Evening star., 1933-09-25
BOND LIST MOVES
LOWER AT CLOSE
U. S. Governments Irregular
Domestic Issues React in
Afternoon.
BY JOHN A. CRONE.
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, September 25-Bonds,
after opening moderately active and
slightly firmer, turned upward in the
first half of tcday's session. High
grade rails and industrials led the do
mestic corporate list. Strength Of all
Reich issues featured the foregn divi-
sion. United States Governments
moved irregularly
speculative issues, rails, utilities and
industrials were inclined to follow the
lower trends of shares during the FORE
noon. Municipal descriptions bettered,
with the long term New York City
issues up trif1ing amounts on markets
confined largely to or 10 bonds.
The rally in German obligations,
which averaged more than a point,
ranged from the central governments
obligations down through the weakest
tive industrials. This move got its
impulse frcm Berlin buying. perhaps
aided somewhat by local spectators,
and followed period of quiet accumu-
lat1cn here for the past several weeks
by German institutions, in many cases
representing the issuers of the couponed
securities.
Contributing to the local specula-
tive move in Reich issues was the
statement that the recent improve
ment in German trade made possible
though not probable. full interest pay
ment this year. The supply of Ger
man securities from American insti-
tutions and individuals continues fairly
large
In sharp contrast was the heaviness
OF many South American loans, which
resulted in part from a statistical sur
vey published over the week end, iE-
dlcatlng that such securities are likely
to require years for rehabilitation Ar
gentine issues were off on the drop il
exports to the United States. Cuban
bonds mirrored the unsettled politics;
conditions of that country.
Long-term New York City 41.s and
4l2s improved an average of points
In the forenoon. but bidding was specu-
lative and trading in short as well as
long term issues restricted. Better
ment was caused by the belief that the
candidacy of mayoralty candidate
sponsored by leading civic organiza-
tions would aid the city's credit posi-
ton. Emphasis at present is being
placed on Government cost reduc
ton, quite as much as on additional
tax revenues.
Bonds reacted around a tenth of
point in midafternoon, the averages
showing high grade and second grade
rails down about that amount and pub
lie utilities and industrialS off about
twice that much.
Steel debentures and construction
material obligations were up slightly, on
the theory that award of public works
projects late this week would prove
beneficial, especially to those securities
with conversion privileges.
Utilities Power & Light SIS with war;
rants, American 6 Foreign Power SIS
and North American Edison SIPS sold
OF rather easily. Vague reports about
the pcss bility of higher subway fares
hcuoht about no rush for the local
tract5one. New York Railway incomes
v-era up on the purchase offer of blocks
CT them by the Fifth Avenue Coach Co.
Tt,'c"n G, Manhattan Refunding 5s
wc-e b-1 up sliehtly on the belief that
the -ca- nj ght benefit from the moving
&C II" recu"itv exchanges to New Jer-
e W.nston-Salem Railway First As
C lcc0 rold a. 86i2, after being offered
down from 80.
(Copyright. 1933)