Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-28
IRREGULAR
AFTER EARLY LOSS
General List Has Heavy Ap-
pearance-RaiIroad Issues
Sell OFF.
By r. III. RICHARDSON.

Special Dispatch to The Star
NEW YORK. October 2s.-The bond
market slumped reSistlessly In the early
hours today, then steadied under great
~ reduced trading The list had the
irregular1ty that is evidence OF factors
pulling both ways.
Wall Street was inclined to look on
the Tory victory in England as con-
structive for foreian dollar bonds. but
feared the prospect Of British revenue
tariff. More than o small amount of
nervousness was generated by the warn
Ing sent TO Moscow by Japan in the
Manchurian crisis. United States Gov
eminent bonds were firmer because of
somewhat reduced possibilities of an ad-
vance In the rediscount rate this week.
FHmneSs In exchanges and in COM
mooity markets was q helpful factor.
nevertheless the general list had a
neaVy appearance. Predictions that a
number OF railroads would cut dividends
were renected IN sharp breaks of TO
= points In both Junior and high grade
rallroad bonds. Missouri Pacific SIS,
Erie SIS, New York Central refunding
AIS and refunding SIS, Nickel Plate IS,
Norfolk & Western As, Northern Pacific
As, st. Paul SIS. Pere Marquette AIS,
frisco IS and 4l2s, Western Mary
land 512s, Atchison 4l2s and Baltimore
a. ONO 4r2S-a group representative of
every degree of quality in carrier OBJ
ligation-were all lower.
On the other hand steadiness in
Canadian exchange. which was accom-
panied by fair volume Of buying from
Canada IN this market, was mirrored
In f1rm prices for Canadian National
Railway issues and Canadian Pacific de-
hepture Is. Canadian Governments
were higher at one time, but the gains
were later shaded
Domestic induStrialS were quiet. OH
company bonds were fairly well sup
ported. United States Rubber SIS. Good
rich IS, Dodge Bros. IS, Armour AIS
and New York City traction bonds were
higher at one time, but met selling
around noon.
In the foreign list the strongest bonds
were British government 5las, which
gained over a point to new high on
the recovery. German government SIS,
after running up to a new top for the
recovery, slumped to net loss, only to
recover again. German municipalS and
corporation issues were steady and Ger
man bank issues were higher. The
strength In wheat prices and other COM
modities was reflected in an advance in
Argentine IS. Australians were also
higher.
Some indication Of the rapid fan in
municipal bonds was found today In the
fact that New York City had to shou
around to place $1,000 900 of notes due
next year and then had to pay Az per
cent for the accommodation, against
A per cent last week and is per
cent as recently as September "a.
There was flrner tone at the open
ing. The strong sweep of the Conser-
vative government in the British cleo
lions was held to be indicative of in
ternational political trends and a bull
ish factor despite the fear of q higher
British tariff.
British government 515s advanced q
point to a new high on the recovery
German government SIS gained a
point. Other European, South Ameri-
can and Australian bonds followed suit
The japanese group, however, still op-
pressed by the weight of the uncertainty
In Manchuria, were heavy. Domestic
issues were firm. InduStrials such as
Goodrich Is, Texas Corporation SIS and
Dodge Brothers IS were firm to slightly
higher. Utilities, like American Tele-
phone IS and Pennsylvania Power g.
Light 412s, were unchanged. Railroad
issues were strong, with small gains in
Allegheny IS. Missouri Pacific SIS and
New Haven 12s.