Evening star., 1931-12-21
BOND PRICES MOVE
| IN NARROW RANGE
Rail Wage Situation Watched
CloseIy-Uti|ity List
Is Stronger.
BY F. ii. RICHARDSON.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, December 21-Today's
bond market was a colorless affair, with
irregular fluctuations on either side OF
Saturdays closing prices that gave the
street no evidence of trend. Trading
was in small volume
The list opened steady, except for
some declines in the foreign department
1t was apparent that while some who
taking profits, still others were await
ing developments before either selling
or adding to their holdings. For one
thing, holders of rail bonds were watch
ing the rail wage situation closely. In
many quarters the wage reduction
negotiations are expected to terminate
successfully, but just the same the re-
action of the Atchison employees to a
notice of Is per cent cut was eagerly
awaited
Railroad bonds had erratic move
ments. Atchison general As were off
fractionally while Baltimore & Ohio
4l2s were point higher Chesapeake
g. Ohio SIS gained a point, but Chicago
g. Northwestern 434s dropped points.
Rock Island 4l2S lost a point. Nearly
all New York Central and Nickel Plate
bonds were higher.
grade utilities. American Telephone SIS
and l2S were stronger. Small gains
characterized consolidated Gas 4 IS and
SIS, New York Telephone d rs, Phila-
delphia Co. SIS, Utah Power g. Light
5s, Columbia Gas 81 Electric 5s and
Duquesne Light AIS. Even the more
speculative Internationl Telephone IS
and Western Union SIS were up frac-
tionally.
Industrials were as irregular as the
rails. McKeSson g. Robbins 5i2s lost
more than a point. Paramount -PubliX
S lI2S were a point higher. Texas Cor
poration SIS rose fractiOnally, but other
oils, such as Sinclair rs showed no in
clination to go higher. Vanadium Cor
poration SIS had a run-up. National
Steel 5s and youngstown Sheet & Tube
IS were slightly higher.
In the foreign list German bonds
! were all lower at the opening, recov-
| cred and then slumped again. The
Russian debt of l,200000,000 reichs-
marks to the Reichsbank was considered
somewhat larger than had been an
| ticipated, and since the relending tc
| Russia of funds borrowed from the
| United States was emphasized in the
United States Senate investigation
| as unafavorable to the German list
However, Dawes Reparations Is were
more than point higher at one time
and offerings we're not heavy in any Of
| the German descriptions.
British 5 IS were firmer, with stcadiel
quotations for sterling. Australian
obligations continued the advance basec
on a clearer political situation since
| the defeat of the Radical government
! South American issues were generally &
| shade higher.
| Domestic bonds were firm, while for
eign dollar credits eased off at tht
| opening The best feature Of the trad
ing was the continued strength in rail
! road bonds.
! Denver & Rio Grande Western 5!
we're 2l2 points higher New Haver
I IS gained points. Southern Railway
As, Frisco B IS and ST. Paul Adjust.
ments also improved In the utilitie.
American Telephone 4l2s and IS wert
fractionally higher.
! The foreign list was led downward BY
| the Japanese utility bonds, with losses
| of a point or more in Toxic Electric 6:
and Taiwan 5 IS. Germans were ofl
| sharply on the report of the heavy
Russian Indebtedness to the Reichsbank