The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-11
WAR LOAN BONDS
FURTHER DROP
New Low Price Of a. 1-2, Sell.
er Thirty, Established in
Active Market.
GOOD DEMAND IS SHOWN

Trading in the Angio-French s per
the early hours Of the stock market
and the total transactions for the day
we're in excess OF those on the day
before. The bonds during the frst hour
Of trading dropped to the new low record
price Of s4h. seller thirty. The amount
Of bonds old at sAl was $50. 900.
There was also 4 sale Of $4,000 Of the
bonds At stk. seller thirty: The pre-
vious low price was reached on Thur
day. when they sold At ss. They opened
yesterday At s4b. The sales Of the
bonds made for immediate delivery.
however. were At higher prices. ranging
from S7h to %. which Was the closing
price for immediate delivery.
Bond mon reported thNt there wa an
excellent demand for thu bonds At the
lower figures and that tie buying con-
Quoted at these figures am from good
sources. One Of the larger members Of
the syndicate said the selling Of the
bonds for later delivery can.e from per-
SOM and institutions which could not be
looked upon In the light Of actual In
vestors. II VA pointed out that many
individuals and firms had become syndi-
cate members out Of motives Of patriot-
ism or because they were to q certain
extent under obligations to do SO. The
latter was especially true. II was said.
of many Of the concerns which have OBJ
tained war orders from the ALLIES and
hope to get more. These concerns I'M
doubtediy purchased the Anglo. French
bonds with the intention Of getting rid
Of them a. soon a. possible, even At
Q small loss.
Questioned whether such action could
not be construed a. q violation OF the
syndicate agreement to hold the bonds
for sixty days. provided the purchasers
withdrew them. the banker admitted
that this was true to a certain extent.
but he added that the life of the syndi-
cate had practically expired.
II 10 believed that tho syndicate man
ageU do not look with ~dsapprova on
this selling Of the bonds before the
agreement expires by those individuals
who are not Investors. ~ Il 10 felt hat
II IS perhaps better to have these bonds
sold now rather than thrown on the
market in q large amount as soon as the
life OF the syndicate expires.
, Bankers say they are not IN the
least alarmed at the action OF the
bonds. as they hold that they will have
TO find their proper market level. and
there 10 no question as to the character
Of tho bonds.
Sterling and franc exchange wers
higher during the greater part OF yes
terday. although the close for the former
was practically unchanged from the day
before. Austrian krpnen slumped 10 the
new low record price Of 1915. Marks
were weaker and rubles f~ractionally
higher. Brokers said the drop In Aus
trlan kronen was due to the reports that
Hungary was about TO sue for a separate
peace.
Demand sterling sold as high as 4.72k
and cables al 4.73. These are the highest
prices at which exchange on London has
sold since the big break which carried
demand down to $50 several weeks ago.
The close on demand was 4.71S and
cables closed at 472S. francs were
higher at 5.S4h for checks and 5.S3es
for cables. as compared with SIS And
5.s4 on the day previous, italian lire
rose from SIS to 6.57 and rubles ad-
vanced from 3l% to 80.
Marks were quoted at 7s% for sight
drafts and 7s% for cables. against q
previous close of 7s& and IS 1915
Austrian kroner dropped from its pre-
vious low record price of 1882 TO 1915