The Washington times., 1922-06-21
DENANDFOR-
|. SECOND GRADE
BONDS SLOW
another Forward Movement In
Bond Market Looked
y For Soon.

Bond Market Looked
For Soon. :,
BY MUNROE ROBERTS.
| (copyright, 1879. BY Cosmopolitan News
80 Service,)
NEW YORK, June 21.-Despite
the fact that there has been. In
; the financial district, an accumula-
ton Of factors which should induce
an upward tendency in bond prices.
being the bull market for second
grade bonds has been at q standstill
Whether this 10 a permanent or a
temporary condition, Il is, of course,
difficult TO say, but with the. con.
tinued ease of money rates and the
piling up of surplus funds in 'the
principal financial centers, not to
mention the slow rate at which
American industry Ia absorbing in
vestment funds. Il would not be
surprising " another forward move
ment in the bond market should
be inaugurated before the fall sea-
son. At the present time liberty
bonds and, to lesser extent. for
eign government bonds, have been
absorbing the chief attention of the
listed bond market. New issues
have not encountered very much
competition in American markets
though the same cannot be said
for the principal European finan-
cial centers.- - -.,r 80 H.,
As a test Of its new system Of
reporting sales on the New York
Stock Exchange. the governors have
inaugurated the system In the bond
department and thus far II has
worked quite satisfactorily. A new
keyboard which will employ the
services of four operators has been
devised. and with It the reports are
to be kept up to the market rather
than being eighteen to twenty min
utes behind. The new system also
promises relief from the Strouble.
some errors which have been SO
common on million share days.
1t is stated that the Canadian H.
nance minister win ask the parlia-
ment for authority to float loan OF
$3.50 .000. 900 with which to pay all
existing obligations, including the
$1S2 200. 900 victory loan Of 1917,
due in December.
Part Of the money will be raised
probably will float a part Of the loan
on this side Of the border line.
.r -
In applying to the Interstate Com
merce Commission for authority to
issue S5,S00,000 first and refunding
mortgage 6 per cent bonds, matur.
ing June l.. ls42. the New Haven
railroad Is carrying forward negotia-
Al l.s- t. N~k-
afy. Early In February the New
Commerce Commission for a loan Of
$31 1924. 900. including s26.25S.O00 to
pay off the European loan and the
balance for additions and n better,
ment, purchase of new equipment
and meeting Of certain small ma.
TURTLES. The Commerce Commits.
sion has the application under con-
sideration.
The Interstate Commerce Com
York Central authority to issue $26..
$4,000 in equipment trust certi-
ficates. this issue Is offered for pub.
lie subscription today by a banking
syndicate headed by J.. p. Morgan
a Co. The notes are dated June /,
1922, and mature serially from 1929
to 1887, and at the offering prices
yield from $50 to $40 per cent. They
are issued under the philadelphia
plan" and are secured by new COUP.
ment which the railroad company
has just contracted for. This equip
ment' will cost approximately $36..
$50 900. and will consist of app-oxi-
mately 1S,500 freight cars and sew
enty.five locomotives.
An issue Of 5000 900 state Of Cath.
arina, Brazil, twenty.five-year s per
cent external sinking fund gold
bonds Is offered today at 101, to Yield
approximately 100 by a banking
group headed by Halsey, Stuart d
Co. The bonds are dated February
I. 1922, due February I, 1s47, and
are non-callable for ten years, after
which they may be called only as a
whole At 110.
Payne, webber & Co.. and r. J.
Lisman & Co. are offering IL, 500, 900
the Guaranty Trust Company for
New York for kingdom Of Norway
per cent international loan Of 1921.
1891 at sos flat per 1000 kroner.
They are redeemable by October /,
1881. in sixteen semiannual install.
ments. beginning April /. 1924. by
drawings at par or purchases in the
open market II below par.
White. Weld & Co. have purchased
and will offer shortly $8.0s0 900 Chi
cago, Milwaukee and st. Paul Rail.
way Company equipment trust s per
cent gold certificates, series A. Ger.
tificates are issued under the Phila.
delphia plan, and principal and div.
idends rnconditionallv guaranteed
by the c. M. and st. p. Railroad
Company by Endorsement on each
certificate. This is the first issue
Of equipment trusts by the St. Paul
with the exception of an issue taken
by the government, the bulk OF
which were subsequently resold to
investors.