Evening star., 1933-10-20
TRADING IN BONDS
|RREGULARLY LOW
Increased Offerings Are Out
on DoWnside of
Market.
BY JOHN A. CRONE.

Special Dispatch to The Star.
NEW YORK, October 20.-The bond
market was irregularly lower in early
dealings today, with increased offerings
coming out on the downside Of the
market.
The Reich issues in the foreign gov
eminent division and Junior rails in
the domestic list moved lower in the
airst hour, which was marked by GER
tain nervousness not noticed for sew
eral weeks. The market both ways was
exceedingly thin at this period
Meanwhile the cut of the rediscount
rate of the New York Federal Reserve
Bank proved more important than
threats of a farm strike against the
N. r. A. and the vigorous demand for
currency imitation from the farm group.
U. S. Securities Higher.
United States Governments. as re-
suit of the bank rate cut. moved frac-
tionally higher, the shorter-term de-
scriptions being in special demand
High-grade industrials and utilities
ranged from steady to firm while gilt
edged carriers moved irregularly, though
under normal circumstances they should
have been as responsive to lower money
rates as the other investment groups.
The better grade Of petroleum issues
flrmed, perhaps as a result of the an
nounced results of the trades opera
tions under the N. R. A. code. At
lantic Refining SIS and Standard Oil of
New Jersey SIS were prominent on this
move. The latter company. jointly
with Standard Oil of California. an
nounced that merger negotiations be-
tween the two concerns had been
abandoned
Meanwhile Pan-American Petroleum
IS, Sinclair rs and some of the Specu-
lative to middle grade oil debentures re-
acted. Amusement issues softened. The
various Paramount-Publix issues. weak
in recent sessions, were dull in the first
several hours today, though one of the
investment bankers responsible for some
of these securities stated that reorgan-
ization plan soon would be submitted
because operating results in the last
few months have encouraged the be-
lief that such step is now possible.
Railway Bonds.
Pere Marquette first IS of 1856 en-
countered some offerings after the road
reported a September deficit of SITS 1892
against S253,154 in the same month OF
1882. Louisville & Nashville issues,
such as the IS of the ST. Louis division
and the refunding 5l2s. bettered as the
carrier showed an August net operating
income of $500, 1913. contrasted with
%,255 in the same 1882 month
- Illinois Central is on string of
trades lost a point in the early after
noon. ST. Paul adjustments were
shade higher and the gold" SIS up
almost point Denver & Rio Grande
SIS of 1851 were higher, but the SIS of
1878 registered loss of nearly a point.
D.;,r ,.a rr+;I;t;o. tI;rh.-
In the afternoon gilt-edged rails and
public utilities were both higher and
speculative rails and industrials both
lower, the latter showing the widest de-
cine. Armstrong Cork 5s, Certainteed
SIS, international Paper refunding SIS,
New York Trap Pock IS. Parmelee con-
ve-t.ble IS, Philadelphia & Reading
Ccal & Iron convertible IS, Shell Union
Oil IS with warrants United Drug IS,
W. worth is end Vanadium Steel con-
vor.tble IS lcst point or more during
the miI-9fternoon heavineSs in the in
du-tral list
American Telephone issues were not
ruth changed in the final half hour,
Ven International Telephone IS were
higher and Postal Telegraph SIS were
e2-icr. Western Unicn securities were
Gull and a trifle below earlier quota
t}clc.
Formation of the Foreign Bondhold-
ers' Protective Association was without
much immediate effect on defaulted dol
lar issues. The predicted recognition
OF Russia by the United States at an
early date produced little activity in
issues of the former imperial govern
ment listed on the Curb The market
finished slowly and slightly below the
pest levels CT the day. but somewhat
above the troughs touched in the third
hour.
(Copyright l933)