Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-07-11
|NDUSTR|ALS LEAD
| IN BOND TRADING
Steadiness of u. S. Issues
and Irregu|arity of
Rails Prominent.
BY JOHN A. CRONE.


| Special Dispatch to The Star.
NEW YORK, July 1.-THE strength
of domestic industrials, irregularity OF
rails, activity of foreign governments,
especially of European gold bloc coun-
tries, and the steadineSs of United
States Government issues were out
standing developments in bond dealings
today.
The trend in domestic industrials
chiefly mirrored corporate develop
ments. Studebaker Corporation IS, for
example were bid up couple OF points
on the strength of the company's earn
ing statement. Warner Brothers Pic
lures IS moved to a new high on re-
ports. which officials refused to confirm,
that the company is about to receive
some sort of patent settlement. Para
mount IS reached a new high for the
year. Increased business put st. Joseph
Lead 5l2s to a new top for 1888.
Old Ben Coal Declines.
In sharp contrast was the decline in
Old Ben Coal IS of more than points
on the first few trades, belated recog-
milton of President Buchanan's an
nouncement that August l interest
however, established their best level.
American Type Founders IS were of a
point, but Shell Union Oil SIS of 1947
were up that amount.
Hardening of the dollar in terms OF
foreign currencieS near midday brought
about firming tendencies in virtually all
of the active United States Government
tissues, but most of the Government
obligations of the European gold bloc
were inclined to lower levels after their
Spectacular spurts in recent sessions.
French 71as, Italian Is and Belgian
IS and Is were either fractionally lower
or barely steady. Lyon IS and Mar
seille IS each opened off a point at
quickly gained 3 points to lis, new
high Polish rs were down slightly
Switzerland 5l2s were not much
changed
Profit Taking in Rails.
Irregularity in the rails resulted
partly from profit-taking operations and
partly from selling based on individual
developments. The formation Of five
fBondholders' Protective Committees for
Rock Island Railway securities. acting
Independently of the company and the
Establishment managers, as announced
today, brought offerings from that bond
list
Wabash issues sold off despite the
announcement OF A. Il. Atkinson, treas
urer for the receiver, that 80 per cent
of the holders of seven or eight OF the
roads equipment trust certificates as
scented to a plan for extending their
maturities. The income report of Pere
Marquette lifted its first mortgage .
per cent bonds to a new maximum.
Chicago, Milwaukee & st. Paul ad-
iustments at one time were down almost
points despite its loading gain. Chi
tago & Northwestern 434s on this same
movement yielded the same amount.
Spokane SIS opened off point at %.
Missouri Pacific As we're off as much
ht 22i2.
Public Utilities Lower.
Speculative public utilities, such as
American g. Foreign Power IS, Utility
Power & Light SIS of 1859 with warrants
hnd similar types of bonds were shade
lower on profit taking. Western Union
6las in the early afternoon Cancelled
part OF their forenoon rise.
The better grade of gas and electric
operating companies, such as Kansas
Gas & Electric 412s and Consolidated
Gas AIS. were slightly easier, but very
huiet as were gilt-edged industrials like
Standard Oil OF New Jersey SIS.