Show HI W m FINANCING ANCIN HITS HnS RECORD I IN 1 2 J Cr Creation of New Wealth f cP rIn Tells of Prosperity a n of new new wealth fo was ot of In the United States JIng 1926 testimonial to the prosperity the nation In the year just closed to attention strikingly In statistics on new bond financing total exceeds all records even surp surpassing the previous high mark marko o 1925 the most prosperous prosperous' year rear In the history ot of th nation Figures compiled by Lawrence Lawrences s Stern Co Chicago investment Indicate that new bond and note Iss issues es offered for tor duing the entire year aggregate ap- ap proxImately This with In 1925 pd Is an Increase ot of 4 per cent total ot of bond and note Issues January 1 t to December 18 Is which compares with at in the full tull year 1925 ot of the new financing by P and by mont months s follows 1926 1026 1925 No of t r No ot of V 1 Amount Issues Amount Issues utility J Ind 44 estate 53 65 j Ign- Ign 89 exempt 1720 1720 1774 18 12 4 6 e i nt iri S 'S Issues A ATno o nt Issues 59 J enber ler- ler S vember mier ill S S. S 1720 1774 December 18 i p for 19 1927 7 indicates es 1 11 1 s q year rear will witness a conS conof cont con con- S t I c ap of financing operations on j scale although there J. J QU be some sOIne reaction from the V rale Lawrence Stern Co l KW expect public offer offer- will predominate but It does eem they will reach figure of last year ear S. S 1 prosperity of 1926 many Industrial cor- cor fa ons to assume debt and it Is anticipated t ti many small Industrial industria enterprises enterprises en- en will otter bonds during the comIng year S will probably find an Increased number ot of railroad Issues A ot of world peace will bring forth many foreIgn Issues and It 1 Is' Is expected that this class of financing will surpass the fIgure fIg fIg- ure ure ureA A A f decline In the amount of t tax x exempt offerings may be expected ex- ex r One ot of the most Interesting features lea lea- tures turee brought out by analysis of Investment isSUes during the past ears ear's rs Is the predominance of public utility Issues This classification has led all other corporate volume month after atter month and the and the year 1926 shows an o oC 46 per cent over 1925 The readiness with which the investing In- In vesting public ha accepted public utility Issues and the he relatively re- re cost ot of f for r the pub pub- JI c companIes chiefly aco ac- ac o nt for this Increase Another l. l res restIng ng feature ot of the 1926 pub pub- i market as compare with 1925 Is that the actual num- num i- i f brought out has in- in cr sed only 20 per cent as against increase in volume ot of 46 per ept eit showIng that in the past year l publIc utility issue has be n larger In amount than pre pre- S. S sIY S analysis ot of new ne real estate seS sel se- se S l HUes dIscloses a 4 per cent deF de- de F se in n volume In 1926 as cornI corn com I- I Id d with 1925 The number ot of offered however has deff de- de ff ed from In 1925 to In 1926 a decrease of 16 pet cent S Tiis declIne shows that the averS aver aver- S of otreal real estate Issues durIng dur- dur Ing the past year has been consid- consid drably greater than In 1925 The increasing in- in creasing popularity ot of large collateral collat- collat eral trust real estate issues often orten a large number of small smallS S i tate loans affords one reason reasonS S e increase In the average size sizeS S sues in the real estate field A In the number ot of small ema houses financed also part par par- 5 5 t r accounts for the larger aver aver- 5 ag of Issues In this class 4 New railroad d fInancing has taken S Theowest he place among the above l in both 1925 and 5 5 1 26 Railroads durIng the past two years have found only need for offering oftering securIties based S It o Oj new new The greater part S r o Of 1 securities has has' been trust certificates and refunded ye- ye 0 funded term long obligations 5 5 volume of foreign securities I f 1 declined about 19 per cent centS S However the number numberS S S Issues has increased from S In 1925 to In 1926 S In the total amount ot f reign Investments and the in- in Cr se in number of Issues show show- the size ot of the average Is- Is l be Je has declined materially results from the fact that smaller and dIstricts In foreign counS coun- coun S trl s' s have found It to their S sage to finance in this country duro dur- dur o 5 5 months h In municIpal H s Indirectly indicates a certain S de ease crease In the public demand fortS for tor exempt owing to re- re u t ons in income tax rates nates |