Evening star., 1932-06-27
BONDS IRREGULAR
IN ACTIVE TRADING
U. S. Government and Prime
Utility Issues Higher-RaiI
Group Says.
BY F. H. RICHARDSON.
Special Dispatch to The stal

special Dispatch to The Star
NEW YORK, June 27.-Bonds were
irregular in active trading today. Whil
united States Governments and prime
utility bonds trended higher and Tor.
elgn dollar issues held their levels do
meStic railroad bonds, which comprise
tle bulk of the corporation list. were
sharply lower.
The market opened with a firm tone
bu- the many railroad reports ISSUED
over the week end made poor reading
and there was a tendency to get out o.
carrier securities Losses of a point OIL
more occurred early in Canadian Pacific
IS, Baltimore & Ohio first As Chicag,
Cseat Western As, Missouri-P Pacific 5s
New York Central 3l2s, Nickel Plate IS
Northern Pacific IS, Frisco AIS snc
others. Later, part of the losses were
recovered, especially in the more specu-
lative bonds.
The New York Central was granted
a $l3,600000 loan for three years by
the Reconstruction Finance Corpora
ton. The Interstate Commerce Com
mission modified its approval of a S10,-
O0c oof r T. c. loan to the Rock Island
to fe9n''t the road to Apply S4,125, 900
to bark loans, 81 ,l53 480 in payment Of
equipment trust maturities and S4.62l, :
Sig to pay fixed interest obligations ma
turing between May l and September /.
United States Government long-term
bonds continued to rise still influenced
by the recent reduction in the rediS-
count rate and the apparent end OF
gold exports. In early trading they
were Il to Ss higher, but a small part
of the Improvement was Cancelled by
midday. H.Eb grade utility descrip-
tionS were fiji N American telephone
SIS of 1850 gained fractionally. Peoples
Gas IS were ccllt higher. South
sylvania Power g. Light 4l2s were
strong
Industrials also displayed a good
tone Youngstown Sheet g. Tube 5S
were a point higher. Armour of Della
ware 5I2s gained points. Conserva-
tive issues such as Standard Oil of
New JERSEY SIS, General Motors accept
ance IS, Standard Oil of New York 4l2s
and Western Electric 5s were little
changed.
Some of the sharp movements in
CORPORATION securities can be traced to
the imminence of July /, one of the
most important settlement dates of the
year. About $500. 10000 in interest
and dividends is payable on that day
and total settlements for the month OF
July amount to about 81 500 900, 900, in
cluding Government maturities. Hence
prospects for the payment Of July l
Interest or dividends carry great weight
just now.
Ontario Power Service 5l2s today
continued their rapid advance of last
week. chiefly on prospects that the
coupon due July / will be met, since
Ontario Hydroelectric has announced
its intention of taking over the Abitibi
Canyon project, which Ontario Power
Service cannot complete because OF its
inability to raise S5000,0 900. Abitibi
Power IS also were strong. The latter
company guarantees the Ontario Power
Service bonds.
The foreign list was heavy. German
government issues held their levels
fairly we'll while German municipals
and corporation obligations, such as
German General Electric rs and Sic
mems g. Halske 6l2s were depressed
italy rs lost a point. as did Polish rs.
Other Europeans had smaller declines
South American issues were firm.