The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1922-03-07
KEEN DEMAND
|FORH|GH GRADE
.b0NDS|SS SHOWN
Bond Market Opens Strong
and Maintains a Steady
Tone.
By MUNROE ROBERTS.

Copyright. 1922. by Cosmopolitan News
serviee.)
NEW YORK, March 7.-Reflecting
the keen demands Of investors for
high grade investment securities.
the bond market opened strong today
and maintained a steady tone
throughout the whole list.
The first Liberty AIS sold at
97.40 for a gain of 10 points; second
AIS at 97.o0; fourth AIS. $3.50
and the Victory AS. 10o.28.
The bonds Of the French cities of
Bordeaux Lyons and Marseilles
have been gaining ground steadily
and the Department OF the Seine I
per cents are at the high point OF
SO. Railroad and corporation bonds
are steady and all offerings are well
absorbed.
Interest in today's bond market
was centered upon the new S1l 900,
900 three year per cent gold notes
Of the Canadian Northern railroad,
offered for public subscription by a
strong banking syndicate. These
bonds are guaranteed as to princi'
pal and interest by the Canadian
government and are the direct obi.
CATION of $4,000 miles Of Canadian
railroads, comprising two main
trunk lines, extending from the At.
lantic to the Pacific.
Public utility bonds have been
gaining In favor with investors and,
as their attractive qualities are being
more and more appreciated they
have been attracting an ever-in.
creasing public following. The bond
department of the New York Stock
Exchange has listed a number of
bond issues representing the strong.
est and most ably managed public
utility enterprises in the country.
These concerns supply the neces.
sites OF life to practically all of the
citizenship OF the towns and cities
or the country, their influence ex.
tending to the remote townships
and the cross roads districts.
Light and heat, transportation
and power constitute a class OF
service that Is as indispensab Bile
during hard times as in business
booms. and with conservative man.
agement and proper supervision, the
public utility companies should al.
financing on the right side of the
ledger. 1t Is true that in some
communities they have been rig.
idly held down in their charges to
consumers, but they always have
recourse to the courts A notable
decision from the highest court in
the land has just been rendered
with a unanimous award to utility
companies which contested the
right Of the State court to pre-.
scribe the price at which its com.
modify must be supplied to con.
sumers.
Among the prominent utility is
sues that are most actively traded
in on the New York exchange we
may mention: A. T. and T. col.
lateral SIS, New York Telephone
as, Montana Power SIS, Pacific
Telephone and Telegraph SIS. De,
troit Edison collaterals SIS, Du,
quense Light collateral SIS, Utah
Power and Light LIST SIS, Pacific
Gas and Electric general SIS. Brook
lyn Union Gas LIST con SIS, Hudson
and Man ref SIS.
As illustrating the increasing &C.
tivity on the New York Stock Elk,
change this year, as compared with
former years. public records show
that thus far in 1922 bond sales on
the exchange aggregate 1915. 697, 900
as compared with s572.509,750 in
1921, $753,024.s00 in 1920. s592,S62
$50 in 1919 and $2l9,670. 500 in 1918.