The Washington times., 1922-05-07

but their losses were made up by
the advances elsewhere.
The total new issues for the week
amounted to $120,020. 900, Of which
the largest group was the pubic
utility bonds, at an aggregate OF
$44, 800, 900, State and municipal
SIS 1888 900. industrial $s3.250. 900,
foreign $15,00O.0 900. railroad $6,932,-
600 and farm loan $2,200,000.
The largest single issue of the
week and incidentally one Of the
most successful of the year was
that of $25.000. 600 SIS Of the
Pacific Telephone and Telegraph
Company, offered by a syndicate Of
bankers on n $40 per cent basis.
1t was reported that subscriptions
were in excess of $1O0,000.O 900.
Other public utility issues include
81, 10000 SIS Of the Utah Power
and Light Company, sold on $50
per cent basis; $1,000, 900 SIS OF the
Northern Indiana Gas and Electric
Company, sold on a 6& per cent
yield basis; S2,000.000 Great West
ern Power Company Of California
6's. sold at par. and Sl.500.OO0 SIS
of the New Bedford Gas and Ed.
ison Light Company. offered at
lVo.IS, 10 yilu approximately s''u
per cent.
Foreign Exchange.
An import incident OF the
week was the steady advance in
sterling demand to a new high rec
ord at s4.44%, compared to the pre-
vious high point OF s444% on March
1, prior to which 1t Is necessary to
go back to 1919 to duplicate this
rate. International bankers are of
the opinion that the rise in ster-
ling to new high level was due
to favorable developments in Euro
pean politics and finance, rather
than to causes originating in this
country.
While much publicity has been
given to the more or less turbulent
gyrations in the European ex-
changes, little notice has been taken
of the steady and unostentatious
comeback" Of exchange rates be.
tween the United States and
Canada. The CANADIAN dollar at a
discount of about IN per cent Is
now at the most favorable rate
touched since January, 1918. before
which time Canadian funds had sold
in this market at a premium for a
considerable period.
After the removal OF the British
governments peg" on sterling eX-
change, Canadian exchange also de-
clined abruptly, reaching a discount
of per cent. in November. 1919.
IL per cent in November OF that
year and as high as l7la per cent
in February. 1920.
During the balance OF 1920 the
rate moved between and Is per
cent, but early in 1921 the improve
ment in Canadian finances and the
renewal of business and financial
relationships on broader scale,
turned the tide in the opposite di.
rection.
Perhaps the most reliable SURVEYS
OF general business conditions which
have appeared this week are those
of the Federal reserve banks Of the
country. Without exception they
find general revival in trade and
industry. decrease in unemploy.
ment, an expansive building pro.
gram and more cheerful tone in
the agriculture sections of the
country. After a long reactionary
period. cotton has returned to the
90 cents a pound mark and finar.
cial conditions iu the Southern ter.
ritorv have shown a decided i'm.
provement.
Money Rates.
The recession In call money rates
TO 3h and 3 per cent in the iater
part Of the week proved beyond
question that the furry which char
acterized the opening days was due
to temporary shifting of funds. There
was no change in time rates, while
bankers acceptances We're disposed
to be somewhat lower in rate.
So sharp was the reverse OF the
numerical trend Of prices in Dun's
list of wholesale commodities quota
tions this week that the advances e1.
ceeded the declines by more than
three to one. or the seventy-sevcn
nevisions recorded fifty-nine were
upward. This compared with forty
advances in eighty-one chances last
week.
Excepting In some OF the dairy
products, the fluctuations in the
foodstuffs this week were generally
upward. The trend Of the metals
prices also was toward higher levels.
Retail business. as exhibited by
current reports Of the big depart.
ment stores, shows a tendency to
Improvement, which will be acceI.
Grated as the buying capacity Of tho