Show I. I Weekly Market Letter I By TAYLOR J. J CHAMBERLAIN Vice President National Copper Coppe Co I L' L Call CaU money during the te put past few days moey at G 5 per cent As this baa ha been bee quoted quote easier eIN money does not no give gie an any n of permanence the bond mar ket ke has ha not no benefited In any any wa way The reason for fe the lower call cal r rate e Is apparently appl- appl that InterIor banks banks and corpora corpora- coroa- coroa enty ha have ve experienced d some relIef after afe ton demand for and the year end money moey an have te ave been ben In a position to take advantage ad call rates which of f the attractive cal rae pre erl earlier r In the week OffIcial fh fig urn ures shOW MOW that that corporatIons and other ether leaders ledes were weT responsIble for an expansIon of approximately and out out-of- town ton banks for In call cal loans loan New Yok banks reduced their loans loan by about Droker loans showed a total increase of for the ther a week r eek and this fact tat coupled couple wIth the earmarking of some In gold for foreign accounts does doe not suggest any any Imm relIef The Te statement ot of the federal reserve raene system a a very ery strIct open market marke and a a desire delre to have hae member banks balk relieve the system ot of pat part ot of the burden ot of supporting the acceptance market Bankers and ad lending dealers dealer expect an Increase ot of In the volume ot of commercial paper outstanding out out- ot- ot standing within the the next three or four weeks The e rates rates on bankers bankers' banker acceptances have just juat been advanced again aan 60 and ad day bills bis are now offered orere t at 5 percent r per cent and 5 and ad maturities at 0 per cent The Jer above cage emphasize the le tad fact that an Inc increase ase In the federal reserve re rates is I a distinct possibility The general teeing Is I. I however that th the Hank ot of England rate would very very likely be changed change before bor any action acton Is taken taken bY the federal reserve system Under pr pre pre- railing conditiOns we see no are reason for lor any expectations ot of easier money rates rates during the next net month or so so and and we are are inclined to feel fee that the low call rate has ba prevailed durIng the last lut few fW days will wi not continue Government bonds have been easier with the short sor term terni certificates between a a 4 H per pel cent and a a 5 per pe cent ceM basis dependent upon the maturity fourths I offered as s low as par pa and the thelong the thelong long term tem treasury bonds bonda quoted at lower tl figures General Gentral market bonds have been been very vey duil dul and present maret a rather rather difficult tradIng situation Stock Stok ex- ex cane quotations have not been rere- rere ot of actual actu bond values as al numerous high grade gade issues are ae quoted with wih a 2 point spread and oftentimes the bid is II for lor a limited Imke amount of bonds and on the other othe hand a substantial amount Is I available 4 at late offered price The Te month ot of January from the stand stand- point pint ot of investment dealers has ha up tO tb the present date date proved prove to be a a distinct dIsappointment Ordinarily the month ot of is I. I one of high investment activity ity Iy but the bond market marke this year year has ha been handicapped by an unusually In in- money sItuation The chief len IM Is represented In the Is-i-ge Is amount of funds employed In the stock tok market maket and until some Ime readjustment occurs Our It dOM doe not seem see advisable to venture ventur any predIctions on the trend or of bond value |