Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-01-19
BONDS TURN FIRM
AFTER Low START
Trading, Dull at Opening,
Increases With Better
Quotations.
BY F. III. RICHARDSON.

Special Dispatch to The Star.
NEW YORK, January 19.-Bonds
firmed up substantially today after
opening lower. Trading, dull at first, in
creased with the improvement in prices.
The market accompanied stocks in
their lower trend at the opening, some
of the speculative rails and induStrials
losing to points in the early pressure
of offerings But bidders had only tenn
porarily withdrawn from the market
and when the Interstate Commerce
Commission made its recommendation
approving the repeal OF the earning re-
capture clauses of the interstate COM
merce act. rail bonds reversed Their
trend and moved upward General news
was of a neutral nature, with no par
ticular encouragement from the Chi
cago rail wage conference. Some arc
inclined to press rail bonds for sale just
now because of the dip they believe the
list will take when final 1881 earnings
reports are published.
After the market had slipped and
recovered, however. such issues as Rock
Island Refunding As, Chicago & North
western AIS, New York Central 3l2S
and SIS, Northern Pacific IS, Southern
Pacific 4l2s. Ulster 81 Delaware SIS,
Nickel Plate IS, MissOuri-PaClfic IS and
Chesapeake Corporation SIS ran up to
90 points. High-grade rails like AtChl-
son General 4s and Norfolk 81 West
ern as were little changed.
American Telephone cOnVertibles
moved a point either way with their
companion common stock, but the de-
benture IS and SIS f1rmed fraction
ally American Telephone Gold As Of
1886 were ~ points higher. Many
other utility bonds Of the highest grade,
including Consolidated Gas 5 IS, New
York Telephone 4l2s and Utah Power
& Light 5S, also advanced. 1ndustrialS,
after swinging ainlessly in the first
hour, turned generally higher. There
were firm prices for Dodge Bros. IS,
Texas Corporation SIS, National Steel
5s, Youngstown Sheet & Tube SIS, Para
mount-PubliX 5 rs, McKcSSon & Rob-
bins SIPS and International Match SIS.
A feature of the foreign government
list was the strength in Canadian gov
eminent bonds and guaranteed issues.
Grand Trunk IS and Is, which are
guaranteed Internationally as to prin-
cipal and interest by the Canadian
government, were selling to points
above their recent lows. Canadian
funds, which recently dipped as low as
20 per cent discount, we're quoted
today around 1872 per cent Canada
had to buy about S3o,00O,0O0 in New
York in January for the purpose Of
meeting maturities, but this pressure is
lifted now and exchange has benefited
as a result OF increased Canadian ex-
ports.
European issues were mostly heavy
because of Frances open suggestion
that the Lausanne reparationS confer
ence be postponed until elections in
France and the United States are over.
This would prol0ng the uncertainty re-
garding the German situation, accord
ing to views expressed here and in
London. and might even end in dec
laration of a general moratorium on
private debts by the Reich. German
government 5 IS and Dawes reparations
Is lost about point and there were
larger declines in German bank and
municipal descriptions. Other Euro
pean issues were also pressed for sale.
British 5l2s eased with sterling quo
tations.
The bond market opened today with
an irregular trend. Trading was in fair
volume.
The railroad issues, especially those
OF the Seml-SpeculatlVe type, were still
under pressure. There were losses of
from l to points in such issues as
Frisco prior lien As, Nickel Plate
412s, Erie IS and Missouri Pacific SIS.
Atchison general 4s and other prime
carriers were steady. Utilities gener-
ally were firm. lndustrials like National
Steel SIS and Armour 4l2s were I'M
changed.
In the foreign department there were
fractional losses in British 5las, Italy
Is, Kreuger & Toll IS and few of the
South American descriptions. United
States Government long term bonds
were narrowly higher.