Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-18
BONDS UNSETTLED
BY DROP IN STOCKS
General Tone of Market Re.
mains Fairly Steady
Despite Selling.
BY F. H. RICHARDSON.
Special Dispatch to The star

opeCidl blSpatcn TO The star.
NEW YORK. November 1s.-while
there were sharp breaks in Parts of the
bond list today, the market in general
had a steady tone. The disappointing
action OF the stock market and the alb
Sence OF any constructive news on the
Franco-German and Manchurian stu
atoms tended to reduce the volume of
trading to negligible proportions.
The market was firm at the opening
and trading was fairly active, but when
the overnight accumulation of orders
had been executed the market lacked
bids and declined on small offerings.
The reported capture of Tsitsihar by
Japanese troops served to offset the
optimistic views expressed at the Paris
meeting OF the League of Nations Coun-
Gil. British securities, including those
Of the British dominions, firmed on the
news that imports from the empire
would be exempted from the provisions
of the new anti-dumping duties.
Canada. As and SIS, Canadian rail-
road issues, Australian SIS, New South
Wales SIS. Queensland IS and rs and
similar descriptions gained by fractions
to over point. Exchange quotations
for Canada and Australia also firmed,
German government bonds pointed
higher IN early trading, with gains of
over point in the Young plan 5las and
German Central Bank descriptions
Later, however these advances were
largely Cancelled. Belgian and French
obligations were about unchanged. Les
ser rated European bonds such as
Austrian rs, Sweden 51as, Norway SIS
Denmark 6s, Greek IS and Italy rs
yielded grudgingly. to the general pres
sure. South Americans were quiet
Argentine IS lost about a ponit.
In the domestic list the feature was
a wide-open brea4 in Western Union
bonds. Coming on top of losses of to
points in these descriptions Tuesday,
today's declines brought the totals to
4 to 10 points in the two sessions. The
SIS of 1898, after being offered at "a,
were 90l2 bid, a drop Of 91A points.
The SIS of 1851 were off over points
The SIS Of 1860 sold down to APPOINT
loss. In addition to a break in the
stock the market had reports that q
new machine developed by the tele-
phone companies would cut into West
ern Unions business. The revenues of
the company have recently been de-
creasing.
Railroad bonds were generally lower
Chicago & Atoms IS lost points
Drops of l to points occurred in Chi
cago & Northwestern AIS, Rock Island
refunding As, Missouri-Pacific SIS, Frisco
412s and many similar descriptions
High-grade rails we're generally steady
however.
United States Government long-term
bonds lost small opening gains and
recorded net losses of 2-32 to 4-32
Trading in them was small.
Bonds were active and firm at the
opening.
The favorable terms accorded Canada
in the new British anti-dumping tariff
were reflected in a better tone to Cana
dian exchange and in higher prices fol
Canada As and Canadian railroad is
sues. Australian issues also firmed frac-
tionally. German government 51as ad-
vanced a point and most Europeans
were strong on reports of progress in
the Franco-German negotiations.
Domestic issues we're little changed
A strong tone in railroad stocks was
mirrored by junior carrier obligations
High-grade issues were unchanged
United States Government bonds were
quiet. -" ass