Evening star., 1932-01-29
BONDS ARE LOWER
IN ACTIVE TRADING
Losses of 2 to d Points Are
Recorded Before List
Becomes Steadier.
BY r. III. RICHARDSON.
pecial Dispatch to The Star.

special DlSpatCn JU ut Otdl
NEW YORK, January 29-The bond
market broke sharply today in heavy
trading, with losses ranging from to
points spread throughout the list, but
showed signs of steadying around mid
day.
The market opened with firm tone
in spite of lower opening in stocks,
but this was merely mOmentary, as
offerings increased almost Immediately
on reports of renewed fighting in
Shanghai. Prices melted away in SCme
instances. The market was in the grip
of nervousness over the Far Eastern
crisis Securities of all kinds were sold
and spectators were quick to get rid
of long holdings and take short posi-
ton.
In this situation the market ignored
entirely the hopeful reports emanating
from the rail wage conference at
Chicago. Japanese bonds were again
the center of activity. Declines Of a
point between sales occurred in obliga-
tionS such as Oriental Development
5l2S and 6s, Toxic 5l2s, Yokohama IS
and TaiWan 5l2S. japanese Govern
ment 5I2S and 6l2S were at one time
without bids near the market and they
dropped more than 2 points to new
bear market lows.
Nor was the rest of the foreign list
exempt. Belgium 6s were off more
than points German Government
issues eased. British 5l2S lost narrowly.
French Government bonds, Swiss IS,
Sweden 5l2s and most other Europeans
was less active Argentine 6s lost
point. Brazil 6i2s eased. Australians
were down about a point.
In the domestic list the biggest losses
were in the rail group. Missourl-Pacl-
fic 5l2S were off more than points at
one time. Nickel Plate 6S were down
4 points and points under Thursdays S
high. Wide breaks occurred in Erie IS,
Nickel Plate AIS, MiSSOuri-Pacific 5S,
st. Paul SIS, Frisco prior lien A As,
Southern Pacific AIS and Allegheny
Corporation SIS.
High-grade bonds were only slightly
depressed American Telephone IS,
New York Telephone AIS and other
telephone bonds which had been under
pressure on Thursday confined their
losses to small fractions United States
Government bonds steadied after drop
ping most Of Thursdays last-hour ad-
vanCes.
Meanwhile the new Capital market
paused New York Edison 5s, issued
Thursday, were admitted to trading on
the curb exchange and opened at a
l,-point premium, but were later at
their issue price. Similar sized offer
ings of Brooklyn Edison and United
Electric Light & Power are expected
shortly. The past few days have seen
surprising revival of the new issue
market. over $4,000 900 Of new bonds
have been successfully marketed in four
market sessions against shade over
$4,000, 600 last week, excepting the New
York CITY loan of 100000 600.
Bonds with few exceptions, were
firm at the opening. Trading was
fairly active.
The declines were chiefly in the Ger
man list. where Dawes Reparations Is
dropped below 60 Rumanian Is were
off a small amount. japanese govern
ment issues were fraoionally lower, on
news of the Shanghai situation.
The Chicago Rail Wage Conference
developments proved a steadying infiu-
ence in domestic bonds There were
gains of a point or more in Nickel Plate
IS, Erie SIS, Missouri-PaCif1c 55, Great
Northern Is and Southern Railway 6 IS.
Prime Utilities were firm. 1ndustrlals
we're little changed United States Gov
ernment descriptions also were firm