Evening star., 1933-10-31
BONDS IRREGULAR
!. IN DULL SESSION
U. S. Governments Continue
Decline and Corporate
~. Issues React.
BY JOHN A. CRONE.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, october 3l.--BondS
moved slowly and unevenly today. fluc-
tuations being influenced more by gen.
eral economic and political develop
ments than corporate news.
United States Governments continued
their steady recession, which started Oc-
tober %, when the new gold plan and
monetary program was announced.
European governments ranged from
steady to firm. Domestic corporate de-
scriptionS were reactionary.
While traders awaited the formal list
ing of the new Treasury issue, which
will be made Wednesday, and learned
of the quick oversubscription OF 90-day
Treasury bills, holders of Libertys and
TreaSuryS continued to offer them at a
slightly increased pace. Buying by the
Federal Reserve System narrowed the
declines in this group, where offerings
are coming out largely because security
owners are puzzled about the new mon
etary policies of the Government.
Canadian Loans Rise.
Canadian loans in the last two ses-
Sions presented a sharp contrast to our
own Government and railroad securities.
Reports of buying order for 81 100000
VI SdllduldIl CS VI 1891, WlllCl dIc ucdlt
in over-the counter markets doubtless
spurred demand for Dominion govern
mentS Monday, when three of the four
issues traded in on the exchange
touched new peaks for the year. Some
of these issues are payable in the cur
Tency of either this country or Canada.
Doubtless it was this fact that led to
the placing Of the 81 100000 purchase
order for the SIS Of 1887 and the bid
ding up of Canadian National Railway
obligations, move in which Canadian
Pacific issues, not being government
obligations, failed to share. Canadian
National SIS of 1870 and the AIS OF
1881 were the first of the Dominion
United Kingdom As moved ahead as
sterling advanced against the dollar.
French governments for time were
lower on the strength Of the dollar in
Paris, but later stiffened without, how
ever. bringing up with them French
city or rail obligations. Unsettlement
Of German loans In London and the
proximity of the start OF new month,
which is bound to bring with it more
defaults on Reich dollar issues here,
more than offset the announcement
about the successful negotiation Of the
scrip interest payment plan.
Junior Rails Recover
AS usual junior rails started the up
swing in domestic corporate securities.
st. Paul adjustments for time bettered
on the gain in weekly car loadings.
Rock Island refunding As, International
Great Northern adjustments and other
active issues soon turned downward.
Chicago & Northwestern 434 for
time also benefited from its 3 per cent
gain in weekly car loadings, but subse-
quently reacted. In the meantime, some
of the better grade rails had opened
higher This was true of Atlanta &
Charlotte Atlantic Coast Line IS of 1914,
Cleveland, Chicago, Cincinnati & st.
Louis divisional Is of 1890 and Union
Pacific first Is.
These moves were followed by initial
gains in such middle-grade rails, as
Erie refunding SIS and New Haven con-
vertible IS. Meanwhile, some of the
low grades, like st. Louis-San Francisco
prior lien As of 1850, had yielded a
point or more. Lehigh Valley consoli-
dated as were weak.
High grade industrials were not much
changed in the first several hours. Oil
debentures, as group. were a shade
higher. Metal issues moved slowly, with
Chile Copper SIS off about point.
The market closed weak for both the
speculative railroad descriptions and
the high-grade investment issues. OF
the former the st. Paul and Northern
Pacific issues were under pressure and
OF the latter there was selling OF Du-
quesne Light 4l2s at lower prices
There was no recovery in United
States Governments.
igE1