Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-22
NEW BOND ISSUES
At RECORD FIGURE
Total of $225, 600, 900 for
Week Establishes High
Mark in Year.
Special Dispatch to The Star

Mark in Year.
Special Dispatch to The Star.
NEW YORK, December 21.-New
bond financing to the amount of S22s,-
000, 900 featured the investment market
in the past week. This is the largest
amount that has been brought out in
one week this year. The largest pre-
vious total was $ls6, 81, 900, in the week
OF October IL, which included the $780,
100000 of per cents by the Texas
Corporation.
Last weeks total Of see ,O0o, 900 was
insignificant by comparison, when it is
considered that It included Sos, OOO, 900
Of New York City bonds.
Bond trading is now in O better posi-
ton than it has been previously this
year, with new offerings finding ready
buyers at prices favorable to municipals
and other legal types which must OBJ
tain yield being 4 and per cent.
Offerings Listed.
The largest offering was one Of &41,-
100000 Of Az per cent of San Fran
cisco. The money is required for the
purchase Of the Spring Valley Water
Co. system. Bonds had been offered
some weeks ago at @ time when, owing
to market conditions, dealers were I'M
able to make the necessary par bid.
They lay on the shelf until this week
and the city was considering the rais-
ing Of the coupon rate by means Of o
referendum when Q syndicate headed
by the National City Co. came forward
with q satisfactory bid.
Next In size was an offering Of the
Canadian Pacific Railway Of $50, 000, 900
Of S per cents. These were offered to
the public at par and are payable on
the due date Oe54) either IN Canadian
or American funds at Montreal or New
York.
Municipal offerings accounted for
about half Of the weeks total, Mont
real putting out 8le, 300, 900 Of S per
cents ana Chicago t7,27S, 600 Of { per
cents.
other sizeable issues included: Mil
waukee Electric Railway q Light Co.,
SIC, o00, 900 Of SIS; Union Electric q
Power, $4,000, 900. and Illinois Power
d Light, 5000, 900. The balance was
made up Of small inSular loans, mu~
nictpals, industrials, rail- offerings and
public utilities.
Foreign Loan.
There was one foreign loan. The
Province Of Buenos Aires sold $1,000
600 in 6Izs In New York. This 10 the
frSt South American loan here In some
months, but 1t does not indicate
traders think, the reopening Of this
market to the dotation Of large
amounts Of South American financing,
such Is was the case In the immediate
The market itself had . poor week
In point Of activity and price range.
Each day the list dropped . little, with
q slight recovery Wednesday, until on
Friday both the domestic and foreign
LISTS reached Q low average for the
month. However. both sections are
Still about two points above the low
average for the year.
Money frightened q little at the end
Of the week under pressure from
falling stock market, and this, COM
bined with the tax selling incidental
TO the year end, brought some liuuida-
ton. Late Friday afternoon there was
q moderate amount Of distress selling
as equities went to their lowest levels
since the recovery from the November
crash.
Argentine government Issues, with
the loans Of the Argentine cities and
provinces, were in the spotlight In the
middle Of the week when President
1rigoyen ordered the conversion once
closed In order to stop further gold
exports: These bonds went to new low
levels for the year, but made q partial
recovery on Thursday and Friday.
Argentine is considered the strong
est OF the South American Republics
In q financial way, and her per cents
nave always sold at or near par, so
that the panicky selling Of Wednesday
was considered ill-advised. Other
South Americans were lower in Sympa-
thy, duplicating their action In last
months crisis. when they were thrown
into the market for what they would
bring.
European descriptions were firm most
OF the week and on Friday made some
substantial gains In the face Of q lower
tendency in the rest Of the list. There
was some favorable news 10 account
for this.
Problems Abroad.
frances financial condition. Of
course. continues to improve, and as
matter of fact French issues h v,
sold at or near their highs Of the year
for about q month past. In Germany
the economic muddle consequent on
the Berlin Bourse's decline has been
shaped into something resembling
order. and the Reichsbank has deCi led
to make q loan to the government OF
$TS zoo, 900. drawing on its New York
credits for this purpose. In return
the government has undertaken to
stabilize the national finances.
In Austria the government has sue
ceSsfUlly negotiated q 800. 0O0, 600
credit and Spain sold out her internal
loan. to take care Of New York and
London credits Of last year, soon after
| the books were opened.