The Birmingham age-herald., 1923-03-12
MARKET SLUMPS ON OFFERINGS OF
 MANY NEW BONDS
More Securities Offered Than Could Be Digested-In- crease Noted in Farm
 Loan Financing

NEW YORK, March 11.-(By As sociated Press.)-Inability of the bond market to digest the unusually large volume of new offerings in recent weeks had depressing effect on listed bond prices last week and resulted in ...arked fall ng off in new issues. New offerings for the week totaled only s31,510,oO com pared with s79,000,G00 a week ago and s6S. 1000 two weeks ago.
 An increase was noted in only one field of new financing, that of farm loan bonis. New industrial financ- ing was only $3.300.000 compared with s21. 100000 the week before. While selling pressure at no time caused general weakness, there was a noticeable lack of fresh buying power Several factors are beliey ed to have contributed to the selling, notably of liquidation by large in terests to provide funds for expand ing commercial needs, speculative | apprehension over possibility of 1 anothe1 increase in the federal re-
 serve rediscount rate which in all ! probability would mean further re- duction in quoted values, and selling on the part of small investors to meet income tax payments due March 15.
 Government Does Financing.
 Announcement was made of the l new government financing amount ing to $400.000.000 of Az per cent treasury certificates of indebtedness to be dated March ,5. and due in six months and IF months, respectively, Division of the two issues will de- pend on the relative amount of ap- plications received by the govern ment. United States government bonds reacted slightly following the announcement, bringing them in line with the announced return of the new financing.
 Several pieces of new financing are reported as being held back until dealers shelves can be cleared of the congestion resulting from the large sales of recent issues. The Pennsyl- vania Railroad company is expected to make a public offering tomorrow of $3o.O00,O00 equipment trust certi-.- cates. Another issue expected soon will be S10,000.000 to $20,000,000 for the account of the Canadian National Railways. Details of his offering have not yet been agreed upon.
 Many New Offerings.
 Principal offerings last week were: $5.000,00O per cent 93 ynar gold debenture bonds of the American Power and Light company offered at 95,,a to yield 6.25 per cent; $5,000,000o 5h pc cent 35year refunding mort gage gold bonds of the Public Service company of Northern Illinois offered at 94A to yield 57s per cent; $S,000.- 0O) per cent 19year imperial golu arf ,t to yield 5.20 per cent; $3,000,000 per cent 29-year farm loan bonds of the Kansas City joint Stock Land Bank. offered at 103 to yield 4ss to per cent depending on maturity; s3.000,- 900 5 per cent 29-year farm loan bonds of he San Antonio joint stock land bank, offered at 102. to yield 4.7O to per cent d.oending on ma turity; s2,000,000 per cent ono to 15-year equip 'ent trust certificates of the Fruit Growers Express com> pany offered at a price to yield 5 to 5.2O per cent; $2.o00,C00 Ter cent 20-year mortgage gold bonds of the Mason Tire An- Rubber company, of feredsat :; $1,500,0O0 per cent 2s- year farm loan bonds of the Louis- vile Joint Stock Laid BaAk (hen lucky and Indiana) offered at l to yield 4ss to per cent, depending on maturity; $1,500,000 per cent 29- year farm loan bonds of the nion Joint Stock Land Bank (Kentucky and Tennessee) offered at 103 to yield AZ to IT cent. depending on maturity; and s1,50o,000 per cent 10 to 30-year farm loan bonds of the Atlantic Joint Stock Land Bank Raleigh. N C., offered at 102.50 to yield 4.6s to per cent depending on ,,,o