Evening star., 1933-12-08
j. 5. BONDS DULL
AT LOWER LEVELS
Many Junior Rails Reach New
Highs for Present
Movement.
sneciaI pispatch 10 The Star.

Special Dispatch 70 The star.
NEW YORK, December g. Federal
bonds. after a show of strength at the
opening today, turned dull and frac-
tionally lower in forenoon trading on
the Stock Exchange
Low-grade rails featured the domestic
division, many of them attaining new
highs on the present movement. For
eign governments improved as the dol
lar eased. Speculative industrials then
came into favor but elsewhere in the
list movements were narrow.
Government issues were fairly firm as
the Treasury announced the oversub-
scription in one day to the $3.50, ,000, 900
OF one-year ga per cent notes offered
Thursday. While the extent of the
oversubscription was not made public,
1t was reported as generous. This in
formation probably will be made known
at the same time as allotments.
German governments were up here,
despite Berlin cables that the debt par
leys had been concluded without a de-
cision being reached The German gov
ernment, however, announced that it
would decide before the month end
whether the present scale of transfer
payments would be maintained.
Reich Municipals Up.
Municipal obligations of the Reich
also were in demand, though the in
dustrialS and utilities, so active in the
last few sessions, Jagged. Higher prices
Tor francs in terms of dollars helped
French governments. Rotterdam IS
opened up more than a point. South
American loans during the first several
hours were unusually dull.
The rise of the rails was led by
mlddle-grade carriers, with Gulf Mo-
bile q Northern SIS of 1852 series B
up 5z points on their initial trade.
Southern Pacific AIS of 1881 were up
about half that amount.
Meanwhile the prime rails moved ir-
regularly. Chesapeake g. Ohio first
consolidated IS of 1899 were up more
than point, while Atlanta & Char
lotte IS of 1914 series B were down
about that amount. Atchison general
Is were a shade lower. Union Paci-
nc first As were easier.
Between these two rail moves the
wer-grade carriers started edging up
ward. Missouri Illinois IS of 1853
opened up a point. Missouri Pacific
SIS were up almost that much. Rock
Island refunding As opened up frac-
tionally, followed by initial gains in
Allegheny Corporation IS of 1850, Chi
CdgO 0 northwestern 4AS, Denver d
Rio Grande IS of 1855, Florida East
Coast Railway SIS of 1874 and st. Paul
gold" IS.
Corporate Issues Up.
Average corporate bonds were up only
slightly in the afternoon, with prime
rails trif1e easier and industrials,
public utilities and speculative carriers,
In order named, recording advances.
F1rming money rates in the last few
days have tended to slow dealings
without lowering quotations, but today
supplies of couponed issues for a time
were larger than demand and price ad-
justments were accordingly made
American & Foreign Power IS were
down about point as protests were
made to the Cuban government on the
threatened seizure of some of that
company's properties Continued profit
taking caused fractional recessions in
Canadian National Railway issues,
though Canadian Pacific debentures
We're up moderately.
United States Governments, after an
initial furry, reacted and on rather
light volume finished fractiona1ly low
er. The close was active compared
with the dullness of the last hour, with
quotations irregularly higher.
Copyright, 1881