Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-27
BONDS ARE LOWER
IN LIGHT TURNOVER
Both Domestic and Foreign
Lists Yield to
Selling.
BY F. H. RICHARDSON.

Special Dispatch to The star
NEW YORK. October 2T.--Bonds
moved lower today in both the foreign
and domestic departments. Volume,
however, was not large.
The poor reception accorded abroad
to the results of Premier Lavals con-
ference at Washington was the chief
influence in curbing the demand for
bonds. In addition. banks. insurance
companies and Nother investing corpora
lions are still holding To the policy of
remaining in a highly liquid condition
has unsettled the market for high
grade long-term bonds. these institu-
tons have now returned to the short
term hish-grsde market for their pur
ohases. As result. there was
sttffening today in municipals Of near
maturity, in short-ter Government
paper and in similar forms Of readily
caShable securities
United States Government long-term
issues were still soft Predictions today
favored per cent rediscount rate,
but there were many who thought AZ
per cent rate more likely in view of the
reported agreement that Paris and
New York should both be on a Al per
cent basis. Treasury As at one time
were nearly point lower. but later
recovered partially. The new Treasury
IS and 3lsS were both substantially
lower Liberties moved downward by
1892 to 1892
Prime corporation issues were not as
active, but their trend was heavy. Atch-
ison general as were UNCHANGED and
American Telephone SIS were a shade
better, but by far the majority of de-
scriptions, like Great Northern rs. Bal
timore & Ohio AIS, Norfolk &, West
ern As, New York Telephone Abs.
consolidated Gas AIS and 5Ias and
otah Power d Light SIS, were lower,
owing chiefly to their sensitiveness To
the money market
The market was firm at the OMEN
ing with the exception of a few for
etgn dollar issues.
Junior rails were down to 4 points
IN most cases. The most active losers
were Allegheny SIS, Chicago Great West
ern IS. Rock Island AIS of 1852. Erie
5s OK 1857 and 1875, Missouri Pacific
general Is IS and SIS; Nickel Plate
4!2s, New Haven 4ias, Pere Marquette
4 rs, Frisco prior lien A As and 4lss.
Southern Pacific 4las and Western
Maryland As. The uncertainty of some
rail- dividends together with continued
SELL
ing. 1ndustrials were also under pres
sure, notably Goodrich IS. Houston Oil
Si2s, National Steel SIS and Vana-
dunn SIS.
In the foreign list German issues
were again most active, with net de-
chnes OF to per cent in virtually all
government, bank, municipal. public
utility and industrial Obligations
hreuger d Toll SIS reflected heavy SELL
ing OF the stock in London. The COM
pany has made large loans to Ger.
many. Bonds of Belgium were off
10 points on reports of heavy Honda
ZION IN them abroad. Other Europeans
were also heavy. Japanese issues were
Steaoy. South Americans and Austral-
ianS were not much changed.
respite the steps toward war debt
Teductlon and reparations revision
TAKEN since Premier Laval's visit To
washington, continental markets were
inclined to doubt the immediate future
OF German bonds. As a result Dawes
reparations Is were off another noint
and more than points below their
pest price of last week, Young Mar
512s were also lower and there were
parallel drops in German industrials
Belgian issues were off about a noint
on the theory that debt reduction will
affect Belgium most Other foreipns
as British 5l2s, Austrian Is and the
South American group. were firm
Domestic issues were little changed
Junior rails. such as Southern Railway
612s and Boston 81 Maine 43.s. were
unchanged Industrials were a shade
better. Highgrade utilities were un-
changed.