Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-13
BONDS DEPRESSED
IN QUIET MARKET
Bearish Rumors on Dividends
Tend to Depress Rail
Issues.
BY r. II. RICHARDSON.

Special Dispatch to The Star.
NEW YORK, November 13.-Bonds
were heavy with the exception OF q
few foreign descriptions. The market
was depressed by gloomy reports re-
gardlng the outlook for important rail-
road dividends. This caused a reac-
ton in speculative carrier descriptions
and prevented high-grade rail bonds
from following the narrow advance of
United States Governments and NUM-
cipals.
In the foreign department, German
government bonds were off a point or
more, with smaller losses in German
municipalS, industrials and utilities
Their comparative steadiness was en-
couraging to Wall Street, which has
been hearing all kinds of bearish
prophecies regarding Germanys finan-
clal position: Japanese issues were
fractionally higher in spite of Continued
reports of fighting in Manchuria and
charges by Toxic that Soviet Russia is
actively aiding the Chinese irrep1IIsrs
Japaneses 512s and 61as were unchane-
ed to point higher. Toxic 5Ibs and
Yokohama were firm. japanese utility
issues were unchanged.
Rail bonds of a more volatile TYNE
dipped sharply. Nickel Plate SIS dne
next year, dropped to a new low under
40. Nickel Plate 412s and 5lss were
also lower. Losses of to points oc-
CURED in Missouri-Pacif1c SIS and SIS
The roads serial 5As, which were is
sued to refund Indebtedness incurred
In the purchase of the shares of the
New Orleans, Texas & Mexico Railway
have recently been around IS bid. but
today the December / maturity was
98R bid-indicating beyond doubt that
the maturity will be met. The issue
natures serially in amounts of q little
over 100000 yearly until 1855.
The common stock of the New Or.
leans, Texas & Mexico, which is de-
posted as collateral behind the SIS to
an equal par amount, was today quoted
at SO offered with no near bid.
Dips Of to points were shown in
Allegheny Corporation SIS, Chesapeake
Corporation SIS, Chesapeake g. Ohio 3
4 l2s, Chicago Great Western 49, Erie SIS
Observation-Disclosures Adjustments
Frisco A As, Southern Railway CTS
wabash IS and Western Maryland As
Aside from drop of point in Canad-
ian Pacific Perpetual As. the Canadian
rail list was little changed
Argentine government issues were liz
! to 212 points. This was a natural
development following the recent SHARP
reaction Of about. 10 to ii points
Uruguayan bonds mirrored firmer ex.
change quotations. Brazilian and
Cnilean descriptions, however, contin.
ueo neavy. Australians were quiet
rev fluctuations were noted in the rest
OF the foreign list
In the domestic market the most i'm
portant development was the heaviness
OF junior railroad issues. Reports that
new York Central, with earnings in
1881 Sharply reduced, would have &c
come into the market for money with
which to meet bank loans were con.
Strueo as indicative of the situation not
only In Central, but all through the
raIIroao INDUSTRY. Losses of a point OF
more were registered by New York Cen
traI AIS, and bonds of a comparative
investment character, such as Southern
Pacific AIS, Baltimore g. Ohio dis
pennsylvania 4As, Rock Island refund
ing As and New Haven AIS.
bonoS were firm at the openinp
ume. 'S wa
German dollar issues made fractional,
gains on reports of rapid clearing I'M
oI olIncultles In the way of the Franco
German rapprochement. The market
mas IS mucn impressed, in SO far as do
neSClc ponds are concerned, with the
decrease In circulation as shown bv the
Federal Reserve, the firm tone of money
rates and the steady tone of stocks.
railroad obligations were firm. in
spite OF the bad break in carrier stocks
near the close Thursday Missouri pa
enc 5s, Erie SIS and Nickel Plate 4Ibs
were unchanged. Atchison General As,
Nor1oik q Western As and other prime
issues were a shade firner. United
states Government bonds were steady
1noustrlalS remained inactive.