The Washington times., 1922-07-14
BOND SALES !.
SHOW INCREASE
|. OVERLAST YEAR
Daily Average Of Sales Higher
Comparison Of Figures
Show.
BY MUNROE ROBERTS,

tCopyrlght, 1871, by Cosmopolitan news
service.)
NEW YORK, July 14.-Conditions
In the bond market are somewhat
similar to those which have prevail
ed for some time In the market for
high grade dividend stocks, namely,
that the floating supply" is becom-
ing considerably reduced and, there
fore. prospective purchasers for out
standing listed bonds are compelled
to bid higher and higher for the
issues which they desire. Compare
lively little margin trading is to be
seen in the bond market, the great
majority OF sales being for the ac-
count OF institutions or investors for
their permanent account.
AS a rule, fluctuations Of one or
two, or even 3 points a day in prime
bonds Is a rarity, but such occur
rences have happened quiet often Of
late, sometimes In a heavy market
and quite often on a comparatively
small volume OF sales.
It Is also to be noted that the daily
average of bond sales this year is
running considerably higher than at
any time during the past few years.
as the following comparisons will
show: Total sales for Thursday, July
10, 1892, s13,169.4 .450; in 1921. $9,9S7,-
$50; in 1920. Ss,SS3.3 in 1919, $l1,-
362. 700: in 1918, $6.176,500. The total
sales Of all bonds on the New York
stock exchange to date have been
2,460, ,692, ,775, compared to $685.
1857, 1886 in 1921, and $2.l22 ,484, ,4S0 in
1920.
1t is reported in financial circles
that the republic Of Salvador Is in
a fair way to secure a new loan
OF $500 900 in our markets. The
vice president Of the United Fruit
Company, who Is actively concerned
with the negotiations, has issued the
following statement: On July IL the
national assembly Of the republic
for S1S,500, 900. signed con June "a.
between Rene Keilhauer as repre-
sentative of the republic, and Minor
c. Keith of New York. The loan
Is guaranteed by the customs rev.
enues OF the republic. With the
rehabilitation OF It's finances, which
is now made possible, Salvador may
now look forward TO a period Of un-
The proceeds will be used to re-
tire the country's $4,000, 900 bonded
debt, discharge an obligation OF ap-
proximately $1,000. 900 in bank loans
and other national debts and dis
charge back pay owed to employees
OF the government. The balance will
be used for railway construction end
street paving in the city Of San
Salvador.
A new issue OF $4,000, 900 North
ern States Power Company CMinne.
sota) first and refunding motrage 5
per cent gold bonds, due April l,
1s41. at 91h and interest, yielding
about STA per cent. is offered by
a New York banking syndicate.
Previous issues of these bonds have
been listed on the New York Stock
Exchange and application will be
made TO list the bonds now offered.
A new issue of $1,000, 900 of the
city OF Cincinnati s per cent bonds.
due January 2, 1865. is being offered
by w. A. Hartman and Company,
to yield 4.2S per cent.
Stacy and Braun and William r.
Compton Company are Offering a
new issue Of s3SS ,008 Raleigh, ". c.,
~ per cent aerial water bonds.
They are direct and general obli-
CATION Of the city and are payable
from an unlimited ad valorem tax.
The Guaranty Trust Company an
nounces. that the Erie Railroad Com
pany per cent equipment gold
notes. due serially from 1922 to 1895,
series 20. in definite form with cou.
pons due July Is and subsequent.
will now be delivered in exchange
for trust receipts now outstanding.