The New York herald., 1922-09-04
INDUSTRIALS LEAD
IN NEW BOND ISSUES
Railroad Securities Show
Strength in Face Of Strike
Big Offerings Coming.

The volume or new financing last
week showed fairly good gain over
the preceding week, the total exceeding
sls,000,000, largely in industrial issues,
which included bonds OF a silk corpora
ton, a coal company. an oil company
and two textile corporations The
largest single issue was an offering of
$4,000, 900 of five year per cent. gold
notes OF the General Petroleum Com
pany. offered first to stockholders
This issue was brought out by Blyth,
Witter & Co. at par and met with
fairly good reception.
The second largest offering was $4,-
10000 Of twenty-year rs of D.. G.. Derry
Inc. manufacturers of staple silks. The
Brady-Warner Coal Corporation sold an
issue of 81 .10000 rs 10 a syndicate in
Guiding the Union Trust Company OF
Cleveland and Otis & Co. At the offer
ing price of 97A it will yield around
1926 per cent Other Industrial issues
included one Of the Rosemary Manu-
featuring Company. amounting to ST.
100000 of 15-year 7hs and one OF
Martels Mills, amounting to S20o0.00o
of per cent bonds. A feature of
most OF these offerings-Mas the caIable
condition attached.
In the municipal field little was done
and dealers report their shelves as vir-
tuaHy bare of old issues. There Is said
TO be broad demand for good munich
pal bonds, but last week only about
s1,500, 600 of such bonds were offered,
the largest being for s750.000 of 5 per
cent. bonds of Pasco County. Florida.
on $50 per cent. basis.
Regarding the situation In the NUM-
cipal market the Bond Buyer says:
stWhilo fhara ic roc snr,i ~ half
that there will not be plenty of bonds
available during coming months, the
records of this office indicate that no
such volume of new securities will have
to be absorbed as the market has been
called upon to put away month by
month for a year or more. Other things
being equal. the market position OF mu-
ncipals should be favorably influenced
by reduced output of new bonds
When asked for his opinion for mu-
nicipal bond market this fall, a we'll
known municipal expert said: We are
having our market right now Stated
briefly, that is the situation.
Generally speaking, the weeks market
on the New York Stock Exchange was
constructive enough to cause an in
crease in bullish feeling. Despite the
continued shading In the United States
Liberty bond group. due to the passage
of the bonus bill by the Senate, rail-
road issues. particularly the so-called
cheap priced ones, showed strength.
Chicago & Altons naturally broke
badly with the receivership news and
there was somewhat of a sympathetic
decline in kindred bonds during the
last few days OF the week. French
bonds showed good deal of irregularity
and declined sharply at times with the
drop in francs. Industrials held steady
and quiet.
There will probably be several new
features in the early fall bond bust
ness. One new issue Of magnitude will
probably be the offering OF $500. 100000
OF 6 la per cent. bonds OF the Argentine
Government A report has 1t that a
syndicate OF New York bankers has
taken them at 81 and if money con-
ditions are right will announce the
Offering soon. The Government Of
Haiti Is also reported in the market
for a loan Government financing TO
take care of September obligations also
will probably show some increase early
this month.