Evening star., 1931-05-09
New Security ORerInra.


Reports from leading investment
dealers throughout the country showed
that there was "a feeling of consefva-
tive confidence in the future Of the
bond market, which showed real
strength and q reassuring ability 70
stand the punishment of bad news In
April.
ket. during April. presented q dis
couraging picture-and the opinion
among dealers was also at low ebb."
Analysis of figures compiled in the
review showed that bond offerings dur
ing April, amounted to $454. .624 900,
which is a decline of about % per cent
from March and nearly 81 per cent
below April, 1880. Stock offerings for
the month totaled but Sl0,848,5 ,536--less
than one-fourth Of the March volume
and $206, 100000 below the total Tor
April a year ago.
Bond offerings" said the review,
represent a rather large total under
present conditions, being in excess OF
the average for the past several months.
1T should be noted. however, that the
larger part Of the April volume came
in the early part of the month-rep-
resenting perhaps continuation of the
large March offerings. The volume
tapered OF in the last half Of the
month, following the 'see-Saw' tend
ency which has been evident through
out 1881 to date.
Outstanding Issue.
The outstanding bond issue Of the
month was the $4,000 900 Pennsyl-
vania Power and Light AIS. This
offering, together with several other
substantial utility issues brought the
total in the utility section above
S225, ,000. 900, representing q large in
crease over the March figures. Tax
exempt issues-with a total In excess
of S107 00,000-also made q good
showing. although falling far below the
March. Foreign, industrial and real
estate issues all registered an increase
over the March totals; but railroad
offerings in April were conspicuous by
their absence.
1.-The only stock issue Of consequence
during the entire month was the
$4,000, 900 offering of Colgate-Palmolive-
Peet preferred stock.
THE major part of the months
offerings was brought out by New York
City bankers, who were responsible for
SO per cent of the total. Chicago was
in second place, with IA per cent, fol-
lowed by San Francisco and Minnea-
polls"
Summary Of National Situation.
A summary of the facts ana opinions
brought out in replies to Lawrence
Stern & Co. QUESTIONABLE from leading
financial institutions in each Of the II
Federal Reserve districts In April
follows:
"Eighty-five per cent Of the bond
dealers canvassed report retail distri-
This represents falling OF from
March, when retail bond business was
fairly good In many sections.
Retail stock business continues
definitely below normal in every dis
trict-with perceptible diminution In
the recent strong demand for fixed trust
shares.
Practically all dealers report that
investors still prefer bonds rather than
stocks, with emphasis on the higher
grade issues.
THE reception Of new bond issues In
April was extremely irregular-report
varying widely. In general new issues
were not so well received as in March.
Municipals Head Field.
"Municipals continue to lead the
bond field as the most popular claSsi-
f1cation, with public utilities q strong
second. The popularity of industrial
and railroad bonds in the present mar
ket appears to be diminishing,
Bond dealers remain reasonably op-
tinaistic as to the outlook for the bond
market-the majority considering future
prospects as fair or better. With re-
gard to stocks, the future is more
clouded-the majority describing the
outlook as poor.
Bank buying of bonds appears to
have fallen off somewhat in April, with
majority reporting poor bank btsi-
ness.
Easy money prevails in most local.
ties, but there is a persistence of re-
ports of tight money in the rural dis
tricts, such reports being slightly more
numerous in April than in March.
THE majority opinion Is that the
general business outlook is only fair at
this time, and optimistic expressions
are somewhat less frequent than In
March