The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-03-06
UNDERWATER
FOREIGN BONDS
ARE QUICKLY
S27, oOo, 900 Issue Of Argen-
tine Bonds Expected to
Be Popular.
BY MONROE ROBERTS.

Be Popular.
BY MONROE ROBERTS.
Copyright. 1894. by Cosmopolitan News
service.)
!, NEW YORK, March Ga strong
banking syndicate was organized to
underwrite the $27,000.000 five-year
non-callabie per cent bonds OF
the Argentine government offered
for public subscription this morn
Ing. The books were closed shortly
after their opening. The bonds. Mt
7.25 yield. are considered as a prime
attraction and widespread public
subscription will doubtless follow
the individual offerings by the mem
bers of the syndicate.
Among today's prominent offer
inRs are: $4,000, 900 francs OF the
Midi railroad Of France; $b.0OO,o00
Western States Gas and Electric
Company first mortgage per cents,
| IS, 000. 900 Continental Gas and Elec-
trio Company per cents.
The fractional gains ana declines
were made in the market for Lib
erty bonds In the early trading to-
day. the first ANS, at 97.3S, off az;
second 4A's, 97.20, up .04; third
ANS, ISIS. off .02. The Victory
ans were steady at 100.26 to 100.28.
The market for utility and rail-
! road bonds was strong at the open
ing.
Bonus Would Help.
A period of easy money would
usher in a season of still greater
activity in the bond market, and 1t is
upon such a Development that bond
dealers are relying to insure a steady
flow Of funds into investment chan
nels. Both call and time money rates
are now exhibiting easier tendency
but Il must not be forgotten that the
income tax payments, for individual
incomes on March Is and for corpora
tons on April Is. will absorb no small
amount Of funds.
| Dow, Jones & Co.'S index number
for February, based on average price
and yields of forty corporation bonds
Including high and second grade rail-
roads, public utility and industrial
bonds. advanced 40 in, February. to
1911. High grade railroad bonds re
coded slightly, and the second grade
issues were almost stationary. Pub
lie utilities showed the largest gain
81 point. Industrial issues gained
slightly.
The steady improvement in the
Index number shows that in the in
yestment group bond prices will
doubtless be influenced by final &C
ton In Congress on the soldier bonus
bill, II this bill Is put through with
OUT features that would disturb the
money and investment markets, such
az Government bond issues or issue
of negotiable Treasury certificates
bond prices are expected to go higher
Bond Market Good.
Investment bankers say that while
investing and fidicuary institutions
are large buyers of bonds at the
present time, there Is also a splen'
did market for all desirable issues
among individuals who are buying
their choice bonds outright and lock-
ing them up in their safe deposit
boxes. Recent issues offered pub
licly by investment bankers have
been absorbed by a remarkably large
number of purchasers, to whom the
allotments have ranged from $1,000
up. Much Of this individual invest
ment buying Is made with funds
/ ordinarily employed in business, part
with bonds commonly employed In
stock speculation, and a considerable
part represents the transfer from
Liberty and other low-coupon bonds
to the more lucrative high coupon
issues.
Holders OF Mexican bonds will be
interested in the announcement
made by the New York office Of the
Mexican Chamber Of Commerce, to
the effect that the Mexican finance
minister will in the near future be
gin payment on the defaulted cou'
pons of the bonded debt of the Mexi'
can republic. The bonds are held
abroad as well as in the United
States, and with the rising fortunes
Of the little republic south of the
Rio Grande, an active market has
grown up for them. II Is under.
stood that the recent payment OF
So, O00, 900 by American oil produc
ers to the Mexican government for
taxes has mad. a preliminary pay
ment on the defaulted interest possf
BILE.
For the first time this year the
Canadian per cents of 1926 are
now selling at par, due to some ex
tent to the enhancement of Canadian
exchange at this center. Canada ID
about to put out a new loan, and
there is keen competition between
New York, London and Canadian
bankers for the privilege of floating
1t.