RAILS AND UTILITIES LEAD BOND TRADING I I NEW YORK June 17 UP W P Utility p and rail liens competed on fairl fairly p even terms Wednesday for leadership leadership leader leader- leadership ship in a rising bond market Prominent in the advance in the thi late trading were American anc and Foreign Power 55 International 1 Hydro-Electric Hydro Detroit Edison Edson 1 45 International Telephone 55 Alleghany Corporation 53 Erie Eric Nickel Plate 4 s and Southern Pacific Pacific Pa Pa- 4 s up fractions to around 2 24 s points Several of ot the foreign classifIcations Lions added substantially to recent L gains particularly Italian government government govern govern- ment and municipal issues United States governments barrIng barr barr- ing one or two of the treasuries sagged to levels one thirty second I to four thirty seconds of a point under un un- der yesterdays yesterday's closings