Evening star., 1932-02-03
'BONDS FLUCTUATE
| IN NARROW RANGE
Foreign List Is Higher, but
Domestic Issues Have
Irregular Trend.
BY F. H. RICHARDSON.
,ecial Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, February 3-While for
eign bonds ranged generally higher to-
day, the domestic list was irregular
Trading was not heavy in any depart
ment.
The market opened firm. Wall Street
was favorably impressed by the progress
of efforts to settle the Sino-JapaneSe
conflict japanese bonds ran up sharp
ly for a time, although later reports of
fresh fighting at Shanghai served to
cause partial reaction. japanese gov
ernment 512s and 6l2s held to narrow
advances. Toxic Electric 6s were 2
points higher. Taiwan 512s gained 3
points and other japanese obligations
acted similarly.
The British governments support of
the policy of cancellation or repara-
tions, as given in Chancellor Chamber
lain's speech, proved bullish for Ger
man and other European bonds. Ger
man Government SIPS and Dawes Rep
arations rs were both higher Great
Britain 5l2s moved upward with ster-
ling exchange. French U.s. Belgian 6s,
Italy Is, Swiss 5l2s, Sweden 5l2s and
Austrian Is all improved.
The most spectacular incident in
the foreign department was an advance
OF to points in New South Wales IS
and a general rise of to 3 points in
all other Australian obligations. Prime
Minister Lyons stated that interest due
in New York and London will be met
1t is understood the money paid to New
South Wales, S1,2l5 900 a month, to-
gether with the funds of the state on
deposit in the Commonwealth Bank
now amount to almost enough to pay
the interest that was due February l.,
and New York bankers believe the pay
ment will be made soon. The Com
monWealth has placed itself in the po-
sition of trustee for New South Wales.
The domestic list reflected a dull and
irregular stock market. Railroad bonds
were more active than any other group,
but even here trading was desultOry.
After early gains, rails turned irregu-
lar. IndustrialS were little changed
High-grade utilities were firm. United
States Government bonds continued to
harden. Most long-term issues are now
selling around a 425 per cent yield
basis, contraSted with $50 to 465 per
cent as two weeks ago. The market in
terpretS this movement as indicating
a much more favorable technical con-
dition for the Treasury financing plans
soon to be announced.
Meanwhile municipals have enjoyed
fairly good market. But the new
capital market generally was stagnant.
Jersey City, N. J., today failed to re-
ceive any bids on S5,5O0,000 of bonds
due in 1885. 1t was reported that new
issues of SIS planned for two large New
York utilities would not likely be offered
to the public until near the end Of the
month
Bonds we're firm at the opening.
japanese government bonds were un-
changed to a shade lower. Great Brit
ain 5l2s, rejecting early frmness of
sterling, were up nearly a point. Ger
man government issues were firm. 9th
er foreigns were unchanged.
In the domestic list, railroad bonds
continued to attract most attention.
Small advances were made by such
issues as Erie S. Missouri-Pacific SIS,
Nickel Plate 412s and International
Great Northern adjustments. Prime is
sues were firm. United States Govern
ment long-term descriptions were mar
roWly higher.