The New York herald., 1921-11-14
INVESTORS STILL
EAGER FOR BONDS
Dealers Again Report Stocks
Sold Out-S5O,00O, 900 New
Issues Quickly Taken.

Despite q slight unsettlement, caused
by two holidays, separated by only two
days. the local investment markets ac-
tivity was continued through last week
and sonne 50,00o,000 OF new bonds was
promptly taken by investors. At the
close of business on Saturday dealers
reported that their shelves were again
bare OF securities.
Business In hxed income securities on
the New York Stock Exchange and In
the outside market was smaller and in
vestors displayed no disposition to reach
for high grade corporation bonds or
government securities. In consequence
there were recessions In prices. but, In
view Of the rapid advance OF the bond
market in the preceding week, reac-
tionary movement was entirely normal.
Tho continued frmness In the call
money market was regarded as puz-
cling, and no satisfactory explanation
was obtainable. Loans on call were at
between and 8 per cent. In the week
preceding the rate was as low as 4ia
per cent Time money showed no i'm
portant change, despite the large offer
ings Of new securities. and local bankers
reiterated their predictions OF much
easier money market before the end of
the year.
While money rates continue about as
they are now. investment bankers un-
doubtedly will take full advantage OF the
situation 20 put out large amounts or
new securities. 1t Is admitted that sew
cral large sized Issues are under consid-
Grafton and some of them will reach the
Offering stage soon. AS the market for
outstanding bonds is restricted, because
Of the scarcity of offerings, surplus In
vestment funds naturally will flow into
the new issues so that bankers doubtless
will find an active demand for bonds for
long time.
The long expected offering OF New
York Telephone bonds will be announced
to-day. They amount to S50,000.000 OF
twenty year 6s. Since the first an
nouncement OF that new financing sew
eral weeks ago bankers and dealers
have been besieged with Inquiries re-
garding the issue. and large number
of orders has been booked. 1t Is ex-
pected that foreign financing will pre-
dominate In the next twelve months and
active preparations to handle such busi-
ness are going on. There is keen COM
petition among bankers for foreign Gov
crnment Issues and In some cases bids
from London bankers have to be met.
The offering of SIC, 0,125.00O of ten year
~ per cent convertible debentures OF
Wilson & Co.. Inc. announced last week.
win not be made until the Canadian
stockholders have subscribed for as
many Of the bonds as they need. The
ready sale OF s27.500.oO0 of ten year
per cent. gold debentures of the Good
year Tire and Rubber Company sur
prised even the underwriters OF the
loan. Tho Issue was oversubscribed al
most as soon as its books were opened.
Last week was comparatively quiet
as far as new municipal Issues were
concerned. but a large number OF i'm
portant pieces of State and city finan-
cling Is pending. With election day
past. communities all over the country
are In better positions TO float new
loans. In common with Industrial cor
porations, municipalities are anxious 70
obtain the comparatively high prices
now ruling for newly authorized Is
sues.
The Ohio Soldiers Bonus act. author
izing s25, 900. 900 In bonds, has just been
ratified and It is understood that tie
bonds will be placed on sale at once.
several otrer SiZaDle DOCKS OF state ana
city bonds are scheduled for the next
few weeks. The city OF Baltimore will
receive to-day bids for s3.S42. 900 OF It's
new bonds, and on Thursday Sacra-
mento. Cal. will sell s2.sso.o0o OF It's
bonds. and Chicago ILL.,, ss.o0o,000 of
its securities. Next week Harrisburg.
Pa. Will sell s11,2o0.00o of Az per
cent fifteen to thirty year highway
bonds. and later Trenton. N. J., wifi Of
fer $4,000. 900 of bonds. and Salem. Ore.
fi0.000.000 of Soldiers Bonus bonds.
Early In December Buffalo. ". Y, will
offer more than s7.00o.oo0 of miscel-
laneoue bonds.
Despite the recent activity in bonds.
sales for the first ten months OF this
year are considerably under the total for
the corresponding 1920 period. Accord
ing 20 the Commercial and Financial
Chronicle. bond sales OF this year have
aggregated little II ore then s2.50o, ,000,-
900. in contrast TO slightly more than 49,
000.000.0o0 In the corresponding 1920
period. In the frs. TEN months OF 1919
bond sales totalied about s2.700, ,0oo. 900.
The greatest activity in bon IS this year
has, OF course. been In the last two or
three months.