Evening star., 1933-11-14
u. s. BONDS REACT
AS DOLLAR SINKS
High-Grade Corporate Issues
Easier-Junior List
Fails to Rise.
BY JOHN A. CRoNE.
Special Dispatch to The Star
NEW YORK. November l4-The

NEW 4Ohh, november l4-The re-
action Of United States Government
issues and the rise of foreign govern
ment bonds today reflected the drop of
OF leading overseas currencieS. High
grade corporate issues we're a shade
easier. but speculative bonds did not
With trading in the first hour about
four times as active as on Monday, deal
ings in United States Governments
being proportionally higher. bonds
moved confusedly today. The trend was
not much clarified in the second hour,
through price fluctuations widened.
Liberty and Treasury issues moved
directly in response to the dollars
gyrations. While holders gripped with
imitation fear offered these bonds, life
and fire insurance companies continued
With premiums and benefits payable in
a stipulated sum Of dollars, the inSur-
ance companies In this country can
afford to ignore dollar movements.
British Loans Soar.
United Kingdom Is rose to a record
high price as sterling in terms of the
dollar touched its highest level since
the war. Polish is we're similarly bid
up, as were many securities Of the
Canadian National Railways.
In view Of the wild ups and downs
of foreign exchanges, the couponed
obligations in this division behaved
tamely. French descriptions were re-
dictionary In the first two hours. Reich
loans hardened for a time. Argentine
issues again weakened. Domestic mu-
nicipals followed the trend of Federal
obligations.
Chicago & Northwestern general SIS
opened up point as the company re-
ported September net income Of $685.
992, against net loss of $97,545 In the
same 1892 month, and stated that load
ings on its own lines last week were
up 1850 per cent over the same 1882
week.
Chicago, Milwaukee, st. Paul & Pa
cif1c adjustments and gold" SIS eased
week of % ,304 cars, against 23,763 in
the preceding week and 20,504 in the
like 1882 week Pere Marquette mort
cages paid no immediate market at
tention to the decline of car loadings
from the level Of the previous week.
Most Issues Lower.
The market was trifle lower in the
afternoon, with industrials, f1rst-grade
rails, public utilities and second d-grade
rails off in the order named OF
coswse, declines in Federal and munich
pal issues were more uniform and ad-
vances in foreign governments more
Selective than in domestic corporate
securities. The close was active and
heavy.
Federal issues, on increased offerings,
lost about as much as they had recov-
cred in the preceding session. In for
eign governments Irish Free State IS
and French rs and f1as hit new peaks.
Burbach Steel rs similarly performed.
The rise in silver lifted Chinese Rail-
way IS of 1851 to their former max
imum
Prime rails that gave way rather
readily included Union Pacific first As
and Cincinnati Union Terminal IS.
series c. of 1857. Others were Cincin-
natl, Cleveland, Chicago 81 Cairo Is of
1899, Great Northern general rs and
New York Connecting Railway AIS Of
1853.
Reactionary power and light issues
included Columbia Gas & Electric SIS,
Louisville Gas & Electric SIS, North
American debenture IS and Philadel-
phia Co. IS. In the Junior rails st.
Paul adjustments heightened their
forenoon drop. Tennessee Copper IL
Chemical IS were the softest In the
metal group Silver spurts helped
American g. Foreign Power SIS and In
ternational Telephone debentures.
Dollar Still Declines.
The industrial bond averages showed
q wider decline than the division as a
whole because they are composed large
ly Of high-grade mortgages.
The dollar worked steadily lower
during the afternoon. Sterling at S5.31
was up Is cents and francs at SAT cents
up is points in mid-afternoon. This
made the dollar worth 60.59 cents In
gold. The belief that the objective was
a 5o-cent dollar was strengthened by
the days movement of the exchanges,
plus the report from London that there
had been official selling of dollars on
the other side In order to buy gold.
Commodities were very strong, with
silver and rubber the leaders, but with
cotton and wheat following along. The
stock market was firm but quiet. The
rubber and tire shares and the motors
were the leaders.
(Copyripht. 1Q331