Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-12
FOREIGN BOND LIST
|. IS SHARPLY LOWER
Domestic Group Holds Fairly
Steady in Quiet Market.
Buyers Cautious.
BY F. H. RICHARDSON.

Special Dispatch to The Star.
NEW YORK, November 12.-Foreign
dollar bonds sold of today, but the
domestic list remained steady in quiet
trading.
Trading in bonds has dwindled rapid
ly in the last two days, chiefly be-
cause of the cessation of the unusual
demand that came with the November
l reinvestment programs and because
many foreign issues, notably the Ar
gentineS and lesser rated Europeans, had
had too rapid an advance.
Spectators in foreign bonds were
holding of pending some constructive
development in the Franco German
situation. They became even more wary
today after President Won Hindenburg
signed an emergency decree forbiddinR
the transfer of mark balances by ior-
eigners who have sold German securi-
ties and preventing German citizens
from purchasing German bonds in for
eign markets, except for sinking fund
purposes Young Plan 51as, which had
been over 3 points higher at one time
dropped to small net gain on the day
and Dawes Preparations rs, after show
ing a 212-point gain, were barely
steady.
Great Britain 5l2s held around par
and other British securities also had
firm tone. Canadian Government As
and IS were actively turned over a.
unchanged prices. Canadian railroad
bonds were fractionally lower, rejecting
the sag in wheat prices rather than
any fluctuation in Canadian exchange
which was steady at 9a4 per cent dis
count.
Most European issues were fraction
ally lower, but the trading In them was
| so small as to give the price changes
little significance. Australian issues
were quiet. Argentine IS were of 2 to
points, but other South Americans
were inactive.
In the domestic list the speculative
rails lost most Of their early advances
MiSSouri-Pacific 5hs, for instance
dropped to net loss of ~ points
| after having been slightly higher on
the day. TeXarkana g. Fort Smith 5hs
Jumped over points and then receded
lndustrialS were irregular. High-grade
| corporation descriptions were little
changed.
TIE money market appeared to have
steadied around present levels and, with
no immediate prospect of change in
the rediscount rate, municipals such as
New York State As, New York City 41as
| and better grade State and city obi
cations were firm around Wednesday,
S1OolLB levels. OIlCeu states Govern
ment issues were quiet and firm.
Some small new municipal offerings
are coming into the market, but Ale
ghany County, Pa, called of its pro-
posed sale of $4,200,00 AZ per cent
bonds to await a better market
Bonds were higher at the opening.
The German gIoup advanced from
to points on stronger tone in Lon
don and the Continental markets
Young plan 5las at 40 were up l u, a:
were Dawes reparations rs at "a. Ger
man Central Bank descriptions i'm.
proved fractiona!ly. British SIPS were
flrm around par. South American
bonds were inactive and little changed
In the domestic list railroad issues
were most actively supported. Small
gains occurred IN Missouri-Pacific SIS
Nickel Plate 4l2s, Allegheny Corpo-
ration SIS and similar types. United
States Government long-term issues
and the high-grade corporation group
were unchanged.