Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-10
bond ISSUES SINK
TO NEW LOW MARK
High-Grade Group Firm, but
Remainder of List
Declines.
BY T. II. RICHARDSON.

NEW YORK, September 10 The
bond market-aside from the high
grade group, which remained frm
touched new bottom again today
Standard Statistics index Of 60 bonds.
which dropped TO Ola on "Wednesday.
ranged well below that figure right fr"H
the opening today.
The selling was spread Throughout
the domestic and foreign departments.
but its source in both cnres was frs
Election of the situation abroad hmeii=
can railroad securities ntr hugely held
In England and on the Continent aud
it was III these descriptions that to-day :
largest losses occurred
Apprehension in regard H. tho BRUSH
situation was hardly allnYrd bY Chan
cellor SnoWdenB auuOlIn' 0m'nt uf al
increase of pence in the income taH
and a reduction in sinking fund appfn-
priationS from $50 900 O00 tn $50 200 900
British issues softcnrd on the ANNOUNCE
ment and a heavier flow ~ securities -
the New York market Was sn immediate
sequel
stock market here that showed signs
of resistance was ignored u 50 far ms
bonds were concerned Reports NJ i'm
pending announcements NJ nrW djfftul-
ties among some domestic railroads and
rumors regarding drastic trorea HiZatiGu
StIltIIltH were iliL thf liilfl ~ I.ill1 INV
rail market. Chicago Rork Island T. Pa
citlc issues were heavily depressed an
omission Of the common dividend the
4 ss of 1852 and lJGD bpib dripping
over ! J , points and the rrfuudiug a. ~
1894 a point This latter iG-ur Irarbra
maturity in three year nud Of current
prices yields over y per cent iDrscE Of
point or more occurred ia Chicago Il
Northwestern 80, Denver r. Elo
GTande Western 81. TouitiruJ u hrkan-
SaS SIS, Erie IS, International GREAT
Northern Adjustment and similar rail
bonds
There was unusual activity in Ca
madam National Railway issues. as
prices were marked up ~ cOrrrEpOnd To
the S25 900 900 OF 20-ycaT 4t,a put on
today on a 4 65 per cent Yield basis. The
new issue was only half u! the amount
expected. These BONDS are guaranteed
by the Canadian government, but there
vas spread of .35 per cent in the yields
OF Canadian government obligations and
those guaranteed by the Dominion gov
eminent.
Industrials were generally lower Ma
tional Steel SIS. American I G Chemical
5ias, ana International Hydro Electric Cs
sold Oft sharply. Inland Steel As Amer
lean d Foreign Power IS, Dodge Broth
ors IS. International Match IS. Intcrna-
tiOnal Paper SIS. LOrillard 5 IS. Vanadium
IS and Youngstown Sheet e. Tube SIS
were all lower.
In the foreign department interest
was conferred in the weakness Of Ger
man dollar descriptions The Young
plan SIPS touched a new low. under
50i2. Dawes reparations Is dipped
sharply. German Central Bank bonds.
especially those of the agricultural
banks. were weak on the announcement
that farm loans in Germany aggregate
$3.50 $4,000 and that 55 per cent of all
German farms are operating at a loss.
Reports from Stockholm that the
withdrawal of foreign balances there
may neCeSsitate the closing Of the
bourse indicated one reason for the
selling Of German bonds. Swedish port
folios have carried large percentage
Of German securities. Hungarian issues
were sold today because of the predic-
ton Of r. H. POrters, formerly with the
Bank Of England, that a complete
moratorium will be necessary in Hun
gary.