Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-17
BONDS ARE STEADY
IN LIGHT TRADING
Pressure on Rail Issues Con-
tinues, but Market
Holds Firm.
BY F. H. RICHARDSON.

Special Dispatch to The Star.
NEW YORK, November 17.-Though
subjected, like other security markets,
to continued pressure on railroad issues,
the bond market today again presented
a strong front and the general list
maintained a firm price level.
While there was little change in the
Franco-German deadlock over CONNER
cial debts and reparations, and APP
parently no diminution of the serious
ness of the Manchurian situation. for
eign dollar bonds were supported be-
cause Of other factors. Wheat resumed
its advance. Silver was higher in for
eign markets. though it declined in
New York. Germany's export trade was
reported at record high level. It was
unoh1c1ally reported that German cred
its not included in the "standstill''
agreement and due here November Is
were partially paid and partially re-
newed.
Advances of l to points occurred in
German government 51as and Dawes
reparations rs by midday. German
Central Bank 6S improved 2 points.
Steadier prices prevailed for German
municipals and corporation issues such
as United Steel Works 612s and Sic
mems e. Halske 612s. Indirectly, the
same factors caused a firmer tone in
Kreuger g. Toll SIS, whose foreign gov
eminent loans we're considered just so
much more secure, and in various Euro
pean government Civilizations.
Great Britains imposition of a tenn
porary tariff to prevent dumping, in
anticipation of a revenue tariff next
Spring, was not considered altogether
beariSh. There are many In Wall Street
who believe no radical change in Eng
lands traditional open-door policy will
be made. British 51as lowered around
par. The possible effect Of the anti
dumping duties on 1nter-empire trade,
however, caused fractional losses In
Canadian and Australian securities.
Canada's plans to float a $3.50 10000
internal loan split into and 10 year
bonds caused slight shading of inter-
nal Canadian bonds but no difficulty is
anticipated in placing all of the new
bonds. The five-year bonds will be sold
on a SIT per cent yield basis and the
1O-year on a 5.13 per cent basis. This
compares with a sos to Sill per cent
basis for outstanding internal bonds OF
the Canadian government.
japanese bonds were firm. South
Americans were irregular with small
losses in the Argentine group and firm
tone in Brazilian and Uruguayan is
sues.
The domestic railroad list was upset
chiefly because of the continued liquida-
ton in rail stocks, with losses generally
ranging from Y to 2 points. Industr1als
were inactive. High-grade issues, in
Guiding United States Governments,
were steady.
The offering of $3,434, 900 Ohio Public
Service SIS today at 90, to yield over
per cent to the 1861 maturity. revealed
the current market for such emission.
Bonds were firm at the opening.
Domestic issues displayed fraction
ally higher tendency, influenced by a
stronger stock list and the resumption
of the buying in evidence at Mondays
close. Foreign dollar issues reflected
number of favorable factors.
German Government 5l2s and Repa-
rations Is were both strong on Ger
manys export trade figures, which
showed a new high level of activity for
all time. British 512s were shade
higher at par, mirroring the firm stand
taken by the national government
against excessive import dumping in
anticipation Of a higher tariff. South
Americans were above their Monday
lows because of better tone in ex-
changes and commodity markets.
United States Government issues were
inactive and little changed. Canadian
government issues were u to l point
lower on the announcement of $780,
000,00 internal loan.