Evening star., 1933-06-21
BONDSARE STEADY
IN QUIET TRADING
Prices Firm About Midday
With Oils Showing Some
Gains.
BY JOHN A. CRONE.

Special Dispatch to The Star.
NEW YORK, June 2l.-Irregularity
characterized the bond market opening
TODAY and continued throughout the
first hour. curtailing dealings almost Is
per cent as compared with the same
period on Tuesday Prices bettered in
the second hour, with the result that
by midday most sections OF the market
were steady.
Demand for virtually all types OF high
grade short-term bonds and notes was
a feature in the early afternoon, which,
like the morning session, witnessed un-
usually brisk bidding for rail equip
ments. Specialists said the Street was
virtually bare of such offerings long be-
fore orders were anywhere near fllled.
This is not surprising in view OF the
small volume of such securities brought
out in recent months.
u. S. Group Is Strong.
Strength in United States Govern
ments, hardness of German munich
salities, weakness of second-grade rails,
Aotsbly Rock Island refunding As and
International Great Northern SIS OF
1855: dullness of local fractions, and
,he better tone of speculative oils, like
Warner -Quinlan convertible IS. were
interesting movements of the flrst hour.
Second-grade carriers, like the Dem
yer & Rio Grande issues, st; Paul 5s
and adjustments and Chlcago q
Northwestern convertible Ans, polnteo
upward in early trading. At the same
time German governments eased.
United Kingdom 512s bettered, ana
BRAZILIAN issues steadied on the bellel
that Brazil would make some important
sterilization move at the Economic
Conference. as reflected in the buying
of her loans in London today.
International public utilities, such as
American & Foreign Power 5s, were
somewhat softer in the forenoon;
though later the various international
telephone issues firmed With the eH-
ception of ST. Joseph Lead 5i2s, most
of the bonds of non-ferrous metal cor
porations were lower in the second hour
The lowered opening of Third Avenue
adjustments for time somewhat uh-
settled the local fractions.
The higher operations OF the steel
industry, which at so per cent OF ca
pacity is at its highest point since April,
1881, brought some firm bids for steel
loans. such as youngstown Sheet d
Tube SIS, series A, and Bethlehem Steel
refunding SIS Of 1885, around midday.
Coal Bonds Mixed.
The advance in the oils, excepting
only such high-grade issues as Stand,
ard Oil Of New Jersey IS and Standard
OIL of New York 4las, which are subject
more to investment than trade infiu-
ences. was the outstanding event IN
domestic industrials during the nnal
hour. .-
Gains ranging from fractions to more
than a point were recorded by Colon
oil IS of 1898, Houston Oil 5l2s. Rich
field Oil convertible IS, Shell Pipe Line
SIS. Shel-Union dsbenture IS, clnclair
Oil rs and Skelly OH 5l2s: some on
which either duplicated previous peaks
or moved into new high ground.
Coal bonds were mixed, which was
also true of the natural gas group
some betterment took place In Cuna
sugar loans, though the issues OF Cuoa
railroad were inclined to recede.
Perhaps it was the optimistic note
sounded by Assistant Secretary OF State
Molev, as he sailed for the London Eco
nonic Conference, that was responsible
for the strengthening Of United states
Governments in the late trading. Many
of the better-grade utilities, communl-
cation ISSUES excepted, were q snaoe
lower near the end
(Copyright, 1933)