Evening star., 1933-07-22
BONDS IRREGULAR
IN NARROW RANGE
Increased Demand for High
Grade Issues Revealed.
Trading Moderate.
BY JOHN A. CRONE.

Special Dispatch to The star
NEW YORK, July 22.-The bond
market was moderately active today
with increased demand for high-grade
issues and some further offerings Of
speculative descriptions. This was the
consensus of dealers and traders after
surveying both the over-the-counter
and exchange markets.
On the Stock Exchange bonds moved
narrowly through the first half OF the
session, with numerous high-grade is
sues, in trades of one or two bonds, Oh
q point or more as share spectators
apparently disposed Of couponed hold
ings to protect weakly margined stock
accounts. Many of the speculative is
sues were a shade higher on initial
dealings, but subsequent trades in
many cases erased part OF the early
gains.
Chicago. Milwaukee, st. Paul &
Pacific adjustments were not as active
as in recent sessions. nor were the
gold SIS Of the same road. The former
opened at 20. up points, or slightly
less than one-third of their decline
Friday, but later sold around ~. The
or one-sixth of its drop of the preced-
ing session. Later they sold around 48
Lower Grades Weak.
In the speculative Public Utilities
American & Foreign Power SIS proved
rather typical Of the group. Opening
at 46, they were up one-Quarter OF their
Fridays loss. Before the end Of the
first half of todays session they hit
AN. In the lower grade communica-
tions most of the Western Union issues
were of Q small portion. international
Telephone Convertible AIS opened NJ
so, up III, but increased offerings were
met in the second hour.
SIS opened at 100. unchanged. They
were down Ia in the previous session.
At the start of the second hour they
reached 1919. The conversion o1er
made for these bonds into pound ster-
ling issues Thursday brought the foi-
lowing comment in one quarter To-Day
This announcement was made on the
very day that sterling reached its parity
of $4.865a in the world markets. On
the surface this implies trouble, in the
sense that it can be interpreted es
meaning that Great Britain Will do
everything in her power to force the
pound sterling down again and at the
same time also utilize every power
,~ithin her control to force the Amerl-
oan dollar up. Such . procedure, nat
uraliy, would be Numerically opposed
TO the American procedure. which seeks
to lower the value Of the American
dollar in all foreign markets.
Clash Seems Apparent
On the surface, consequently, . se-
rious clash Of financial interests Is ap-
parent between the two largest nations
of the world II England should be
successful in restoring the American
dollar to parity, then the Roosevelt ad-
ministration scheme for raising the
American price level would be in
jeopardy"
United Kingdom Is, which are pay
able in sterling, were generally quoted
around 100, OF about . point. They
were down about is points Friday.
French 7Las were up point most OF
the session. Swiss 512s were down a
shade. Some betterment was noted IN
Polish issues Italian Is recovered q
fraction of their previous relapse. Ger
man governments moved narrowly.
South American issues, after their gen.
eral and sometimes wide decline Of the
previous day, were relatively inactive
and irregular.
The record increase in weekly car
loedings stemmed offerings Of low-grade
carriers in the final half hour. Once
marginal spectators stopped offering
their small lots of high-grade utilities
to protect stock accounts, this group
steadied. Consolidated Gas 512S, for
example, opened at los, OF q point, and
later sold At 1855.
(Copyrisht, l033)