Evening star., 1933-08-18
SPECULATIVE b0NDSI
. REACT AFTER R|SE|
Rails and IndustriaIs Ease
as Grain Quotations
Break at Chicago.
BY JOHN A. CRONE.

Special Dispatch to The Star
NEW YORK, August 18.-Brisk bid
ding I'D of foreign loans and early
demand for speculative home securl-
ties especially rails and industrials,
featured today's active bond session.
Later. the break in Chicago grain
quotations hit speculative debentures,
as well as shares. The domestic nst
closed irregularly lower.
Weakness of the dollar abroad was
not at once felt in United States Gov
ernment obligations, which opened &C
lively and strong, though gains and
losses about balanced at the close.
STIR Myth Of the pound sterling and
French franc in terms OF tne COLLAR
started the bulge in foreign loans. FROM
the two united kingdom Issues ana
French governments and cities the ao
vance spread to Switzerland 5l2s ana
Belgian rs of 1856, thence to Italy rs
and japanese 512s and 6l2s.
Demand Broadens.
The bulk of foreign government loan
activity in the forenoon centered around
ing Poland but not Czechoslovakla,
whose loans were inactive. Demand
broadened later to include other Euro
pean countries. such as Rumanla rs.
off recently as a result of their an
nouncement of default on eXternai
debt and a long list Of German pro-
ylncial issues. like Bavaria 6i2S OF
1945
South American issues were relatively
inactive until near the end OF the sec.
ond hour, when. under the leao OF
Argentine governments, this dlVlslon
started forward Argentine l2s at So
were uu . points and some of the others
were ur . point or more though Buenos
Aires provincial stamped 6l2s opened
of nearly a point Uruguay IS of 1860
at 3O1s were prominent exception to
the up trend.
The usual speculative rail leader, ST.
Paul adjustments, was eclpsed In point
of activity and strength, for time at
least, by such issues as Denver q Rio
Grande Western is of 1865, Seaboard
Air Line IS of 1945, series A, and Inter
national Great Northern adjustments
Later the Wabash and Missouri Pacific
issues uniformly advanced.
Senior Rails Steady.
Glt-eCge0 rallS ike AlcllS~H seAel di
Is and Union Pacific first 4S were
steady but dull. This was true of the
higher grade public utilities, though
American Telephone convertible 4 rs
were up a point In the speculative
utilities International Telephone con-
vertible A. IS we're up point, while
Postal Telegraph 5s opened down IA.
Firnness of the various Dutch East
Indies issues. betterment in German
utilities, and bidding up of Brazilian
descriptions were afternoon features in
the foreign division, where most OF
the forenoon gains were retained. Later
Japanese Power & Light loans were
taken at higher prices.
Meanwhile the break in Chicago
grain quotations hit speculative domes-
tic list. In the rails st. Paul adjust
ments and gold IS Widened their de-
cline. Chicago & Northwestern 434s
yielded their early strength. Nickel
Plate 4l2s eased.
Although Cuba Cane 6s were up
point Atlantic Gulf g. West Indies
Steamship 5s were down that amount.
Remington-Rand 512s lost couple OF
points. In the better type of indus
trials American Smelling & Refining
SIS and Standard Oil of New Jersey 5s
were inclined to easineSs. American
Sugar 6s. however. pointed upward.
Copyright, 1889