Evening star., 1933-08-01
BONDS STEAD|ED
IN DULL TRADING
Recover Part of Early Losses
butt Tone Is Weaker
lin Afternoon.
BYtJOHN A. CRONE.

SPECIAL IL. D. Il " A!lt Stal'
NEW YORK, August 1.-THE bond
market opensd actively and lower to-
DAY but by midday had turned dull
and' in many instances had regalned
part or nearly all of the earlier de-
clincs.
The heavy subscriptions to the new
United States Government financing
stabilized outstanding Liberties and
Treasures during the forenoon, follow
Ing their reactiCnary tone Monday.
Colorado Indus rial SIS of 1884 quick
ly clipped off 10Hs points. dropping to
28 before showing any signs of rally.
This break followed the announcement
of directors of Colorado Fuel & Iron
that they would he unable to meet in
terest payments &SIe today on these
bonds or on the Colorado Fuel & Iron
SIS of 1943
The start of the decline in specula-
tive rails was noticosj in St. Paul Ad
justments and the Agold S." both of
which. however. virtually retraced the
lost ground at the erd of the first two
hours Meanwhile, sCme sizeable losses
had been registered in the lower priced
railway issues.
Southern LoaiS Of.
Missouri -Kansae-TexaS Adjustments
opened at So. off 212 points. Initial
losses on the Missouri Pacific issues
averaged more than a point. Southern
Railway loans were off around points.
This downward trend was quite as gen.
eral in medium and high-grade issues,
though with narrower fluctuations.
Baltimore & Ohio refunding IS at 70
were off points. Southern Pacific 4'2s
with warrants were off a point. Erie
issues quickly rebounded from their
early fall Northern Pacific bonds
generally were rather steady, as the
Street heard that the June report would
show the road emerging from red fig
lures for the first time in eight months.
Wabash mortgages turned sdmeWhat
more active following the filirig of a
petition and order by A. K. Atkinson,
treasurer for the receivers of the road,
holders Of seven equipment trust issues
totaling $l0.8690 900 had aSsented to a
plan extending for three years payment
OF principal on such certificates
The initial decline of United King
dom 5 IS to 116l,. their lowest level
since Great Britain offered to convert
them into sterling 2l2 per cent bonds.
and the continued recovery of Argen-
tine governments we're features of the
first hour In the next hour the British
Sis recovered. though the French gov
ernments moved about uncertainty
Around midday Switzerland Sis broke
3l2 points to 131. In the meantime a
varied list OF South American loanSI
yielded a point or so Berlin City Elec-'
tric 6s. off 3l2 points. declined more
than other Reich issues, though the
governments were soft in the first sew
eral hours. japanese securities were
heavy.
Coal Issues Weaken.
Coal debentures sold off in early in
dustrial trading the widest loss being
registered by Philadelphia & Reading
Coal & Iron 6s Oil loans were mod
/ erately active and not much changed
Better earnings of St. Joseph Lead were
hwithout immediate influence on its 81 ,
her cent bonds.
RGilt t-edged indUstrials barely budged
IN II the afternoon. but amusement issues
inc Rlined to heaviness. Speculative oils
veI little changed. Swiss 5les re-
SUM ed their descent. international
CenY ent SIS We're up almost a point
AuisA Chalmers IS, though more ac-
five han usual, did not change their
quota ion.
Cold 8rado Fuel & Iron IS were offered
at 54 for a block of 10. Last Friday
they closed at 57l2. Later the same
block y WAS offered at 81 followed by a
bid Of As for five. which were offered
at 49. Near the end of the fourth
hour. ~ We of these bonds sold at As.
Colorado Industrial IS then sold at "a
tThe neXS sale of Colorado Fuel 5s was
Copyright, 1933)