The New York herald. [volume] (New York, N.Y.) 1920-1924, 1922-09-11
BONDS STILL RISING
AS BUYING KEEPS UP
Municipal Issues of Good Size
to Be Offered This Week
Cheap Rails Sell Well.

A larger volume of new bond offer
ings, more than s2o0000 900. came on
the market again last week and re-
vealed that buying interest had not yet
fallen off to any great extent Issues
were pretty well divided among the
various groups, the largest being one of
$6,000.000 of st. Louis-San Francisco
Railway Companys per cent equip
ment trust gold certificates These
were offered at prices to yield from 5
to 5.25 per cent. by a syndicate COM
posed OF Lee, Higginson & Co., Speyer
Co., the Guaranty Company of New
York and J. & w. Seligman. The GER
tificates were issued against not over
20 per cent. of the value OF standard
railroad equipment costing not less than
sS,o0o,000. of which 25 per cent was
paid by the company in cash
The municipal market developed re-
newed activity with the Offering of ten
new tax exempt State and municipal
Issues. One banking syndicate offered
s5.0O0,oO0 of Az per cent road bonds
OF Missouri. while North Carolina sold
an issue of s1.s00,O00 Of AZ per cent.
bonds at prices to yield $50 per cent.
-NhOsHNi oiitilio VI IdlT size Was one
OF s1.050,000 of Az per cent hospital
and park bonds of Hudson county, New
Jersey. Other issues were under the
81 900 900 mark
investors got the opportunity also to
take VI two offerings of Industrial
bonds, one paying 6 per cent. and the
other 71s per cent. Both were reported
quickly oversubscribed. The latter issue
was s1,775,o00 of ten year bonds of the
Wickwre Steel Corporation. and the
other S2,250.oo0 of twenty year bonds
of the Ramapo Ajax Corporation.
offered at par and interest by Marshall
Field. Glore Ward & Co.
Several new municipal issues of good
size are on the schedule this week. in
GLIDING $3,500.000 of AIS, which will be
sold by the city of Buffalo, and $4,000
600 in Chicago, and sale Of $4,000. 900 of
State of Oregon road bonds to the
Eastern markets. The latter issue will
probably be offered tomorrow or
Wednesday. One sign of stiffening
municipal market was the announcement
by Speyer Co. and associates. who pur-
chased the last issue of New York city
bonds. block of s45, 000,O of 50-year
4hs, that they had raised the price on
the unsold portion of this offering to
104h. at which price the yield Is
around 4.04 per cent.
Municipal prices have moved up
ward since the first of August and, in
fact. are about on a level with the high
prices prevailing four or five months
ago." says the Bond Buyer. I'm other
words, any further advance will estab
lish new high records for the entiI
period dating from the early months Of
1917. The current movement of munic-
ipals may easily establish State and
first grade city issues on a basis OF 4
per cent. or better"
In the market for bonds on the New
York Stock Exchange the tendency Of
most issues was generally higher. SYM
pathetic with the rise of stock prices
The cheap priced railroad issues were
well supported. many making new high
records, including Friscos obligations
and those Of the Missouri. Kansas and
Texas Railroad. United States Govern
ments were somewhat steadier. as were
industrials. Foreign bonds moved ir
regularly at times. reflecting the fluctua-
tions OF exchange rates.
Total bond sales for the year up 20
date are s3,003.5 900, compared with
s2.120. 113. 900 last year to the same day
and 2,616.000 for the same time in
1920.