Evening star., 1932-01-21
BONDS OPEN HIGH
AND REMAIN FIRM
Domestic List Has Some
Narrow Gains, but Foreigns
Have Weak Spots.
BY F. III. RICHARDSON.
Decisl Dispatch to The Star,

special Dispatch 10 Ihe Star.
NEW YORK, January 21-Bonds
were firm today. The domestic list ad-
| vanced narrowly In many cases, with
| emphasis again laid on the railroad
group. In the foreign department there
| we're a few weak spots but German
| government issues, British bonds, South
Americans and japanese descriptions
| were surprisingly steady considering the
! pressure on European bonds of the
lesser rated group.
The market opened higher. While
the poStponement of the Lausanne con-
ference put an end to hopes of an early
| settlement of the war debts and repara-
tions problems, Berlin reported virtual
agreement on extension of the German
'standStill' agreement for year. At
the same time the progress made at
washington with the Reconstruction
Finance Corporation bill proved a vital
force in lifting prices of domestic bonds
Strength was shown by the obliga-
tions of railroads that would presum-
ably benefit materially from operations
Of the finance corporation. Nickel
Plate IS, due this year. sold nearly 35
points above their bear market low
There were sharp advances in Chi
cago & Northwestern AIS, st. Paul SIS,
| Missouri-Pacific 5s, Erie General Lien
As and Allegheny Corporation SIS.
Progress of the railway wage con-
ference at Chicago appeared to be sat-
isfactory. High-grade railroad bonds
were firm. including Atchison General
4s, Norfolk & Western first As, Union
Pacific first As, Chicago, Burlington &
| Quincy General As and Great Northern
Is. Prime utility descriptions were also
firm, with small gains in American
/ Telephone SIS, Consolidated Gas 5Bs
| Philadelphia Co. SIS, Duquesne Light
| 4l2S and Utah Power & Light SIS. The
utility obligations traded on the curb
were uniformly strong.
Industrials like United States Rubber
SIS, Sinclair Oil Is and McKeSson &
| Robbins 512s were firm.
United States Government long-term
issues, with the financing for the re-
| construction Corporation impending
were nevertheless 2-32 to 5-32 higher
than their closing levels of Wednesday
Canadian exchange was set back
about point to around a 1412 per cent
discount. This was ascribed to profit
| taking by exchange spectators and had
little effect on Canadian bonds, which
were firm with the general list.
While British 5l2S reflected firm
sterling quotations and German govern
ments recovered opening losses, other
European bonds were sharply lower
Belgian descriptions dropped a point
or more. Hungary 712s were off more
than 2 points, with sharps losses in SWe-
den 512s, Greek 6s, Austrian Is and
Serbian Is. In some cases there were
subsequent recoveries.
Bonds were firm at the opening of
the market today
Railroad descriptions, which ordi-
narily move with stocks, reflected high
er prices in the equity market Illinois
Central 434S, Nickel Pate IS, Missouri
KanSaS-TexaS adjustments and Erie SIS
all advanced Prime carrier obligations
and high-grade utility bonds were firm.
United States Government issues were
steady There were small advances in
Liberty 3l2s, Treasury 414s and Treas
ury IS.
In the foreign department, German
government bonds opened lower, owing
to the poStponement of the Lausanne
Conference, but almost Immediately re-
covered the initial losses. German Cen
tral Bank Is were off points. British
512s and other European descriptions
/! were firm. japanese Government 5las
ana 612S were unchanged