Evening star., 1933-07-25
BONDS ARE STEADY
IN QUIET SESSION
Some Speculative Rails OFF
Slightly as Offerings
Increase.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, July 25.-The bond
market, after its firm and active close
of the preceding session. opened quietly
today with gains predominating and
virtually all Of the early trade In specu-
lative rails.
Within a few minutes French issues,
cities and governments, came out, fol-
lowed by a series of high-grade indus
trial domestic descriptions and few
United States Governments, which were
unchanged. A handful of the better
grade utilities in turn were followed by
. wide variety of industrial debentureS,
most of which opened lower, but i'm
proved as trading progressed.
Speculative rails in point Of volume
occupied tape readers attention during
the first hour. st. Paul Adjustments,
the gold" SIS, International Great
Northern Adjustments, Missouri-Kan-
sas-Texas Adjustments. Missouri Pa
cific 5iss, Chicago & Northwestern 4s4s,
Denver & Rio Grande Western IS of
at initial gains of more than a point,
and in many instances added to such
advances.
High Grades Recover.
Although some of the high grade
rails like Atchison General As and Union
Pacific As opened of a shade, they
quickly firmed. American Telephone
issues were little changed. Speculative
communications, such as International
Telephone, Postal Telegraph and West
en Union issues. generally were higher
from the start.
Coal debentures, thanks to the code
discussions and the higher retail prices
announced in various sections of the
country. moved forward when the rest
Of the industrial debentures either hesi-
tated or declined. Hudson Coal Co. IS
quickly rose points. and Philadelphia
Reading Coal & Iron IS were up nearly
points.
international Cement IS at 1917. up 4
points, moved rather widely. Interna-
tional Paper .6s were up points at IS
on . few trades. Metal debentures.
such as st. Joseph Lead 512s and
American Metal 512s were better. Ex-
striction announcement from Holland
on Thursday brought some firm bids
into Goodyear Tire g. Rubber SIS and
United States Rubber SIS.
Advance Maintained.
After the upswing in French cities
and governments, Italian Is, Dutch
East indies 6S, and Belgian governments
pointed In the same direction South
American loans did not attract buyers
until well into the second hour. when,
after some early sharp breaks in
Argentine governments, spectators
glanced at Brazil. Chile. Colombia and
Peru issues. Throughout such move
ments United Kingdom 5l2s remained
active. but virtually unchanged from
their fractionally flrmer opening Ger
man and japanese governments re-
traced part of their earlier lost ground
Increased offerings of speculative
rails at the start Of the last hour car
ried some of that group lower Steel
debentures. however. such as Republic
Iron & Steel 512s and Vanadium con-
vertible IS, continued to move forward
Amusements reacted. Utilities Power
& Light 5ias receded. In the better
grade utilities, Philadelphia Co. SIS soft
ened.A American & Foreign Power SIS
lost all of their early rise and more
United States Governments were firm
and inactive throughout the session
The finish was slightly below the best
levels of the session and somewhat ir-
regular, but not weak, as offerings
readily were absorbed.
- Copyright, 1889