The New York herald., 1922-01-30
S115,OOO,OOO NEW
BONDS ARE PLACED
Market Improves in Last Week
With Equipments the Fea-
ture-COming Offerings.

The investment market displayed last
week a great deal OF resiliency and OBJ
servers who had asserted that the point
OF saturation had been reached ap-
parently were discredited somewhat.
Approximately sl15.OoO.OoO Of new
bonds were placed on the market.
large increase, compared with the pre-
ceding weeks total. and canvass OF
dealers and members Of various syndi-
Gates seemed TO indicate that last
weeks larger total had been wen
absorbed. From all appearances the
bond market appeared to have its second
wind and. 1t must be confessed. there
were no indications OF WEAKNESS or IN
,vcstors.
! Undoubtedly the weeks most import
INT development was the large total Oh
about $50, 900. 900 OF railroad equipment
notes, bought from the Railroad Al
r:.inistratino and offered to investors.
They were retailed to investors at prices
to yield $50 to $50 per cent. The notes
were issued by a dozen different roads.
Some of the largest blocks were SS,SlO.-
500 notes of the Frisco. s6,567.6Oo OF
the Chesapeake and Ohio. s6.0lS,4oo or
the Missouri Pacific. s5.946.2Oo OF the
Southern. and s4,69o.o0o OF the ROCK
Island They all carried per cent. in
terest. Indications are that sales Of
equipment notes will go on for many
more weeks, although they are not likely
to be as heavy as they were last week.
It is understood that the policy OF
bankers Is to continue to sell such
issues as long as the market viii take
them, and a large block of them is un-
sold.
Although conditions are not ideal for
offering foreign securities in this mar
ket. two issues sold last week were
well taken. The largest one. S25.OOO.000
Of the Department of the Seine's per
cent. bonds was more favorably received
than generally had been expected. The
5maller issue, s3,500.0O0 of the city OF
Porto Alegres sinking fund gold bonds,
was sold quickly. Sales of State and
municipal bonds were not large and are
not likely to be heavy for considerable
time No very important sales Of State
or municipal bonds are scheduled Tor
February, which is gratifying because IL
any branch OF the investment market
is congested. probably it is the munic-
iral one.
There was only one large issue Of
public utility bonds. Sl0,00o.Oo or the
Pacific Gas and Electric Company's, and
only one industrial issue, T,33O000 of the
Pacific States Lumber Company's first
mortgage per cent. bonds. Several
foreign governments have shown eager
ness to obtain loans in this market. but
II Is understood that bankers are pro-
ceeding with caution in that direction.
A new Argentine loan Is within the
realms of possibility in the next few
weeks and, of course. the Cuban loan
will be brought out in the not far dis
tnnt future.
There was little change in the money
arket, and time offerings appeared to
be plentiful. The call money market
was slightly higher. Transactions in
bonds on the New York Stock Exchange
were slightly heavier and prices were
irregular, exhibiting no definite trend.
Victory notes were particularly strong.
A feature of the week was an offering OF
s4oo. 900. 900 of Az per cent. three year
certificates OF Indebtedness OF the United
States Treasury.