The Pensacola journal., 1922-12-25
TAXEXEMPT
SECURITIES
Being SOLD
Armour & Co. Will
Secure S1OO,OOO,OOO
Additional Capital
Purchase Nor
ris Company.
(By Associated Press)

NEW YORK, Dec. 24.-New bond
offerings last week totalIed $50, 302, -
600 as compared with the previous
weekly total of $685. 900. The in
creased Offering OF state and munich
pal tax-eXempt securities aggregating
S13, 900 was a feature. While the
increase was largely due to re-invesc-
ment demand the agitation in Wash
ington for legislation limiting the is
suance of tax-free securities had the
effect OF toning up the demand for
this class of security. The demand has
also cleared up the supply of most
bonds of this class and stiffened the
prices of new issues.
Trading in the bond market was on
a reduced scale and there was the
usual pre-holiday dullness, with few
important changes in the general list
United States government issues were
a little stronger. This strength was
attributed to the customary REIN
vestment demand making itself felt
in these issues as we'll as their pur-
chase for gift purposes. Copper bonds
strengthened in sympathy with higher
stock prices and the price of the
metal, which is now selling at II 3-4
cents a pound. the highest in the year.
Railroad bonds and ties maturing
in 1928 aggregate $49G, 952,230 as
against $3.50, $4,000 in 1922. The larg-
est amount of obligations falling 4ue
in the month is January with s49,-
751.430, Of which Equipment Trust.
sold to the government and resold to
by the United States railroad admin
istration, make Up $22,961, $50. The
railroad maturities during the year
were small. the largest being s7,742, 600
firS 6c
due Feb. !.
The announcement Of J. P Morgan
&c Co. early in the week that the Ger
man ambassador had been informed
that no international loan to Ger
many could be considered until and
unless the reparations question was
settled served to set at rest runors
that We're proving embarrassing to
both the administration and local in
ternationa1 bankers.
The new Cuban S50,00o,o00 loan
was announced during the week as
one for 80 years at 5 IL per cent
with amortization features. The sue
cessful bidder will be announced Jan.
T.. Canadian advices led to tn rel eff
that the $3.50, 000.0 900 loan which lha
Canadian government intend tn soat
early next year WI he Snlit b. 1Wecll
the New York AMI london market now
that sterling exchange is in a more
favorable position. There was be-
lief among bankers that the local
market could safely absorb 100000,
600 of the new Canadian securities.
It is expected that Armour & Co.'S
new financing will involve 100000
600. partly for the purchase of Morris
{. Co. and partly for refunding. 1t is
understood that the company intends
to retire about S65, 100000 notes and
bonds bearing 6 and Z per cent in
terest and issue new securities at a
lower rate. New financing may be
done. it IS said. either by an issue of
additional mortgage bonds against
property OF an issue Of additional pre-
fered stock.
The principal Offering last week was
SIS, ,000, 900 Carolina, Clinchfield & Ohio
railway company, 30-year per cent
first and consolidated mortgage gold
bonds offered at 6 IL to yield 6.25
per cent. Other large offerings were
So, ,000 900 State of New Jersey 30
year per cent highway extension
bonds to yield to 4.25 per cent;
So, 900, 900 Richmond, Va, 35-year 4 1-2
per cent Improvement bonds to yield
4. % per cent and S1,750, 900 American
Bolt corporation 15-year per cent
first mortgage sinking fund gold bonds
offered at par.