Show BONDS SLOWER NEW OFFERINGS Huge Volume of Finan Finan- Financing Financing Financing cing Accomplished For For- Foreign eign News GoodBY Good D Dr V SELLER SEILER Special Correspondent of The TIie Copyright 1927 By The Consoli COMolI- Consolidated dated Press Association NEW YORK Feb The 5 B The out out- outstanding feature of the Invest Invest- Investment Investment ment mont market this week has been the huge volume of new financIng financing ing lug January set a new high record for amount of new bond offerings and February has hns start start- started ed oil In In a a fair way ny to surpass the January total New this week approximate the largest on record for tor a single week This Thie amount com corn compares pares with a little less than last week and In the corresponding week a a year ago ISSUES AT MATURITY I Of course all this does docs not represent new capital A A large amount Is 15 accounted for by re- re refunding funding funding operations as for tor In- In Instance In Instance stance when the Missouri Pa- Pa Pa Pacific chic sold In 5 p per percent percent r cent bonds to retire outstanding obligations carrying a higher coupon rate This process has been going on all along the line Corporations have been rushing ruining In Into into Into to take advantage of the present unprecedented Investment de- de demand demand de demand mand to reduce fixed charges on their funded Indebtedness In III January over of bonds and notes were re call called d for payment In advance of ma- ma maturity maturity ma maturity and over In bonds are arc to be retired In Feb Feb- February Feb Feb- February February Nevertheless these re- re refunding refunding re refunding funding Issues are marketed be- be before before be before fore the ones they are to replace arC arb actually paid off so that I temporarily they add to the amount outstanding Nor Is there any sign ot of I a let up The MIs- MIs Mis Missouri Pacific is issue ue was the sc sec second ond largest single piece of rail rail- railroad rail railroad road rond financing on record next wee Ce Company of ot America refunding loan stands out as us one of the largest Industrial offerings In years ears It was not surprising that this flood of fresh Investment me- me medIums me mediums dat dot last have an all ef- ef effect et tact on the market for outstandIng outstanding outstanding ing Issues Prices which had held firmly early In the week yielded toward the end and the nearest approach to a 0 reaction the bond market has haJJ seen since the first of the year followed Undoubted Undoubted- Undoubtedly ly y there has as been a a good deal of speculative buying especially ot of the high yielding foreign obliga obliga- obligations obligations durin during the rec recent nt advance thereby weakening the technical position of the market So when prices wavered profit taking from this source made mado Its appearance MONEY MOXEY STILL r EASY That all this Is but a tempOrary condition would admit of no dIspute dis dispute ds- ds The fundamentals that at- at affect af affect feet Investment values alues remain the same Given a period In which to digest the new offerings and to the gains In sea seasoned sea bonds bonda the investment In Sc- Sc mand manS must again make Itsell felt Money Is just as easy as ever Call funds on the stock exchange have been quoted at 4 per pel cent all the week an and 1 In Inthe inthe Inthe the so called outside market ac- ac accommodation ac accommodation has been obtainable below that figure There has been an easier casler tone jn In n time I money In commercial paper and andIn andin andIn In bankers acceptances Gold continues to come Into this coun coun- coun- coun countr country tr try tT The Tho total gold Imports ot at New York during the first 28 26 days of or January were almost one one- one fourth fourth of the total for tor the thc entire year ear 1926 The much talked about reduction reduction tion In the re discount rate or of orthe the New York Federal Reserve bank Is still a matter mailer of the fu- fu future fu future ture lure No action was taken this week and It Is unsafe to make predictions about next week Whatever is done however It will wUl not materially affect the situa situa- situation situation tion except possibly In one par par- par A cut In the rate might heck check the fall In sterling ex- ex exchange ex exchange change and some ome weight may moy be given gh-en to this consideration by the banking authorities As far as aa the domestic outlook Is concerned there Is no need for adding to the already superabundant supply of credit i OFF OPE TOO Foreign bonds went off orf with the rest of the list lIt at nt the cl cloSe e of the week Foreign news how how- however however however ever was more encouraging The bank of France rance cut its discount rate from 6 to 5 per cent and Washington dispatches quote Secretary Mellon as of the tho opinIon opinion ion that the French economic situation was distinctly Improved It was also Intimated unofficially In the dispatches that the ban bannow bannow now IlOW exl existing agaInst American loans to countries which not funded their war debts to the United States was WM not going to he so 50 strictly enforced No ob- ob objection ob objection for tor Instance has been raised to the private sale on this side of French rench obligations a- a In other markets In an any event If It the purpose of ot the pro pro- pro prohibition against new loans to France was to hasten ratification of the debt refunding agreement It has haa not been a success During all nil the weeks week's t e In railway stocks chiefly those with merger pros pros- prospects prospects prospects there has been only a mod mod- mod moderate erate crate Interest In the correspond ing tag corresponding bonds Of course when a abond abond bond carried a c conversion lege lego privilege Its price movement co coordinated with that of the stock con con- concerned concerned con concerned but when Its value t depended upon assets and earn ings the bond market has bias shown a 0 conservatism quite unknown In stocks This Is as It should he for tor even It If the tho bond bonds of ot some of the smaller lines are assumed by a larger system In hl consolida consolidation lion tion their value In the last analysis depends upon the prop prop- property property erty on which they are a 0 lien |