The Washington times., 1922-07-21
BONDS
LEAD ALL OPEN
MARKET ISSUES
Two New South American
Flotations Expected Early
in Week. =,
BY MUNROE ROBEkTs.
(Copyright. 1879, by Cosmopolitan News
Seryice) .t+l y .s'r

Copyright. 1879, by Cosmopolitan News
Service.) .s-
NEW YORK. July 21.-The
steady course OF the bond market
is ample evidence that no uneasi;
ness is felt in investment circles
as to the underlying financial
stability of the business corpora
tions whose securities are actively
dealt in, but in <the open market
and in the so-oalled counter trad
ing. The bondholder, Of course.
had a great deal more protection
for his investments than the holder
of either common or the preferred
stock Of. the representative bust.
ness corporations which obtain a
good part OF their working funds
from the investment market. s.
A good many bonds are not even
ords of these companies for the
ultimate liquidation, but are Sc
cured by a mortgage on the prop
erty which. II sold under the ham,
mer, would produce more than the
amount of the outstanding bonds.
Municipal and Government issues
are still enjoying steady rise, and
Liberty bonds, the premier Of all
open market investments, continue
almost daily to add to their mar
ket quotations. Dealings in Lib
erty bonds have reached an enor.
mour total, and no diminution Is
looked for, for the time being, at
least.
There is a comparatively small
amount Of corporate maturities re.
quiring attention in August, and
for that reason the amount OF new
refunding bonds will be smaller
than usual. According to the low.
Jones compilation, the total of rail
roads. public utility. and industrial
obligations falling due next month
is S56, ,4S6, $50. compared with $50,
054,550 In July and $S5.100655 In
August, 1914. The aggregate oi
railroad 'maturities is $4,671 $50. the
smallest In years. Public utility IL
sues total s27.s23. 900 and industrial
bonds s23,992. 400. The principal
issues in the former group are
Consolidated Gas Of Baltimore, S..
000. 900 per cent notes; Consoli
dated Power of Baltimore, $4,000, ,00C
per cent notes; Metro Edison 81,
950, 900 5 per cent notes and Edison
Company Of Boston, $1,000, 900 per
cent notes: In the latter group the
outstanding issue Is the SIS, 100000
r. J. Reynolds 6 per cent notes.
An aftermath of the purchase by
the Durant Motor Company OF the
Ia nd factorv eouipment and the
buildings Of the WHY'S Motor Com
pany. at Elizabeth, N. j., Ia the
creation OF a new bond issue OF
So, 500. 900, which are now to be
placed on the market. The bonds
were purchased and offered by the
investment house Of 8. w. Strauss
& Co. They will carry 6h per
cent coupon. and will mature serially
on July Is, from 1928 to 1894, in
elusive.
The total floor area Of the build
ings in the new plant is about
$1,000 square feet. or forty-nine
acres. making IL one of the larges,
automobile plants in the world. The
property In said to represent an in
vestment of S13,106,2s4 and a re
placement value ofrs10, ,636,900. II
was acquired at receivers sale by
the Durant company for $5,525, 900
II Is expected that two small of
ferings of foreign bonds will bt
brought to our market in the early
part OF next week. These are q
| 6,000.0 900 loan of the Republic oi
Guatemala and a s12 500. 900 issue
Of the Republic OF Colombia. South
America