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Show J Lots of Money for Home Use By Ira C. Tichenor L'lOUEES have, been given on aeveral occasions to prove that A feara wera unwarranted that foreign bond issues of varioua kinda had been aubaeribed to auch an extent in the United Statea that the needa of capital by domestic concerns could not be supplied. Doling tb first six. months of th pre lent year corporal Isaues totaled fl.Til.MT.4ia, as atralnat $1.S68.11,40 for tha correspondlns; period of 1121. Tha peak waa reached in tha first all months of 15S, with a total of IU1T.MM70. . Corporata flnanclnf last month amounted to t354.JSS.l4S, Which, while about l1.5J,00 leea than In Mar, waa $::. 400,000 greatar than in Juna of 121. Of tha new laauas In Juna, It la stated that 14 S per cent represented new moner uaed la retiring outstanding- securities. An Important feature of tha June financing waa tha gradual decline In Interest rates. While a )Tew of the laauea carried S per cent coupons, more were put out at I and t per cent than for several years. The New York $27,445,000 t per cent note Issue was tha moat Important of tha past month, while tha moat Interesting Wvelopment, It' Is stated, was ha large oversubscription of tha New Tork Telephone company Issue of 1:5,000.000 44 per cent preferred. This waa floated without a banking ayndicate. the company making a special and successful effort to place tha stock among Its employes and Its clients. Bluing Juna, Industrial corporatloas led In financing with a total of 1141.214,14(1, of which fl01.480.T00 was In bonds. Among tha comparatively' heavy public utility financing were Tennessee Electrlo Power, I12.1SO.000 per cent bonds; Consolidated Gas, Electric Light and Power of Baltimore, 1 10.000 00 per cent bonds, and Cincinnati Gas and Electric, $4,000,000 1 per cent bonds. . Compared wit hthe tl.712,217,490 of domestic corporate financing during Th drat alz months of this year la a total foreign lssu of $77,175,000, xcluslv of government offering. The financial aituatlon In th United Bit tea alone, and Irrespective of the generally Improved business condition, would seem to Justify th remar made at a dinner recently by Samuel Vauclaln, president of th Baldwin Locomotlv Works, that "America Is too big to b depreasedBpr1" h" 1mpreved6fapTdtyihat calamity howlers have not aense enough to realise tha opportunity that Is theirs. ' |