Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-13
ARE LOWER
IN QUIET MARKET
Effect of Stock Reaction Seen
on Prices of Senior
Securities.
BY F. II. RICHARDSON.
ipecial Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, March 13.-Bonds
drifted generally lower in desultory
trading today.
A weak stock market was blamed for
moderate amount of neceSsitous SELL
ing OF bonds and, in addition, there was
some realizing for the purpose Of Sc
curing cash for income tax payments.
But these factors were unimportant be-
side the large amount of new bonds
still undigeSted and the tendency of
some investors to proceed cautiously be-
cause of the check to the recovery in
securities.
The postponement of the sale Of New
York States offering of $34,975 900 of
bonds to April Z caused some disap-
pointment, as reinvestment funds were
being held for 1t. Money rates were
unchanged, with a tendency to ease.
Volume was on from Thursdays levels.
The losses were widest in bonds di-
rectly affected by stock movements or
sensitive to earnings reports. Allegheny
Corporation SIS dropped of q point and
more. Nickel Plate 412s were of over
point. Mobile & Ohio IS and Frisco
A As and AVS were also weak and there
were small declines in q long list Of
junior carrier obligations, including
Seaboard Airline IS, MisSouri-Paciflc Is,
SIS and 512S, st. Paul IS and Adjust
mentS, Chicago & Eastern Illinois S.
and Baltimore 81 Ohio Convertible AIS.
Prime issues were firmer, but even
here the selling resulted in small losses
in Atchison general IS, American Tele-
phone SIS, American Sugar Refining IS,
81 Electric IS, Consolidated Gas 51as,
International Cement SIS, New Haven
AIS, North American Co. SIS, Philadel-
phia Co. SIS, Union Pacific first As and
Youngstown Sheet g. Tube IS.
A particularly weak group were the
oil bonds, notably skelly Oil 51as, Texas
Corporation IS and Sinclair U.s. Amuse-
ment company issues were active and
strong, with Pathe Is up over points.
Colon Oil IS gained a point and inter-
national Match IS, both the debentures
and the convertibles, were impressively
firm In active trading.
In the foreign department there was
great trregularity. Peruvian issues
started on l to 2 points higher, but
later lost all the gain and dropped to
levels / to 3 points under the previous
close. Other South Americans, how
ever, were strong, especially the issues
OF Brazil and the State of Sac Paulo.
Europeans were featured by the ac-
tivity of German issues. Young Plan
512s were higher and so were Repara-
tons Is, but German Central Bank is
sues had declining trend. There was
strength in Swedish, Norwegian, Danish
and Swiss bonds. French, Belgian and
italian credits were quiet. The report
that Denmark would seek q loan in this
market was considered bullish. It was
pointed out that Denmark and the
other Scandinavian countries had re-
Gently been refunding their foreign
loans with internal financing, owing to
the better conditions obtaining in their
own markets.
In the new capital market only q
few small municipals were offered.
There was talk, however, Of an early
issue OF Consolidated Gas and PENN
sylvania Power Light bonds that
have been hanging over the market for
weeks.