The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-08
STOCK MARKET BARGAINS.
7HoUsANDs OF NEW HOLDERS OF
DIVIDEND-PAYING SHARES.

An Improved Investment In Bonds Also, but
stock. Are the Fashton-EIgures Obtained
from Nunbcr Of Corporauons-Non
dividend Payers Also In Favor with Some.
Tho recent extraordinary decline In the stock
market has made plenty OF work for the trans
fer Offices OF all the larger corporations tho
stocks Of which are listed on the New York
stock Exchange. Companies that pay divi-
dends upon their shares have had tho
satisfaction OF seeing largo amounts
OF their stock pass from tho names
of brokers and their clerks into names
with which they are not familiar. This Is one
evidence OF an Investment demand for securi-
ties: but another and indubitable proof OF the
shifting OF securities from the hands OF specu-
IatIve to bona ndc holders Is furnished by tho
transfer Of considerable amounts Of stock from
1OO-sh certificates into certificates Tor odd
amount less than 100 shares
With the Wow OF obtaining exact facts rs to
the extcnt of the Investment demand. which
has been stimulated by the present low level
OF prices. Sun reporter visited q number
OF transfer offices yesterday in search OF
etatistirs bearing upon this point In the case
q. nearly every company regret was expressed
TINT ubsolu tely accurate Information could not
DO given. owing to the constant use OF the
books In making transfer and the fact that
tho time OF the clerical force has been so fully
occupied that tho actual number and amounts
OF transfers down to date could not DO given.
From tho data collected 1t appears that the
Western Union Telegraph Company is particu-
Larry popular with Investors. for during the
five days beginning July 81 tho company
Cnined $50 stockholders. each holding less
than 100 shares On one OF the fve days 400
shares were tran sferred into 270 fractional
To- oid tn n In amount Of
stock in amounts OF 100 shares and more have
beon transferred from tho names Of Wall street
houses and their employees into the names of
the investors An officer OF the company
makes the statement that at present less than
10 per cent. OF the S!'6.OO0O00 OF the COM
pany's capital Is in tho names OF stock brokers
and their employees.
During the llrst four dnys Of this month tho
Chicago Rock Island and Pacific Railroad Com
pany transferred 1880 shares from Its list OF
speculative holders to that OF investors OF
that amount $500 shares were in fractional
lots. So far as thu transfer books show. none
OF the smaller holders Of the comrany's stock
has been tempted to sell out by the recent de-
cline in the price OF stocks: Is it clear that
any Of the larger holders has done so.
Since July the Chicago Milwaukee aud st.
Paul hns issued $50 certificates OF its common
stock for less than 100 shares each. and 1874
certificates of it's preferred stock. making q
total OF 524 new shareholders who have
taken about 10000 shares OF the stock. A
largo number OF 1O0-shace certificates have
also been transferred into the names Of hold
ers who are apparently unconnected with Wall
street.
The New York Central and Hudson River
Railroad Company has gained over 500 stock
holders since its transfer books open ed on
July II. l is impossible. however. to state
accurately the aggregate amount they have
acquired.
The Same difficulty WAS encountered at the
office OF tho Manhattan Hallway Company.
which. since it's transfer books opened after
the payment OF the last dividend in July. has
gained 1868 stockholders. large percentage
Of these hold less than 100 shares OF stock.
During July l5i new names were added to
the stock list OF the Delaware and Hudson Ca
nal Company. The average of their holdings
Is twenty-th:ee shares. The company now has
over 5000 stockholders.
The transfer books OF the Lake Shore and
Michigan Southern Railroad Company were
opened on Aug. .. and on that day 307 new ac-
counts were opened with stockholders. OF
which 1Gl we're with holders OF amounts less
than 100 shares.
At the office OF the National Lead Company
II was said that during the last ten days it's
list OF preferred stockholders had been in
creased by seventy-two Considerable trans
fers OF the common stock have also been made.
The officers OF the American Sugar Refining
Company said that they had made no attempt
to compile statistics Of recent transfers OF that
company's stock. chiefly Tor the reason that tho
time OF the clerical force engaged in ling tho
transfers had been fully occupied. They add
Cd. however. that the volume and character of
the transfers showed a gratifying change in
the character OF the holdings OF the COM
pany's shares.
On a single day last week 300 certificates
OF 500 each Of the Chicago Gas Company
were transferred into the names OF 215 hold
ers each for less than 100 shares.
Figures were unobtainable from other COM
panies for various reasons. In some cases the
executive officers to whom the clerks referred
inquiries. were out OF town. 1t was learned
however. that transfers OF Chicago and North
western AMI Of Chicago Burlington and
Quincy during the last two or three weeks
have been unusually heavy. The Same Is true
OF the Central Railroad OF New Jersey.
Anew companies. notably the Chicago and
Alton and the Delaware. LackawannA and
Western. have not made extensive transfers
for the reason that their shares arc 80 closely
held that comparatively small amounts have
come upon the market. Moreover. the prices
loE tHeoo slochS nave not declined TO lIuTeA
that have tempted bargain hunters.
No special attempt was made to obtain In
formation upon THE point from companies
that do not pay dividends Still. the shares of
those companies have not been over
looked or neglected by bargain hunters
during the past few weeks. Tho official
sale sheets Of the Stock Exchange show
that small investors are partial to low
priced stocks. They buy them on the princi-
pie that they are AS likely to improve when the
market turns. as the higher priced stocks, and
rs they can buy greater number OF low priced
shares than they can OF the dividend paying
stocks. thoy vii! mako a larger profit on the
money em pioyed.
Ii Is not as easy to trace the investment buy
ms bonds as 1t Is the stocks. About that the
word OF bond brokers and investment houses
must BIO taken They report an improvement
IN tho demand. especially from floor buyers
tha fha hen 80 ~