The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-08-07
MIDSUMMER DULLNESS
IN new BOND MARKET;
OLD ISSUES DEMANDED

/ New York. Aug 6-Midsummer
! dullness permeated the market for
new bond offering last week. the total
OF S31 100000 being one Of the snail.
est since the first Of the year.
! Old issues. especially OF the better
grade. were In good demand in the
trading on New York stock exchange,
moving to still higher levels Several
Of the rails, together with some OF the
sugars and public utilities, reached
new high prices for the year. Prices
Of foreign bonds were irregular be
cause of the uneven trend OF the for
eisn exchanges. Liberty issued held
firm.
The unusual absorption OF new Sc.
Curities in recent months Is explained
in part by the latest summary or the
federal reserve system, which showed
that in the last nineteen months the
banks Of the country have increased
their investments by approximately
100000. Of which $500. 900 was
in other than government issues.
Continuance OF refnancing opera
tions on ten part OF high grade rail
and industrial companies by calling
on short time issues f1oated when
rates were high. and putting out new
issues at smaller coupon rates. was
noted during the week.
Municipal financing In July totalled
, S107. 100000, as compared with $l0S..
8@5,c00 in June. The total for the first
seven months OF the year was SS3@,-
100000, an increase of $@l5,3OO,OOO
over the corresponding period last
year. Further financing Of this nature
Is expected to be light until after the
November elections.
Kresge company. following in the
wake of Woorworth. which reached a
new high earlier in the week, jumped
up five points. presumably on reports
of increased July earnings by chain
stores Corn Products also broke
through for a new high, and good
demand was noted for the sugar ana
tobacco stocks.
Sterling rates were strong, but some
irregularity was noted in the CONT
mental exchanges. Marks we're down
to Is cents A hundred. nearly a cent
below last nights close, on reports
that Germany had refused to meet the
stipulated payments on pre-war debts
to French citizens.
Banks Increase Reserve.
The clearing house statement
showed an increase Of actual loans
and discounts Of nearly 100000 as
compared with an increase OF $4,000
~ Man,har hn " q
increased their reserve in the fedora
reserve bank by S925S,000, as against
decrease of S5,@60.O00 a week ago.
Cash holdings were increased by
about sl1,20O,000 as compared with
695,2O5, 600 for the whole OF last
year.
The principal new offerings for the
past week were: $9000.00O six percent
90 year first mortgage sinking fund
gold bonds. series A, Of the Long Bell
Lumber company, offered at SO to
Yield 635 percent; $6500,000 six per.
cent three year secured gold notes OF
the Toledo Traction, Light and Power
company, offered at 9S to yield 6.15;
$500, 900 five percent "A year first
meeting gold bonds of the Indiana
General Service company, offered at
90 to yield 5.75; $2.1O0,00O FIVE percent
80 year farm loan bonds OF the Kansas
City Joint Stock Lark bank, offered
at lO3 to yield 49s percent; S2.OOO,000
seven percent three year collateral
gold notes Of the Central Indiana
Power company, offered at SO TO yield
7.S9: 100000 five percent nine year
road bonds OF St Louis county. Mime
sofa, offered TO Yield 4.5O.