Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-14
BONDS IRREGULAR;
TRADING MODERATE
General Domestic Lis
Ranges Somewhat Lower.
Best Issues Gain.
BY F. H. RICHARDSON.

Special Dispatch to The Star.
NEW YORK, May 14.-Bonds were
irregular in moderately active trading
today.
The general domestic list ranged
somewhat lower owing to the Oppressive
influence of the stock market and the
failure of the secondary group to hold
its recent gains. Junior carrier issues
were all fractionally of, but trading
was extremely light here, the declines
running out of proportion to the volume.
st. Louis-San Francisco issues were
off fractionally in the case of the A As
and the AIS, and over a point in the
case Of the B SIS. It was reported in
Wall street that the roads new f1nanc-
Ing, to take care of the general SIS and
IS, due July l, would be In the form OF
$40 100000 Of five-year per cent
notes, which will be marketed on about
a ITO per cent yield basis. At the same
time 1t was said that the financing
would be under new sponsorship
Speyer & Co. were bankers for the roads
last financing.
Missouri-Pacific issues, Erie As and
IS, st. Paul SIS and the obligations of
a long. list of roads, whose earnings
nave dwindled close to or beneath
ing. st. Louis-Southwestern Console
dated Is were up point, but at levels
that reflected some doubt as to plans
to refund the issue at its maturity date
next year.
High-grade issues went to new highs,
notably the American Telephone 5
per cent debentureS of 1865 which
were offered last year. They sold today
at close to a 10-point premium, or
around 4.40 per cent yield basis. At
such levels these unsecured debenture
bonds are selling in the same invest
ment class as the great railroad
mortgageS-AtchiSon General As, Nor
1olk d Western As and Chicago, Bur-
llngton & Quincy General As. These
last also were stronger today. United
States Government bonds were firm at
their best prices in years.
Municipals worked a shade higher
In the continued absence of new issues
OF an acceptable nature Ashville and
Buncombe County. N. c., which re-
Gently defaulted their bonds, will meet
bondholders' committee Monday to
discuss refunding their debts. The city
and county have about $35 ZOO, 600 in
bonds outstanding. The chief con-
tributing factor to the default was the
loss of 100000 in city and county
funds in bank failures.
OIL company obligations were still
inclined to weakness. Phillips Petroleum
5As were firm after their late recovery
Wednesday, rejecting the announce
ment that interest and sinking fund
payments due June were on hand and
that sufficient funds remained to care
for the December / service as well.
Texas Corporation IS were weak again
with the common stock.
In the foreign list the feature was a
recovery of 2 to points in Argentine
bonds. Octave S. Pico, minister of the
interior, declared the government would
reach the year end without a deficit
after taking care of all debt service.
This brought out some short covering
which revealed a substantial short in
terest in Argentine bonds. A few other
South Americans were better in SYM
pathy. but in general the foreign list
was quiet and unchanged.
New bond offerings amounted to
about S2,500,000.
Copyright, 1917