The Washington times., 1922-07-13
FOREIGN BONDS
RECOVERFR0M
!. RECENT SLUMP
Issue Of Netherlands Govern
ment Bonds Offered Ysster-
day ovsrsubsoribed.
By MUNROE ROBERTS.

BY MUNRoE ROBERTS.
Copyright. iss3 By cosmopolitsn News
81. ssrvice.)
. NEW YORK, July 1s.--In the
absence Of supply OF the new do
msstic, and foreign bonds, the At.
tsntion of the investors has been
largely concerned this week with
outstanding issues on the listed
exchanges, and the records continue
TO show extremely heavy dealings
In these securities. Foreign govern
nent bonds have recovered from
the slump which ushered in this
week, and railroad and industrial
bonds are carefully looked over BY
the investors who are becoming
shrewd in their selections. '''.
While no official statement was
made as to the amount OF bids
received for the Bo.o0o.000 guilders
Netherlands government 6 per cent
bonds, II 10 understood that sub
scriptions Tar In excess Of the
amount offered were received and
that, therefore, allotments will be
made on less than q 100 per cent
basis ....
J. p. Morgan q Co. announced
that the allotments on the recent
issue of $4,000 BOO New York Cen
trail bonds viii be between 20 Per
cant and 30 per cent. indicating Q
total subscription Of about 100000,
600.
The time Tor the convention Of
Northern Pacifio-Great Northern
joint sh per cent bonds into
Northern Pacific per cents has
expired. and Il is stated unofficially
that all but approximately $4,000
900 OF the issue has been converted.
The amount OF the Northern Pacific
per cents to be offered to provide
funds for the demand Of the 81 per
cents depended upon the amount
OF the Issue not converted, and II
IL the opinion of bankers that thia
will not exoeed t16.o00,o
A powerful stimulus will doubtless
be given to the London investment
market by the reduction today Of the
discount rate Of the Bank Of Eng.
land to 3 per cent. British consols
In their first sale reflected these
evidences OF further ease In the
money market and sold fractionally
higher. Should the Federal reserve
bank Of New York again follow the
example of the British banking In.
stitution, the same stimulus may be
looked for In our own investment
markets. Prime securities, includ-
Ing all Of the Liberty bond issues,
should inaugurate another forward
movement In prices.
The Humble OIL and Refining Com
pany has called for redemption Al
looh all Of the Sa6 200. 900 principal
amount Of it's two-year Z per cent
gold notes on September Is, 1922,
The principal and all OF the unma
tured coupons Of the Issue will be
payable on that date 1T the office OF
the Guaranty Trust Company. The
coupon on the notes due September
Is. 1879. the redemption date. will b
paid upon presentation at the office
OF J. p. Morgan q Co. Interest on
all Of the notes will cease on the
redemption date and the coupons
thereafter maturing will be void.
A syndicate headed by the Chase
securities Corporation 10 offering for
Sf,760, 900 Philippine government AZ
about 4.S6 per cent. These bonds,
dated June 1, 1912, and due Decsm.
Der l, 1850, are not redesn,able be.
fore maturity. There will be pledged
as collateral security $2,T5o. ZOO face
amount OF City Of Manila 81 per
cent bonds. due on the same date.
The bonds are exempt from Federal
income taxes and from all State and
municipal taxes.
Municipal bonds predominate In 70.
days new offerings, the principal OF
which are t75o. 900 city Of jamestown
IN. - $50 per cent school district
bonds, to yield 4.ao per cent; Ss25, 600
city Of High Point IN. c. 6h Der cent
serial gold bonds at 400 to SEQ Der
cent; S4sf,0oo city Of Columbus (Ohiol
81 per cent serial street improve
ment bonds at prices to Yield from 4
per cent to $50 per cent; 81, 500, 600
city Of Mount Vernon IN. ~ ~ per
cent water bonds. dated July 1, 1892
and due July /. 1s+a, at ioa.3s, 70
NniA A