Evening star., 1933-10-02
FRENCH BONDS RISE
TO NEW HIGH MARK
U. S. Government Issues
Ease, but Harden in
Closing Hour.
BY JOHN A. CRONE.

@ Special Dispatch to The Star.
NEW YORK, October 2.-Record
high prices attained by French govern
ments, the slightly lower levels OF
United States Governments, steadiness
of high grade rails and industrials ana
the unevenness of speculative domestic
issues featured today'S quiet and IRE
sular bond trading on the Stock Ex-
change.
= French TVS and later the rs scored
new peaks by gains of l and 3A polnts,
respectively. This reversed the carrier
trends of French rails. Municipals OF
that country. Jagged Italian rs were
not much changed. but Rome 6l2s were
I'D a couple of points United kngoom
sias were easier but As pointed up
wards.
Fourth Liberty Ans, the Sc ,268 y095 ESQ
outstanding of which are redeemaoie IN
whole or part on April Is, 1884. II
notice Is given by October Is, were the
most active of the Libertys In the nrst
two hours today, with the first Liberty
AVS a close second. The latter are not
cailable until June Is, 1884, and then
only II notice is given by March 10:
They are outstanding in the amount OF
$535, 600.
ST, fduI 1SSuCS kSCASss
Denver g. Rio Grande Western IS
of 1855 were the first issue OF their
group to respond to the Washington
announcement that a leading local
bank had extended for four months
the September II. 1888, note maturity
of 81. 500 000 BY midday ST. Paul IS
had Cancelled all of their earlier ad-
vance. which was true also of the ad-
justuents.
Canadian Northern Railway 6i2s OF
1916 and Grand Trunk Railway IS OF
1896 were somewhat more active than
usual as traders reported some
switching into them from high-pre-
MUM European gold currency bonds,
the movement being aided by empha-
sis placed on the economic improve
ment in the Dominion. This develop
ment later had sympathetic effect on
Canadian Pacific issues.
Medium and speculative public util-
tiles, communications as well as power
and light operating concerns, outdis-
tanced high grade securities in volume
and fiuctuation. Keystone Telephone
IS Of 1885 opened up points at 70
Western Union 6l2s at 81 were up q
point. Columbia Gas & Electric SIS oi
May, 1852, were likewise up point ano
American & Foreign Power SIS firmed
Montreal Power refunding SIS Of 1874;
appeared more frequently on the tape
than usual.
. Steel Debentures on.
Disappointed by the lowered operat-
ing rate of the steel industry holders
Of steel debentures offered them today
National Steel SIS were off a point and
Wheeling Steel 4loS were down twice
that amount This selling, too, was ag-
gravated by further reports Of labor
difficulties in the steel trade. Later
Lackawanna SIS opened of p point
Bethlehem Steel IS were not much
changed during the first several hours
Unlike in previous sessions, 1t was the
better grade of local fractions that at
tracted purchasers today, Brooklyn
Manhattan Transit IS being leader in
the division. New York Railway in
comes were dull and UNCHANGED. ana
Third Avenue Railway adjustments
slightly lower.
Metal debentures, such as st. Joseph
Lead 512s and American Metal 51as,
partook Of the flrmness Of their shares,
into which they are convertible. In
the oils the high-class issues, such as
Humble Oil SIS and Standard Oil OF New
Jersey SIS, were first to advance.
Steady to firm throughout the first
two hours, the gilt-edged rails, such as
Lake Shore 31as, were inclined to recede
though Atchison general As and Union
Pacific As resisted this tendency in the
third hour. In the lower bracket, me-
dium-grade rails, the main trend was
downward, as exemplified by Boston &
Maine 434s and Illinois Central 434s.
Except for hardening in the long
term United States Governments. the
bond market was little changed in the
late afternoon. A number Of sales OF
United Kingdom IS for delayed delivery
were made fractionally lower, but for
eign bonds as a rule were well sup
ported. In the speculative list st. Paul
adjustments came down to the low OF
last week.
{Convrioht 1Q230