The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-03-03
BOND
MARKET SHOWS.
HES|TANCY
Slownsss Attributed to New
Proposals on Soldier
Bonus.
By MONROE ROBERTS.

Copyright, 1921 ss. y cs,m0D0iit.n News
NEW YORK, March s.-Liberty
bond prices added slightly to their
advance In the early trading today.
the 3h's selling up to $97.06; the
second 4h's 10 $97.14; third AS to
Ss8.IS: fourth 4k's to S97.42 and
Victory 4x's to S180.28, unchanged.
The market for railroad and indus
trial bonds is only moderately active,
prices for the most part remaining
stationary.
In the division Of foreign bonds.
the demand today Is for the issues
that have become out Of line with
those which have scored their recent
advance. The Dutch East indies SIS.
the Department of Seine rs and the
Queensland SIS and rs are most
prominent in this class.
The hesitancy in today's mar
ket for Liberty bonds was at
tributed to the new proposals
for the soldier bonus, which
virtually amount to a new Govern.
ment bond issue. II In q long way
from the suggestion to the adoption
of the new certificate plan Of ad.
justed compensation for those who
took part In the war, and II may he
said at the outset that the new plan
Is not In accordance with the stipula,
ton Of President Harding that any
bonus bill which receives his ap-
prevail must provide its own methods
of financing.
The bonus certificates differ from
ordinary Government bond issues In
that no selling campaigns will be
necessary to insure their distribution
among the people. But II Is need
less to say that the present market
for the Government war bonds will
not be helped any by the Issuance
of $4,000, 600, 900. or less, in interest
bearing Treasury obligations that
will doubtless find q ready market
at prices that will not be compli-
mentary either to the soldiers or to
the Government.
There has been;a general demand
in the market for short-term Treas
ury certificates, most OF the out
standing issues Of which yield a
slightly better return than the
Iong-term war issues. The 5A's.
due June, 1924. issued at par to
yield SIS, are now selling at 102%,
a basis Of 4.4S; the 5h's Of Septem-
Der, 1924, yield AS on their current
market price of 102S, while the
AXIS, due March, 1925. are bid at
100x, a yield Of 4.4s per cent. The
chief demand for these certificates
is from investing and business cor
porations which are DESTROYS Of find
ing employment for their tenn
porarily idle funds, against tax pay
ments or other obligattohs Of nearby
dates. other issues mature in April,
June. August, September. and De-
cember Of this year. The June. Sep
TENDER. and December issues are ac-
ceptabie at the Federal Treasury In
payment Of Federal taxes.
Rejecting the paucity of new In
dustrial bond offerings during the
month OF February, records made
public this morning show that the
total of railroad. Industrial, and pub
lie utilities bonds, notes and stocks
issued last month was 1927. 000, 900,
as compared with $222. 366, 400 in
January and s259, 10000 In Feb
ruary Of 1922. What new financing
appeared was attended by quick sales
to underwriters and rapid absorb
ton by investors. Bond dealers re-
port their shelves comparatively
bare of attractive investment Sc
curities.