Evening star., 1932-02-01
BONDS IRREGULAR
IN ACTIVE MARKET.
Railway Group Subjected to
Profit Taking After Early
Advance.
BY F. III. RICHARDSON.
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, February Bonds
were irregular today in active trading.
The market opened with a strong
tone. Railroad bonds advanced to 4
points on heavy accumulation of buy
ing orders based on the railroad 10 per
cent wage cut agreement at Chicago.
Later, however, these issues dropped
part of the gains as spectators failed
to follow up the initial advance. Mean
while, Allegheny Corporation SIS had
touched a price points above Satur-
days closing level. Chesapeake Cor
poration SIS were points higher Rock
Island 4l2s of 1860 gained 3l2 points.
Frisco 4l2S were up 4 points. There
were sharp gains in Baltimore & Ohio
AIS, ST. Paul SIS, Chicago g. Northwest
ern 434s, Rock Island Refunding As,
Erie 5s, Illinois Central 424s, Missouri
Pacific As, SIS and 512s; Northern Pa
cific 6s, Nickel Plate 4i2s and 6s,
Southern Pacific 4l2s and Western
Maryland As.
InduStrialS were also strong, but were
not traded in so heavy volume. Frac-
tional advances in Dodge Brothers IS,
Texas Corporation SIS, McKeSson &
Robbins SIPS and American Smelling
q Refining SIS. High-grade utilities
were generally firm, including Ameri-
can Telephone 5S, Consolidated Gas
5i2S, New York Telephone AIS and
Western Union SIS. Western Union 6l2s,
however, sold off about points.
AS the situation at Shanghai assumed
an even more serious aspect, Japanese
bonds broke sharply to new low levels
for the entire bear market. Japanese
government 512s fell points. The
6l2s were off more than points.
Oriental Development 5l2S lost 81.
SVelectric Power 6l2S were about 2
points lower Taiwan 512S, recently is
sued at 93l2 sold down points to
around so cents on the dollar. Yoko-
hama 6S dropped 4 points and other
japanese municipals were also weak.
German government issues were
higher. The debt negotiations which
have been going on among France, Great
Britain and Germany promise some
constructive agreement in the near fu-
ture Dawes reparations Is gained a
point. Young plan 512s were fraction
ally higher, and German bank and
municipal descriptions were also firm.
Prussia 6s advanced a point
OIAINl GuAOECdIlot IlOHtNGI, IeIleCteC
the general nervousness over the in
ternatlonal situation. French Govern
ment 7i2s lost a point. British 81 IS
were lower Canada Is and IS were
both down about a point in spite of
the fact that both sterling and Cana
dian exchange were steady. South
American loans were virtually un-
changed, and the Australian group was
unexpectedly firm after last week S
marking down.
Bond prices were sharply higher in
the domestic department and irregu-
larly lower in the foreign group at the
opening.
The agreement on the 10 per cent
railway wage cut provided ammunition
for advances Of 2 TO 3 points in almost
the entire railroad list Chesapeake
Corporation SIS were points higher
Gains of points or more occurred in
Baltimore & Ohio 4l2s. st. Paul SIS,
Chicago & Northwestern 4a4S Erie SIS
and similar bonds Industrials were
firm. Texas Corporation 5s gained a
point. High-grade utilities were un-
changed. United States Government
bonds continued their Saturday upturn
In the foreign group the Sino-Japa-
peSe situation at Shanghai caused de-
clineS of l to points in japanese is
sues, but the rest of the list was little
changed