Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-01-18
BONDS IRREGULAR
AS TRADING DROPS
General Situation Remains
Unchanged Since End of
Last Week.
BY F. III. RICHARDSON.

Special Dispatch to The Star.
NEW YORK, January 18.-Today's
bond market was an irregular affair.
Trading was not in large volume.
The market opened with an uncertain
tone. There were no new developments
of Importance abroad. pending the Lau-
same reparations conference. The rail-
wage conference at Chicago reported no
progress, and the general situation was
unchanged from last week, with no
further indications that the Federal Re-
serve intends to follow up its moderate
ly infiationary policy.
The fact that the dollar had reached
the gold point in terms of francs vas
not regarded as an unsettling influence.
1t has been pointed out that while
France has undoubtedly taken advan-
tage of recent strength in foreign ex-
changes to cut down her balances in
New York and London, French investors
are still heavy buyers in this market,
and their remittanceS will serve to
check any considerable flight from the
dollar.
There was good institutional buying
of United States Government bonds
This resulted in advances ranging from
about p point in Treasury IS to 1892
in the more conservative Liberty fourth
4As. Reports that New York City had
met the demands of her bankers and
would this week be advanced $32, 500 900
to meet short term maturities caused a
firmer tone in New York City bonds
and proved a mild stimulus to the
~ yI1nlo ola l.,
banks we're still unwilling to consider
anything in the way Of new municipal
financing.
Domestic corporation bonds moved
erratically There was fair sprinkling
of gains ranging from IA to over a
point, with a number of declines of
about the same size. The receSSions
were largely in issues that have recently
had substantial advances and we're OBJ
viously due to profit taking
Some of the buying came into rail-
road bonds, as farm implement and
carrier securities benefited by the sharp
gains in wheat prices. Baltimore &
Ohio refunding IS gained a point. Erie
general lien as were also point higher.
Sharp advances occurred in Illinois
Central Az, Missouri Pacific SIS, New
York Central IS and Western Mary
land BPS. on the Otner mana, nedV1-
ness ruled in Rock Island AIS, Nickel
Plate IS and st. is-SouthWestern
first as.
Industrials generally were unchanged
or narrowly lower. New York City
traction securities were most active in
the junior utility group. marlborough
IS, Brooklyn-Manhattan
Transit IS and Manhattan Railway As
were all better.
Talk was heard that one of the points
of agreement between New York City
and its bankers was the rapid transit
fares would be raised as soon as politi-
Cally practical.
Foreign dollar issues were heavy,
especially the Germans. Young plan
512s and Dawes reparations were about
point lower. German Central Bank
issues lost as much as 3 points. Bonds
of Greece, Rumania, Italy and Austria
dipped Cable advices stressed the
probability that "standstill' agreements
on short-term credit maturities would
have to be extended to several Euro
pean governments. South Americans
we're inactive. japanese dollar bonds
were about a point lower. Australians
were steady, with the rise in sterling
aiding Australian funds to maintain
their balance against the dollar,