The Washington times., 1922-06-13
BOND TRADING
STEADY DESPITE
.sT0CKSFLURRY
High Grade Issues Paying q
Per Cent Can Be Easily
By MUNROE ROBERTS.

BY MUNROE ROBERTS.
Copyright. lsaa. BY Cosmopolitan News
Sesvics.)
NEW YORK. June 1S-In refusing
to join in the rather severe reaction
In the stock market during the past
week or SO. the bond market has been
running true to form. The character
Of bond trading varies essentially
from that of stock trading, and does
not contain the artificial factors thst
make for reaction such as are 70 be
found In margined accounts In the
stock market. or course, It 10 natural
to look for moderate reactions In the
speculative bond list, for the reason
that traders will look for profits here
as elsewhere and will be induced to
sell when these profits reach con.
siderable proportions: but Upgrade
Industrial and Government bonds
will hardly be affected even by an
open break in the stock market.
Bond lists submitted by prominent
investment banking concerns contain
a number Of high-grade issues on
which q yield of as high as TN per
cent, or even 8 per cent, can be Sc
cured with comparative safety. For
the most part. however. these are
bonds which have been issued at
higher rates q few months or years
ago and have gradually been brought
In line with income basis elsewhere
in the market. 1t 10 q rare thing now
for new prime issues to carry cou-
pons as high as Z per cent, and even
the per cent coupon Is disappear.
ing. With the gradual decline In
money rates, borrowing conditions
are becoming more and more In fa.
vor Of the corporations which are
seeking funds In the investment mar.
ket.
The interest on all the issues of
the first Liberty loan bonds and the
Victory notes. as we'll as q number
Of Treasury certificates Of indebted.
ness, becomes payable on Thursiay
Of this week. June Is. The Federal
reserve bank will. at any time. re.
ceive coupons clipped from any OF
these bonds. preparatory to payment
Of the same on June Is. Coupons
from the following Liberty bond Is
sues are payable this week:
avs First Liberty loan Of Iss2-47.
per cent First Liberty loan OF
~ per cent First Liberty loan of
az per cent First Liberty :oan
second convertible OF 1932-47.
3& per cent Victory Liberty loan
of is22-2s.
AZ per cent Victory Liberty loan
Series A 1924, 5x per cent Ger.
tificates Of Indebtedness.
Series TT 1929. 5h per cent Ger.
tificates Of Indebtedness.
Series I'd 1899. ~ per cent Ger.
tfficates of Indebtedness.
Series TJ2, 1892. ~ per cent GER
tificates Of indebtedness,
II IA stated on the best Of au-
thority that the critical period In
the conference OF international
bankers with the Mexican finance
minister has now been reached ard
that Important announcements
could not much longer be withheld.
1t is difficult to say how any ar
rangement will be satisfactory that
does not provide for complete re-
funding of all the duly authorized
Mexican bond issues that are held
by foreign investors, involving not
only the ultlmatte pdymcit VI 'He
principal, but also the eight years
accumulation Of interest thereon.
There are no new bond issues Of
prominence in today's new offer
ings. A syndicate. headed by the
Guaranty Trust Company, offers
1926, 900 serial per cent bonds Of
the city of Syracuse, N. T., on .
basis OF from az to 3k per cent.
Other offerings include $500. 900
Clarion county Pennsylvania per
cent road bonds; s223,000 Toole
county per cent irrigation bonds.
8. W. Straus & Co. announce that
they have underwritten first mort
gage serial bonds since May Of
1855, 900 in the following cities:
Chicago, Los Angeles, Oakland.
Cal; Cincinnati, Pittsburgh, Wash
ington, Philadelphia and New York.
The largest underwritings were in
Chicago, where loans Of more than
SS, ,000, 900 were made. The first
mortgage bonds are offered at par
and accrued interest.