Evening star., 1933-08-03
RALLY IN FOREIGN
BONDS |SFEATURE|
Renewed Weakness of Dollar
Cited-U. S. Issues Show
HeavineSS.
Special Dispatch to The Star.

special DlSpatCn 10 Inc oldI.
NEW YORK, August "a fair-sized
rally in major foreign loans and rails,
especially the speculative carriers, fea-
tured forenoon bond trading today.
Renewed weakness of the dollar in
terms of foreign exchanges at once
lifted United Kingdom 5l2s more than
y point. French 712s opened at 1877,
up y points on foreign exchange fluc-
tuationS and the heavy overSubScriptionS
on the new internal loan, rather than
on Paris cables. which indicated a de-
cline of S35. 1913, 900 in tax receipts in
the first half of this year compared with
the corresponding period of 1882
Irish Free State 5s of 1860 opened up
2 points at 102 a new peak, and subse-
quently bettered that level on Dublin
cables that Gen. O'Duffy disclaimed in
tentions of establishing a dictatorship
OF Blue Shirts" Italian Is opened up
y point at 96. Hardness Of Argentine
issues in London continued the recov-
ery of that group here.
United States Issues Heavy.
United States Governments less than
B per cent of the total trading in which
takes place on the Stock Exchange,
were inclined to heaviness on further
ruraors about immediate imitation steps
which of course lacked confirmation.
The Treasury announced that the offer
ing of 6-year 3l4 per cent bonds had
been oversubscribed more than six
times
Canadian National Railway bonds
stood out in rail dealings in the first
two hours, as every issue, that ap-
peared on the tape came out at higher
quotations. Carriers as a group were
firm from the very best, such as
Atchison General As and Lake Shore
312s, to many of the lower grades,
like Missouri Pacific General As and
International Great Northern Adjust
ments.
American & Foreign Power IS led
the speculative utilities as they quickly
rose points to so. Postal Telegraph
IS were a shade better on this move,
though international Telephone Deben-
lures inclined to softness Lorillard IS
at 105A were at a new peak for the
year as the rs duplicated their previous
best level at 117l2.
Demand for industrial issues of the
type of Standard Oil of New Jersey SIS
and Atlantic Refining IS was quite
apart from some of the group moves
that occurred in the general list of
1ndustrials. Oil debentures generally
were easier. So were steel issues.
though here again the better grade,
like Bethlehem Refunding SIS. firmed.
Rubber debentures generally were
higher around midday, which was not
surprising in the view of conditions in
that trade. Building construction and
material securities, such as Warren
Bros IS and International Cement IS,
moved ahead on further news of the
public building program. Dodge IS
were the most active in the motor
claSsifca ton. Studebaker IS were re-
dictionary.
Fluctuations Widened.
Wide moves marked afternoon bond
dealings. Traffic estimates lifted Hi
nols Central issues from l point in
the case of the refunding SIS of 1855, to
"a point in the inactive ST. Louis
divisional IS of 1851 Wabash, Detroit
& Chicago SIS of 1941 encountered bid
that put eight of them up 1894 points
to 76
American Metal 5lbs opened up
nearly points Colorado Fuel & Iron
SIS. with a break of 3 points, came
within a fraction of their low. Wal
worth 612s of 1885 with warrants broke
8 points.
Meanwhile Dutch East Indies and
French issues were strong in the Euro
pean division, as Germans softened
The market was a shade lower by
mid-afternoon, as some weakness
cropped out in the better grade utili-
ties. Most local fractions were lower,
the widest decline being registered in
Third Avenue Railway refunding As. off
points OF the IL United States Gov
ernment bonds appearing on the tape
in the final hour, five were lower. four
were higher and two unchanged
Treasury 33ss of June, 1910, at 1Ol "a
off 8-32, were the widest movers on the
downside, while Treasury 334s. at
1G4.15, up 1882, made the best showing
on the upside.
Copyright, 1889