The Washington times., 1928-07-05
LOANS IN JUNE
SHOW BIC
DECLINE
Nv RICHARD HATTON

4 Influenced by the RICH rates pre-
vailing in the money market. ana by
4hA uncertainty as to the immediate
trend. the volume of new financing
I'm June fell considerably below the
amount offered in the previous
month and about % per cent heloW
the total for June, 1927.
The new bond and note offerings
in June totaled 1852 ,9S1,20O. accord
tnr to the compilation of Lawrence
stern and Company. Chicago invest
sr1ent, bankers, as compared to $780,
asa 700 in June, 1927 and $719,907,-
spG0 in May 1928.
First place in June financing was
held by foreign issues, with a total
az S1S6, roe, 900, more than twice the
amount offered in the same class in
June a year ago Tax-exempt Sc
curities registered a small increase q
while Industrial real estate, public
ntilitv and railroad securities all de-
creased in volume from the CORE
spending month last year.
Sin Months Total
The total for the six months Of
1928 fell below the total of the hall
year of 1927 by about 81 per cent.
This decline was due to the falling
off in the investment offerings in
Nav and June. Foreign offerings,
1otaling nearly q billion dollars for
fhe six months, Iedsall classified tions.
Industrials, public utilities and tax
aexempts followed in order. each class
totaling over eight hundred million
dollars. Real estate showed an in
crease of about is per cent over last
wear. with q total of $428. 425 800.
Railroad financing took last place,
with slightly more than, 10000. 600.
Last months offerings, excluding
tax exempts, included ia separate is.
sues. This compares with 222 SUCH
issues Offered in June year ago
and with 1877 in May, 1928. There
were 81 major issues Of a million
dollars or more brought out in the
market last month. compared with
108 IN May.
.sThe rather unusually large vol
ume Of new money from maturing
bonds, interest and dividends in July.
together with the expectation of
general tendency toward easier
money after the first of the month,
has led many observers to believe
there should be a considerable inn
propement in the bond market during
July. with perhaps a continually
strengthening tendency throughout
the summer. Many others believe
that no very considerable change
can be looked for in the near future,
owing to the fact that call~money
rate Of as high as 5 per cent appar-
entity presages rather stringent
money conditions for some time to
come II seems to be generally con-
ceded that some Improvement may
be looked for not later than the au-
tnmn months,
"a SerS large volume of new Of
ferings will apparently come upon
the market DUNG July, consisting
mostly of deals which have been in
the oiginators' hands for some time
apd-which have been held off the
marker owing to conditions existing
IN May and June.
Insurance Assets
Assets OF leading fire insurance
companies have Increased more
rapidly than the resources of ma
tional banks and trust companies
Or deposits in savings banks, ac-
cording to a statistical study just
rDnpleted by the National Liberty
Insurance Company.
The assets OF SO leading fire in
Eurance companies rose from $947,-
E18.62S to $1.264, 1888 ,003. or 33.4 per
cent from December 81, 1924, to
the close of 1927, while the re-
sources of the national banks In
creased from $22.565, 919 900 to
$26,5sl ,943. 600. or 17s per cent and
those of trust companies from $16,-
D
per cent. During this same period
deposits in national banks rose
So, 427, 1856, 900 or 1877 per cent, while
savings banks added 1928, O47, 900
or 1874 per cent to their 1924 depos-
its of $S.439.s55, 900.
ID. C. Bank Deposits
According to a preliminary es-
innate of the figurese which will
be submitted TO the Treasury in
response to call for statement
of condition as of June 80, the
end of the fiscal year, Washing.
ton banks and trust companies
will report $263.929 ,92S.34 on de.
post. This is gain OF s4.980..
043.32 over the same date last year
The Commercial National Bank.
with gain Of 1861 .990.23. and
the Second National Bank, with
gain of $345.992. 0S. head the ma.
fional bank list. The trust com.
panies were headed by the Ma.
tiQnai Savings and Trust Company
with a gain of. .$3,822,729.41, the
Union Trust Company. with a gain
of $726.80l.23. and the Merchants
Bank and Trust Company. with a
gain of $609.645 : The Washington
Mechanics Savings Bank headed
the list Of savings banks with a
gain Of 51.040.23. while the Sc,
rurity. Savings and Commercial
, Bank shows the largest total de.
posts in the savings bank class.
Only three out Of % savings
banks showed less deposits than
reported year ago.