Evening star., 1923-12-31
1923 FALLS SHORT
in new FINANCING
81, zoo, 900, 900 Issues Are Quickly
Absorbed-Bonds Under
1922 Rates.
FOREIGN INVESTORS BUYERS
Equipment Trust Notes Extra Pop
ular During Year.

By the Associated Press
NEW YORK, December 31.-While
accurate compilations will not be
available for some time yet. figures in
the hands Of bankers show that the
1928 total of new financing will fall
somewhat below that of 1922.
1t is estimated that public offerings
of all kinds, both new capital and re-
funding operations, will total ap-
proximately s4,7Oo, 100000 as COM
pared with the 1922 figure of $5,0S0,-
345,034. Available statistics, however,
disclose that investment of new capi-
tai during 1923 exceeded that of the
previous year. when nearly $1,000
100000 of the total consisted of re-
funding issues.
New Issues Sold Readily.
Except for one or two brief periods
when new offerings were thrown on
the market too rapidly for ready alb
sorption, little difficulty was encoun-
tered in disposing of new bonds. and
the wide distribution obtained in most
cases was attested later when offer
ing syndicates dissolved with scarcely
a fractional change in the price of the
issue concerned.
Prices Of listed bonds have ruled a
point or more below the high point
reached during the first week of the
year. On January 4, 1928, the aver
age of forty bonds touched 1898. The
subsequent decline continued until
March 29, when the average was 85.77,
a rather sharp drop of more than
three points.
An increase in the investment de-
mand carried the average price up
2.o4 points to s7si on May 20. Then
followed a month of reaction, the
averages being recorded as 1922 on
June 90. Fluctuation since that date
has been pretty well within two
points, with gradual trend upward.
Foreign Investors Buyers Here.
European investors were heavy buy
ers of American securities through
abroad influencing them to transfer
their holdings into dollar invest
ments. Secretary of Commerce Hoov-
er has referred frequently to a heavy
lea, explaining that the constant flow
of gold here in payment of American
stocks and bonds. formed this in
visible" balance.
OBLIGATIONS of the United States
steady, stabilization Of their prices
having been Influenced to a large de-
gree by British buying to meet pay
ments of interest and principal on
the English war debt to this country.
ments on the debt in Liberty bonds
at par.
The frequent offerings of Treasury
certificates of Indebtedness. involved
in Secretary of the Treasury MELONS
readjustment of the public debt were
well taken and oversubscribed by
large amounts.
Rail Issues Popular.
One of the most interesting devel-
opments of the year was the quick
increased volume of equipment trust
financing by the railroads. In 1922
most of the railroad offerings were
refunding operations, and while they
were absorbed without difficulty, the
bankers say that equipment trust
certificates have been more popular
with investors.
The trend toward customer-owner-
ship of stock, particularly on the part
of public utility companies, was en-
phasized to an even greater extent
during the year, and many corpora
tions bent much of their efforts to-
ward obtaining a wide distribution
of stock and bonds among their Gus
toners.
State and municipal borrowing.
which reached its peak in 1921 when
loans totaling s1,3S3,36S.000 were put
out, showed another drop the past
v
more than one billion dollars.
While bankers feel that the normal
growth of the country. coupled with
the development of the highway sys-
tenn and the tendency toward munic-
ipal ownership of public utilities, will
preclude a drop back to the average
of about half a billion annually
which prevailed prior to 1917, 1t seems
possible that steps may be taken to
curb the issuance of tax exempt
r;t ,ap l,oS ,r1,
in a measure restrict state and
municipal offerings.
January Banner Month.
January was the banner month of
| the year in point of new offerings,
the total that month being 9879,26S,-
265. This figure also is the largest
record sxsssding ssse s the prsyiSus
in April, 1892.
OF outstanding Importance and IN
| tereet in 1928 was American par
ticipation in the $126,o0o, 900 interna-
government. Americas part, amount
| Ing to S25,000,00 was oversubscribed
several times. Other foreign issues
foated included Argentina $65,0oo.00
(short term refunding); Norway and
land, $4,000, ,080, and the Republic OF
Salvador, $6,0o0,0o0
The largest single financing of the
year was that Of the Anaconda Cop
per Mining Company aggre eating
$3.50, 100000. Next in point Of size
was $110,00O,00o by Armour & Co,
and the third largest was the
American Telephone and Telegraph
offering Of s1oo,ooO,Ooo in s per cent
| bonds.
Total sales of listed bonds on the
New York Stock Exchange fell off
considerably during 1928 as COM
pared with the previous year. Esti-
mating the last week in the year, the
1928 total will approximate slightly
less than $4,000, 100000. against an
amount in excess Of $4.000.00o.000 in
1922.