The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-02-08
SALE OF BONDS
| DROP DURING
JANUARY
Sales for Last Month Below
That of January,
1922.
By MONROE ROBERTS.
Copyright. 1923, by Cosmopolitan
Nawa Servica \

! Copyright. 1923, by Cosmopolitan
J News Service.)
NEW YORK, Feb. 8.-Sales OF
listed bonds on the New York
Stock Exchange during January
were in much smaller volume than
in the same period last year, due
in large part to the fact that the
attention Of investors was diverted
to the new bond issues which were
brought to the market last month.
The falling off was particularly
noticeable in Liberty bonds. How
ever, this Is explained by the fact
that prices for the Government war
issues were very much higher than
in the opening month of 1922. A
good part of the cream had been
taken off the market for Liberty
bonds by the splendid advance
which these bonds enjoyed in the
spring and fall of 1922. Conse-
quently they were not such q mag
net for private investors as year
ago.
Total sales for January were
about 10000, 900, compared with
1920 zoo, 900 in January 1922. Sales
road bonds amounted to $40, 0OO,-
600 against $145, 100000 in Decem-
Der and $156, 900 900 in january,
1922. The most active domestic
bonds were the Chile Coppers rs,
Cerro de Pasco rs, Frisco railroad
issues, New York Central refund
ing SIS, International and Great
Northern adjustment SIS, st. Paul
convertible ANS, Wilson and Com
pany 6's. Cuba Cane Sugar con-
vertib1e rs.
In connection with the segrega-
ton plan of the Lehigh Valley rail-
road and the Lehigh Valley Coal
Company new bond issue in the
amount of $40,000,000 would be put
out. This issue will carry s per
cent and will mature in forty
years.
From the proceeds of the issue,
SIS ZOO, 900 will be paid to the Lee
high Valley Railroad Company in
satisfaction of all Indebtedness for
capital expenditures, and the re-
naming $25,000,O00 will be reserved
for the purpose of retiring the pres
ent outstanding bonds Of the Lee
high Valley Coal Company.
Bankers who are in close touch
with the United States Treasury Of
ficials are of the opinion that over
$500 100000 of the $63S 100000 of
war savings certificates which ma
tured on January 1 have been re-
deemed. OF this amount, it is esti-
mated that IS per cent were paid
in cash, and Is per cent exchanged
for Treasury savings certificates,
so that more than $3.50, 200, 900 of
the new certificates are now out
standing. The bond dealers are
injecting with some competition
from the Federal Treasury in it's
program of issuing Treasury GER
tificates from time to time, but they
believe that sufficient investment
funds will remain to cover all Of
the requirements of the bond mar
ket. They anticipate a strong and
active market during the spring
months.
The aggregate of new bond offer
ings today Is comparatively small,
the total being less than $4,000, 900.
The principal new issues are: ST.
SOC, 900 First Carolinas Joint Stock
Land Bank per cent bonds, due
November l, 1862, at 1924 and in
terest; $1,275,000 Southern Mime
sofa Gas and Electric Company
first lien and refunding mortgage
6h per cent gold bonds, due De-
cember 1, 1912; 100000 consoli-
dated mortgage 5 per cent gold
bonds of the Middlesex Water Com
pany OF New Jersey, at 80 and ac-
crued interest, to yield about 5A
per cent.