The Washington times., 1922-07-25
|NVESTORSNOT
WORRIED OVER
+. STR|kEFLURRY
Expect Temporary Reductions
To Be Compensated by
Quick Prosperity.
By MUNROE ROBERTS.
I9::. by Cosmopolitan News
Ssrvice.)

Ssrvice.)
NEW YORK, July 25.-Conser-
vatIye investors are not apprehen-
sive over either the present or the
prospective significance Of the in
dustrial disorders which are now
engaging the attention OF the bus
mess leaders of the country. Tenn
porary reductions in earnings in
the steel, railroad and some manu-
featuring Industries will, OF course,
be shown, but the forthcoming
prosperity boom will compensate
for all these present losses, and
nothing has occurred as yet that
has endangered the regular pay.
ment Of interest on the prime Be.
curities, which form the backlog
Of American investments.
A good many investment bonds
bear a close relationship to stock
of the corporations by which they
are issued. That Is, they partici-
pate directly in the earnings of
the companies and in some cases
the convertible into common or
preferred stock. 1t is natural that
such bonds should show a little
unsteadiness in a falling stock mar
ket.
It Is understood that within a
short time the financing program
of the Federal Treasury awaits
with great interest in the bond
market. About the first Of Au.
gust the Government will have
about $270, 200. 900 in one-year 5h
per cent certificates to redeem.
Some investment bankers are OF
the opinion that the Government
will offer the new long-term bond,
possibly of thirty.year maturity,
and at 4 per cent Interes. wIIn
Treasury certificates as an alter
nate or as a supplementary thereto
There may be some three-year or
four.year notes at 4 per cent inter.
est, and these, IT is felt, can be
readily absorbed.
Stockholders Of the B. F. Good
rich Company have given formal
approval TO the plan to issue $40,
000,0 of first mortgage 25-year
Ga per cent, first mortgage gold
bonds, which will be offered TO the
public in a short time. This offer
ing will complete the authorized
SIS 100000 financing for this prom
inent tire concern.
Today's new offerings aggregate
about $11 100000 the largest oi
which 10 a new issue of ST, 900 ,00C
American republic corporation fif
teen-year per cent gold deben
ture bonds, dated April /. 1922. and
to mature April /, 1887. The bonds
are being offered at SO and accrued
interest, to yield 6.75 per cent. The
corporation, through a number Vi
subsidiaries, is engaged in produc
tion Of crude petroleum, fabrica
ton Of steel plates for oil refinery
equipment and manufacture and
operation of tank cars.
Other offerings today include
$4,000 first mortgage and col
lateral trust per cent gold bonds
of David Ecoles Company. to yielt
from to 7.35 per cent; $4,000 ,00C
collateral per cent bonds OF the
| Fremont joint stock land bank
$575,000 serial AZ and 5 per cent
bonds of the City of Nashville
, Tenn, to yield ~ per cent; $3.50,
900 serial 8 per cent gold bonds ol
the Munson Steamship Line, tc
yield 6 to $40 per cent; $3.50, 900 Sc
rial per cent road bonds Of Ash
tabula county, Ohio, to yield 4.7!
per cent.
| Offerings will be made shortly
Of a new Issue Of $4,000, 900 South
ern Colorado Power Company frs
mortgage s per cent gold bonds by
syndicate headed by II. M. Byl
lesby & Co., and including the Fed
eral Securities Corporation. Spen
Ger, Trask & Co. and Janey & Co.