The New York herald., 1921-06-13
US. AND N. Y. ISSUES
: FEATURE OF WEEK
Period Marked by Falling Off
in Industrial, Rail and Public
Utility Offerings.

The potentlalties of the new week for
fresh financial offerings are diminished
heavily by the tremendous transactions
incidental to the payment on Wednes-
day of the second instalment of Federal
income and excess profits taxes and the
Governmental transactions due on that
day. Efforts of bond dealers and dis
tributers will be devoted to cleaning up
the French loan. the sales Of the final
$40. 100000 of the New York State>bonds.
the completion of the sales of SIS. 5.OOO.-
900 of United Drug bonds and other
odds and ends.
Sealed bids will be submitted this week
on more than S50,000,00 of new State
and municipal securities, the two larger
items being the $17,000.000 of New Jer-
sey bonds tomorrow and the $50, ,000, 900
Michigan bonus bonds ,on Wednesday.
Idaho bonds to the amount of $2.S50.0 900
will be bid for on Wednesday and $2,-
100000 of Detroit bonds tomorrow.
Advance information Indicates that
this week will be a State and munich
pal affair, starting off to-day with the
following offerings: s1,000,000 of per
|cent. school bonds of the city of Birm-
ingham, Ala, due on April /, 1850. by
r. NJ. Grant & Co., at SO u to yield about
6 per cent; 100000 of 8 per cent. gold
road bonds of st. Louis County (Duluth)
Minnesota, due on January l. 1881, by
Eldredge g. Co., the Mississippi Valley
Trust Company of st. Louis. and the
Wells-Dickey Company Of Minneapolis.
at 94.92 and interest to yield $40 per
cent; s402.600 general obligation 6 per
cent. bonds of Warren, Ohio, maturing
serially in 1922 to 1910 inclusive. by
Stacy & Braun and Sidney. Splitter &
Co. at prices to yield to 5% per cent.
Another offering of to-day will be the
s3,500.000 Of first mortgage 8 per cent.
twenty year sinking fund convertible
bonds of the Consolidated Textile Cor
poration by Hambleton & Co., the Cen
trail Trust Company of Illinois and the
Federal Securities Corporation of Chi
cago.
The last week was marked by a falling
off in the Offering of Industrial, railroad,
public utility and other corporation is
sues and by United States Treasury
financing to the extent OF $500. 900, 900
and that OF New York State for s31,-
100000. These important offerings APP
peared In a period Of tight money and
depressed outlook and offered channels OF
Investment WHICH were SelZeu on. lnN
New York State bonds were not offered
until Friday. the award being received
late Thursday afternoon. On the first
day s18,000.000 of them were sold by
the banking syndicate managed by the
National City Company and $4,000. 900
additional were taken on Saturday. II
will not be a difficult matter to dispose
of the sS.000,000 balance during the
early part of this week.
The Government financing took the
form OF an aggregate offering of one
year 5la per cent. certificates and three
year So per cent. notes. Preference
was shown for the latter. but there
seemed no doubt at the close Of the week
that an excellent oversubscription would
be recorded.
Future State and municipal financing
will be aided materially by the construc-
tive success Of the Government and the
New York State sales. Other sorts Of
financing ara not expected to come to
head much before July 1. when inter-
est dividend and maturity disburse-
ments will provide fresh crop OF In
vestment money. After that date the
trend toward easier money should be
more pronounced.