The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-04-04
BOND SALES HERE
TAKE A Big Squirt
About Sl0.000.000 in New Is
sues Placed on Market and
Are Well Taken.

Taking advantage or he improved
tone of the investment m" rket last week
distributing bankers let loose a flood OF
new securities and they were fairly wen
taken by investors. About $4,000, 900
of new bonds were placed on the market,
representing new financing by many DIT
ferent industries. Including oil. coal
food and manufacturing concerns. Sew
eral States, provinces and municipalities
also successfully negotiated loans.
Last weeks total OF new financing
was the largest since the second week IN
March and compares with little less
than $1,000, 900 in the previous week and
slightly in excess Of S13,00O.oVO IN the
third week of last month.
Bankers seemed to experience little
difficulty ia selling the bonds, and the
largest Item on the list, S20,000,00O
Vacuum Oil Company's fifteen year
per cent gold bonds was quickly over
subscribed Another large issue, $1,000
600 Winchester Repeating ia per cent
twenty year first mortgage bonds to re-
tire current bank loans. moved into the
hands of investors at a pace that APP
parently satisfied its sponsors.
Almost all the other issues were
fairly large Some were: Temtor Corn
first mortgage s per cent gold bonds.
$1,000. 900 Indiahoma Refining ten year
s per cent. bonds. S2,000,000: Clinch-
field Coal s per cent ten year deben-
turesa S1,000.o00: Seattle Light and
Power 6 per cent. gold bonds. $2,175. 900.
and Province of Nova Scotia S1,500,000
five year per cent bonds.
An interesting piece OF financing, in
view OF the uncertainty surrounding the
carriers, was an issue OF S3.6S0.000 6 per
cent. equipment trusts Of the Erie Rail-
road. Offered on a basis yielding about
IA per cent. they were offered in Shis
city and Philadelphia and were oversub-
soribed in a few hours. surprising the
bankers offering them.
The most discussed topic in invest
ment circles last week was the inability
of the city TO attract bids for the full
amount of its short term obligations
Bids totalled only $26.400.o00 for the
$4,000. 900 short term notes offered, al
though they bore the highest rate OF
interest in the history OF the municipal
ty The Comptroller was enabled to
raise further sums to meet obligations
by private sales Of the notes. large
amounts of which were taken by saw
ings banks.
The reception given 70 new issues last
week encouraged dealers to expect a
much better inquiry for bonds from
now on. An issue of $4,000, GOO New
England OIL Refining Company first
mortgage per cent. sinking fund gold
bonds viii be offered to the public early
this week
Numerous small municipal issues were
awarded last week and viii probably be
sold within the next few days. Among
these are Bethlehem, Pa. $675. 900 school
district per cent. serial bonds: Fall
River, Mass. $4,000 of various im-
provement and sewer bonds: Worcester
Mass, s650.000 revenue notes, and
Schenectady, si,14o,oo0 school bonds
The Board OF Education IN Philadelphia
has asked bids for 81 900. 900 tax free
school district bonds, and the Province
OF Ontario is asking for tenders Oh
$4,000 600 ten year per cert. bonds.
It Is understood that the Driver
Harris Company has sold to local bank
ers s1.250,000 Of its bonds, which Will
be offered soon. An issue OF s650.000
fifteen year general mortgage per cent.
bonds of the Massillon Electric and Gas
Company has also been sold TO bankers.
The Canadian Salt Company is planning
an issue of s1.000.o00 OF 7 per cent. gen
eral mortgage bonds
The Consolidated Gas Company re-
ceived permission to issue $4,000. 900
of ten year pc cent. debentures.
which are to be sold at par Several
more Standard Oil subsidiaries are re-
ported TO be planning new financing.