The Washington times., 1922-03-30
BOND MARKET
TO Be OFFERED
\. NEW ISSUES
Excellent Condition Of Market
Expected to Bring Forth
.. New Offerings.
By MUNROE ROBERTS.


(Copyrisht, 1882. by Cosmopolitan News
Ssrvice.)
NEW YORK, March s0.-The
manner in which new issues in the
bond market are absorbed by In.
vestors has encouraged tho banking
syndicates to look afield and to
give new consideration to q number
of propositions that have been
awaiting just such conditions.
While preference will naturally. be
given to home necessities, II will not
be surprising II a number of new
foreign loans should find their way
to our markets before the end of
the summer.
The largest of today's new offer
Inss il an issue Of $4,000 TWEEN.
ty-six per cent debentures of the
Canadian General Electric Com.
pany Ltd. They are dated April /.
1922. and mature on April I. 1S42.
The company. together with Cana
dian Allis. Chalmers. Ltd, which II
owns, is the largest manufacturer
and distributor in Canada Of elec-
trical apparatus. rs., ....
An issue Of $2.5oo,o 900 twenty
year ~ per cent bonds Of the city
Of Charleston. 8. c., IL offered to-
day at 9SA.
Announcement soon will be made
Of an issue Of bonds by the United
States military government OF
Santo Domingo in behalf Of the
Dominican republic. The bankers
prospectus will announce the issue
under authority Of the United
States Government" and that the
loan contract and the bonds them
selves will be signed by the Amer
lean naval officer administering the
Dominican department of com
merce. The coupon rate will be 5
or 5h per cent. A new Bolivian
loan Of S24, 900, 900. is also under ne
gotiation.
Small Bonds Popular.
Not 80 long ago the bond market
was exclusively a rich mans affair.
As a rule the average work-a-day
American does not often have q
would like to exchange for an in.
road or a big industrial concern. 1t
was impossible for him to secure
q bond Of lower denomination, for
such q thing did not exist. In fact,
@ good many Of the big enterprises
frowned on the suggestion of MAX
ing their bonds Of lower units than
$4,000 or even $4,000.
Then one of the national invest
ment organisations tried an expert
ment. It secured permission to
split up . bond into ten units Of
500 each, selling them in ten dif-
ferent directions. The result was
SO gratifying that the operation was
and soon a lusty business
in the 500 bonds-''baby" bonds,
was built up. Other firms and cor
porations were quick to see tho
virgin territory that offered a big
field Of absorption for their securi-
ties and were not slow to fall in
line. Consequently. the small in
vestor now can be accommodated
in a wide variety Of the highest
grade securities in units to fit his
Moreover, the market
for these bonds is quite active. OF.
fering an opportunity, to dispose Of
them when necessary. Our own
has gone the baby
bond one better in it's $50 Liberty
bond. to say nothing Of its IS
certificate.
Among the nationally prominent
companies the bonds of
which are available in small units
are the American Telephone and
Telegraph Company. Bethlehem
Steel Company. Western Electric
Armour and Company,
Atlantic Refining Company. Gen.
eral Electric Company. Kennecott
Copper Company, New York Gen.
trail railroad. Western Pacific rail.
road, Chicago. Burlington and Quin-
cy railroad, Colorado Southern.
Pere Marquette and Atchison rail.
road. Most Of the foreign govern
ment issues listed on our markets
are also available in $500 units.