Evening star., 1932-02-08
BONDS IRREGULAR
IN SMALL TRADING
Japanese Issues Give Evi.
dence of Organized Buy
iug Movement.
BY F. H. RICHARDSON.

Special Dispatch to The Star.
NEW YORK, February 8-Todays S
bond market had an irregular price
trend and trading was the sloWeSt OF
any session this year.
At the opening. prices were little
changed either way. 1t was apparent
that neither side was willing to enter
the market pending developments at
home or abroad. Continued fighting
at Shanghai, with Wall Street skep-
tical of any beneficial result from tie
powers latest representations to Toxic,
prevented any recovery in foreign
bonds, although there was evidence OF
organized support for japanese issues.
The possibility that Japan might
seek further credits here has been
freely talked of and the fact that the
Yokohama Specie Bank had been put
ting up additional collateral here lent
color to it. But tie credits so eStab-
lished are undoubtedly part of the pay
mentS for Japan's heavy purchases OF
commodities and have nothing to do
with new loans.
japanese government 5l2s and 612s,
Toxic SIS, Taiwan 5l2s and Yokohama
IS were all narrowly higher at one time,
but later eased. In the European list,
German government issues were oil
clineS in Italy rs, Sweden 512s, Belgian
Is and in the French descriptions.
British 5i2s were firm and SO were Ster-
ling quotations
Australian obligations continued to
improve. Queensland rs advanced a
point and were about points above
their 1892 low. New South Wales 5s,
Australian government SIS and Aus
tralian municipals also were better
South American bonds were firmer
Brazil 8s gained a point. rejecting a
better tone in the coffee market fol-
lowing the continued destruction of
surplus coffee stocks and an increase
in the coffee export tax
Publication of list of railroad ma
turtles this year, which will likely have
to be handled through the ReconStruc-
tion Finance Corporation, was not cal
culated to help the market. The ma
turtles aggregate only S150,000,000. in
Guiding some equipment truSk obliga-
tionS that may possibly be taken care
of out OF corporate cash reserves. Penn
sylvania AIS dropped a point So did
Baltimore g. Ohio 4 4l.s, Missouri-Kansas-
Texas adjustments. Southern Pacific As
Delaware & Hudson 512s and other
rails. There were small advances. how
ever. in a few of the speculative car
rier bonds such as Nickel Plate 6s-one
of the 1882 maturitieS-MiSSouri ciflc
5 5i2s and Frisco 4l2s.
Industrials moved erratically. Dodge
Brothers 6s, McKesson g. Robbins IS
and Remington Rand IS were heavy,
while there we're small gains III Stand
ard Oil of New Jersey IS. Texas Cor
poration SIS and Loew's 6S. Utilities
such as Western Union 5s, Duquesne
Light AIS and Hudson & Manhattan.
income IS we're firm.
United States Government bonds
we're off slightly. The Treasury an
nounced another SIS 900 900 of s.
month bills to be dated February IS.
Federal intermediate credit banks Of
fered sl5,OOQ,O00 of 5 per cent de-
bentures. dug in 4 months. at par.
Bond prices fiuctuated irregularly at
the opening Trading was in small
volume.
The Shanghai situation continued to
cause anxiety and most foreign dollar
bonds were under pressure. japanese
governments had fractional losses The
European list was mostly unchanged.
though declines ruled where changes
occurred. British 5i2S, however, were
firm.
In the domestic department railroad
bonds were heavy. Losses of a point
or more occurred in Delaware & Hud-
son SIPS and Missouri i-KansaS-TeXas
adjustments American & Foreign
Power SIS were a point lower. Western
Unicn IS and few in the industrial
list were narrowly highE.