The Birmingham age-herald., 1923-05-28
H|CH GRADE BONDS CAIN MATERIALLY
 DURING THE WEEK
All United States Government issues Close Above Pre-
 Vious Figures

NEW YORK, May 27-(By As soeiated Press. )--High- grade bonds l showed material price improvement la the trading on the New York Stock Exchange during the past week This was true partieularlv of I the United States government issues | all of which closed the week con- 5iderably above the previous weeks fieures despite some profit-takiug sates toward the end of the week. Speculative issues moved irregularly, influenced by stock prices. the ma l 1crttN ending the week slightly up. New issues offered during the week totaled s37.27S.0 .000. compared with s26.G37 900 the previous week. Chief interest. however, in new of ferngs centered in the announce ment of ]. r. Morgan that his bank would underwrite $25.000. GOO of the 1 $l30.000, 900 Austrian loan when ne gotiations regarding the financing have been completed It was indi- l cated the offering wonld be made about June 1. The Morgan firm will have associated with it in the under taking banking institutions through put the United States.
 O o o
 Money Rates Easy.
 The Austrian loan announcement. together with additional expressions 1 Of confidence in fundamental busi- ness conditions by high government officials, were perhaps chief factors | in influencing the better tone of in Nestment bonds. Money rates con tinued easy. Another influence was l the cutting down of the cash sub | scriptions to the recent government financing, which left large amount of funds free for investment in other gi1t-edge securities.
 Reports that an American banking syndicate is negotiating with the Irish Free State for Notation of $25,000, 900 issue in the United States also gained wide circulation in the financial district. While definite an neuncement was withheld, bankers gave the report considerable ere dence.
 Two other foreign loans figured in the weeks developments. one of hem being offered. This was an cent gold bonds of the republic of Panama. offered at 9712 to yield 5.65 per cent. The other concerned prob | able renewal of the 1921 S50.000,000 l loan to Argentina, which falls due l October l.
 England Reported In Market.
 The consistent upward trend of l United States government bonds gave rise to persistent reports that Great l Britain was in the market to meet
 an early interest payment. The for l eign market displayed firmness throughout the week, but made no notable gains.
 Delay in printing the various re- ceipts necessary in connection with the call for the deposit of Mexican bonds again delayed issuance of the formal call, but an informative an- nouncement addressed to bondhold- CTS was published in the United States and the leading cities of Eu- rope.
 oil company liens and public util- ity securities were leaders in the do- mestic industrial group. the major itY of these issues registering ad- vances of from l to 2l2 points. Rail- road mortgages also held firm, with small advances.
 Other important offerings for the week were $4.500.000 City of Los An geles 40-year 4l2 per cent sewer
 bonds at prices to yield 4.35 to 40 per cent; $3.500,000 29-year per
 cent mortgage bonds of the Kansas Gas and Electric company at F to
 yield 6.35 per cent; $3.500,000 Jersey
 Central Power and Light corporation
 25-year 6ia per cent gold bonds at
 97 to yield 6.75 per cent; $7,0O0,O0O
 Chicago. Rock Island and Pacific
 three year 5l2 per cent gold notes at
 99 to yield 57s per cent, and $3,o0o.-
 900 Pacific coast joint stock land
 bank 30-year D per cent bonds at
 lo2is to yield ACT to } per cent.