The Washington times., 1922-07-05

Copyright, 1922. by Cosmopolitan News
service.)
NEW YORK. July 5.--A compari-
son of the present level of all classes
of bonds in the listed market with
those which prevailed about three
weeks ago will reveal a slight up
ward movement, following closely
upon the heels OF the slump which
featured the bond market during
May and the greater part of June.
While the best movement is doubt
less to be seen In speculative railroad
and industrial bonds. there has also
been a notable advance In prime Sc
curities as well as in Liberty monds.
All Of the Liberty issues are now,
In fact, selling above par, and two
OF the war bond issues have the
highest market rating in their his.
tory. Investment bankers are unani.
nous In their opinion that the rise
In bond prices has by no means Is run
its course. but that further progress
along these lines will surely be made
In the near future.
Discussion as to the wisdom or the
necessity OF cancelling all or a large
part Of the debts Of our war allies is
constantly being raised by financial
experts. Some Of these experts are
best known In finance and business
and some in Government circles.
One Of the best posted men on this
subject Is r. c. Leffingwell, who
was wartime Assistant Secretary Of
the Treasury. Mr.. Leffingwell has
always contended that the best In.
terests Of America, as well as of Eu.
rope. would be served by q complete
cancellation OF these war contracted
obligations. Such a step. he argues.
would do more to return peace and
prosperity to European nations, as
well as to our own America, than any
other move that we, as q nation,
might make. He declares that we
are interested in Europe because she
| is our debtor. because she is our Gus.
toner. and because America dare
not let the process OF depopulation
OF Europe by starvation and emigra.
ton proceed so far and fast as TO
imperil our own peace and prosper
ity."
The latest statement Of the Treas.
ury makes the gratifying showing of
reduction OF a little over 81 .O00, !.
| 00o.0 in the public debt during the
fiscal year ending June 80 and a
reduction OF $175. 900 900 in that debt
during the month OF June. The total
gross debt of the United States on
June 80 amounted to about S23, 900. :.
| COG, 900. On that date the total Vic.
| tory notes outstanding were S1,199,.
1888, 900, as compared with $3,913,933,.
$50 on June 30, 1921. but this reduc.
| tion was accompanied by an in.
crease in outstanding Treasury notes
Treasury certificates of Indebtedness
were reduced during the year 10
81 .s2s.7s7 500. as compared with
| $3.50. .572. $50 on June 30, 1921. As
appears from this preliminary state.
ment. however, there remains almost
81, 500 900 200 of debt maturing with.
/ In the fiscal year 1923. most of which
will have to be refunded during the
year. This total Is made up of the
following items: Four and three.
quarter per cent Victory notes, 81, >.
S9l 1888. 400; Treasury certificates. 81,
S28. 1877 500: war savings securities,
| of 1918. maturing January I, 1928.
| in the amount of about $625 900. .00C.
A banking syndicate headed by the
Bankers Trust Company OF New
York Is offering for public subscrip.
ton an issue of $40. 900 twenty.
five.year 61a per cent first.mortgage
bonds, the initial portion OF a total
authorization of SIS. .000. 900. The pro.
ceeds Of this issue will be used to
retire the outstanding portion of an
issue Of $40. 900, 900 five-year per
cent callable notes of the company
which fell due April 1, 1925. These
bonds will be secured by a first.mort-
gage lien on all the fixed assets Of
the B. F. Goodrich Company. to.
gether with pledge Of stocks Of GER
tain subsidiary companies, subject to
existing liens or purchase-money
mortgages.