Evening star., 1933-07-24
jRA|L ISSUES LEAD
L. BONDS RECOVERY
LoW-Grade Group Featured,
With Further Gains in
Car Loadings.
Special ispatch to The Star.

Special Dispatch to The Star
NEW YORK, July 24.-The recovery
of the low-grade rail issues featured the
upswing of the bond market in todays
three hour session.
The further gain in car loadings,
along with excellent earning reports for
June and the elimination of much Of
the weak holdings of spectators, ,-ac-
counted for the betterment in this
group. which suffered more severely
than most domestic divisions In the de-
cline last week.
Chicago & Northwestern 434s. first
Of the speculative carriers to appear,
came out at 32k2, up 3H points. st.
Paul adjustments at PAN were up 3
points and the gold SIS" were up
points at so. International Great
Northern adjustments opened 1T 1917,
up points.
Speculative utilities shared only
slightly in this upward movement. Amer
tcan 6 Foreign Power IS, crossing 46 in
their first few trades, were up slightly.
Utilities Power & Light SIS with war
rants were up shade In the COM
munications most Of the Western Union
issues opened lower, some Of them later
recovering, but International Telephone
issues were better from the start
y. .. OrOup Qulet.
United States Government obligations
were quiet, but their quotations ranged
from firm to steady Once again 1t must
be emphasized here that the amount of
trading in Governments on the Stock
Exchange has very little relation to the
total of such transactions. Last week
exchange dealings approximated %, ,700,-
600, yet 28 leading life insurance COM
panieS alone purchased around So OOO,- =
600 Of these securities
The course Of Governments is being
watched closely. for such price trends
may give some hint as to what the
Treasury plans to do in the way Of
financing. The Treasury has to meet
t469 900 900 Of certificates of indebted
ness which mature August IS. Further
more, considerable new money will be
feauired for the public works program.
be given by the open market operations
OF the Federal Reserve system this
week, especially if the system increases
its purchases, either for its own ac-
count or for postal savings.
Specialists in Governments would pre-
Ter to see quiet and orderly market
for general securities, as that would en-
able the Government to float q long
term issue, which would be the first
of such borrowing in two years. OF
the s22 500 900 900 public debt, around
$4,000, 900 900 or more than two-thirds,
consists OF securities due up to fve
years or issues now callable
Foreign List Uneven.
European and South American gov
ernments provided contrasts during the
first hour, as most Of the former were
shade lower and most of the latter
shade higher. Great Britain 51as
moved rather narrowly contrasted with
their fluctuations of last week. Criti-
cism was heard here of the conversion
last Thursday which up until today
had been confined to England and
France. 1t was pointed out that such
conversion offer "dishonors" the bond,
which is not alleviated by the govern
ments offer to allow holders to in
crease their principal. Essentially, of
course, those buying this issue today are
speculating in the fluctuations of for
eign exchange.
Bonds of anthracite companies moved
upward in response to the announce.
ment that freight rates had been cut on
that commodity Some betterment in
shipping was the cause for the bidding
Up of such issues as Atlantic Gulf G West
Indies SIS. Spectators boosted amuse-
ment securities on the theory that q
shorter work week would afford more
leisure, at least some of which would
be used in theaters.
Sharon Steel g. Hoop 81 Us broke 61A
points on their opening trade following
the six months earning report. which
showed a net loss of $257, ,426 contra asted
with a net loss Of $941 900 In the first
half of 1882
In the last hour the advance OF spec
ulative rails continued. In the high
grade utilities there was better tone,
as exhibited by the American Tele-
phone group. Dodge IS retraced their
lost ground. Steadiness of Union Pa
cific As was typical of the gilt-edged
rails. Nord Railway 61as. after open
ing of ~ points, quickly spurted over
to a new peak Of 125. international
Cement IS and Warren Brothers con-
vertible IS rallied The market finished
with prices near the best Of the day.
(Copyright, 1889