Show BOND MARKET TRENDS DOWN Money Unchanged New Bonds Ne Bonds Take Well Rates Good n Ii Ul Bi BRON RO SELLER n lTd r Special Cone Cone- Jt COP 1 24 b I by y The Th Consoli Consoli- Consolidate dated date Pr Press E 1 EW YORK 31 H Tie The 4 Th In- In In market shown own a 1 aUght light t tendency down downward downard thI eel eek co so o tar far n a in prices of old oki bonds Ire ro concerned 1 tendency I li to a 1 fold t two old au c for one on thill thug tho of new financing no 00 o f fir r this em nl has Ino boon been tery ry t la Start Start- StArt StArt-rac It g at nt I a a pace itco the tho mi r-k r I kt t for tor no ne now securities gradually t until In the th Jag Jas few cel it Il has hns ben been moving tit nt a 1 Ih l ute rite of peed It Is h I t elInt l timit-ocl timit I od In In tm it r tr I that the tho no new capital Januar 1 o hao leached R a loial oal t of o ly too That ThatIs Is an n enormous and un- un ur hit hu taken tAIn UP w a II groat jet deal of lit the tho ho slack clack c by Janu J nu nur r r Interest till ad dividend l disburse tS which pro wake nako the fc few weeks eels of o each year v or the tho I bonanza enon tor for s of I securities oc Issues ues The Tho nor funds available for In Investment have havo en lar oly utilized no n Ii TIR Another renon ron on tor for the apprent lIon IL of ot In to bu buy eca- eca sea seasoned Is 10 I thi attractive 0 raes I ot of Interest t on the tho large lar mo ot of or ne new ues I which give t in n fl adiante dl intake e In the competition tion Ith vi Ith old bonds bond hIie oM- oM sea sea securitIes havo haco once advanced rub rub- the tho list still a 0 good many bonds sellIng Lt attractive 0 prior Unless now Arc aro ed on a II blula batia to In- In In Invite vite Ito investment estment In comparison the Ue market tor for outstanding bonds bond cler deru raters w s experience ire re difficulty In distributing their 1 4 Mile 01 a o c tile th they ey has h have he e The no non nea bonds bond continue to go 0 sowell oIL c ej as vi the tir large lare over sub sub- subscription sub subscription of the tho th Japanese J loon lo n and nd the tho private solo lo this week seek ot of an an issue of ot 20 0 O Chicago Bur Bur- Burlington Bur lington lon and Quincy first fitt and r to- to re funding bonds bond on a 5 1 11 per ent ci bM n without even eHm the tir formality of ol public offering How flew JIo 0 e er the tho for tOI seasoned bone bonds Is li I be-I be- be online be-online u a little clogged Realizing that fact tact dealers ha block of o bonds bond on thoU theli shelven es are Bre com p p with etch each e ch other with Ith the th cOin I reo re ro ull that sone om of ot them are lire milkIng making concessions In prices On the he stock locK eXchange r It s h Ir been leeh apprent fOI toi several irver cia das dil that lirt nl in air n ai un hung to tol- tol foll fol 11 1 l Ir of seasoned sea bonds bonda up ui fl are te clely to top I p and e MONEY MOtT M STABLE I Anent nent nent the tilE that the of the ad In hM ben been I II I Learned 1 in the Iho case of high grade old bon bonds conditions In the I must munt be taken Into consId- consId consIderation eonald The money mulet haq h not chanted changed much In th the tho lest last 30 da 8 Tho Thu supply of funds fund I Ii 1 not ample HA as It was VMS n prior to th the tt lt II lie ot of new c SJ B I witnessed l et ct It Is 1 clr bv by the th fact that toe 0 uge anc e loan as r as oer over subscrIbed be between eon 60 CO and to 10 per peront peront I ont ont e eel el an in almost Imp Impel t- t tt t stiffening of ot money rates r lies hao been boen observable The rate rAto rat for prime names name of commercial paper raper forI I at 4 per cent but 5 per eCI t Is the discount rate Iato on an n perI In In- In In-cr In I CI inc volume of loans Brokers Broken limo atI olna are arc slIghtly firmer at cI 4 por per cent The Tir rate rale rat on hankers banker b ra mv is-mv STOCKS fast Jt I st Sal Sale S l Allied ChemIcal l t S P DO Py SA American Can