Evening star., 1932-01-20
BONDS ARE ERRAT|C
WITH TRADING FAIR
Market Opens Session Higher
as Securities Follow
Stecks' Trend.
BY r. III. RICHARDSON.
special Dispatch to The Star.

Special DlSpatcn 10 Ihe star.
NEW YORK, January 20.-The bond
market today was marked by erratic
fluctuations in prices. Trading was In
moderate volume.
The market opened higher, with most
railroad and industrial bonds following
the initial advance of stocks. Those
who have been waiting for good news
from the rail wage meeting in Chicago
showed their disappointment over the
continued delays by selling rail bonds,
but bidding was fairly good at the start
and most junior issues opened higher.
The belief that the Reconstruction
Finance Corporation will prevent any
further defaults in rail bonds brought
the buying into these issues at the
opening.
On the other hand, United States
Government issues were sold because
of the markets view that the large
sums required for the Reconstruction
Finance Corporation will be an influ-
ence for lower prices of these securities.
The selling Of Governments resulted in
price dips of 1892 to 1882 and had a
sequel in recessions of fractional dimen-
sions in municipals and prime corpora
ton bonds such as Atchison general As,
Norfolk & Western As, American Tele-
Consolidated Gas SIPS. These losses
were offset by later buying.
The heaviness spread to some issues
of the junior group and the result was
an irregular tone Gains of l to 2
points occurred in Chicago Great West
ern As, St. Paul SIS, Chicago g. North
western 434s and Missouri-Pacific IS
at the same time that declines were
shown by Rock Island AIS, Erie SIS,
Western Maryland As and Allegheny
Corporation SIS.
Among industrials, international
Match IS were points higher and
Goodrich IS and Goodyear SIS had
small gains. Texas Corporation SIS and
Sinclair Oil rs were firm. But Crown
Zellerbach IS, Dodge Bros. IS, Shell
Union Oil IS and Standard Oil of New
Jersey SIS were down point or more.
Once more Canadian Exchange was
quotably higher and Canadian govern
ment and government guaranteed is
sues went along to the extent of point
or SO. Canadian Pacific Railway obli-
cations were up about point Cana
din National IS improved. Canadian
Northern Is gained a point. So did
Grand Trunk 6s and Is.
The foreign department had stead
ier tone than the domestic list. Ger
man government issues ranged about
a point higher. after rebounding about
2 points from their morning lows. Ger
man Central Bank IS we're firm. Ger
man industrials, with the exception Of
Siemens & Halske issues, which were
affected by prospects of dividend re-
duction, were about steady Greek IS,
Sweden 51as, Vienna IS, Budapest IS
and French and Swiss descriptions were
firm. Belgian obligations lost ground.
If the German moratorium is extended
for a long time, Belgium's revenues,
which are largely derived from Ger
man payments, will be drastically cur
tailed. South American issues were
firm. japanese bonds were little
changed. Australians gained narrowly.
Bonds moved higher at the opening
of the market today. Trading was in
good volume.
The best advances were in the junior
rails Chicago, Great Western as, Rock
Island refunding As, st. Paul SIS, North
ern Pacific IS and Frisco prior lien A
Is all had substantial gains. Prime
rails like Atchison general As and high
grade utilities such as American Tele-
phone SIS were steady. Industrials
were firm.
Foreign dollar issues were irregular.
German government 512s and Dawes
Preparations rs were lower. Italy Is
and japanese SIS had small gains.