Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-28
BOND LIQUIDATION
CONTINUES ACTIVE
Weakness of Stocks Appears
Prime Moving Force
in Selling.
BY F. H. RICHARDSON.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 28.-Liquidation
continued today in all classes Of bonds
except a few gilt-edged corporation
issues, United States Governments and
municipals. Both the foreign and do
nestle lists were affected.
The prime moving force in the selling
continued to be the weakness of stocks.
Declines In the domestic list were in
direct proportion to the weakness in
companion stocks or to the poor show
ing in earnings reports. There was
some forced liquidation as well, but this
was in smaller volume than on Monday.
Money rates were easier, with 90-day
time loans quoted at ia per cent and
very little business transacted. The
money market is overlooking with
funds Volume of trade was moderate.
A steady investment demand for
prime securities was still in evidence
and the small losses in this group oc-
casioned by Mondays necessitous liquid
alton were recovered. Active issues in
this group were the 10 Treasury long
term issues and American Telephone
SIS & 512s; Allis Chalmers SIS, Atchison
General As, Brooklyn Manhattan Tran
sit IS, Brooklyn Union Gas IS, Canadian
National 4As, Chesapeake Corpora ton
SIS. Columbia Gas & Electric SIS, Con-
Great Northern rs, Inland Steel 4i2s,
National Dairy Products 5As, Pennsyl-
vania 4Hs, Philadelphia Co. IS, South
ern Pacific 41as. Union Pacific IS
and youngstown Sheet & Tube SIS.
The heaviest pressure on any one
group was exerted against oil company
issues, among them Texas Corporation
SIS, Shell Union SIS. Skelly Oil 5las, Rich
field Oil of California IS and Sinclair
Oh 6tas. The conservative Standard
Oil issues, such as Standard Of New
Jersey IS and Standard Of New York
4las, were also liQuidated, but their de-
clines were fractional. Amusement COM
pany bonds, including General Theaters
Equipment IS, Paramount-Publix 51aS,
Pathe rs and Paramount Famous
Lasky IS, were also weak with their
complementary stocks.
Second-grade rails were heavy also
but inclined to widen their already
stable losses. Missouri Pacific general
As met support around their previous
low. So did Frisco AIS, Frisco A As,
st. Paul SIS and Erie IS.
Declines were vide in the foreign
department, the chief weakness again
being manifested by South American
dollar bonds. Uruguay g. and IS eX-
tended their losses of Monday. Chile Cd
dropped IL points after opening firm
The Chilean government has adopted
radical measures for retrenchment In
government expenditure. Brazilian issues
were again weak, with reports current
in the street that Brazil and its
provinces may be forced to meet i'm
mediate interest payments in the form
of script. Argentine IS were firmer
paralleling some recovery in Argentine
exchange.
European bonds were also under
pressure. German government SIS
were unchanged, but German repara-
tons rs, Italy rs, Austrian and Belgian
descriptions had fractional declines
The French group was unchanged
London's favorable reception of the
British budget was reflected with firm
ness In Great Britain 51as and Irish SIS
Australian bonds did not react to the
announcement that the federal govern
ment would again have to pay interest
charges due May l In London and New
York for New South Wales. This was
accepted some time ago as a foregone
conclusion.
(Copyright, 1919