C n i i 1 H HAm Am Car C r A bid as 13 Am American International Corp 22 Locomotive e 74 American Lead Am Smelting ft Refining g 62 2 Sugar 57 n American T T Am American Tobacco l American AmErIC ooIn i 7 73 3 ii III Copper Sf 39 Atchison 09 tl l I ItI tI tl Suit Gulf Gul A W IndIes Indie 17 B In Locomotive Baltimore A Ohio tt Butte Butto A 1 4 Bethlehem Stool STi 61 57 Calif um 25 23 Canadian Pacific bid HT 14 1474 7 l Leather 16 Corro de d 1 00 Copper 47 Chandler 60 L t Ohio 69 o go 1 North 53 Chi Mu Mil t Pt t t Paul pfd 34 3 hl ago IS P I I A Pac 24 Chile r 28 23 Chino Copper 18 Ht 10 Cob Cola Colo Fuel Iron 27 Gu Ga 84 64 4 Corn lm Cosdon Oil 36 Crucible Steel 64 4 Cub Cuba Cubi Cane Can Sugar pfd 70 Eric 28 26 Famous lamou L liy 65 G nral Asphalt 40 General Electric General ral i i IS 16 1 I Great Northern North rn pfd 31 GnK Gulf tate Stat Steel U illinois Central bid bd Copper 25 23 International tart 3 U 35 t 1 Tnt Jat iler Marine Marin pfd fd td 30 International Paper 3 In Oil 34 14 Springfield Kelly K ly ld Tire Tirs Sf 2 Kenn cott 37 t Limo 0 t t Nuh me 89 HacK TrucK Trod 86 Oil 37 SI T Motors Motor B 13 bid 13 Middle Middio State Oil B 5 Missouri Ian Kan A To Te T new nO 11 Montana PO Power cr bid 62 34 evv a Missouri Pacific pfd s e 1 ea Tork National Lead 14 0 N Y N X H It ond nd H 19 Norfolk i- i Western Northern Pacific bid bd 53 Pacific OH 01 64 Pan P n Am American Pet Pot B D r 46 r 42 43 Oa 95 Produce t Refiners 26 Pure Pur Oil all 2 o I one 15 S ne ln Republic Iron Steel 57 cears Roebuck 90 00 I Con Oil Ott 22 Southern Pacific pl St n 49 4 Sh bid S 5 Jard t njord Oil 0 ot of N X J 39 Studebaker Corp 10 lOle Teas Co 43 TexaS s L 1 S 4 Tobacco Products A 89 59 Oil 4 l Pacific l I t S Ind Alcohol 7 United le Bt Rubber 37 United States IOn 1044 L tah Cop pel 66 56 Westinghouse Electric 61 61 12 I I I I I I l has bu ben been ad sU In the tho th last lut la t couple o of ot The slight of money moncy rates I IThe to rico In Is n I seasonal one The rho downward trend trond In figures fleure r pre bill ot or the f d e banKs whiCh wan M IlS sueh suca II 0 marked characteristic o of ot the th credit I k haa ha been bc mM for tor many vve I o at federal lie leser e irve tanks reached ranched the tho loest low oat level ot of tao ino movement and met met- Incidentally Inci Incidentally dentally tho lowest Ic 10 level oi el at any anytime I time since October 25 ill 1022 1932 on the thel th I ot of thIs month hon they th stood at That mm late date total earning assets Nor of tho the 12 I I federal rt e bank Kr ere At lit the tho th 10 point sinco Inc 1917 1017 but on 13 12 or ur one on seek eek later lat rI I fI tho the re had haa Increased to f A further expansIon n of rediscount Ine I log Ing commercial demand mn ba inai ho bo b ox- ox ex expected i lluch tuch dl cu lon has hai been heard I of a 1 possIble po reduction In hI federal bank banI rat 8 It 11 was as even 1 I In la seine Boino that a II cut loo be b made mado mad thin K eek ek How How- How I tei o nine via sas announced Should the tho dIscount rate ralo be b even evon main- main It tend to confirm in- in v In-v theor th on that In In-I In reo- reo returns r turna turns are aro ar high pl laili KS ax now appears likely the tho tax bill pon or a ti l Secretary ry Mellon fails fall O of or pa a In congress In ill ho bo b unwillIng to fore rore forego or orco co go any further return from taxable o In lm nt I It if refuseS to reduce roduco the th rate to II a maxi maximum mum ot of 26 25 2 per cent as 08 a mended bv by Mr Mellon T X LAW ETh E rho bill which has won In tho house hou o on a 1 a test teet te t sote vot ote fixes the tho maximum surtax at 44 H per p r cent cont which is 1 l not much better b tt r than the 60 50 pr por cent surtax rate rale ret In the tho pros pros- ent out law laft which admittedly hu his had bad the evil eyll result reull of ot Ing wealth In- In Into Into In Into to ln In tm nt to the of ot industrial and ancl rail rail- railroad rail railroad road bond boad |