The Washington times., 1922-07-28
BIG ARGENTINE
BOND ISSUE To
!. AY7PER GENT
Two New York Bankers Bid.
ders for Group In Tomor-
rows Award.
BY MUNROE ROBERTS,

'SopsriBht' i'E<s Wy Sos'"'P""
NEW YORK. July 2s.-Two
groups of New York city bankers
are among the bidders for a new
issue OF 100000. 900 pesos Of 7 per
cent bonds, which will be awarded
by the Argentine government tomor.
row noon. At the normal rate OF
exchange this new loan would
amount to $255, 100000. or at the
present rate nearly $175,0o0, 900.
The new bonds will be partly for
refunding purposes. and will re-
place other Argentine issues which
| were put out on the market last
year, some OF which are actively
dealt in on our listed market. One
Of these is the two-year per cent
note in the amount of $4,000, 900
due In 1923: the other is an issue OF
S27, 500, 900 five.year Z per cent?,
which mature in 1927.
Until the war period, most Of the
Argentine foreign loans were placed
I'm the London market, where they
were in favor not only with the big
underwriting banks. but also with
pubic investors. Through the CO
operation of English bankers and
investors, Great Britain built up q
big trade In Argentina. and Ameri'
cans have been anxious to dupli'
cate some Of these performances
At the present time the London
discount market rates are even
| lower than those which prevail on
this side of the water, and II any
of the new bonds come TO US II
will be through very active compei.
ton and possibly the scaling down OF
interest rates.
According to estimates of the
/ New York Commercial, which sum
marizes financial accomplishments
Of the first half-year. municipal
| financing for the six months ended
June 80 totalled $4,000. 900: com
pared with $508. .000, 900 a year ago
Corporate financing was s1,732.
000, 900, compared with $1,5S8, 900. .o0C
a year ago. Foreign government
and corporation bonds sold In this
country during the half.year are
estimated at s5os, 900. 900. compared
with sos. .000, 900 for the same
period of 1921.
Maturing securities for the half
year amounted to $460, 900 ,o0o.. com
pared with s341 900. 900 a year ago
and maturities for the last half OF
| this year are now placed at s459 ,000,'
900, compared with S641 ,000, 900 for
the last half of 1921.
Dividend and interest disburse-
ments for the half year were ST.
$50, ,000. 900. compared with $1.6S9,'
600, 900 a year ago. Dividends were
S4s2, 900 900. compared with $500, ,000,'
00s a year ago, and interest pay
ments were 81, 200 .000, 900 compared
with 81 .1S9 900. 900 last year.
A new issue OF $4,000 900 Nova
Scotia 5 per cent bonds dated August
| 1. 1922. and due 1924, is being offered
today at the price Of $3.50 and in
| terest, to yield about $40 per cent.
The bonds are payable in American
or Canadian funds.
A New York syndicate Is offering
81 900 Boston and Maine rail-
road 81 per cent equipment trust
| gold certificates dated August /,
1922. and due in fifteen annual
installments Of 1921 900 each. Aug.
! ust /, 1923 to 1897. inclusive, at
prices TO yield to 81 per cent.
These certificates are issued against
| new standard railroad equipment to
cost not less than $3.027 800. con.
tracted for under the advantageous
market conditions for the purcha 90
of steel and iron prevailing in March
| and April, 1922.