The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-06-26
new OFFERINGS
find READY
MARKE I
BY RICHARD HATTON

business, IL anything Is the mattel
with it, whatever may be tn
cause Of the present course o
stocks in general. there seems t
be no decrease in optimism on tn
part Of those who have new secilrl
ty offerings. AS a counter to pes
simisna. also. it is worthy or noLt
that whatever Is offered finds ready
market and is quickly absorbed i,N
the investing public.
During last month over DlthaI
dollars Of Government and corfo
rate bonds and stocks were disposed
OF without trouble and c0nlpisa
fion by the Commercial and rsnan
cial Carpnicle shows total q
81, 629, gT9 900 securities issued dur
ing the first five months of this
wear compared with $4,373, .OOO
for the corresponding period of 1921
an increase OF $256 ,564, 900.
Capital Cali Lower
Commenting upon the present
situation in the securities market,
the Alexander Hamilton Institute
review Of business conditions says
.Whils the volume Of security
flotations has increased, reduc-
tion is noted in new capitsal re-
alTfrements. Issues representing
new capital total $S,269. 634 .OOU
against new capital requirements OF
IS 1858, sos 600 year ago. This us-
cline. however is due to reduction
in new capital issues during tins
first two months of the year In
March. April and Nav the trend
upward was resumed and approx
= k.1.s nm mn rs1iE6n
than during the corresponding
months OF 1927 Refunding opera;
lions have been proceeding in q
year. The five month total Of
bonds and stocks sold to replace
outstanding ISSUES amounted to
$3.50 81 900 while last year the
five months total was $1,014.8l2
600 New capital requirements Of
corporations show decline OF over
500 600, 900 from last year. while
refunding issues Increased over
$300. 900 900 In connection WITH
corporate financing. it is to be
noted that while borrowings by
domestic corporations on short and
long term bond issues declined by
more than 500. 100000. new stock
issues were S1.056. 167 900 against
$T25. 1872 900 last year. gain OF
1891 .04s. 000.''
Long Pull Buying
Ii seems apparent that many Oper-
ators are now becoming interested in
what is known as ''long-pnli buy.
ing. and the United States Business
Service, commenting on this. says;
THE industrial averages have re-
h-1r x%SY3az
1ished in the initial break Technic.
ally. break through previous low
Is interpreted by many as a sure sign
of further recession. and. as pointed
out in the United Business Service
report this week. this Interpretation
has sufficient following in the mar.
ket to make It work 3 out of 10
times. In conjunction with this more
or less technical danger signal. the
report calls attention to several in.
dicators Of fundamental Importance
pointing in the same direction.
First. there is the brokers' loan
situation which although slightly
improved. is due for continued appli.
cation of the deflationary measures
imposed by Federal Reserve authori.
ties In other words. money rates
probably will not be allowed to ease
sufficiently to encourage speculation
Until loans have been reduced by at
least $500 900 .0D0 and perhaps more.
Secondly. speculative enthusiasm
has suffered real shock in the past
two weeks and it will require some
pretty rugged strong-arm work to
regain even small part Of the fol.
lowing that has been attracted to
the market during the past year or
two.
Thirdly. political uncertainties
will remain a factor, and an inn
portant one. until the November
election.
"On the other side Of the picture
we have an enormous amount of
money still seeking employment. and
rs investment opportunities make
their appearance in further spells OF
weakness this demand will assert it,
self The result probably will he
irreeularity OF the downward move
ment from this point on.
Much Idle Money
The directors OF the Woodbridge.
Iangdon Savings and Commercial
Bank have declared the regular semi
annual dividend OF per cent. pay
able on July Is. IN stockholders OF
record June 80. The directors alsH
voted to transfer SIS 900 from the un.
divided profits account TO surplus,
bringing the total Of the banks sur
plus to SAT 500
In addition to the passage of these
resolutions substantial increases in
the salaries of the banks personnel
were also voted.
With the opening Of the New York
Stock Exchange yesterday the ticker
in the new local offices of Yves.
thiemer & Company in the Wood.
ward Building began it's merry click.
ing off of quotations and A. Harmer
Reside. local manager. stood smiI.
ing amidst a cluster Of fIeraI offer.
ings and received the congratuIa.
tiOns OF his friends. 1t was like old
times to Manager Reeside to watch
the figures go up. on the board for
he has located the Westhfemer Of
fices in the same rooms he has occu