The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-01-05
CANADIAN And
j. 8. BANKERS
To MEET
To Discuss Business and Eco
nomice Questions Affecting
Welfare Of Countries.
BY MUNROE ROBERTS.
Copyright. 1922. by Cosmopolitan News
. Seryice.)

By MUNROE ROBERTS.
=(Copyright 1922. by Cosmopolitan News
Seryice.)
NEW YORK, Jan. 5.-Announce-
ment that number Of leading
American and Canadian bankers
are to meet in the early part Of
next month to discuss business and
economic questions pertaining to
the welfare OF the United States
and Canada, is Of special interest to
investors on both sides Of the line.
operation Of those whose surplus
funds are guided into channels Of
usefulness by banking leaders, most
OF their elaborate plans would fall
FAR short Of fulfilIment.
The function of the commercial
banker, as well as the investment
banker, is simply to act as an In
termediary between the investor and
the business enterprises which, tenn
porarily or permanently, make use
Of. his surplus funds. The banker
does not create wealth, though with
the aid OF the Federal Reserve sys-
tenn, he can go long way in creas
ting nezK sources Of credit. Behind
It all, however, must be the active
+co-operatioFi OF the investor who To
naturally DESTROYS OF finding profit
able employment for his funds.
America and Canada have good
many interests in common and their
financial and manufacturing en-
terprises are so closely interviewer
that in some respects they form g
single unit and the boundary line
is only imaginary. Most Of the big
Canadian banking concerns have
branches In our important financial
centers and American manufac-
featuring and assembly plants on
Canadian territory. Our markets
have always been ready to absorb
large quantities Of Canadian Sc
curities, and New York has to q
large degree, supplanted London
as the postwar banker for the
Canadian nation. Canadian bonds
as q rule offer very attractive
Yield and need little advertising
among American investors.
Prices of the bonds OF leading
Industrial corporations az d rule
accurately reflect not only the
financial status OF these corpora,
tons, but also OF the whole In
dustry to which they belong. The
general Improvement which came
TO the copper trade during the past
year was emphatica1ly reflected IN
the spectacular course Of the
mortgage and convertible bonds Of
leading copper companies. Some Of
these bonds made advances Of from
20 to 40 points and closed the year
at the highest.
The most active copper bonds on
the New York stock exchange are
the Chile convertible s Per cents
and Z per cents, and the Cerr0 de
Pasco convertible per cents. The
first named issue made q spread
of IS points between high and low,
the Chile rs over 20 points and the
Cerro de Pasco S's, 1914 points.
AS a result of the public approval
OF q number of important municipal
bond issues in the November cleo
lions, bids will now be in order on 8
number Of these issues. Municipal
bond dealers are particularly in
| terested in the announcement that
| the city Of Detroit Will soon place
on the market an issue Of $40.
| 100000 Of AZ and per cent i'm
provement bonds with an average
maturity Of seventeen and one-hali
years. The city Of Toronto, next
week, viii sell $4,000, 900 Of 81
per cent bonds and a number OF
bids will be forwarded from Ameri
can bond dealers.
A number Of new bond offerings
are announced for today, among
them being 100000 American
Rolling Mill Company 6's; 5000, OOC
Long Island Lighting Company 6's
and 1000, 900 Wolff Manufacturing