New Britain herald., 1925-12-26
INVESTMENTS ARE
 MORE THAN EVER
tcuotioued rom First Pagc)

Morc than $70,00,o00 were lifted from dr.ault while SSj,ODu, 0QO were added 70 tEo list.
 Tho broader demand for foreign s"cuI'les in 1925, embracing both listed bonds and new issues. reflect. cl th" great progress made in the cCoHomlc recovery Of the world, par tlcuIary Of European nations. Two of inc Scandinavian comtrieS-Nor- way and D"nmatk--so improved their financial structures that they were able 10 refund large loans at substantially lower interest ratcs.
 Unofficial em hargocs on foreign loans both in this country and Great Britain eXcrted considerable in IWcnce on the size and character Of 1925 borrowings. Early in the year, the United States government closed the door 10 European nations which had not yet funded their war debts. This excluded France as borrower in this market. hut Italy, Belgium and C2rchosloNakiaw were readily ac- commodatcd with loans and credits after having made awanGcments to settle their obligations to the gov crnment.
 Loan Regulations
 A new policy regarding the rcgu- lation Of foreign loans also took shape through the cooperation of the Washingto on administration and international bankers in denying fin ancial assistance to foreign monopo- lies, which might otherwise have ob- tAncd American funds to, maintain high prices against American con- sumers. Proposed loans of S25,000,- GOO to the German potash syndicate and $35,000,000 to the Sac Paulo coffee industry were rejected on this account.
 While the An crican investment market lost considerable business through these restrictions, it was en- ablcd to attract new borrowers when Great Britain placed ban on for cign financing upon her return to the gold standard.
 This brought to New York a S75.- 900, 900 Australian loan, which rank ed as one of the major foreign flo- tations of the year along with the S100,O0O,O0O Italian loan, $70,- 0O0.O00 note issue for Canada and $50,O0O,0O offering for Belgium. The Italian financing, which fol- lowed that country's debt settlement in the fall, absorbed $50, 100000 exchange stabiliZaton credit, while the loan to Belgium was supple mcntcd by similar credits from pri- vate bankers and the Federal Re- serve banks.
 Prospective Borrowers
 France, Germany and Belgium are among the i'm portant prospective borrowers here next year. Advances to the French government are con- tingent upon satisfactory debt set tlement, in which event S100,000,- 900 loan is q possibility, Germany is expected to Obt ain a like amount through the sale of railway bonds is- sued to the Preparation Commission while Belgium is in line for a S15O,- OOO,0OO international loan, a large portion of which will be underWrit ten in this country.
 German ind ustrcs and munich palties alone bsorbed approximate ly $200,O00,0O0 of American capital during the year, the loans ranging from the great shipping and steel companies of the Reich to a central Nank for agriculture, Of the financ- ing for productive purposes. An ad- Gitional $100,000. GOO in loans of this type may be expected before the new year is far advanced, with competi- ton offered by like mount Of Italian municipal and industrial bond issues.