The Birmingham age-herald., 1923-05-07
BREAK IN STOCKS. RESULTS IN SAG. IN BOND PRICES.
Large Amount Of Recent Off, ferings Undigested, Say
 Bankers and Brokers

NEW YORK, May 6.-(By Asso- ciated Press.) s.)-With the exception of the United States government bonds the trend in bond prices during the past week on the New York stock eX- change was downward, influenced largely by the break in the upward movement of stock prices. New of ferings during the week aggregated SS2,67S.000, with a single exception the largest amount offered here since the week ending January 20, 1923. The total compared with $54,000, ,000 the previous week and S120, 000, ,00O in the corresponding period a year ago.
 Bankers and bond brokers are unanimously of the opinion that a large amount of recent offerings re- main undigested and say that new financing would be much greater but for the fact that businesses con templating such offerings are hold ing off in the hope that a better distribution may be obtained later. United States Bonds Firm.
 The firmness of the United States government bonds was attributed in some quarters to purchases for the account of Great Britain, the Liberty issues being acceptable at par as payments on the English debt to this country
 After a period of buying, during which most of the French govern ment. provincial and municipal is sues attained new high records for the year, these bonds were offered freely on the news from Europe that France had rejected the latest Ger man reparations offer. Prices in this group rallied some in the trad ing Saturday most of them closed the week from a point to three points lower. Mexican issues were in de- mand throughout the week on re- ports that the call for the deposit for bonds under the Mexican debt May II.
 Much Speculative Trading.
 Mortgages of sugar, oil and copper companies all declined during the week, the extreme drop in some cases trading in these bonds was specula- tive.
 Railroad mortgages moved within comparatively narrow limits, most of the gilt edge liens holding firm. Fractions were somewhat reaction ary.
 Announcement was made in Wash lngton that approximately 5,000,- coo of Victory notes bearing the dis tinguishing letters of G, H, I, J, K or l., fall due May 20 and will be paid as they are presented for re- demption at the treasury or through the federal reserve banks. The Sec retary of the Treasury, however, authorized immediate payment of the notes and redemptions under that authority have been proceeding at the rate of about S1,O00.O00 day re- gently. All interest on these notes cease May 20.
 Redemption of these notes will mark the final retirement of the Victory issue which amounted to originally s4.500, 900.
 New financing for the month of April totaled $3O4.6S2.620 as com pared with S334. .165,2O0 in March and sS25l53,9o0 iHsApril. 1922,
 New Issue. offered.
 Important new issues offered dur ing the week were: S13.500,000 , F per cent 1 to 15-year equipment trust certificates of the Chicago, Milwau- kee and St. Paul Railway company at 9SE to yield 7.17 per cent s10,- oo0.000 per cent 30-year deben- lures gold bonds of the Illinois Pow CT and Light Corporation at par; sS.550,000 per cent l to 15-year equipment trust certificates of the Chicago Rock Island and Pacific