Evening star., 1933-07-12
BOND MARKET TONE
IMPROVED BY RAILS.
Industrial Loans Also Marked
by Spirited Buying in
Close.
BY the Associated Press.

BY the Associated PRESS.
NEW YORK, July 12.-Firmer sup
port in rail issues and spirited buying
of a few industrial loans improved the
tone of the bond market in the late
trading, although the general list re-
manned irregular to the end.
Some of the secondary carrier loans
which were pushed down a point or
two during the forenoon enjoyed SUBJ
stantial recoveries. Gulf States Steel
IS, with gain Of nearly points,
featured the Industrial division. Utili-
ties were mixed. Western Union SIS
climbed about points.
A few high-grade issues sagged un-
der moderate selling, American Tele-
'phone 4 2S and Santa Fe l2S yield
ing point or so.
The foreign department was heavy
I'm such groups as British, French and
South Americans. Germans were gen.
'frally improved United States Gov
ernments showed narrow gains.
Open Low.
Shell Pipe Line IS of 1852 opened off
y points at 87l2. Pure Oil 512S OF
l937 were down points at 81. Skelley
On 5i2s opened off 2 point at 82lz
Texas Co. convertible IS were off al
most p point before showing a recovery
With some of the other oils around
midday. Even Standard Oil of New
York l2S were shade lower on this
nove. Colon Oil IS. which we're unin-
luenced by this price situation, opened
point higher at 64
forwarding of funds to pay the June
nstallment of the Dominican republic
lollar debt, along with the statement
hat $95,000 of the 5l2s of 1912 had
Peen retired. despite the suspension OF
linking fund operations under the plan
1881, explained the recent gains in
hese issues
Failure of the Mexican government
b deposit S5,000000 with the Interna-
lonal Committee of Bankers on Mex
20 by July /, as promised under the
greement of December %, 1881, oc-
asioned little surprise because Of a
ourt case in Mexico pending on the
ayment of funds. The committee has
n hand between s6,OOO,0OO and ST.
p0 900 which might be distributed when
he Mexican court case is settled.
Rima Steel Takes Squirt.
The easiness of German loans, gov
fnments and municipals, followed a
milar trend in London earlier In
uropean industrials the outstanding
evelopment was a squirt in Rima Steel
of 1855, which were up more than
oints to new top. Belgian and
allan governments made the best
howing in the gold bloc group as
rench rs and 7l2s opened lower The
lrther decline in sterling was reflected
both of the United Kingdom of Great
ritain loans.
The squirt in local fractions at the
st few minutes in Tuesdays trading,
blowing payment Of interest on three
ch issues. was continued today at a
UGH slower pace, with New York rail-
ay incomes the first to establish new
gh for the year Interborough Rapid
ransit SIS of 1866 opened point lower
6712. Observation-Disclosures Transit
were active. but not much changed.
Rock Island Firm.
Rock Island obligations tended to
m up during the forenoon, despite
lie irregularity of virtually the entire
IL list, a development probably caused
the earning estimates cited by Chair
an Hayden. The committee for Gal
ston Houston & Henderson first
ortgage 5s announced that its deposits
IRE sufficient to enable it to comply
th the terms on which the Recon-
ruction Finance Corporation offered
a loan to further refunding plans.
St. Joseph Lead 5l2s quickly dupli-
ted their previous peak. international
lsiness Machine Corporation, Presi-
Int Watson announced. has arranged
retire all of its bonds. due in 1941,
ereby leaving the company without
nded debt. bank loans or preferred
ares outstanding. Studebaker Cor
ration 6s came within a fraction of
cir best levels on the first few trades
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