Evening star., 1931-11-06
BONDS IRREGULAR.
ON LIGHT TURNOVER
List Improves After Selling
Causes Early Decline
in Market.
BY F. H. RICHARDSON.
Special Dispatch to The Star.

special Dispatch to The Star.
NEW YORK, November 6.-Owing
to reaction in wheat and a break In
German bonds. today's bond market
presented an irregular picture. But
the undertone was still firm and a cut
in bill rates in New York was followed
by sharp upturn in United States
Governments and other high-grade
securities.
Before the opening it was apparent
that the buying of the previous four
sessions had exhausted a large proper
ton of the offerings in the market,
This was shown by the wide spread in
bid and asked prices. In some issues,
notably Electric Power of Germany
61as, this extended to as much as 35
points and in most foreign municipals
there was a spread of 2 to 4 points.
In junior domestic issues there were
gaps of to 3 points between bid and
asked quotations. AS this revealed an
overbought condition, there was a
fairly large volume of offerings after
initial firmneSS.
The market absorbed the selling with
out much unsettlement and the con-
tinued advance Of silver and other COM
moditieS, together with a measure of
recovery in wheat, resulted in a general
upturn after the first hour
One feature was a sharp advance in
Argentine bonds. An order for a large
block of Argentine 6s of various ma
turtles was executed at 661a, bringing
the price from 21a to points above the
previous close and more than 80 points
above the recent low. Subsequently it
fluctuated irregularly, but most of the
gain was held.
This upturn, directly rejecting COM
modify price gains was followed to a
lesser degree by other South Americans,
such as Caldas TVS, Chile Mortgage
Bank IS and 6%s, Cordoba City rs,
Cundin 'marca 612s, Lautaro Nitrate IS,
Montevideo rs and Uruguay IS. Chile
Copper SIS were more than point high
er. The obligations OF Australia, Cana
da and other raw material producing
countries were firm.
German bonds broke from 2 points
in Young Plan 512s and Dawes Repa-
rations rs to as much as 5 points in
the case of Prussian IS. German mu-
nicipals Central Banks bonds and in
dustrials, which had had large gains
this week dropped 2 to 6 points.
Bremen Is, for instance, which gained
over 13 points on Thursday, lost 5
points today Much of the recent buy
ing was attributed to German interests
and today's reaction was interpreted
merely as profit-taking by local specu-
lators
United States Government bonds ad-
vanced about a point. Bill rates here
were cut another "a per cent and time
money quotations also were lower.
New York State As we're marked higher
and other municipals improved. Jer-
Sey City failed to get bid for its
81, $50 900 of serial bonds offered today,
but later reports we're that the issue
had been placed privately at a salts
factory price.
Corporation issues of the highest
grade moved ahead. Junior railroad
bonds hesitated at the start but later
scored advances.
Bonds, notably the foreign dollar de-
scriptions, pursued an upward course at
the opening.
Argentine issues extended their gains
Of to points made on Thursday.
Brazilians, Uruguayans and other South
Americans were bought for the same
reason-the continued improvement in
commodity prices German dollar bonds
were well supported. with initial ad-
vanceS Of to 2 points in German Cen
trail Bank descriptions and more con-
servative improvements in German
Government 512s and Dawes Repara-
tions Is. British 512s were firm. Other
Europeans improved uniformly.
In the domestic list attention was
centered on speculative rail issues such
as Erie SIS. Missouri-Pacific 5s and In
ternational Great Northern Adjust
ments. High-grade bonds, especially
United States Governments and prime
municipals, were active at firm prices.