The Washington times., 1922-09-07
BOND PRICES !
SHOW INCREASE.
DURING AUGUST
Industrial, Rail, and Utility
Bonds Reach Highest Point
Since 1916.
By MUNROE ROBERTs.

'copyr's9t' iss1; s.py,es py cos"0p0'"
NEW YORK. Sept. 1.-THE index
number Of forty representative cor
poration bonds, including high and
second grade railroads, public utili-
ties and industrial bonds, as COM
piled by Dow.Jones. reached 72.s
for August, the highest point since
1917. All classes used in the aver.
age participated in the upward
movement. under the leadership OF
second grade railroad issues, which
gained 1877 points at 1905. The
highest points reached for grade
rails was in January, 1917, at S0.1S,
30 that they have considerable dis.
tance to 90 before reaching the pre-
war level. ill.,.
Public utility bonds also made a
sharp squirt in August. the average
price advancing 1.36 points to 69.83.
At that figure, they are still 9.14
points under the high of January,
1917. With economic conditions
fayoring increase return. for. public
utilities, this class OF bonds is likely
to show a considerable further ad.
vance during the current year. In.
dustrial issues, which maintained
greatest stability during the war
and readjustment period, gained 1.09
points at 1913 in August. This Is
the highest figure reached since the
Dow-Jones Company bond index was
established In 1914. Previous high,
In January. 1917, was 1853.
Highest grade railroad bonds used
In the index number averages are
composed principally Of issues legal
for savings banks. They advanced
to 81.01, a gain OF .92 points in
August, and although they appear
to have reached the top under pres.
ent money and investment condi.
tions. they are still $50 points under
the record high made in January,
1917.
Nearly one-half Of the s1,071 sos,
sSl Of outstanding State debts were
contracted since this country enter
ed the war and over q third since
the beginning Of 1920, according tc
survey made by the Bank oi
America. Since April s, 1917, there
has been issued a total Of $5lS,s97,
4l4 Of the securities now outsta nd
ing, Of which $3S4,s9s, ,ss7 were pu,
out since January /. 1920. All Of
the outstanding bonds OF Arkansas
Illinois. Iowa. Michigan. Ohio, South
Dakota, Washington and West Vir
ginia were issued since the sprins
Of 1917.
The construction Of highways and
bridges is by far the leading singl,
purpose for which the outstanding
debts were Incurred, over a third OF
the total having been contracted fol
this purpose. Among the noteworthy
highway systems financed by large
bond issues are those of Californis
1854. 900 .000). New York (sl0O, 900, ,0OO)
Oregon 931, 200, ,o00 and Pennsyl
vania ($5,000,00O. Waterways and
harbor Improvements come SECOND
In the list Of purposes with q tota
Of $213,Ss1. 400.
An issue Of $4,000, 900 of Del
! cent and AZ per cent highway
bopds of the State Of Oregon wa.
purchased by a banking syndicate
headed by the Bankers Trust Com
pany Of New York, at a price said
to be the highest for tax exempt
issues in a period OF over three
months. The bonds are Serials
maturing on an average of abou,
nineteen years. The bonds viii
soon be offered for public subscrip
ton.
Today's new offerings include an
issue of S1,775.000 Wickwire
Spencer Steel Corporation ten-year
IN per cent common gold notes al
par; s1.250,o00 Porto Rico per
cent gold bonds dated. January 1,
1922. and due serially 1s41 to 1862
to yield 40 per cent: S1,050 ,oOO
Hudson County, N. j. gold AZ per
cent hospital and park bonds, due
serially 1924 to 1871, at prices to
yield Ais to 40 per cent.