The New York herald., 1921-05-16
INVESTORS IN BONDS
LARGELY INCREASE
Ready Market Found by New
Issues-Revival in NUM-
cipals Likely.

Several largo new issues Of bonds
were fioated last week. all OF which
found a ready market with investors
Indeed the investment demand was
better than for several weeks. bearing
out predictions that the successful con
summation OF the Great Northern North
ern Pacific deal would stimulate fresh
vigorous buying movement in the market
for high grade securities.
The most important offering in size
and interest was the s85,000.o00 Z. l.
du Pont de Nemours 10 year IN per
cent. gold bonds These were issued In
part to supply funds for the permanent
financing of the cost of General Motors
common stock. temporarily financed by
Du Pont Securities Company, and in
part for other corporate purposes.
Next in line was the Offering of s2o,-
900, 900 Standard OIL of New York IL
year Y per cent. sinking fund gold de-
bentures. The issue of five months ago
bore per cent. coupon. but despite
the lowering of the interest rate, the
latest offering was substantially over
subscribed in few hours
Another issue quickly taken was $10.-
600. 900 of first mortgage. 20 year, s
per cent bonds of the Kelly Springfield
Tire Company.
SS5 100000 New Financing.
New financing last week totalled ap-
proxlmately sS7 100000 a trifle short of
the week before. The total included
several sizable Issues of bonds OF power
companies. One was t6. 900 Niagara
Falls Power company first and con-
scldated mortgage series AA per
cent. gold bonds. another was s., ,oo0. 900
Milwaukee Electric Railway and Light
Company twenty year 7le per cent. re-
funding and first mortgage gold bonds
and third was s4,5O0000 Portland Rail
way. Light and Power Companys first
lien and refundlng mortgage gold
twenty-five year IA per cent. bonds.
The American Power and Light Com
pany sold to a syndicate of New York
and Chicago bankers s3500,000 of it's
twenty year per cent. secured gNd
bonds. The cnly other issue OF any
SIZE last week was $3,000.OOo of Porto
Rlcan American Tobacco Company's ten
year 5 per cent gold bonds.
The municipal market was quiet but
there are Indications OF big revival
IN such bonds in the immediate future.
Massachusetts, awarded 100000 OF
lie months military loan notes to a
New York syndicate. Philadelphia has
called for bids on 81. .000. 900 loan.
1t Is understood the Comptroller OF
New York State will begin advertising
the forthcoming sale Of 900 SOL
dier bonus 5 per cent bonds within a
week or two. The Legislature last win
ter authorized the appropriation of s25.-
10000 OF $4,000. 900 approved by voters
refereHdum- but the Comptroller's de-
partment considers $10.000,Oo0 all that
will be required for issue this year.
Brazilian Government Offering.
IT Is understood that the s3S. .00o. 900 of
twenty year per cent external bonds
or the Brazilian Government will be Of
fered to-day on an s4 per cent. basis
Inquiry In banking circles brings out
that about SfO0. 900, 900 OF new financing
Immediate needs of domestic corpora
tons. A nearby offering Is N0,0Oo,OOO OF
Duquesne Light securities. An offering
OF Sc, ,0C0. 900 of 81 per cent. one year 70
fifteen year Chicago and Northwestern
equipment trust obligations Will be
made before the end of May, IL is un-
derstood. The Interstate Iron and Steel
Company has sold 81 100000 of its first
mortgage per cent. series A sinking
fund gold bonds to a syndicate COM
prising local and Chicago bankers.
Except for foreign Government bonds,
which were unusually active because
OF the signing of the reperations agree
rnent by Germany, the market for out
standing bonds was much ouieter and
inclined to irregularity last week,