Show REACTION HITS BOND MARKET Securities Shed Portions o of Gains in Sagging Movement By VICTOR EUBANK Associated Press Writer I NEW YORK Jan 15 The IS-The The reaction about which some cautious denIers dealers warned yesterday came into the bond bone market Friday and various classes o of securities shed portions of their re recent recent recent re- re cent substantial gains I Without any seriously depressing news on the horizon United States State government obligations declined from fractions to more than a point poin and the rails some o of which h were up 25 or more points from their December DC De- cember lows followed in the sagging movement I One reason given for the softness o othe of the carrier liens was a report that a hitch had developed in the wage re reduction reduction reduction re- re conference between executives lives tives and union leaders in Chicago At the same time those close dose to railroad railroad railroad rail rail- road affairs believe that an amicable agreement will vIll be reached Baltimore Ohio 4 l 1 Boston K I Maine 55 Canadian Pacific debenture Chicago Milwaukee St. St Paul Erie Missouri Pacific 55 of 1977 Nickel Plato 4 1 l and SU St Louis San Francisco 4 1 l were down from 2 1 to nearly 2 points There was considerable activity i ithe in inthe inthe the foreign list Some of the Ar Argentine Argen- Argen cn- cn tine loans were up nearly 4 points anc and other South American obligations obligation sold higher British and Japanese bonds advanced but German government government govern ment Is 75 and 5 l declined 1 I |