The Washington times., 1922-12-01
CUBAN BONDS
6 &. &: EXPECTED
,r',. s--T a---up 'N
!: /. !. ]. ). 81. !. soon
New Issue Of $4,000, 900
IN. ,s-...ra.,sTo Be Offered This
SHT ~ Month.
BY MUNROE ROBERTS.
copyright. 1892. by Cosmopolitan

eos - Nsws Service.J
NEW YORK. Dec. 1.-The inter-
Ssts +of American investors during
the last. month Of the year will be
more closely directed to the listed
bond market than to the new bond
offerings which are likely to be
made In the period referred to.
Most of the prominent industrial
and commercial concerns Of the
country make 1t a rule to add as
little as possible to their outstand-
ing indebtedness in December and
therefore the bulk of the new offer
ines is most likely to be municipal
and state loans and government
bonds, foreign and domestic.
The latest reports from Cuba
are toC'the effect that the new
bond issues of $50.000.000 will be
ready for the market before the
close, OF the month, the delay hav-
Ing been caused by the serious. Ill
neae Of President Zayas. In the
opyhion of New York bankers. the
nSR Cuba loan will probably run
a60nt thirty years with amortiza-
ttYn beginning at the end OF the
h4th or sixth year.
Around the middle of the month
announcement will be made as to
thf' policy Of our own Treasury De.
pertinent In the paying and refund
tnxF Of maturities for war loans
Ovey the next year. and the new
Borrowings for the early part OF
19z3. Since August. 1919, the gross
debt Of the United States has been
reduced about $500, 100000. The
TErasury has paid Off about four
and a half billion dollars Of its
short dated loan within the last
eighteen months, leaving a balance
OF "a, 100000 TO be Nquidated dur
tfsg the present fiscal year, which
go June 80. 1923.
tyhile the last $500, 900, 900 ~
pfrr cent loan was very successful,
the:unfortunate slump in prices I'm.
ntediately following the listing OF
the bonds on the stock exchanges,
does not furnish q favorable COM
mebtary on the situation. In view
alSO Of the reaction in bond prices
over the last six weeks, It would
n6tx be surprising IL the Treasury
ai,aounces a slightly higher interest
refe on the next offering. Secre-
tary. Mellon is anxious to make a
fliyther reduction in the short-term
war. loan Of the country. and not
by the refunding process. In order
0;d0 this. Government expenditures
w16e have to be nafet1a1ly decreAsed
dgr4ng the coming year and new
soqyces Of revenue opened up.
transactions in listed bonds on
therg New York stock exchange
dorjng the month of November
wene about 80 per cent less than
fn the preceding month. The total
- Of bonds, par value, was about
$Y6.000.000 Of which the largest
item was $135. 900. 900 in corporation
b0nds. war bonds coming next with
abont $50 200, 900 and foreign securi.
tiet third with $45,0o0, 900. Cor
rseppnding with the heavy sale of
eSoeks on the listed market on
November IA, IL was on this date
that the record volume Of bond
trtnsactions was made, the total
beng about sls,O00,000.
N the year to date the sales
% Ntbonds on the New York stock
e1Shange amounted to $4,000, ,OO0, zoo,
compared to $s,100. 100000 in tho
same period 1921, and $500 900 900
in the first eleven months of 1920.
Tbs larger total for 1929 is ac-
csnnted for chiefly in the heavy
fnnfease In the sales Of domestic
Industrial bonds. - He'