Bisbee daily review., 1909-05-05
HIGH RECORD
 MAY BE MADE
More Than Half Million of Securities Issued Since
 First of June

NEW YORK, May 4.-With approxi- mately s5io,000,000 new securities is sued since the beginning of the year, and with investment market condi- tons making it appear likely that cor poration financing may continue to be accomplished on relatively favorable terms for some time, there is a strong probability that the output of securi- ties for the full year will make new record figure, at least so far as long term bonds are concerned.
 It would not be surprising If many financial plans, in process of lorna ton at present. were placed before the investing public during May and June. If details cannot be worked out be- fore that time, 1t is likely that many will go over until fall. when, accord ing .Ss ..e e usual habits of the invest ment markets, SSere will be a revival from the lethargy.
 June, in particular IS looked upon
 as one of the most fayoraSle months to market securities. While it is prcb- lematical just to what extent interest and dividend disbursements are now adays reinyested in the security mar kets, whatever demand does ar. SC from that source begins to be felt three or four weeks before disburse- ments are actually made. so that or dinarily the June demand should re- fleet the large interest and dividend payments of July 1. the amount of which, with the exception of those made on January l, is larger than for any other month.
 Of railroad bond issues definitely known to be pending the most import ant are those of Pennsylvania, which recently authorized an issue of S0.OO0,- Oo0. none of which are, however, ex- pected until later in the year, Wis consin Central, which has newly au- thorized issue of s60,0O0,000. Missou'i Pacific, which has been working on a new mortgage for some weeks and is expected to offer some s20,000,000 or s25, ,000,O 900, Erie, whose new collateral trust indenture has recently been ap- proved by the public service commits sion, and which will put its coupon refunding plan in operation at the earliest moment, Chicago Great West ern, which contemplates issuance of sl2, ,O00, 900 to s16,000,000 new bonds under reorganization, and Michigan Central, which has remaining, after recent sale of s10.000,0 900 debentures, s15 ,OOO. 900 of the authorized issue. which will in all probability be mar keted before the end of the year.
 Portions of the Pennsylvania and Michigan and Michigan Central issues will be used for refunding short-term obligations due early in 1910. Aside from these two, however, seven other companies have short-term notes, az gregating approximately s90,c0,OOO, which mature during the first quarter of next year. These are New York Central. Lake Shore, Southern Rail way, Louisville & Nashville, Atlantic Coast Line, Interborough Rapid Tran sit, and Lackawanna Steel. The Pub lie Service Corp. of New Jersey also has s1,500,000 short-term notes which mature November 1 next. for which provision of funds for improvements, extensions. etc. there will undoubted- ly be a large amount come out Of re organizations now pending. The first will probably be that of Cincinnati, Hamilton & Dayton. The Seaboard Air Line re adjustment, upon which considerable progress has been made, is likely also to involve compre- hensive new mortgage on the property, some details of which are said to have already been considered.