Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-22
BOND LIST STEADY
AFTER DULL START
Prices Become Firmer Fol-
lowing Lower Opening.
New Offerings Large.
BY F. H. RICHARDSON.

Special Dispatch to The Star.
NEW YORK, January 22.-After 8
lower opening due to overnight selling
orders, bonds steadied during the first
hour today, but in the quieter trading
that followed offerings were in the ma
Jority and the list, with the exception OF
United States Government and high
grade domestic issues, sagged.
The gauge of the markets power OF
absorption has been closely defined by
its apathy after the $40O, 000, 900 or SO
of new bonds it has had to digest in the
past 10 days.
A total of close to $4,000, 900 of new
issues today did not help any. Recent
hotations have not gone so well, and a
great many of the distributed bonds
have found their way back to the mar
ket. Municipal bonds, of which SAL
100000 were offered today, are soften
ing and there has been some marking
down of prices in order to move them.
Since the investment trend has been
toward high-grade legals, this has re-
suited in a weakening of speculative
issues and foreign dollar credits. The
latter, however, are still buoyed up to
some extent by foreign support.
Chicago advices that tax bills for 1928
and 1929 will probably not be sent out
until after the April primaries indicate
that payment of the May Is maturity of
Chicago tax anticipation warrants may
be delayed. While this, If it should &C.
cur. might be claSSed as a technical de-
fault, yet the notes carry the phrase,
Payable solely from said taxes
when collected. and not otherwise"
Some three weeks ago, the city made
a check-up with its different taxing au-
thorities and stated that some S270 ,000,-
900 tax warrants were outstanding
against 1928 and 1929 taxes, none of
which have been collected.
Warrants have been issued by the
city proper, the Chicago sanitary dis
trict, the Chicago parks bodies, the
Board Of Education, Cook County and
the Public Library Board. The city has
$72 ,965, 900 out, the Board of Education
SIT ,400,000 and Cook County S17,S09, :
560 In addition to these and the war
rants Of the other taxing bodies, there
are many other obligations of short
term nature payable when taxes are
collected"
One Chicago bank is said to hold
$4,000, 900 of these warrants. About
$4,000, 600 were floated in New York.
This week will see the offering of
$4,000, 900 Montreal Tramways CO. S
per cents and $2.500,O0 st. Paul Rail-
road equipment trust bonds, probably
on a basis of about Sis to 4.50 per
cent.
Prime issues such as Atchison gen.
eral As, Southern Pacific AIS, Union
Pacific first As, Standard Oil of New
York 415s, Standard OIL of New Jersey
IS, Columbia Gas SIS and Utah Power g.
Light IS were higher today. Duquesne
Light AIS were of a point with the an
nouncement of new financing by the
company.
Chesapeake & Ohio general AIS were
weak. The company announced a
$100, 900 900 expansion plan for this
year. United States Government obli-
cations were definitely stronger, with
the exception of Liberty 31ks.
Second grade rails were weak, ex-
cepting Atlantic, Gulf and West Indies
IS, up over a point American Natural
Gas 6l2s dropped 3l2 points. Dodge IS
and Goodyear SIS were also lower. Fisk
IS advanced points, Pathe Is similar
amount.
French, Belgian and German credits
were on the advancing side, while South
Americans were OF.