Buried in the verbose columns of the venerable Commercial & Financial Chronicle a few weeks ago was a significant little Recovery fact. In June the total volume of corporate financing in the U. S. was divided between 1) refunding: $149,000,000 and 2) fresh capital: $269,000,000. U. S. Business had asked for more new money than refunding money. Only in isolated instances since large-scale corporate financing was resumed early in 1935 has this happened. In each of the five preceding months refunding ran ahead of new capital, leaving figures for the first half of...
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