Evening star., 1933-08-24
BONDS IRREGULAR
| N NARROW RANGE
Brisk Demand Shown More
In Over-the Counter
Transactions.
spscial Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, August 24.-Starting
slowly and irregularly, bonds on the
Stock Exchange today gradually In
creased their pace during the forenoon,
while selectivity continued.
Speculative rails, in point OF volume,
featured domestic dealings. There was
a brisk demand, shown more in over
the-counter than in exchange trans
actions. for short-term securities, nota-
bly, railway equipment obligations and
United States Government bonds. The
almost uniform softness Of the public
utility group. communication issues ex-
Cepted, also was noted.
Spurts of several Australian issues 10
new peaks, along with similar perform
ances of Helsingfors 612s and Paris Or
leans Railway SIPS featured early after
noon foreign trading. BY midafternoon
the corporate bond market averages
were q trifle lower, with hlgh-grade
rails and public utilities recording the
widest declines and industrialS and sec
ond-grade rails registering the best
gains.
Changes UnimpOrtant.
Union Pacific first Is eased. while
Sierra & San Francisco Power IS were
down Us points. A long list OF in
dustrials. mostly speculative. like Amer
lean Writing Paper 6s, Colorado Fuel d
Iron SIS, Consolidation Coal IS and Par
melee convertible IS. rose point or
more. Western Pacific first IS rallied
more than q point.
Main market trends were unim-
portantly changed in the final hour,
during which dealings slackened. United
States Government that might be re-
funded within the next few months
were actively sought. Philadelphia Co.
secured IS were half point lower.
Brooklyn Union Gas SIS OF 1887, more
than recovered carrier losses. Some OF
the reich tndustriafs and utilities
frightened.
Early bidding for junior rails was easily
explained by the reports Of the first Is
rarriers for July, as earnings last month
were more than 200 per cent over those
of the same period year ago. The un-
{ usually large demand for short-term Sc
curities emanates chiefly from banks.
commercial as we'll as savings. anxious
on the one hand to remain highly liquid
and on the other convinced that the
Government will pump sufficient credit
into the market to make easy refundlng
of some of the Liberty loans next month.
Communications Strong.
Throughout the forenoon power and
light issues, speculative as we'll as gilt
edged. were inclined to heaviness on
relatively light offerings. New Jersey
Power 6 Light 4l2s, an exception to
this general drift, were up small frac-
tion.
Increasing income as noted In sew
eral of the July telephone earning
statements, explained the strength Of
communication securities like New
England Telephone 4ias Of 1861. vari-
Gus American Telephone debentures,
and Southwestern Bell Telephone SIS OF
1884. Afterwards New York Telephone
AS opened up y at 104as.
Chile Copper SIS of 1947 were among
the first of the industrials to appear.
The metal group in the first half Of the
session did not share the strength Of
such stocks, though many of these
metal debentures are convertible. Steel
debentures also turned dull and were
1lnimportantly changed.
The new high reached by Dutch East
Indies IS Of 1947. and the general soft
ness Of German issues were outstanding
developments in the foreign list. which
on the whole was irregular during the
first three hours.
copyright. 1880