Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-09-14
INTEREST W|DENS
! ON BOND MARKET
loW-Priced Issues Attract
Steady Demand With
Higher Prices.
BY JOHN A. CRONE.

Special Dispatch 20 The Star.
NEW YORK, September 14.-1nterest
shown in low-priced bonds at the open
ing today did not diminish as the ses-
sion progressed. On the contrary, the
market became broader and traoers
found that there were few bonds to be
had without lettering the early prices
It was by no means runaway marKeI
and this fact encouraged bond men 70
believe that the buying would continue
Some disappointment was felt at the
continued decline in Treasury Issues
hut there was one development Whlch
indicated the market has dehnltely
abandoned any idea that the tlrst LID
erty Alas will be disturbed. Ihat ISSUE
not only resisted the doWntreno; put
actually was bid up to new hlgh loi
the year.
Confusion Arises.
Some confusion has arisen In the
minds of the rank and file OF small
investors, but not of experts, by tne
publication of reports on the reqelIlp-
ton feature of the fourth 4l4s' IL mas
been enormously stated IN WasIllis loii
dispatches that tomorrow is the ota ,,I
line for calling the fourth loan. Inc
Tot is that notice does not have to be
served until October Is and the earnest
redemption date now is April 10, 1884
Fourth Liberty IL, as we're Is point
lower and one of the 3as per cent bonos
declined l.. point. Treasury IS proke
below 90 to a position nearly y point
below the record high OF last Weeh.
II was not to have been expected Una.
further weakness in the Treasury hst
would carry high-grade corporate Issues
downward for the Government group
moved entirely independent OF the pesC
corporation bonds last week ana the
week before. Atchlson AS aoEallceo
y point to 101, Union PACING IlrSI ~
were unchanged. Standard OF New Jer-
sew SIS were y higher and Pennsylvania
4los of 1870 also gained J. point.
Pure Oil Is Feature.
The buying of Pure Oil s. IS OF both
issues was a feature of the loWer-prlceo
bonds, the 1910 maturity advancing
10, points. St. Paul adjustments
gained IS at 22la and the 1879 issue
was fractionally higher, although much
less active. Another strong feature was
Missouri Pacific IS OF 1871
In the foreign list the rise in Euro
mean exchanges was reflected in a rec
ord high price for Dutch East Indies 6s
of l947 and better prices for French
bonds. British Sis. which earlier IN
the week seemed headed for what every
one believes is their pure investment
value. rallied to 114l2, which is full
point above Yesterdays low. The buy
ing was accompanied by revival OF
reports that the British government
will make another conversion offer.
Argentine Sis advanced a full point
and higher prices were paid for Italian
Is, German s. IS and all the Australian
issues.
The pace of bond trading was &C
celebrated in the afternoon, with buy
ers most insiStent and sellers adopting
an independent attitude. especially IN
the more popular second-grade issues.
The first of the August income state
ments-that of the Alton Railroad
showed a substantial increase in gross
and revealed in its net the continuing
effect of depression born economies.
Even before that report was released,
second-grade railroad bonds were in
strong demand at price advances rang
ing from l to points. In this category
were the bonds of Great Northern, Erie,
Baltimore & Ohio, Nickel Plate and
st. Paul. Industrial bonds at the same
time were strong, notably Trumbull
Steel 6s, Richfeld IS. Pure Oil 512S Of
both issues, LackaWanna Steel IS, Inter-
national Paper IS. American Writing
Paper IS and United Drug S. American
Metals SIPS, on the other hand, could
not absorb offerings readily and de-
clined fractionally.
A feature of the late trading was the
sharp advance in Argentine bonds
which closed with net gains of to
points.
Copyright 1889