The Washington times., 1922-09-15
REPORT.
LARGE SALE Of /.
BOND ISSUES
Investors Give Favorable Re-
ceptions to New Issues, SN-
eral Being oversubscribed:
BY MUNROE ROBERTS.

4 by MUNHOE hObEhIo.
Copyright. 1924. by Cosmopolitan News
. Serytoe.)
NEW YORK, Sept. 15.AThe bank
ing syndicates which have been re-
sponsible for the bringing out Of a
number of important issues this
week state that they have met with
an extremely favorable reception
and in practically every instance
were well over subscribed. This ap-
pies particularly to the new $780,
100000 Of Swift and Company notes.
buying offers for which far ex-
ceeded the amount which the bank.
ers had to offer.
Any offering OF new bonds by
the Sinclair Oil Corporation is
investors, and the last offering OF
$25, 900, 900 S per cent gold notes Of
the pipe line was no exception to
the rule. From the proceeds OF
these bonds the company will em-
bark upon an ambitious program
of expansion which includes doubl-
ing the present capacity OF the
main\ trunk line to the Chicago dis
trict. The directorate Of the Sin
clair company includes many Of the
most prominent bankers in America,
while in its operation, II works in
close harmony with some of the
Standard OIL companies.
The syndicate which purchased
the last issue Of $45,000, 900 of New
York city Az per cent gold bonds,
announces that the last of these
bonds have also been placed with
investors. I Coincident with this an
nouncement, the price has ad-
vanced from 104 to 104.50 on the
listed market at which rate they
yield a little better than 4 per cent
on the investment.
There has been considerable trad
ing in municipal bonds in the un-
listed market and investment bank
ers are still reporting their inability
to provide all the bonds that are
asked for by their customers. Mark
ing up of prices on these issues has
had no apparent effect upon the de-
mand for them by investors and in
vesting institutions. Whereas,
year or two ago municipal bond
Yields We're in the vicinity of per
cent, II Is now possible for cities Of
high grade credit to command rate
new bond issues. The output of mu-
nicipal bonds will doubtless be mate
rally increased after the authorize
tions which will be made on election
day in November.
It is stated on good authority that
one Of the next important items In
the foreign bond market will be the
flotation Of a 50,000.000 Cuban ex-
ternal loan, with the sanction OF our
own Government and the co-opera'
ton of American investors. Finan-
cial conditions in Cuba have been
greatly improved as the result of the
developments in the sugar market
and a new Cuban loan, Ifloated Oh
favorable terms. would be considered
a desirable investment here.
The reorganization plan Of the In
ternational Great Northern Company
provides for the issuance Of about
sac, ,O00, 900 first mortgage bonds and
$25.000,000 adjustment mortgage
bonds, in addition to the common
stock. The bankers who are behind
the reorganization are now consider
ing plans and specifications for the
expected to make an announcement
in the near future.
Offerings Of public utility bonds
and stocks featured the investment
market today. Total offerings ag-
gregate about $4,500,0O0. of which
the most prominent is an issue of
800, 900 series "A" gold per cent
debentures of the Nebraska Power
Company, offered at 90h, to yield
more than $50 per cent.