Evening star., 1933-11-08
Government BOND
ISSUES ARE ACTIVE
Federal, City and Foreign
Groups Hold Interest
With Utilities.
BY JOHN A. CRoNE.

Gpelldi lJinphICi W otdE.
NEW YORK, November 8.-Govern-
ment bonds, Federal and city, as well
as foreign, and public utilities formed
the bulk of activity and provided tn.
widest fluctuations in today's active ano
l highly irregular pond market.
The strength in European gold coun-
tries obligations amt the weakness In
United States Government bonds di-
rectly resulted from foreign exchange
fluctuations, as some leading overseas
currencies reached the highest prices
since 1914, while the dollar was at the
lowest levels since that year.
New York City obligations, long
, term as well as short term, were ac-
lively bid up as result Of the election
returns, which also benefited local trac-
tions. The rejection of proposals to
buy and operate light and power plants
in various cities hardened the quota
tions on the couponed securities OF
companies operating in those munich
palities.
Foreign Issues Strong.
Record peak prices attained by the
pound sterling, French francs, Dutch
guilders, italian lire, Swiss francs and
Canadian dollars at once were reflected
in the dollar obligations, many of which
climbed to maximum quotations or
came within small fractions of such
levels. Later Polish issues hit new
highs for the year or longer.
Canadian National Railway obliga-
tions in some instances were bid up to
new pinacles. Rails, industrials and
public utilities, owned and operated
abroad, which had dollar obligations
4 HI 4v, r1rl1 ~ affrrnnpipc
were similarly sought as the flight from
the dollar became pronounced.
Naturally the weakness of the dollar
in foreign financial centers created
offerings of Federal bonds in this
market. Treasury 334s Of 1916 and the
3sss of 1910 were most freely offered
during the forenoon.
Renewal of fighting in Havana
brought out offerings of Cuban issues.
Australian issues were trif1e firmer, as
Melbourne cables indicated that the
commonwealth was arranging an in
ternal 10-year loan of $50,000,000 Ar
gentine descriptions inclined to heavi-
ness, as negotiations continued to free
American funds frozen in that country.
Brooklyn City Railroad IS, Brooklyn
Manhattan Transit 6s, Interborough
Rapid Transit convertible Is and re-
funding IS, and Third Avenue Railway
issues benefited most from the bidding
for that group in the forenoon.
Farm Unrest Felt.
The softest spots in carrier securities
were in roads that operate through that
section of the corn belt now in revolt
against Government relief policies
Great Northern refunding 4E2s started
the descent by opening off almost 2
points. Rock Island 41ss Of 1852, Chi
cago & Northwestern convertible 434s,
st. Paul gold SIS, Denver g. Rio Grande
IS of 1855 and Northern Pacific As we're
all fracrionally lower as a result of the
farm disturbances.
The smaller gain in the weekly elec-
trical output figures, as compared with
that of the preceding week, offset the
victories Of public utilities in defeating
municipal ownership. though individual
issues that benefited from the latter
development ranged from steady to
higher.
Public utilities were the only one of
the four groups of domestic corporate
bonds that showed a net gain in mid
afternoon. The market generally was
down less than u point, though specu-
1ative rails lost nearly twice that
amount. Industrials and prime rails
were each OF about u point.
Argentine Loans OFF.
Argentine descriptions averaged q
point loss at this time. Swedish 5l2s,
SSwiss rs and Polish rs were at new
high prices. Paris-O Orleans Railway SIPS
and Nord Railway 61as came within a
small fraction Of breaking through their
sprevious peaks.
Cincinnati Gas g. Electric As benefited
! from the reported defeat of municipal
! ownership there. New York City issues
were lower than their forenoon levels.
Short-term United States Government
bonds showed betterment in the last
/ hour, when some of the prime rails, like
, the Atchison and Union Pacific mort
cages, reacted. Although grade in
dustrialis were rather lifeless through
out the session, they registered the
widest losses OF any group. The market
finished irregularly and moderately ac-
tive.
(Copyright. 1880