Bond calls increase as interest rates fall. (Capital Ideas) (Column)

"Corporations have been calling bonds left and right, and the outlook is for more of the same," says Jim Drury, a corporate bond specialist at Prudential Securities, New York.

In October, Commonwealth Edison, Chicago, announced the early retirement of $250 million worth of 11.75% bonds, due in 2015. The utility is refinancing with lower-interest debt.

That same month, Capital Cities-ABC Inc., New York, called for early redemption of $200 million of 11.75% subordinated debentures due in 2013, as well as $300 million of 11.62% debentures due in 2015.

Capital Cities-ABC took an after-tax extraordinary charge of about $26.5 million, or $1.60 per share. The redemptions, completed November 1, "will result in a lower net interest expense in future periods," said company presidnet Daniel B. Burke and chairman Thomas S. Murphy in their third-quarter report to shareholders.

The Commonwealth edison and Capital Cities-ABC bond calls are just two of a myriad of redemptions being made by corporations across the country. Just in the month of October, for example, bond …