The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-04
BONDS CONTINUE
To POINT HIGHER
IN WEEKS TRADE.
Alabama Offering Fails To
Find Quick Market
In East

NEW YORK, June Shy Asso-
ciated Press.)-With the exception of
brief period of reaction covering
two days, bond prices continued to
point upward in the trading on the
New York Stock Exchange during the
past week. Some of the speculative
domestic industrals showed net
losses on the week rejecting the
trend of the same companies stocks.
A smaller increase in new offer
ings was noted, the weeks total be-
ing s45,SS9,170 compared with $751;
279000 the previous week. An I'M
usual event of the week was the
failure of four municipal and state
issues to find market. In some in
stances no bids were submitted and
in the other bids were rejected as
too low. The offerings aggregated
about $12,000,000 and were offered by
the states of Alabama and California
and the cities of Boston and Miami.
In the case of Boston the bonds later
were sold at private sale, according
to reports in the financial district
O O o
Low Coupon Rate.
Bankers attributed failure Of in
vestment houses to bid on two is
sues to the low coupon rate attached
to the bonds.
A feature of the week was the
strength, Of foreign government
Serbs were bid up more than 6
points and others in this group regis
tered moderate gains. This unusual
activity.
This unusual activity was attri-
buted In part to an improvement in
sentiment affecting foreign issues as
a result of the proposed Austrian
loan and to concerted buying to
create better market for the Aus
trian issue.
Industrial liens moved largely with
the stocks, most of the oils. coppers
and steels showing recessions. Public
utility company mortgages were In
| good demand and moved upward. Rail-
road mortgages continued active.
l-High grade investment issues were
| firm, while some of the more specu
| lative bonds showed advances of one
| to nearly 5 points. A treasury state
| ment disclosed that the government
| purchased more than $4,000, 900 third
Liberty AZ bonds between May l and
May %. This issue natures in 1928
and there are now outstanding about
| $4,000, 100000.
Corporation Bonds Increase.
Corporation bonds called for pay
ment this month In advance of ma
turity total s3S,449,5O0. an increase
June, 1922, and compared with $21,-
| 190,540 in May of this year.
Investment houses report their
shelves pretty we'll cleared Of recent
offerings with the possible exception
of equipment issues. Since the first
of the year approximately stS0,000,000
equipment issues have been sold by
| the railroads. These issues have been
well taken and are acknowledged to
| be popular with investors.
Important new offerings during the
week were: S10,000,000 one to 20
! year Az per cent bonus bonds of
| the state of Illinois at prices to yield
4.25 to 435 per cent; s10,000.000 ten
| year 613 per cent gold notes of the
Associated Simmons Hardware COM
pany at 90 to yield SIS per cent;
| $7000,000 one to 14-year highway
bonds of the state of Illinois at prices
to yield 4.20 to AIS per cent; $4,000.
600 25-year 61a per cent mortgage
bonds of the Potomac Edison COM
pany at 81 to yield SIS per cent
$4,000, 900, 21-year per cent mort
gage bonds of the Utah Power and
Light company at 80 to yield $40
per cent and S3.250.o00 30-year per
cent mortgage bonds of the Metro
politan Power company at 90 to yield
| $50 per cent.