The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-01-24
Bond Market
BY STUART p WEST
fcopyright. 1921

Wall Street, New York, jan "a
Aside from the activity of a few
bonds Ike the French government
and Municipal external loans. local
fractions and the sugars among
corporation issues, bond trading on
the stock exhange today attracted
less attention than did the sale of
new offerings and the announce
ments OF others to come
The s25,000,000 department of
Seine 20 year per cent gold bonds,
which were allotted yesterday to
dealers, were offered to the public
at the opening this morning. At
late hour this afternoon the syndi-
cate managers stated that the books
had not been closed. These bonds
were offered at 9O1a and accrued in
terest to yield 1856 per cent to ma
turity. Coincident with the sale of
this issue, French exchange was
strong while French municipals,
particularly Lyons and Marseilles
IS lost half to three-quarters of a
point since last night. French 71zs
and IS sold most of the day around
their closing level of yesterday.
. ]. P. Morgan and Company an
nounced that, with five other bank
ing houses, they have made one
year loan of $4,000 to the Re-
public of Cuba The proceeds of
this sale will be used for pressing
immediate needs of the republic.
The plans provide for no public Off
ering of the loan. The interstate
commerce commission has granted
authority to the Chicago, Rock Is
land and Pacific Railway to issue
$1,000.000 general mortgage gold
bonds. The road has also received
permission to issue S1,000,000 first
and refunding mortgage gold bonds
and to pledge them as collateral
security for new notes which it may
put out. 1t was announced the sub
scription books have been closed
in the new issue of 1851 900 Chesa-
peake and Ohio Railway company
equipment six per cent gold notes,
series IS, and series 13A, offered
today to yield $50 to SIS per cent,
depending upon dates of maturing.
This Offering was the first TO be
disposed of under condition the
government agrees to subordinate
one-third of the lien on each ma
turity to the lien of these sold to
the public. Kissel, Kinnicutt and
Company announce the sale of the
entire new $15,000,000 Province of
Ontario 512 per cent Is year bonds
recently offered to the public. The
Mellon National bank of Pittsburgh
has bought at 104.425 an issue of
S1,000,00G four and a half per cent
80 year bonds of North Hampton
county, Pennsylvania. The City of
Fulton, New York, will open bids
on Feb. II for $4S5,000 school
bonds. Robinson and company and
Curtis and Sanger are Offering
1882, 400 Toledo and Ohio Central
Railway company equipment gold
notes to yield $50 to 5.65 per cent.
Drexel and company are selling
$3,122, 900, part of an outstanding
issue of over $40, 900, 900 of the pub
lie service corporation of New Jer-
sey six per cent non-callable per
petual interest bearing certificates
at 80 per cent to yield approx
mately 6 2-3 per cent.
Among the fractions, INTERIOR
ough IS reacted almost a point
from the close OF last night while
Brooklyn Rapid Transit rs certifi-
Gates advanced two points. The
new Southern Railway 61as were
active up to 959s. Louisville and
Nashville 51as were heavily dealt
in at 12.5. Chicago and Alton 31ss
were weak in sympathy with heavy
selling in the stocks. Denmark IS
struck a new low at 94h and
Queensland Is were down a half
point. The list was generally ir-
regular. Easing off the rate Oil
call funds, however, did not appear
to have any material effect on the
market.