Evening star., 1933-11-16
j. S. BONDS LOWER
WITH WEAK DOLLAR
Profit Taking Also Depresses
Canadian Issues, but Gold
List Rises.
BY JOHN A. CRONE.
,cial Dispatch to The Star

Special Dispatch to The Star
NEW YORK, November ia recess
sion In Federal loans, further bidding
up of some of the gold currency gov
ernment issues, such as French and
Swiss securities. and profit-taking in
Canadian obligations featured bond
dealings on the Stock Exchange to-
day.
Aside from further dollar depreci-
alton and the unchanged gold price,
there were no new developments to in
fiuence the trend Of United States Gov
ernments. The sale of long-term
New York City bond issue may be af-
fected by the decline, an average of
points, that has taken place in this list
within the last 10 days
French governments and cities were
bid up to new highs, as were the Swiss
5l2s, which are now being offered in
exchange for an internal franc issue,
and Polish rs. Although there are ru-
mors that Australia, its states and its
cities may exchange its dollar securi-
ties for sterling loans. these we're. not
reflected on the tape.
Canadian Loans OFF.
Profit taking in Canadian securities.
both Canadian governments and Cana
dian railways, followed later by SIM
liar moves In public utilities, was a
natural development in view of the brisk
manner in which these bonds have been
bid up. Whether the profit-takers, some
of whom accumulated their holdings 20
points or more under present levels,
utilize their Canadian cash funds to buy
American commodities or securities re-
mains to be seen.
The calling for redemption of $28,-
020, 900 or 80 per cent of the issue of
American Securities Investing Corpora
ton, the so-called bond pool formed
about II months ago when couponed
securities were very weak, was an
nounced without any hint of what the
corporation thought about the prospects
for bonds.
The Street today, however, inter-
preted the redemption of these bonds to
mean that the sponsors of the pool did
not consider the market today offered
the long-pull profits afforded when the
corporation was formed. On the other
hand, some of these pool sponsors
privately conceded that they were buy
ing into many companies for long-term
investments, for the purchases of such
securities, both bonds and shares, is not
expected to be followed by public offer
4liSo AOi uidily HiOiitilS.
High Grade Groups Drop.
Prime rails and industrials continued
TO drift lower in the forenoon, though
the similar grade of public utilities
showed irregularity, gains and losses
being about balanced In the better
grade carriers Atchison General As
Union Pacific first IS and similar issues
eased.
Armour 4i2s and Standard Oil of
New Jersey IS reacted. American Sugar
6s. Of which $2,000,000 were called for
retirement January 2, 1884, were not
much changed. This loan, made in
1922, amounted to $50 0,000. 900. of which
only $l,515 900 will remain outstanding
after the present retired block is taken
In. Inland Steel 41as hardened
Central Hudson Gas & Electric SIS
of 1857 rose as Edison Electric of
Brooklyn As of 1889 declined. American
Telephone debentures were a shade
higher, but other communication issues
moved irregularly.
Junior carriers continued the slump |
OF the preceding session under the
leadership of st. Paul adjustments, Chi
cago & Northwestern 4%s. Chicago |
Great Western Is, Rock Island con-
vertible 41zs and Denver Sc Rio Grande |
Western SIS Of 1855.
The bond market finished actively
and irregularly lower, with most of the |
Federal bonds showing a net loss for
the day and some of them at the low
est levels since the current downward
movement started on November f.
rTrn1r on