Evening star., 1933-11-15
u. s. BONDS HEAVY
ASD0LLAR SLUMPS
Corporate Domestic Issues
Also. Ease and Trading
Volume Declines.
BY JOHN A. CRoNE.
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, November l5.-Unitec
zGates Government bonds wavered TO-DAY
as the dollar sank in terms of leadins
foreign currencies, while issues of for.
eign governments. especially those still
on gold basis, sought new high levels
in bond trading on the Stock Exchange
American municipal bonds, like Fed
eral issues, we're heavy, as were virtually
all descriptions cf corporate domestic
securities, though here the degree OF
decline and activity greatly varied
Trading in the forenoon was much less
active. both in Federal and home cor
porate loans. than it was Tuesday, with
most of the volume today centered in
the foreign list.
There were three outstanding over
night developments that had varying eff
fects on the overseas division. Switzer-
land decided to convert its 51s per
cent dollar loan into an internal issue,
which at once lifted the former to a
record high price American firms here
decided to take Argentine treasury bills
for some so 900 900 of blocked" pesos,
resulting in an average rise in Argen-
tine loans of more than point.
Conference Is Called.
The Reichsbank notified the Federal
Reserve Bank of New York that con-
ference of German bond creditors had
been called for December 5 in Berlin.
This indicates that the exchange mora
toriun. causing numerous defaults on
Reich issues, is not likely to end with
the turn OF the year, as had been gen.
orally expected.
The German news. affecting some
$1,000. 100000 of dollar issues now in
default, caused considerable irregular
ity in Reich state, municipal and cor
porate loans without having similar ef-
feet on the government obligations.
Gyrations of the dollar again brought
buying into most of the so-called gold"
currency government issues, resulting
In new high levels In French govern.
ments and cities and Polish Is.
Neither the unchanged price for gold
pened previously on election day, nor
the shifts in Treasury officials brought
out offerings of Governments. The
former development had helped Gov
ernments on November 8. while the
latter today resulted in some easing
OF prices.
Prime Rails Start Drop.
Prime rails were the first of the in
vestment corporate group to move
lower. Union Pacific first As. Louis
vile g. Nashville As, Cincinnati Union
Terminal AVS of 2Ozo led the descent,
followed by Atchison general As, Bur-
lington general Is, New York Central
s12s of 1897, and Pennsylvania con-
solidated 41as of 1860.
Meanwhile junior rails steadily oe-
clined, with the biggest breaks recorded
in Chicago. indianapolis g. Louisville
refunding SIS and 6s, Erie refunding IS
or 1867 and 1875, International Great
Northern SIS, and low-grade carriers.
such as Seabcard Air Lines 6s series a
of Ie45
In the better grade utilities Central
Hudson Gas g. Electric SIS of 1857 and
Ohio Public Service rs of 1947, series
2, gave way readily. Standard Oil of
New Jersey 5s were OF slightly in the
last hour, when United Kingdom As
scored new high and st. Paul ad-
justments hit new low on the current
movement. One Liberty and two
Treasury issues near the end were vir-
tually at or slightly below their lows of
last Friday, but pressure on tbs group
was not nearly so pronounced as then.
The market closed quietly and irregu-
larly lower.
tCopyright, 1880