The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-07-03
G|NGEST|ON IN
FOCAL BONDS IS
SHOWN BY SALES
Rotal Offerings Last Week Only Sso''
oooooo-Aversgs Is 500, ooo, 900

New York. July 2-Temporary con-
xestion In the. local bond market Is
shown BY the comparatively small
amount OF new offerings last week
which totaled only s30.00o,000 as COM
pared with a weekly average OF SluV'-
o00, 900 during the early spring months
Prices last week were Arm TO strong
with the principal dealings In the Ilo-
erty issues The fourth liberty four
quarters reached a record high OF 1VV.32
ON Saturday. Prices OF railroad BONDS
were not affected by the threatened Ia
Dor troubles.
While offerings OF foreign bonds to
date this year have reached the huSe
total OF sSS&000. 00o> or less than WV
100000 below the total for the whoIe
Of last year. a decided slump IN these
Issues in predicted for the next re"
weeks. Failure OF the German loan ne
xotIations and slow sales here OF the
recent Jugo-Slav and Montevidean Is
sues have had a dampening enect on
the local market for new foreign Sc
curities.
Negotiations for South American
loans probably will be concluded within
the next few weeks. They include
short term issue OF se.o00.0O0 TO 5000
900 to Peru, pending the negotiation or
a much larger long term rerunding re-
loan: loan OF s5.o0o,00O to the Paci-
nc Railway OF Columbia. and loan or
sl2.500. 900 TO Guatemala. the proceeds
10 be used for the rehabilitation OF the
paper currency OF that country. the pay
mont OF the governments internal debt
an dthe establishment OF national
bank OF Guatemala.
Expect Refund Action
With the impending arrival here or
Jean Parmentier. representing the
French treasury department. some &C
ton is expected by local banks toward
the refundIng OF the war obligations to
that country. Little hope Is entertained
that France will begin the early pay
ment Of interest but Il Is expected that
at least tentative date will be hxed
when such payments may be expected
TO begin. Great Britain also Ia eS-
pected to tSke some definite action
along that line this month.
Heavy railroad financing - expected
during the next few weeks. applications
to issue equipment trust certihcates ana
other obligations totallng many millions
now being before the interstate COM
merce commission for approval. \ SlO.-
600 900 issue Of the B. F. Goodrich Rub
Der Company Is due 10 be foated here
this week.
over Counter Sales
During the first six months or the
year. the total par value OF bonds on
the New York stock exchange which
does not take Into account those sold
"over the counter" and at private sales
was approximately &233O.OO0.Ooo com
pared with $3.50, 100000 In the same
period last year.
PRINCIPAL offerings last week lnclud-
cd: S4.425.oC0 Ave percent one to hfteen
year equipment trusts OF wabash rail-
way company offered 10 yield $50 per
cent: 100000 900 ~ per cent ten year
nrst mortgage bonds OF the Electric
Auto Light Company offered at par;
s2700, 900 six half percent IS year first
mortgage bonds OF the Clarion River
Power Company offered at 81 TO yieW
ais: and $4,000. 900 Ave per cent ten to
thirty wear farm loan bonds OF the st.
Louis Joint Stock Land Bank offered at
1oS to yield four Ave eighths to i've per-
Sapt