Show BO BOND MARKET 1 BEARING Up I BY Dv BYRON SELLER I Special Core Conc 1924 by b Tho The Consoli Consolidated 1 dated Pres Pros Press Association MW RW YORK March 8 8 De P I spite all the tho th a as to 10 tax and nd bonus legislation the In- In In 1 estment market marlot as 08 a the th week ends 1 manifests remarkable In the control contrO ersy eny over just jut what plan shall bo be b adopted for tor or tax tx re- re r Islon ision whether wh ther the th Mellon rte rate rates 0 ot I some compromise Is I wo od out It seems reasonably certain that relief relict from the present peale oale ale bo be gIven In other words word the bur bur- burden burden bur den next year la Is almost sure ur to lie ho hoIe li liless Ie less than at present And even It this relief I is not as us aa a might be wished for tor It lt ought to bo be b bub- bub ItI I enough enouch to Improve the do- do domand de demand mand tor for the securities tor for Nor does thoro seem I to bo be any reason ron tor for concern 01 oter er bonus bonu legislation lf Illation until tho th torm form It will tale take becomes become becomes niece moro mor Ident At any nv rate rat that seems m nr to berth ba of ot th the market ml at present It 11 in I In tIe the th United States State gov- gov government eminent bond lit lIot that ad adv r effect fleet of at a bonus bonu bill Is In most to be feared And e even esen en thit depends depend upon the lie method of been bee I f have hale slightlY reactionary all 1111 the eek is cek but here herO li is always the tho potential support of ot for tor or the Ibo account ot of the British govel unsent to with aith This Till t is h 1 not likelY to advance quotations for tor much as i to gO eminent bonds so 80 o hold them a the tho pre present nt level The Tho Interest of ot the British Is founded upon the th they hn haue t of ot va pasing pa nr Installment ln on their debt to to- t the tir United States Slates iii 10 liberties at ot par so as aB a the pi cesso go to par the less Iss incentive to buy them theft for tor this purpose PLENTY or OP MOEY lOCY Melm bile the tho p pi wire eure upon the banks bank to employ their Heir surplus funds continues continue There Ther 1 has ha been especially active e busing buling this thia seek ele of at all nil desirable short hort term bonds and notes note In fact tact the thc market for tor this cla- cla chas cla of ot has been pretty w well up ha has be lOen on les less leni disposition to take long 1018 term maturities but even e h herthe the tho tono has hl h been better betler The do- do domand de demand mand mond I Is not so 0 much for Cor or the tho th sery ery highest trade grade n as It Is la tor for 3 arond 5 per cent cont and still ot of o undoubted merit The Th large It andI I o money available for tor is I In the tho th real strength I of the th Investment market In this respect there thore has ha been no change for tor the put to tiso months An additional source ot of o strength sery ery recently h has been buen the lei lot up In the output of ot new lloa Ho long It will be bo beJet th there thero are large larce additional offerings call call- can cannot not ha be b predicted Bankers Banker DOl kers al ale e watching the tho th market marlot closely In order or order der to select a IL a tn time I They hey tre imre ar not likely to permit an anThe anTh The pries price of at new offerings also is 18 If It the can cnn help It It Ita being considered ered There K I have been too many occasions I 1 hen lei reports of at leas Iea heavy y os 0 sub over sub j sub er-sub- have hav been followed folioed ed by I sharp breaks break In the th quotations on the of at the tile 83 8 to I an idec Ide Ideas as asto asto ato to the tho figure at which a new se- se security se security 1 can enn be marketed This has been the tIme case with Ith ce tale foreign bonds bondo In cone conse I Investors lime base bce been in- in in inclined dined elined to hold bold oft ott until the mir mir- ket In-I In ket price pric becomes become stabilized All this operates operate tor for caution cauton on the thep thep pitt p met ot of o the thc in Investment hanki S I nos no's no us usA A good rood deal of ot Interest I is taken In the mo to make mak public utility bonds legal leel Invest Investments inest- inest I ments monts for tor sa Ings banks In this state a ao T The Tue r rule I In New Ness Yolk tip Y to now ness o has been n nI no nY to o allow casIngs ln I banks to buy only o an api I state bond bonds and certain municIpal and first mortgage r lIro bon Is h here dh dividends ha have e been main on the th tock at a 0 rate rato for tor a n specified sp period It la is isnow now proposed to admit to the tho th 1 1 class clas public utilities which can meet rigId ried requirements requIrement The tico of ot other teo st particularly particular In Inthe inthe Inthe the west we t has hils been more liberal In Inthis inthis inthis this respect but the effect uDon the market tor for public utilities of ot ofa ota a of the th rule In l e leYork York Is i sure sura uro to tn b bo be marked ot all bond men are ar agreed ax as a to the ads of at th the change but tt tl tte o arguments argument ng It are not irY One Ono of ot the objections has been that the tangible prop prop- propErty prop property erty upon which 1 telephone bonds to tot Instance are secured is not equal to thit th b back ck of or I bond The great creat strength of the telephone companies the thc con e demand for Cor thel their el vices and their demon demon- demonstrated CorI I stability of ot earning 10 po are the best anser to till cb- cb ob objection No ro valid why a a first mortgage bond of ot a prosperous electric light and PO er company should not be andI tic tic- accorded ac accorded I corded a as high a rating ILS lIS tl of railroads of oC equal financial 1 Private ate Investors and In Insurance In- In insurance companies are cicer ger pur pur- pur purchasers chafer pur-chafer chasers of at these Ic light and power bonds bonda bond n B niELs R K I Speculative attention In bonds bond has been concentrated upon certain tam tain Issues notably those of at the St Paul and Missouri Pa Po Pa- Pa Pacific Pacific I Reports that the tile bankers b ere acre taking up the matter ot or refundIng refunding re fundIng the tho th St SI Pauls large larre maturi maturities tie ties of ot next year rear were wert Collo followed cd h 1 1 a a violent upward movement mo Inthe inthe In the bonds Thele was wa no lion 1101 of at the report but Interest was maintained at a high pitch TI Tl e matter is a as revealing a change of attitude to toward mard ard the tho railroad outlook in gen gen gen- feral Of OC morn Import me from n marc In S Standpoint i Is the th prep prep- to bo ho und v for or A d similar refunding in I and Ohio This will ill tuI b be bea a very large lirse operation one ono of the largest ever eser attempted In the ih raIl rod field but hut ucc Is I I In Ie view viea of ot the Baltimore an J 0 Ohio reco recovery ery the pat t sear ear and ani its as position The To attitude altitude of or the Investor to toward ard aard foreign securities Is much more nore doubtful o I or one thing th iii collapse In French has shaken a confidence none too nell established 1 rench dollar bonds bond hae ha lost ground round n although It m mj t be admitted not In to luthe the weakness In the th e l |