The Birmingham age-herald., 1922-08-14
FEW OFFERINGS
 ON BOND MARKET
Decline Attributed by Invest
 ment Bankers to Usual Summer DuIlneSS
Associated Press

New York August 13,-New offer ings of bonds of last week were the smallest of the year, totaling only $20,100,000, compared with s31.bO0,0OO the week before, and weekly aver age to date of $50,000, GOO. The de- cline was attributed by investment bankers to the usual midsummer dull ness, the summer reinvestment de- mand having been filled and the fall demands not yet making their ap- pearance.
 Bond prices continued to move up- ward. reflecting the easiness of the money market, but attention was di- verted to bonds of the second grade, especially the low priced rails, sev- eral of which mounted to new high records for the year. Irregular price changes prevailed in the foreign group, reflecting the uncertainty of the outcome of the meeting ofallied premiers in London.
 Two large stock issues were put out by local bankers during the week, aNs12000.000 offering of the pre- ferred stock of Ginbel Bros, dry goods merchants and a s600,000 issue Ion common stock of the Mesabi Iron company. Chile is reported to be seeking loan of s15,000,000 in this market and negotiations are still underway for a long term loan to Peru, but 1t is doubtful whether any 2 foreign issues will be floated for month or more.
 London dispatches declared that Rumanian loan was to be sold here and in London and American bank ing representatives were report ed to be in Warsaw negotiating for a Polish loan, but local international bankers reported that there was lit- tie prospect of central European loans being offered here because of the failure of the recent Jugo-Slav offering. Arrangements were made last week whereby the Jugo-Slav government will agree to take back 7. s10, 100000 of the s25,000.00l bonds : underwritten here If they are not < disposed of this fall. The bonds, which run for 40 years. were offered to yield $40 per cent.
 Considerable interest was aroused here by reports from London that-the banking committee appointed by the reparations commission would reas- semble in October with a view to negotiating small loan to Germany. . No official confirmation of the report was obtainable here, but attention was called to the fact that J. P. , Morgan, the American representative, ! was till in Europe.
 ! A new departure in public utility financing took place during the week when the Philadelphia Rapid Transit company adopted the methods of principal railroads by selling an is- sue ofNs2, ,150000 of per cent equip ment trust certificates. These notes, which mature from one to ten years, were offered to yield from to per cent The Cincinnati Traction company put forth similar issue for SIPS, 900 .-at prices to yield 5h 10 6ls per cent.
 Other principal offerings of the week were. Four million 3o-year 6 per cent first mortgage sinking fund gold bonds, series A. of the General Refractories company, offered at 95h to yield 6 80 per cent; s3,926.000, one to thirteen years 6 per cent equip ment trust notes of the Boston and Maine railroad, offered to yield 4.75 to 5.75 per cent. and s2,000,000 3o- year per cent farm load bonds of the First Carolinas joint stock land bank. offered at 102h to yield 4.66 per cent and over.