The Washington times., 1922-08-01

DECLINE DURING
NONTH0F JULY
Borrowings Less Than Previous
Month, But Increase Over
r.. July, 1921.
By MUNROE ROBERTS.

BY MUNhOE hObEhIS'
copyright, 1922. by Cosmopolitan News
service)
NEW YORK. Aug. During
the month of July, American. cor
porations borrowed q total Of $227,-
975, $50, according to the regular
compilation Of the Journal Of Com.
merce. This Is q decline from the
$32S ,304 900 reported during June,
but a considerable increase over the
$40, ,474, 800 of July, 1921. The to-
tai corporate bonds for the year
TO date amounted to $2,099, ,3ll ,4S0,
compared with 1872, ,726,000 for
the first seven months Of 1921.
Railroad companies led in the
borrowing last month. Most of
the new issues represented equip
ment trust certificates, but there
was large item contained in New
York Central refunding and I'M
provement bonds. The total hor-
rowing by the railroads reached a
with s12.587 900 in railroad financ-
ing during the same month last
year. Next in order came the mis-
cellaneous group. which called for
S56 $50 900 in new funds AS against
a level OF s27,7S2, 900 last year.
Public utility companies were third
In order, with borrowing amount
ing to 350.066,100 In this case
the figure for July fell far short
OF the same month last year, when
the total was s102 .5S4, 800. Recent
heavy borrowing by public utility
companies is believed to explain the
present lull.
For the current year to date the
railroads have entered the market
for S56l,6l3.75O. This figure shows
an increase OF s158,s3S, $50 over the
corresponding period of last year.
Public utility concerns in this time
have called for S4S5, ,SS4,46O In new
funds. The increase over last year
in this case amounts to $l46. .5ll ,l60.
| The miscellaneous group has ac-
counted for 37s3.3sl 40 thus far.
an increase of 33,O09.270 over
| 1921.
During the present month maturi-
| ties will total $56.4S6. $50. compared
with $50 ,054.65 in June and s6S.S92,.
! $50 in May.
The American bankers who sub.
mltted bids for the new $500, 900 900
| loan of the Argentine government
| the bonds have been rejected. 1t is
| understood that four bids were sub.
mitted, three of them from Ameri.
cans and one from the London mar
ket. None Of the bids covered the
| entire amount of the loan requested,
| II being the feeling Of the bankers
here that our market was not pre-.
pared to absorb as large an amount
| az was requested, unless at conces-
sions which the Argentine officials
| did not feel like granting.
Probably our southern neighbors
! were as anxious to test the senti-
ment Of our financial leaders. ani to
put out feelers in our market, as
they were to float the loan.
Negotiations are still pending with
representatives Of the Italian gov.
ernment, as well as prominent Ital.
ian financial and industrial leaders
for a number OF new loans to that
| country. The amount mentioned in
recent dispatches is 5000, 1000, 900 for
, the government and different
amounts for various industrial con-
Germs. II is not believed, however,
that such a large amount could be
raised in this country for an Italia n
government loan, while loans to
private industrial corporations is u
matter OF private negotiation.
| Announcement has been made by
! J. p. Morgan q Co. that, in accord
snce with British treasury regula.
tions. no conversions of United
Kingdom of Great Britain and
Ireland 3 year 5h per cent con.
vertible gold notes. due November
1, 1922, will be made after August
81, unless deposited with them on
or before that date. This conversion
is an exchange into British national
war per cent. bonds at 100 and in.
terest at fixed rate of $3.50 to the
pound.