The Washington times., 1922-12-19
BANKERS LOOK
FORWARD TO
JANUARY
Regarded as important Month.
7 With Plenty Of Funds Ready
For Re;rveatr,arf.
pv .MIyNROE RORERTs.


fcopyrIrht. 1gee. by cosmo~"''-" N"ws
service)
NEW YORK, Dec. 19.-Develop'
ments in the bond market in the
early part Of the New Year viii be
linked .up quite closely with the
general trend Of conditions in the
domestic money market. Just at
present., the bankers in the big
financial district are piling up funds
an q result Of the return Of loans
previously made to the interior Sec
tions,s and the investment institu'
tisns Of the country, are seeking
for avenues of investment Tor new
funds. which Will be. coming 70
them in heavy volume aiter the
turn of, the year. January Is an
iniportanf reinvstment period, not
only, for these Institutions, but also
for individuals who are receiving
large rernittanca In the form Of
interest 7. and dividend checks. De-
spite the countrywide discussions
OF the possibility Of a large inter
national loan to one orSmore OF the
European countries. " is most un-
likely that American investors will
be called upon for an enterprise
Of this kind early In the year.
Az had been expected, the three
new issues Of United States Govern
ment securities have been over
subscribed, though the subscrip'
tions have not been in as proper
tionataly large a volume as In the
last two offerings. Subscriptions
for the Treasury certificates came
In largest volume from the bank
ing institutions Of the country,
while individual investors were at
tracted to the two-anda-half-year
notes.
The Treasury Department an
nounced that all subscriptions for
the certificates have been allotted
in full. while the bids for the notes
will be filled In the following pro-
portions: Subscriptions up to $780,
900. for one subscriber have been
allotted in full: over 100000. and
up to $1.000,000. on a rs per cent
basis. and above 100000. on a
5 per cent basis. All subscribers
for the ~ per cent Victory notes
or Treasury certificates maturing
Dec. Is were rendered in payment
and were allotted In full.
Offerings OF new bonds in the
market today are unusually large
and varied. and include railroad,
municipal. Industrial and farm loan
issues. The aggregate In about
$15. 900 900, and the largest issue
is that Of the $4,000, 900 first and
consolidated mortgage 80 year 9
per cent gold bonds, series A.. of
the Carolina. Clinchfield and Ohio
railway, offered at 96h and inter.
est, to yield about 6.25 per cent.
II In now definitely stated that
the British chancellor Of the ex.
chequer will sail from England on
December "a to confer with our
Treasury officials In the matter OF
the British war debt. II win be the
purpose Of the chancellor and his
associates to attempt to work out
some basis whereby the British
war debt Is transpesed from q
simple note to a series Of securi.
ties which will have the backing
of the British government, and
may possibly be offered to invee.
tors on both sides Of the water.
Since the British government has
on several occasions expressed its
determination to pay it's debt in
fun. II Ia to be hoped that a sat.
isfactory ARRANGEMENT can be ar.
rived at by the representatives OF
the two countries.