The Washington times., 1922-07-19

'c"pynsht H@ .1y,c. co."'op'"'" N
NEW YORK, July ia canvass
of the prominent investment banking
organizations in the financial district
reveals the information that by fur
the larger proportion of the inquiries
reaching these offices are concerned
with Liberty bonds. A good many
investors who were attracted to these
bonds year or 30 ago when hey
were selling ten points below par, are
now seriously considering whether
they are equally attractive a point
above that price.
Without exception the responses 10
these inquiries are most flattering TO
the Government war bond issues, for,
not the premier security
of the bonds themselves, the invest
ment bankers still figure that there
is a big opportunity for further lp-
probation in prices. 1t should be
considered, of course. that a prime
investment bond is not the most Soa-
venient medium for speculation. as
prices do not generally fuctuate
widely or wildly in a day or a week.
Notwithstan nding this factor, how
ever, speculators have made big
profits in buying up Liberty bonds
from ten to sixteen points below
present prices. For those who are
looking for the best and safest mo-
dunn for the investment OF their
funds. nothing can compare with Lib
erty bonds. and for that reason they
will be continuously in demand.
Criticism 10 heard In some quarters
of the policy of the Government in
striving to pay off as many Of these
J bonds as possible at the present time,
rather than leaving them for future
generations to struggle with. There
Is much to, be said on both sides OF
| this question. but surely there should
| be no condemnation of any efforts
that may be made to strengthen the
| credit position of the United States
Government.
II has been finally calculated that
all but $8,702, 800 OF the Northern
Pacific Great Northern joint 6h per
cent bonds, called for payment, have
been converted into the new North.
ern Pacific 6 per cent bonds and, in
accordance with the stipulation un-
der which the former bonds were
issued. they will now be paid off in
cash and a new offering OF per cent
| bonds OF the amount stated above
will be sold for the purpose. These
bonds are offered today by a New
! York banking syndicate at s per
! cent interest They are due July
| !, 2047. but may be redeemed at any
time after July 1. 1850. at los and
accorded interest.
A plan and agreement OF readjust-
ment of the 50-year first mortgage
per cent gold bonds Of the Sher.
man, Shreveport and Southern Rail.
way Company, guaranteed by the
Missouri. Kansas and Texas Railway
Company, has been prepared by the
protective committee Of these bonds,
according to announcement by r.
Walter Leigh, chairman. Mr.. Leigh
| has sent a notice to all holders of
certificates Of deposit of the Colum.
bia Trust Company, issued under tho
deposit agreement OF February IS,
1915. stating that they shall be as.
sumed TO have assented TO and rati.
fled the plan unless within 20 dars
after July 10. 1922. the date OF FIRST
| publication Of the announcement,
they shall dissent and withdraw the
bonds represented from the deposit
agreement.
New bond issues today agsre.
gate s2e 900 900 and are made up Of
two important railroad bond issues
agereEating sl5,5o0, 900: one public
utility in the amount Of $500 900.
one industrial issue in the amount
OF $500. 900 and ono foreign issue
] In the amount Of 81. 500 900. Today's
new offerings are as follows:
SIX million, seven hundred and
fifty thousand dollar Baltimore and
Ohio Railroad Company 5 per cent
equipment trust certificates, due se.
rally from 1923 to 1897, 70 yield
about 5H per cent: 2.6oo. 900 Repub-
| lie Of Peru ten-vear external secured
per cont gold bonds AZ par and
accrued interest: S7,6oo, 900 Central
Indiana Power Company per cent
first mortgage collateral and refund
ing gold bonds, series "a" due July
]. 1897: $500. 900 first mortgage 20.
! year per cent sinking fund gold
| bonds of-the Consolidated Machine
Tool Company OF America. at % and
interest, to yield 7.t0 per cent.