The Birmingham age-herald., 1922-12-25
LARGE OFFERINGS
 IF EXEMPT BONDS FEATURE IF WEEK
Pre-HoIiday DuIIness Seen in Market-Announcementby by Morgan Sets at Rest
 Many Wild Rumors

NEW YORK, Dec. 24.-New bond offerings last week totalled $32,302, 900, as compared with the previous weekly total of $55,S45,00D. The in creased offering of state and mu- nicipal tax exempt securities aggre- gating S13,052.000 was a feature. While the increase was largely due to the reinvestment demand. the agi- tation In Washington for legislation limiting the issuance of tax free se- curities had the effect of toning up the demand for this class of secu- ritfes. The demand has also cleared up the supply of most bonds of this class and stiffened the prices of new issues.
 Trading In the bond market was on reduced scale and there was the usual pre-holiday dullness. with few important changes in the general list. United States government is- sues were a little stronger. This strength was attributed to the cus- tomary reinvestment demand mak- ing Itself felt in these issues as well as their purchase. Copper bonds strengthened in sympathy with the metal which Is now selling at 13%c a pound. the highest In the year.
 Railroad bonds and notes maturing In 1923 aggregate $196952230 as against s2s9 9,s92.260 in 1922 The larg- est amount of obligations falling due in one month is January, with S49,751 ,430. of which equipment trusts sold to the government, and resold by the United States railroad administration make up $22,961,250. The railroad maturities during the year were small. the largest being $7,742,000 St. Paul and Northern Pa cific first 6s due February l.
 The announcement of J. P Morgan X Co. early in the week that the Ger man ambassador had been informed that no international loan to Ger many could be considered unless and until the separations question was settled. served to set at rest rumors that were proving embarrassing to both the administration and local in- ternational bankers.
 The new Cuban s50.000,0o0 loan was announced during the week as one for 30 years at 51k per cent with amortization features The successful bidder will be announced January 12. Canadian advices led to the belief that the s150.O00, 900 loan which the Canadian government in- tends to seek early next year will be split between the New York and London market. now that sterling exchange is in a more favorable po- sition. There was a belief among bankers that the New York market could safely absorb s100,0O0,O00 of the new Canadian securities.
 It is expected that Armour & Co.'S new financing will involve $10o. .o0o.- 900, partly for the purchase of Nor ris & Co. and partly for refunding. It is understood that the company in- tends to retire about s65.O00 notes and bonds bearing and per cent interest and issue new securities at a lower rate. New financing may be done. it is said either by an issue of additional mortgage bonds against property or an Issue of additional preferred stock.
 The principal offering last week was sS,000.000 Carolina, Clinchfield and Ohio Railway company 3o-year 6 per cent first and consolidated mort gage gold bonds offered at 96h to yield 6.25 per cent. Other large of ferings were $2.000.000 state of New Jersey 30-year AK per cent highway extension bonds to yield to 425 per cent; s2.000.000 Richmond, Va. | 35-year Az per cent improvement bonds to yield 425 per cent and $1,750.000 American Bolt corporation l15-year per cent first mortgage sinking fund gold bonds offered at