The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-07
NEW YORK HAS
PLENTY OF MONEY
To Finance Moving of Crops
This Fall and Winter
BIG INSURANCE ACTIVITY
All Dividend and Interest Records for
August VIII he Broken This
Month by Distribution of
of ST., 60I sos in Cash
BIG INSURANCE ACTIVITY
By PRESTON C. ADAMS

New York, August 6.-(SpeciaL)-N
York will be prepared to finance the
moving of the crops this fall and winter
as usual and local bankers do not an
ticipate that there will be any unusual
tightness in the money market because
of it.
The demand IN the west and north
west for money already is becoming ac-
tive and an even larger demand is ex-
pected within the next few weeks. The
local banks expect to be in a splendid
condition for meeting this drain as they
now are doing everything possible to
strengthen their position and are plan
ming to form an emergency association
in response to the suggestion of the Sec
rotary of the Treasury so that they will
be able to take out still more circula
ton at any time If desired. While it is
considered unlikely that additional cur
| rency of this kind will be needed this
| year, it is felt that the mere existence
of such a system will exert a steady
| effect upon monetary market and pre-
vent a stringency should one be threat
| ened. In addition to the gains In cur
from the interior and the subtreasury,
| 1t is believed that the recent gold imports
will swell this gain in cash.
| From all indications the government
| fiscal year ending June 80. 1911, will have
been the busiest in the history of the
board of United States general ap-
praisers.
Up to the middle of July, from jan
uary /. more than 1900 protests have
been filed at the port of New York alone.
1t was estimated that New York sup
plies about three-quarters of all the pro-
tests filed at all ports The extraordinary
increase is said to be due to litigation
arising under the tariff act of 1909, al
though considerable litigation remains
to be cleared up under the acts Of 1894
and 1897.
The fotation of insurance companies
has become field for extraordinary ac-
tivity on the part Of promoters, and as a
result this country is at present flooded
with shares of a great number of insur
ance companies of all kinds-fre, life,
casualty and surety-which are being
fioated mainly, If not wholly for pro-
moters' ends Since the LIST of January,
this year, there have been stock offer
ngs of no less than 229 companies call
ing for capital and paid-in surplus Of
some 500, 633, 900. y
The detailed list contains the names
of some excellent ventures which have
completed their organization and COM
menced business. On the other hand,
some of those cited in the list were
brought forth In the first month or so
of the year and have since fallen into
obscurity with every probability that
| 11t- 49, til Ao- r.
these instances there have been some
subscriptions to stock secured. and pay
ments on these accounts will undoubtedly
be used to meet what costs were in
CURED, so that the subscribers will stand
good chance of losing their assess
ment The attitude of the general pub
lilo in its belief that all insurance is
gold mine to stockholders because few
of the old institutions have made large
profits from their past experience and
costly plants, results in its being a
moter, and they accept his figures of fu-
ture profits rather than those of people
experienced in the business.
All dividend and interest records for
August will be broken this month when
various railroad. industrial and traction
corporations will distribute to investors
the sum of $s7,601.5 sos. These figures
compare with ss1,1s2,22s in August a year
ago, an increase OF s6.4SS.372. OF the
grand total dividends will call for s44.5o1,-
sos, an increase Of $s,SSs,372. Numerous
corporations have resumed or increased
their payments, while others have been
able to make their initial disbursements.
At the same time 1t is said. however, that
the current returns are more complete
than a year ago. Interest payments will
amount to $43,10o0oo. against $50, 900.
an increase of 100000. This. of course.
is due othe new bond and note issues.
A summary of August's disbursements,
with comparisons with the same month
of gear ago, follows:
1910. 1909. Increase.
Railroads .$22.536,6a9 $2o,745, $50 81, 79o, 700
Industrials :. 19, 330,123 1S,339,53 900, 592
Street Rys :. 2.634,SS3 2,0T,762 6570n