The Washington times., 1922-08-15
FOREIGN BONDS
SELLING ABOVE
OFFERED PRICE
Marked Increase Shown by
Belgian, British, and
Swiss Issues.
BY MUNROE ROBERTS.

BY MUNROE ROBERTS,
Copyright, ls22, by Cosmopolitan News
Servics.C
NEW YORK, Aug. 16.--The sig.
nificant development OF the listed
bond market In the past decade has
been the increase In the listing Of
foreign government bonds on that
board. To what extent the Euro
pean war 10 responsible for that re-
suit is. Of course, problematical.
though II Is doubtful IL American in
vestors would have been asked TO
absorb all these foreign bonds were
It not for the worlds catastrophe
referred to. On January l, 1922, ac-
cordtng to the Dow-Jones figures,
there were listed on the New York
stock exchange $1,754.2SS.000 par
against $614,0S7 900 on July 80, 1914.
when the European war started.
This represents an increase OF ST.
FAC, ,201 900.
The bulk of new foreign issues
now outstanding was floated since
the armistice and during q period OF
high money rates which necessitated
the high coupon rates. Despite the
recent disturbances In European
financial matters and the decline OF
German marks to a low record. many
foreign bonds outstanding here
showed marked appreciation over the
offering price.
This Is particularly true of Bel.
gtan, British, Canadian and some Of
the Issues Of neutral countries. Gov
ernment Of Switzerland twenty-y ear
sinking funds SIS OF 1910, which
were offered here in 1920 at 100. rose
to 120h last March and are now
about twenty points above the Of.
fered price. Even the French gov
ernment bonds, which have receded
considerably in the past two weeks.
still sell above the offered price.
There has been a large increase In
the number OF railroad bonds listed
on the exchange, the aggregate on
January I, 1922, being ss,250. 900. 900,
par value, compared with about
IS, 900 900. 900 in 1914. This increase
represents general expansion Of the
railroad industry of the country.
Coincident with the rapid rise In
prices Of Liberty bonds and domes.
tic industrials. there has also been a
steady upward movement in the
bonds Of the city of New York. These
bonds have always made q wide ap-
peal to the prominent institutional
buyers OF bonds and other high class
securities. as well as to private IN
vestors, not only in New York city,
but In every section Of the country.
At the present time there are four
teen separate issues OF New York
city bonds listed on the market,
which may be designated as followa
Four and one-quarter per cents
Of 1860, ~ per cents Of 1854, ~
per cents Of 1865. ~ per cents Of
1871, ~ per cents OF 1859, 1 per
cents Of 1858, per cents of 1855,
per cents Of 1857. new ~ per
cents Of 1857, and az per cents Of
1884
Four issues of New York State
bonds are also listed on the stock
exchange, these are the 4 per cents
Of 1861, the canal Improvement
per cents Of 1861, the highway
improvement ~ per cents OF 1863
and the highway improvement ~
per cents OF 1865.
Today's new offerings Of bonds
include $886,000 Atlantic county,
N. J. per cent road improvement
bonds, due serially from August 1,
1929, to 1897, inclusive, at prices
to yield to AIS per cent; s150.000
City of Paris. Tex, per cent
school bonds. due August l, 1850,
optional 1880: S224,50o per cent
serial bonds Of the City Of Whittier,
Cal, on a 40 per cent basis.