The Washington times., 1928-03-08
SAL.E Of BONDS
| GGIVG
By RICHARD HATTON

New investment financing. dur
ing February continued at about the
same pace as in Jsnuary but failed
70 reach the proportions Of the cor
responding month in 1927. Offerings
Were made at the lowest average
yield for more than 10 years.
New DO and note issues ags
gregating $685., 4ss,s5o were offered
to the public last month. according
70 compilation OF Lawrence Stern
ana Company. Chicago investment
bankers. This compares with offer.
IN totaling s646. Os5, 800 in January
snd $3.50. 023,3eC l.. February, 1927.
The total for january and February
Of this year is only SS per cent OF
the total for the same two months
Of 1897.
Foreign loans lei again in Feb.
ruary with a total Of 1853, 1861 600.
This Is q substantial Increase over
the foreign financing done in this
country in February a year ago.
The volume of public utility issues
vas also considerably greater than
IN January. Other classifications
showed declines or remained rela.
lively unchanged when compared
with totals for February. 1927. and
only small changes when compared
with the January, 1929. figures.
February offerings excluding tax
exempt securities, consisted OF lo9
separate issues. This compares with
$50 issues in February, 1927. ana
l84 in January, 1928. Last month
there were So issues OF $l,0OO.O0O
or more, comparing with 96 such
issues In January.
The Lawrence Stern and Com.
pany monthly bond review con-
cluded as follows:
The bond market during Febru-
airy was inactive and failed to
indicate any decided trend in one
direction or another. There were
several classes Of issues and par
ticularly the quotations Of some
high-grade railroad securities showed
d tendency to ease off Later In
the month utility bonds improved
fracti0nalIy on favorable news in
connection with the proposed public
utilities investiga ton.
Foreign bonds as a class re-
sisted the small selling In evidence
IN the balance Of the list, ana
Italian and German issues showed
fractional gains. While there IS
still an abundant supply OF money.
traders have hesitated to make pur.
chases In the face of the uncer-
tainfy as TO the rediscount policy
az the Federal Reserve Banks. How
ever, in view of the program Tor
Government financing during 1878,
ii would seem safe to assume that
the minor reactions now In effect
iii the bond market are merely
temporary and that the situation
win correct itself az soon as the
new Government financing IL deli
nite1y announced.
The First National Company OF
Baltimore, Md. with washington
offices in the Barr Building. are
offering q limited amount OF their
preferred and common stocks Inc
per cent participating cumulative
preferred is paying regular guar
terly dividends, and the common
stock is earning approximately 10
Col O. W. Pratt. who is well
Wm0 14VO32O3y AlAOWAA AA~AS - -
ger Of the Washington office.
col. Wade II. Cooper, president
"a the Continental Trust Company
md United Savings Bank. Is q
r,1ennber of the board of directors.
In response to the call OF the
Conpfroller for statement or
condition the Ban'' OF Commerce
ana Savings viii show an increase
- deposits Of s1s6.741.14 since the
last report made on December 81.
1927
The Lincoln National Bank viii
renort gain OF $349 .691 IS between
tie last two bank calls. Total de-
nOsits on February % amounted to
~ ,350, 443.OS, as compared with de.
nosfts on December 81 OF $685.
1918.
The directors of the Washington
Mechanics Savings Bank have de-
clared the regular quarterly dlvl'
dend OF 4 per cent The disburse'
1nent Il payable on April to stock.
hoIders or record March 20. Presi-
lent Ezra Gould OF the Washington
Mechanics has just returned from
months vacation in Florida.