Evening star., 1933-12-05
u.S.B0NDSSTRONG
AS F0RE|GNS LAG.
Medium Grade Rails Display
Best Tone in Domestic
Corporate List.
Special Dispatch To The Star.

special Dlspeten 10 Ihe Shr.
NEW YORK. December 5.-Rallymg
tendencies In United States Government
Obligations, reactionAry trends In Tor
eign government loans, and selectivity
in domestic corporate securities. with
special strength in a wide group OF
medium grade rails, marked todays
active bond trading on the Stock Elk
change.
The rise in Governments reflected the
stiffening of the dollar in early dealings,
the unchanged r. F. C. gold price, and
the small purchases of Federal bonds
last week. despite their recovery. for
various Treasury trust funds. along with
the expectation that the December Is
financing will be announced Wednesday.
German issues eased as the Berlin
debt parleys got unoer way. Exchange
fluctuations accounted for the move
ments in gold bloc" bonds. Danish
issues advanced. The squirt of all United
Steel Works debentures proved an eX-
ception to the general trend in Reich
bonds. The upward movement In
Argentine issues featured the South
American division.
Buying OF the medium grade rails
was due in part to purely technical
market conditions, as some of these is
sues had been offered too freely in re-
cent weeks, especially just after the two
r. F. c. gold-buying plans were an
nounced, in view of corporate and trsde
conditions.
Canadian Pacific issues were up
slightly. though November gross was OF
about s34o, 900 from the same month OF
1882. Canadian National Railway mort
cages were UP a shade on q limited de-
mand. Junior rails were affected some
what by weekly car loading reports St
Paul adjustments, for instance, most OF
the time were barely steady. as loadines
were down II. 9 per cent, compared with
an increase of 1876 per cent last week.
New York. Chicago & St. Louis re-
funding 4l2s. on the other hand. rose
slightly, though weekly loadinss were
off 81 per cent. Pere Marquette load
ings declined 84 per cent compared
with gain of IA z per cent in the COM
parative period of a year ago Chicago
e. Northwestern convertible 4s4s were
Cff, as the loadings of that carrier were
down 6.8 per cent from year ago.
The market continued upward in the
afternoon, the averages OF domestic
corporate issues showing a Slight gain.
Junior rails and industrials registered
gains as prime rails and utilities re-
corded fractional declines
The S25.000.000 Pennsylvania bond
award today provided the second mar
ket test since the R. F. c. started to
buy gold, the first being furnished by
the New York State award early in
October The price received for the
Pennsylvania issue indicated some i'm
provement in the investment market
for municipals since the New York loan
was 1oated.
Atchison issues, the general As ex-
eepted. turned strong. Virtually all of
the Erie liens finished near their best
prices of the session. Illinois Central
mortgages moved up in the last half
hour. Northern Pacific's securities
frmed. Among individual fluctuations
were the break in New Orleans, Texas
& Mexico IS of 1856. series C; the
spring in Denver e. Rio Grande 4l2s,
the drop in Union Pacific first As, the
easing of Pacific Gas & Electric IS and
activity in United States Governments.
The close was active and firm.
(copyrisht. 1933)