Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-26
RICHMOND MUNICIPAL
BONDS ARE ON MARKET
Improvement Issues Total 81,
100000, and Are for
80 Years.
LEY Associated Press.l

NEW YORK. Dec. 2J.-New bond
offerings last week totalcd s32.3 900
as compared with the previous week
ly total OF $55,S4j.000. The increased
offering OF state and municipal tax
exempt securities aggrcgating sl3.-
o52.00O was feature. While the in
crease WAS largely due to the rein
vcstmcnt demand the agitation in
Washington for legislation limiting
the Issuance OF tax-frcc securities
had the effect Of toning up the de-
mand for this class of securities.
The demand has also cleared up the
supply OF most bonds Of this class
and stinened the prices OF new is
sues.
Trading In the bond market was
on reduced scale and there was
the usual prehoiiday dullncss with
Few important changes in the general
list. United States government is
sues were little stronger. This
strength was attributed To the GUS
iomary reinvcstment demand, maxi
ing Itself felt In these issues rs we'll
as their purchase for gift purposes.
Copper bonds strengthened in sym
pathy with higher stock prices and
the price of the metal which is now
selling at u ga cents Il pound, the
highest in the year.
Bonds Due In Jnnunry
Tho railroad bonds and notes ma
maturing In 1929 aggregate Sl3S,o52.-
230 as against S2s9.992.96O in 1922.
The largest amount Of obligations
falling due in any month Is January.
with }49.751.i30. OF which equipment
trusts sold to the government and
rcsold by the United States Railroad
ri QE
The railroad maturitics during the
gear were small. the largest being
&IT42.ooo. st. paul and Northern Pa
cihc nrst 6s. due February l.
The announcement OF ]. +. Morgan
d. Company. carly in tho week that
the German ambassador had been in
formed that no International loan TO
Germany could be considered until
and unless the reparat!ons question
WAS settled, served to set at res.
rumors that were proving cmbarass-
Ing TO both the administration and
local international bankers
Announce New Cuban Loan.
The new Cuban s50,0o0.G00 loan.
was announced during the week as
one for thirty years at Sig pcr
cent with amortization features
The successful bidder will be an
nounccd January IL. Canadian ad-
vices led 10 the belief tina: she $780,
100000 loan, which the Canadian
government intends to seek next year
will be split between New York and
London markets now that sterling
exchange is In a more favorable
position. There was belief among
bankers that tho local market could
safely absorb tl00.000,00o OF the new
Canadian securities.
II is expected that Armour &.
Company's new financing win involve
si0o.00o.o0o. partly for tho purchase
o. Morris * Company and partly for
refunding. 1t is understood that the
company intends TO retire about
s65.00o'U00 notes and bonds bearing
and per cent interest. and Issue
new securities at a lower rate. New
Financing may be done. II is said,
either by an issue OF additional mort
gage bonds against property or an
issue OF additional preferred stock.
The principal Offering last week
was ss.oo0.o00 Carolina. Clinchfcld
and Ohio Railway Company. thirty
year s per cent Arst and consolidated
mortgage gold bonds offered at a6l-a
to yield SIS per cent. other large
offerings were 100000 State OF
New Jersey 30-ycar 4l-4 per cent
highway extension bonds to yield
( Ia 4.25 per cent: 100000 Rich
mond. Virginia. 35-year il-2 per cent
Improvement bonds to yield i25 per
cent and sl.750.00O American Bolt
Corporation fftcen-ycar per cent
lirst mortgage sinking fund gold
bonds offered at par.