Evening star., 1933-11-02
CLIMB CONTINUED
BY FOREIGN BONDS
French Issues at New Peaks.
Sterling Securities Join
Upward Trend.
BY JOHN A. CRONE.

Special Dispatch TO Inc star.
NEW YORK, November 2.-Srength
of European government gold currency
bonds, especially the French issues, vir-
tually all of which were at new peak
prices for the year or longer; firmness
of sterling securities such as the United
Kingdom As. also at new high, and
quickened bidding for Canadian Ma
tional Railway obligations. some of
which attained new maximun1s, featured
an active and irregular bond market
today.
The rise in francs, both against the
pound and the dollar, and the decline
of paper dollars in terms OF French cur
rency, accounted for the bidding up of
French loans The latter are expressed
in paper dollars, but payable in
gold dollars, which are near their high
Swiss 5l?s for the same reason as
French descriptions, we're pushed to a
new top.
u. S. Governments Mixed.
Meanwhile, United States Govern
ments moved irregularly, with the best
gain recorded in Treasury As and the
largest loss in Treasury 4l4s OF l947.
offerings IN TINS group, noWeFei- OS-
creased and their undertone. during the
first several hours, was much better
than at any time this week.
Around S800.00O,000 of Fourth Lib
erty Alas. of which Sl,875 100000 were
called for retirement fortnight ago,
have been deposited with the Treasury
for conversion into the new 4l4S-3 as
10 to II year bonds. The difference be-
tween this figure and the 1884. 200 ,450
announced last Monday is due IN part
to later conversions. Within a few
days Sl250OOO00 of these Fourth Lib
critics being used collateral to secure
postal savings will be exchanged for the
new bond issue.
The ragged character of movements
in the foreign division resulted from
the default of November l interest. in
whole or in part, on at least 16 issues,
of which IA are Germany and 2 Uru-
guayan.
Interest Not Paid.
Interest is not being paid on Rhine
WeStphalia Electric Power IS and Is,
Tyrol Hydro-Electric Power. 712s, Saxon
Public Works 6las, Frankfort 61as,
North German Lloyd 6S, German Gen
eral Electric 6s, Hanover rs, Commerce
Und-Privat Bank 5l2s, Mansfield Min
ing Is, Hamburg Electric rs, Pomerania
Electric 6s. Ruhr Housing 612s and
United Industrial 6l-s.
Then there was the protest of a group
of Colombia bondholders against
threatened defaults by that government.
These events, however. were partially
Offset by announcements of redemptions
by Argentina. the formation of Foreign
Bond Associates, Inc, which stresses
that 1t is investing in foreign bonds
and not acting as protective commit
tee, but may cooperate with such
groups, and the raising of $4,000, 900
OF internal loans BY Japan for year end
settlement purposes.
Although Canadian government loans
were not much changed, there was
brisk bidding up of Canadian National
Railway issues, a move that was inter-
412s of 1856 and 1857 and the SIS OF
July. 1862 and october, 1859, were the
first of this carriers issues to better
previous peaks.
~ Bond Averages Up.
The bond averages in mid-afternoon
We're a trifle higher on the day, follow
ing gains, in order named, in utilities,
1ndustrialS and first-grade rails Profit
taking in Junior rails erased virtually
all their forenoon advances. In fact,
this group showed loss almost equal
ing the combined advance of the other
three divisions
Inland Steel 412s, up nearly points,
all of the Baltimore & Ohio mortgages.
American Cynamid IS, Interborough
Rapid Transit Loans and Postal Tele-
graph IS were strong among the mis-
cellaneouS issues
United States Governments in the
final hour Cancelled virtually all of the
advances registered earlier Finnish
descriptions proved vulnerable spot
in European governments. Philadelphia
Co. IS were the softeSt of the public
utilities. The close was active but
tCopyright, 1880