The Washington times., 1922-07-18

Service)
NEW YORK, July ia good
many investors have been attracted
to the regular offerings of the
treasury certificates of indebtedness.
both because Of the excellent yield
on these securities and because Of
their liquid character. The banking
housesl and fiduciary institutions
are also active in the field for
these issues and 1t is not always
possible to secure them when they
are wanted. The Treasury is the
gamer by these operations and Is
thus enabled to reduce, gradually
the interest rate on new issues.
On August the Government
will REDEEM outstanding certificates
in the, amount of $259, All 800. These
certificates are 5h's and have been
running for one year. Two other
issues aggregating $3.50 900 900 ma
ture on September is and will prob
ably be refunded by the Issuance
Of new certificates or by part Of
the proceeds of a long-term Gov
ernment bond issue which. II Is
understood, Is being seriously con-
sidered by the Treasury officials.
The Treasury Department also
announces that the negotiations for
the refunding of the British war
debt Of approximately $4,000. 900. 900
will begin in September, the British
representatives having already been
selected and commissioned for their
task. American investors are par.
ticularly interested in this impor-
tSnt transaction because of the fact
that II may bring to them an OPP
portunity for investment Of a new
variety of foreign government bonds
on a very attractive basis. Even
though the British government
should not offer the war-debt re.
funding bonds directly In this mar.
ket. they can easily be secured
| through the investing houses with
London connections.
The statement of the head Of the
house OF Dillon, Read and Company
suggesting that the time is not very
distant when American investors
will subscribe directly for foreign
industrial bonds, is extremely inter
esting. A start has been made in
this direction, but only through the
direct sponsorship Of a number oi
high grade American investment
concerns. II is hardly possible tc
eXpectthese distributors to guarantees
every issue which they Introduce tc
our markets. and therefore. il is i'm
portant that our investors become
intelligently ed on foreign indus
trial and commercial bonds, particu
larly as related to the concerns
which are seeking their funds
| through investment channels. Very
| little can be done at the present
time but preparations for future
/ operations should be made without
| delay.
Industrial and municipal bonds
feature the new offerings today
which aggregate about $4,000 900.
The National City Company is
| offering a new issue OF $4,000. 900
first fortgage S per cent twenty
year sinking fund gold bonds OF the
Crown Cork and Seal Company at
Baltimore at 96 and interest, TO
are dated August l, 1922, and mature
! hoeuoN io1S ihNy nun
callable until August /, 1927, after
which the redemption price Is los
until 1888. increasing thereafter Il
per cent per annum to maturity. lr
the thirty.three years in which the
campany has been in operation. ne,
profits after interest, taxes and
other, have averaged $7SS,377.
|
Other new offerings today include
Seven hundred and thirty thou
sand dollars City Of Utica IN. YJ,4h
per cent coupon gold bonds. datet
July l. 1922, and due July I, 1923, Il
1912. to yield 4 to <.05 per cent.
Three hundred and seventy-fiv,
thousand dollars Santa Rosa (Cal.
high school district s per cent bonds
to yield 40 to $50 per cent.
Three hundred and sixty-eigh
thousand Town of Hampstead, Mas
sau county, N. Y, ~ per cent regis
tered school bonds, to yield 40 +,
4.25 per cent.
I Three hundred and eighty.fiv,
thousand dollars Panther Creel
Drainage district, Dayless county
KY, s per cent school bonds, /,
WN-II n