Evening star., 1936-08-17
BANKERS CLEAN UP
REMAINING BONDS
Few Odds and Ends Quickly
Disposed Of During Breath
ing Spell.
Special Dispatch to The Star

! NEW YORK, August 17-Taking
advantage of the usual August lull in
the investment market, bankers and
dealers were busily engaged in the
last week in "mopping up" the REM
nants of issues offered to the public
in recent months. In this process
they apparently were quite successful,
judging from the satisfied comment In
bond circles.
That a cleaning-up job has to be
done at times is no reflection on the
investment market, for, despite an
excellent demand, there always remain
a few odds and ends of slow movers
to be distributed.
This breathing spell was welcomed
! by dealers who are anxious to clean
their shelves in preparation for sew
eral large bond issues now in regis
tration with the S. e. c., and which
undoubtedly will come to market
early this Fall.
Slight Discounts Granted,
Some of the recent new issues that
were not attractive enough to insti-
tutional buyers at their original sale
price have been readily disposed of
to private investors at slight dis
count, eliminating blocks of bonds
that were overhanging the market.
At the close of the week the new
financing position was said to be
stronger than earlier in the Summer
The improved technical position
was reflected in the market for listed
| bonds, particularly in the second
grade, speculative industrial group.
Several issues in the railroad group
advanced sharply. Foreign bonds
were higher.
United States Treasury and Gov
ernment guaranteed issues were very
strong during the last week. setting
new highs. Obligations of the United
States Government in the hands of
the public, and which will mature
within II months, amount to $4,156,-
4ll,S00. They consist of Treasury
bonds, notes and non-interest bearing
discount bills.
Trading in Home Owners Loan is
sues was heavy. The first of the
Home Owners Loan Corp. bonds be-
! came due Saturday, involving the
payment of some $50, 100000 in cash.
This was the first bond issue Of the
H. o. L. c. to mature 1t was known
as series c, issued on August IS,
1884, to obtain funds for operating ex-
/ penses.
Activity DwindIes.
A few small State and municipal
issues, including $l,126,000 Wayne
| County, Mich, 2 per cent highway
bonds, and $842 900 State of Kansas
4 per cent revenue anticipation war
rants, came to market this week, but
| otherwise there was little activity
The largest offering was $4,000, 600
the New York, Chicago 81 st. Louis
Railroad Co. 10-year per cent
| collateral trust notes at 100 and in
terest. There was an issue of S7,315.-
600 Brooklyn Manhattan Transit
Corp. rapid transit collateral trust
34 per cent serial bonds, and an issue
of S1,000,000 Public Service Co. OF
New Hampshire first mortgage 3l2
per cent bonds. offered at 104125 plus
accrued interest.
Some large offerings are due this
week, or in the near future. 1t is
believed $1OO,oOO,OO0 General Motors
Acceptance Corp. debenture issues will
be offered late in the week. The issue
will include $50,O00,0OG in 10-year IS
and like amount of 15-year 314s. A
little later an issue of s35,00O,O0O
3A per cent bonds of the Cincinnati
Gas & Electric Co. will be sold, the
proceeds TO redeem a like amount
of As.