The Birmingham age-herald., 1923-04-16
AS BONO PRICES IMP ROVE, MARKET
 RELATIVELY DULL
Millions in New Issues Still Upon Hands of
 Dealers

NEW YORK. April 15.-(By Asso- ciated ss.)-While prices con- tinued to improve during the past week, the market was relatively dull and the advances were small, due many observers believe, to the large amount of undigeSted securities still remaining on dealers shelves. Of the approximately s1.225,000.000 of new issues offered this year, 1t is esti- mated that in excess of S200.0O0 900 still are in the hands of bond dealers. To this situation is attributed failure of the bond market to turn definitely upward.
 | Other important factors influenc- ing the bond market are the money rates and the uncertainty of form government financing will take to | meet May maturities. Time money eased slightly at the end of the week, | bringing about slight improvement in the general list.
 United States issues closed the week somewhat depressed, although | they enjoyed a considerable advance | earlier in the week. There were re- ports in the financial district that an order was placed during the week for the purchase of s100,000,000 in Liber- ties for the account of Great Britain. Transactions Larger.
 | Transactions in bonds on the New York stock exchange during March totaled $26f, 745,000, as compared with SPAS, 900 in February, and s41S,- 491,0O0 in March, 1922. Trading in foreign and United States govern ment issues totaled s103,142, GOO, or | 39.4 per cent of the months trading
 New issues during the week totaled S60 ,2S1, GOO, the largest single offer Ing being for s14,000,000. This com | n1red with S60 | fore.
 Industrial bonds generally were higher, sugar and copper bonds, par ticularly showing considerable &C., tivity. Changes in these issues were largely the result of speculative in- atively large. The trend. however, was definitely upward.
 Railroad bonds, like the stock. moved within narrow limits. Trad ing in this group was fairly active. Foreign bonds were firm with an fn- crease in the number bought and sold.
 Despite expanding business, bond brokers state there is little new financing pending. Public offering will be made tomorrow of a new is sue of S75,000000 10-30-year federal land bank Al per cent bonds at 100 F, to yield about 445 per cent to the
 
 thereafter to redemption or maturity. The issue will be offered by the 12 federal land banks, investment houses and about 1000 dealers throughout the country.
 Important issues during the past week included: s14,000,00O per cent 25-year first mortgage bonds of the Public Service Electric company. of- fered at 97h. to yield 620 per cent; sS,O00,O00 61a per cent 2-2O-year first mortgage bonds of the Certainteed Products eompany. offered at par; S7,5000 900 per cent one to three years gold bonds of the Union Oil company of California, offered at prices to yield 5.74 to BPS per cent, according to maturity; s6.S94.OOo and per cent l to 34year improvement bonds of the city of Baltimore, Ma, offered at prices to yield 4.15 to 4.25 per cent; sS,oo0,0oo 51e per cent Improve ment bonds of Montreal offered at 97, to yield 5.2o per cent $3,0OO, 900 per cent 20-year refunding bonds of the Province of Alberta. Canada. of fered at 96A, to yield 5.30 per cent; s3,000.o00 per cent 2O-year first mortgage bonds of Trumbull- Cliff Furnace company, offered at 99N, to yield about per cent.