The New York herald., 1921-04-11
EASING OF MONEY
AIDS BOND MARKET
High Prices Obtained for Mu-
nicipal Issues Surprise
Experts.

The bond market last week showed
unnlistakable Improvement again with
the demand for high grade securities
picking UP as money rates eased Bank
ers were pleased at this encouraging
sign, which was in line with the best
opinion in banking circles and refuted
the argument that investors had been
sold to a standstill.
\ large number of new flotations were
placed on the market last week. but no
big blocks were among them. The
largest item was S6,000.000 Sun Oil
Company ten year per cent. notes.
which were quickly oversubscribed. An
other in the petroleum line was $1,000
600 New England Oil and Refining
Company first mortgage per cent.
sinking fund gold bonds.
The most important offering in the
municipal field was S2.02S.000 Jersey
City 5ias. Other municipal issues put
out we're: 100000 Akron School dis
trict 51as. s621.0OO Akron street i'm
provement SIS. s1.140,O00 51i per cent.
Schenectady school bonds. s1.osS.0o0
City OF Toledo 8 per cent. funding bonds
and a number OF smaller items.
Including all the small blocks of
municipal bonds a total OF about S20.-
100000 of this class OF security was
offered all over the country last week
The high prices paid for some of these
bonds came ~ a surprise TO some mu-
nicipal bond specialists.
About S27 900. 900 OF new bonds or all
classes were offered in the New York
market. as contrasted with approxi-
mately $4,000. 900 in the week previous
This total is small, compared with some
of the big weeks earlier in the year,
when new issues totalled above $780,
100000. but the progress of the market
Is satisfactory to distributing bankers
who have determined to feed new issues
TO the public slowly rather than to treat
II TO large overdose. which spoiled the
last market.
Much new financing remains 10 be
done yet and in some cases banking
arrangements have been completed and
the offerings are awaiting their turn.
" is understood that bankers profiting
by the last wholesale lesson. have ar
rived at some sort of agreement as TO
how much new business may L. re-
leased each week. II is considered
especially desira BILE to hold up any large
new issues until the Chicago. Burling-
ton and Quincy financing is out Of the
way. The hearing on this matter will
be held before the Interstate Commerce
Commission on Monday
The largest public utility offering last
week was $4,000 Detroit Edison Com
rany : per cent. first and refundinG
mortgage gold bonds. There was also
sn offering OF sl.500.0o0 Southern Cali
fornia Gas Company first and refunding
mortgage Is. The only other issues OF
any size were $4,000 ten year s per
cent. debentures OF the Standard Tex
tile Products. 81 10000 American Glue
per cent. notes and s1.2oo.oco National
Motor Car and Vehicle Corporation
per cent. five year sinking fund gold
notes.
This week will start with one OF the
largest municipal offerings floated re-
Gently. silsi5.Oo0 city of Detroit bonds
awarded Friday to a local syndicate
Another fairly large offering scheduled
for to-day al tomorrow Is 81, $4,000 Cen
tral American Tank Car Corporation ter
year Tia per cent equipment trust GER
Hflcates TX "a understood that an offer
ing OF sl0.0o0,0co Is being held on the
desk OF important banking interests for
release toward the end of the week.
An issue Of Federal Land Bank bonds
= scrcdulcd for late this week or early
uext week The amount Is estimated al
s35, 900 10 100000.