Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-29
GOVERNMENT BOND
LIST SAGS FURTHER
Heavy Sales of U. S. SeCuri-
ties Extend to All Sections
of the Market.
BY F. H. RICHARDSON.
Special Dispatch to The Star

Special Dispatch to The Star.
NEW YORK, January 29-Sales of
United States Government bonds con-
tinued on both listed and counter mar
kets today in record volume.
Prices fell away by small fractions
until the list of eight longterm issues
showed an average drop from Wednes-
days closing prices of about "a point
and about 112 points below the recent
highs This represents one of the most
complete reverSaIS of trend seen in the
high grade market in years.
The selling of governments started
at the opening. with many large blocks
and few $1.000,000 offerings reported.
liberty 3i2s and liberty fourth 414s were
the most active issues in the early
trading Liberty 3l2s dropped "a point
and liberty fourth 4l4s were off nearly
a point.
Then the selling extended to all the
Treasury long-term issues Liberty
first AIS dropped 1892, Treasury Is
were off "a points, Treasury 334s lost
nearly 112 points and Treasury 33ss
of both 1943 and 1947 maturities were
off 1892.
Other Issues Weaker.
With United States Government is
sues falling at such a pace, 1t was nat
ura1 that other investment descriptions
should weaken. Railroad favorites like
Atchison General Is, Baltimore & Ohio
LIST is. Canadian Pacific As, Chesapeake
Corporation SIS, Chicago & Northwest
ern AIS, Rock Island As, Nickel Plate
4l22, New York. WestcheSter e. Boston
4i2s and Southern Pacific 4i2s declined
from Il to 212 points. Public utilities
such as American Telephone SIS of 1860,
International Hydro-Electric 6s, Amer
lean e. Foreign Power SIS, Utah Power
e. Light IS and Philadelphia Co. IS fol-
lowed a similar course.
Junior issues were also lower Though
they were less affected by the selling of
governments. Second grade rails, in
Guiding Rock Island AIS of 1860. Flor
ida East Coast IS, Seaboard Airline IS,
Western Maryland Is and Erie IS,
dropped point or more. McKeSSon d
Robbins SIPS, Richfield Oil SIS, Postal
Telegraph IS and Phillips Petroleum
5H4s also declined, the last named sag
ging points.
These losses brought the domestic
list virtually back to its level at the
opening of the year Standard Sta
tiStics' index of 80 corporate issues
dropped over a point in two market
sessions.
Foreign dollar bonds held fairly we'll
curing early trdQlng. DuC Selllng later
on depressed Cuba 512s German Cen
trail Bank 6s. German Government 51as
Italy Is, Japan 5l2s, Kreuger & Toll SIS,
Peru IS, Uruguay IS and Yokohama 6s.
New Offerings.
The days budget of new offerings
amounted to over 100000. OF this,
$4,000, 900 consisted of a Philadelphia
Electric Co. offering of per cent due
in 1871 priced at 93i2 to yield 4.34 per
cent. These were reported as quickly
sold. An issue Of $4,000 900 constituted
an additional offering of Canadian Ma
tional Railways 412s priced at 93H to
yield 400 per cent.
New financing expected shortly in
cludes $25 100000 of North American
Co. 30year 5 per cent debentureS to
be priced at 81. This was substituted
for a suggested offering of $50 900 pre-
ferred shares carrying SIS dividend
rate.