Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-25
BONDS DROP LOWER
THROUGHOUT LIST
Wall Street Extremely Cau-
tious With Trading in Sc
curitieS Dull.
BY F. H. RICHARDSON.
Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, May 25.-Bonds drop
ped lower throughout the list in dull
trading in the market today.
Wall street was more than Or
dinarily cautious because of the re-
peated setbacks that have been en-
countered by those who in recent
months have become convinced that
junior bonds were due for a rise. Over
the week end a few more railroad
earnings reports were published. which
accorded with the markets views of
last week that there had been a check
In the decline of earnings. There were
hints of a trade revival contained in
predictions by industrialists, notably
James A. Farrell. president of United
States Steel Cooperation, but develop
ments at Geneva were not such as to
lead to any renewed hope in the for
eign situation. And fresh pessimism
was engendered by the announcement
that the Newfoundland government was
in difficulties.
In connection with the Newfoundland
report that the government had re-
ceived no bids for its offering Of
100000 of bonds, 1t was stated by
that governments bankers in New
York today that it was not surprising
In the present market, and that in
any event the bonds had not been
long on offer. Newfoundland SIS of 1855
were of at 100, with no bids in the
market today, but this is not unusual,
as the bonds, which are outstanding
in small amounts and are closely held,
often are not quoted on either side
CT the market. Wall Street does not
consider the report that a European
power may buy Labrador as serious.
In the South American group Chilean
fHaf xiyith fur
ther losses of l to 2 points. Brazilians,
Argentine issues, Uruguayan and Co
lombian bonds also were weak. Perus
obligations were offered at new low
levels on the announcement that June
interest on the national loan would
not be paid. German bonds were of
fractionally, except in the case of the
Young plan rs, which gained a point.
italian bonds and those OF the highly
rated European countries were firm.
At today's levels, foreign dollar bonds
taking the entire group outstanding In
this COMMISSIONED per cent de-
cline since last Monday. On the total
Of $6,402, Gal 900 OBSERVATION-DISCLOSURES
ing Canadian issues-this means de-
probation of $190,080, 900 in the week.
An average of prices of the foreign list
shows a price Of approximately 70.
This would indicate total value OF
about "a, 500, 200, 900 at market prices
for the $6,4o2, 64l 900 par value OF
bonds.
In the domestic list high grade issues.
such as United States Governments,
American Telephone IS. Atchison gen.
eral As, Norfolk & Western As, Great
Northern rs and Western Union SIS.
were unchanged to a shade better. The
municipal market was also reported
strong, with indications that there
would be few new offerings this week
and a consequent tightening of the
scarcity demand for outstanding bonds
Junior railroad issues we're lower, but
not Importantly so. st. Paul IS, Erie
SIS. Frisco A As and 41as and Southern
Railway general IS were of a point or
more. One of the features Of the day
was a bid of 99A for Big Four IS OF
1871. There are only $1,l00,o00 OF
these outstanding and the last recorded
sale was at los on April 10.
Copyright, 1871