Syndicates

During the first seven months of 1931 new financing (excluding municipal bonds) came to $1,986,360,000 against $3,901,411,000 in the same period last year. $4,149,448,000 in 1929. Leading houses according to statistics issued last week by National Statistical Service, Inc., were:

Headed Total Business Chase Harris Forbes

Corp $250,770,000 $857,413,000

Halsey, Stuart & Co. 247,044,000 523,634,000 J. P. Morgan & Co. . 219,000,000 219,000,000

'Guaranty Co 193,000,000 638,200,000

National City Co... 142,000,000 543,500,000

Chief changes from last year among the leaders were the drop of J. P. Morgan & Co. from first place, the rise of Halsey. Stuart & Co. from fourth. Bankers Co. of New York, heading syndicates totalling less than $34,000,000, nevertheless participated in $537,700.000 total business. While the smaller volume of financing was reflected throughout the list, the lowered figures of three famed houses were tacit testimony to the sorry times. Otis & Co., from which 14 partners have resigned this year, headed syndicates totalling $3.500.000 against $93,975.000 in the same period last year. Goldman, Sachs & Co.'s figures were $8.000,000 against 1930-8 $12,500,000, 1929's $95,851,000. Banc-america-Blair Corp. dropped to $5,000,000 from $33,500,000 in 1930, $153,500,000 in the same period of 1929.

Bond and note issues have comprised over 959r of the new financing this year. Utilities formed 60%, of the offerings, rails 12%. July figures revealed total financing of $137,789,000 of which utilities accounted for 91%,.

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