The Washington times., 1922-04-03
j. s. WAR BONDS.
. SHOW BIC GAIN
SINCE. 1920
Have Advanced Slowly but
Steadily, Seldom Losing
Ground Gained.
BY MUNROE ROBERTS.

Dy NASANAtOC sAsODA<ssAo'
Copyright. 1929. by Cosmopolitan News
Servics.)
NEW YORK. April 3.--While the
rise in investment values has not
been attended with the spectacular
flourishes that have characterized
the advf nces--and declines-in the
stock market since the turn OF the
year, the activities of the bond mar
ket have been of as much interest
to investors as the stock market
to those who devote their attention
to the movement of stock prices.
While the stock market uses up
q great deal of energy in the back
ing and filling process, the bond
market in transitions from periods
of depression to prosperity, advances
slowly but steadily, seldom losing
the ground Y has gained. Present
comparisons OF bond and stock
prices show the rather surprising
fact that the advance in the United
States war bonds from the low
price Of 1920 have been greater, on
the average, than the advance in
railway and corporation bonds and
almost as great as the average ad-
vance in stocks. The fourth ~ 8,
which touched their low price OF
SO in May. 1920, have risen 17h
points. to 99.40.
The average of domestic company
bonds in the corresponding period
advanced "a points. The average
prices for stocks were at the lowest
in June 1921; since that time they
have advanced 17% per cent. or prac-
tically the same as the Liberty bonds.
II is interesting to note that from
their lowest point in 1920 the United
Kingdom 5h's of 1887 have also
risen 17h points. while the Canadian
5Ib per cents of 1929 have gone up
1874 points.
Wall Street investment houses,
without exception, report that the
last six months have been the
rnost active period in the last de-
cade, and for some Of them the
busiest in all their experience.
Financing has been in greater
variety and more new individual
bond issues have been introduced
than in past booms. They also re-
port that wider distribution Is being
affected in the case OF new issues,
whereas a few years ago under.
writing syndicates usually disposed
OF an issue. in blocks OF forty to
sixty bonds. the average distribution
has been cut to half that number,
which means that small investors
are being reached and that there
Is less likelihood of bonds return
ing to the market. In many In
stances Of late. underwriting syn
dicates have distributed their bonds
30 thoroughly that average sub
scriptions have amounted to five
TO ten bonds
The new week in the bond market
starts off under the stimulus OF the
years largest offering of domestic
railroad bonds. The Morgan syndi-
cate offers for subscription an Is
sue Of sec, 900. 900 of New York Cen
! trail Railroad Company refunding and
Improvement mortgage per cent
gold bonds due October ], 2Ol3, and
redeemable as a whole at los on
October l. 1851, or on any subse.
uuent interest date. on three months
notice. The proceeds OF the issue
! will be used to pay the director gen.
cral of railroads for additions and
| betterments, to pay at maturity sll'-
I 945,OOO underlying mortgage bonds
due July /, 1922. and to reimburse
the company's treasury for the cost
OF additions and betterments. The
| offering price is 94is and the yield
| $40 per cent.
A new issue Of s2,709,Oo0 of Okla.
| homa City per cent coupon gold
J public improvement bonds is being
| offered by a syndicate at prices to
yield 40 to 4.60 per cent. The bonds
are dated March l. 1922, and are
| due serially on March l, 1892, to
| March |, l947. inclusive.
Other offerings include an issue
Of s1.250 900 road bonds Of Hidalgo
county, Texas, serial 5 as at prices
! to Weld $50 to 5.375; s250,000 serial
51a's, bonds of the city of Orange
burg, s. c.. to yield per cent; and
$1,250.000 short term notes OF the
city of Little Rock, Ark, to yield
4.75 per cent.