The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1911-08-07

factors the approach OF a Presidential
year and the usual increased activity
OF partisan leaders in providing cam
palsn material. the uncertainty grow
ing out OF the continuation OF in
Vesugauon into past corporation
management as TO the ultimate effect
OF the rate decisions on railroad in
come, as 10 some OF the late crops
and resulting from the agitation for
tarin revision; the enormous capital
creations in the way OF new securi-
ties. yet unabsorbed. the disposition
OF investors to discriminate In favor
OF bonds yielding large returns or In
favor OF new underwritings; the
rather high cost OF new capital as
compared with low cost OF money
Tor more liquid uses. the tendency OF
the more irresponsible 70 create dis
trust OF all vested interests regard
less OF facts and disposition on the
part OF many not TO discriminate be-
tween the good and the bad; and
the continued sluggishness OF move
ment in unlisted bonds.
Greater Realization Of Individual
Responsibility.
The business world is coming to
recognize the fact that there
must be economy in operation. ana is
acting accordingly. There seems to
be more widespread disposition to
ward Individual economy. This il
reflected in the increase in savings
accounts and in the number Of in
dividual savings deposits. People
are buying less layishly OF Injuries
and are conserving their income. Re
ports from all sections as rule show
"a marked disposition to liquidatc
debts, and while business defaults
show an Increase in number and az
gresate liabilities compared with Il
year ago. the percentage Of assets to
liabilities ia higher than II was for
the first half OF 1910. The number
OF failures is II per cent less and liza
bilities - per cent less than in 1905.
Tho report urges the need of chr
rency reform and a greater elasticity
in the currency of the country. and
urges IN bringing about the reform
that the matter be kept out OF poll
tics. Reference is made 10 the Al
drich plan. formulated by the ma
tional monetary commission. and II IS
credited with receiving the general
country. Conditions. the report AYERS.
just az present are ideal for the
banks. who are reducing the excess
OF loans over deposits and providlus
against panic conditions in order that
another crisis may not take the coun-
Try unawares The economy OF
manufacturers and the retrcnchment
plan of the railroads are given large
r.f
conditions.
The Investment Market
y feature Of the situation Is n con
fiuued steady absorption OF hich
grade bonds by investors. Whilcthi
movement IS not as active as q was
year ago. possibly largely hccause
first part Of last year. vet there IS q
steady demand for good bonds
showing an attractive yield. Accord
ing 10 tho best compilation available
there have been sales ~ new mum
cipal bonds during tho first six
months Of 1911 aggroRating $500
SSG.G36. or moro than Sl3.50O. 900
greater than for tho first half of any
other year. the highest previous total
sales for that period being IN 1909.
These figures represent only per
Wanont bond ISSUES. There has been
a disposition IN recent months on rho
part az corporations doing financing
70 turn 20 the shorter forms Of sr-
cur.tlcs. which has made them very
attractive 10 tho banking interests in
the absence OF n general demand for
money This accounts IN measure
Tor the increase Of Si4o.0ooo6o IN the
holdings q securities by the banks of
the country. New York city alone