Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-11
NEW BOND OFFERINGS
INCREASE DURING week
Total Put Out by New York
Bankers Was $685..
100000.
my Associated Prcssl


NEW YORK. Dec. l0-.Ncw bond
offerings totaling S35. 900 were
put out by local bankers last week
a3 compared with sl9.i75.0OO the
week before, and indications are tina,
next weeks total VIII exceed $50
100000. Tho sudden increase may
be explained by bankers preparations
10 meet tho January rcinvcs,men,
demand. the better tone OF prices I'm
the high grade issues listed on the
exchange and tho removal OF tho UNI
certainty concerning the govern
ments short-term financing. which
hid mad Il restraining effect on bust
mesa.
Local bankers believe the govern
ment Will have little difficulty I'm dis
posing OF i,s 5000. 900. 900 short-tcrm
issues. preliminary subscriptions hav-
ing come In In large volume. Pub.
He offering viii be made Monday Of
Il fI5.ssG,00o issue OF nrst-morty,uc
per cent bonds OF the Dunlop Rub
Der Company, one Of the largest man
ufacturcrs of automobile tires In
England.
Taxation Selling Causes Reaction.
Selling of speculative railroad
mortgages for taxation purposes had
reactionary effect on prices listed
In bonds during the past week St
Paul, Frisco and Erie issues suffered
tho most Foreign bonds showed Il
better tone, and United States gov
eminent securities were conspicuous
~ strong. new record for the
number Of Issues was traded In dur
Ing the week. when more than 500
separate issues made their appear
ance on the tape In one day.
state and municipal Issues Of bonds
m lay
lions In tho next few months. Five
soldier bonus issues totaIing s1lG.-
100000. arc being considered at the
present time. and Iowa and Kansas
issues probably VIII he offered In the
near future.
stnte md City Is.uc. Lose.
Offerings OF State and municipal
bonds totaled $50. oOo.o 900 in Novem-
Der ms against $73.oQo.ooo in October,
and slls.oo0.ooo in September. The
total for the first eleven months OF
1922 was sl.l77 900. 900.
Railroad. public utility and indus
trial bonds called for payment this
month total 7s.s52.6oo. as compared
with $500 200 IN Dcccmhcr last
year. Tho change has been brought
about by the drop in tho domestic
money situation. which has made II
desirable To call high interest bear
Ing securities and replace them
with lower rate longterm issues
Public Utilities Lend.
Public utilities led In tho total.
Tho largest issues arc the tii.5T2. 900
or Louisville Gas and Electric az due
1923 and the sl0.000.000 OF Kansas
CITY Power and Ligh, SIS. due in 1880.
Other large issues are the $t.Oii.3OO
OF Hershey ChocOlatc l-2s due in
1880. and $500, 900 Of Canadian
Northern Railways IS. due in 1929.
Bond houses with international
connections reported that Holland.
switzerland ami England have been
heavy buyers OF foreign bonds In the
market With Continental government
issues and Brazil!ans most in favor.
The principal Offering last week
was the 100000 issue OF Ohio
Northern Gas Company three-ycar I
per cent secured gold notes offered
At par. Other large offerings were
s;,6i5.oo0 seven year per cent con-
! solidatcd mortgage bonds OF Do
minion Iron and steel Company. Ltd.
offered AT SIS, to yield 6.is per cent;
E.5aO,0O one to seven year per cent
equipment notes Of the Fruit Grow
crs' Express equipment trust offered
at par: Si.24S.OOo twenty five year 6
per cent first mortgage gold bonds.
series ~ bl the ''NlIdl Inuldhd
Power Company, offered at % 10
yield $40 per cent: 100000 3i
per cent iwenty-ycar state o! North
! Dakota bonds. offered at 1903 IA TO
yield I IL per cent: $2,36i, 900 4 "a
TO Z per cent five to twenty seven
year general obligations OF the city
If Memphis. Tenn. to yield 40 10
$50 per cent. and s2.06N.000 s IL per
cent ono TO ten-year .irst-mortgage
serial bonds OF the New Process Gold
Company offered at par.
opened the debate on this resolution