louisville
C.T-nonD .scues were not at cnce re-
s. i've t withdrawal CT loan request
f. S250ocO0 fled with the Recon-
S u ion Finance Corporation. In the
s-oculet.ve rails. Allegheny Corporation
ccrycrt be 5s of 1850, st. Paul IS, Mis-
* ncas-TeXas As and adjustments
a. W. bash refunding SIS were weak.
A. cri-an Chain IS scored new high.
t, issues averaged a 2-point decline:
Ir.-rngtional Hydro-Electric IS CT 1914
Y - Of points. Newark Gas SIS were
ec-.cr on a couple of trades. North
A1reI can EdiScn SIS of 1869 fell 7H2
ra.rts. The market closed slowly and
iIr gu arly.
tCopyright 1933D