Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-10-02
NEW BOND OFFERINGS
SHOW LARGE INCREASE
Feature Of Weck Is Issue of
Federal Land Bank
Securities.
FOREIGN sTooits AnA wEAI,
Ncnr Enst Situation aud Uncertainty
degrading Terms Ut GOVERNMENTS
New Financing Contribute to lie
dictionary Trrnd of priccs.
NY Associated rress. J


NEW YORK. Oct. New bond Of
ferinsa last wuck tctRled $4,000. 900
as compared with }74,SOU,goO tho
week before, tho principal feature be-
Ing the 376.ooo.O00 Issue OF al-2 per
cent Federal land bank bonds. which
were sold On 40 10 4l6 per
cent basis.
UnfaYorublc Developments in the
Near East, weakness Of foreign ex-
change and uncertainty regarding the
terms Of the governmeni's new e.
nancng all contributed 70 the reuc-
i!onary trend Of bond prices On the
New YORK stock Exchange. Foreign
bonds were particularly weak and a
number Of Liberty Issues went below
par for the FIRST time In several
weeks. Fear OF liquidation by large
institutions who Invested heavy In
Liberty boHds to give temporary en-
bic ymen;#-o Idle funds. also was "A
factor In the decline. The demands
:"r commercial credit are growing
and II is only question Of time when
large sums invested In government is
sues viii be turned into business
channels.
Except for the $4,000. 600 Arg.n-
tine loan. which was delayed another
month by the failure Of The Arg.n-
tine Congress to approve the ten
tatlV. agreement with Sew York
bankers. &C nsidcrable progress was
mad" during the week In the ne
Sotiation Of foreign loans. The Hay
tian loan OF SlG.0Q0.0G0 TO be used in
the re!unding OF an old French debt.
was sold TO a syndicate Of New York
bankers and viii u. offered publicly
next week The Cuban Legislature
approved the t5O.000.00O loan desired
by That country 10 rehabili,ate its
finances and a chilean lean Of 5000, =
$40 pounds sterling is being n"Eotiat-
cd Tor by local bankers. Four loans.
hGGreEating S32.DOO.0U0 for Columbia.
az" IN the process Of negotiation and
TN" hrst of these. a loan OF SIS. 900. :
o"" 70 the province of AnticGula. is
reported to have been sold to N.w
York bankers.
Local bankers report there has been
decided dritt to Europe recently
81 iarS" number Of European Sc
cHritcS. particularly those of recent
issue More than $1,000, 900 Cf the
recent guilder loan is reported to
nave been resold 10 Amsterdam buy
cis. Weakness OF sterling and con
t!n"nta! exchange rates has RETARDED.
The "noming" pre- cess Of other for
VIII be resumed yyhcI. exchange ratcs
90 higher.
The principal offerings last week
were: s,Os5.o00 per cent three
70 ninctcen-year gold bonds OF the
city OF Chicago, offered to yield
slightly more than 1 per cent; $1,000, =
900 per cen; thirty-ye FIRST re-
'unding mortgage bonds. series Il.
OF the Pennsylvania Power and Light
Company. offered at 33-i per cen,
20 yield per cent. 5000. 600
. per cent hftccn-ycar SINKING fund
convertible gold notes OF Booth Fish
cries company. offered at g7l- 10
yield as per cent. $1,000 900 per cent
ten-year bonds OF the Ca!ift rnia joint
stock land bank. offered at 1913 TO
Yield f.e0 TO ASS per cent: s2.500.o00
o i-2 per cent 20 per cent retUnding
mortgage gold bonds OF the Shelf
acid Farms Company offered at par.