Omaha daily bee., 1911-05-14
MONEY FOR GOOD PURPOSES
No Scarcity in New York When Fair
Chance offers.
MORE READY Tran CAN BE USED
stock Brokers lnaugurate n Plan for
Hetrenchment by shutting I'D
Expensive Branch offices
IutoMn,
by PRESTON e. ADAMS.

curitles remains painfully dull. there 10
money at hand apparently for good In
msnt in the demand for bonds is marked.
More than N5oOmoo new capital was
ceeded $40 0O0OO0 Bonds have been mainly
responsible for the increase. Flotations
last month reached N@ooooo against
been, therefore, $500 1000 Short-term
notes were sold 10 the extent Of SS9. OO0,OOo.
whereas only Slb.ooo0o0 were put out In
1910. stock issues were light both this
year and last year. the total for the month
Just ended having been a little over 81
10000. The net increase OF all classes Of
securities over year ago was O00.OOO
Advantage was taken OF the revival In
bonds TO market quite number OF blocks
which had been authorized in former years.
but Tor which there had been no adequate
demand. The May railroad financing ~
also likely to be fairly heavy, provided
the supreme court does not pfecipitate de-
The foundation of the bond market is,
Of course, money. Now. money is pouring
into New York in far larger volume than
outlets can be found for II on the stock
exchange. The daily inquiry for call loans
Is ahnormally light. time funds cannot be
put out in any extensive quantity even at
the bid quotations, the supply Of high
grade mercantile paper is restricted be-
cause OF quiet trade and the keen demand
for short-term notes has greatly dimin-
ished the floating supply. There remains
stocks and long term bonds. Bankers and
brokers agree that the public cannot be
induced to purchase stocks, no matter
whether prices so UP or down, so bonds
are in better demand and the indications
are they will be in sim better demand as
time goes.
stock Brokers Cut Expenses.
One feature OF the dullness in the stock
market is the closing By number Of stock
fees
Current commissions would not pay the
charwoman, to say nothing OF the costly
incidentals OF running brokerage business
amid luxurious surroundings, where money
somehow, the public can look upon the
trobules of Wall street brokers' with a mini
mum of sorrow. There is a sort Of feeling
that brokers are enemies OF the public and
that their Affections are the work OF
providence. In seeking ways and means OF
reducing the cost Of living, the upkeep of
90 many gorgeously appointed brokerage
establishments has been eliminated
According to returns specially compiled
by The Journal of Commerce the total
dividend and interest disbursements by
railroad, industrial and traction corpora
lions this month will amount to sos, 697 O9s,
against $S7, 1854, 3Z7 in May year ago. The
months total dividends will contribute
$685. zoos and interest payments t57. 800 900,
compared with SSS. 327 and $54. 900 re-
spectively last year, number Of COM
panles will pay initial or extra dividends,
while some concerns will make disburse-
ments on an enlarged capitalization A
Few corporations have changed their divi-
dend periods. on the other hand. smaller
payments are noted In several instances.
At the same time II should be said that
the returns are more complete than in 1910.
The heavier interest payments are due to
he new bond and note issues.
With comparisons with the same month a
year ago, follows: 1911. 1910
Industrials ......,......s21.67722 s s2s, 49, s7
Street railways, ......,, 2O6l42e 2,0i27Si
Totals ......,.... SIS, ss7,Oes $50, 4ss,s27
Germans Buy Freely.
The German stock market absorbs every
year considerably more than $1,000 5000 OF
new securities, Of which 10 to 20 per cent
are Of foreign origin" says the Deuts che
bank These foreign Investments have
become a necessity for Germans economic
system. Frequently, and especially in times
when high rates of interest prevail, such
Germany's financial relation with foreign
markets. Notwithstanding a few regret
table losses, which were sustained more
than twenty years ago by reason of the
foreign governments, the average result of
German investments in foreign securities
Is exceedingly favorable and as can be
shown, has enhanced the national wealth
by many hundreds OF millions OF marks.
Although our activity in issuing new Sc
curities is principally and preferably d.
rected toward domestic issues, the
Deutsche bank, after careful investigation
and elaboration in each instance, has par
amount of foreign securities, and may
point to the fact that for long period OF
years not a single security, OF foreign
stock exchanges has been in distress"
April stock Dealings.
Transactions in stocks on the New York
Stock exchange in April amounted to $685.
674 shares, against 6,Ssl,S52 in March and
since January aggregated 81. 522. 500 shares,
compared with 6772i.S04 shares for the SINH
lar period year ago The sales OF railroad
SIS co., asans SosGs n Ap mar reached asS
So, S31, 800 in April. 1910. The dealings since
January l footed up $2S1. IA, 5O0 which COM
pares with $3.50 700 during the same time
last year.
Life Insurance Securities.
Since the summer of 1906 the three prin-
eipal life Insurance companies in New York
have sold securities to the extent of $780,
100000. Spread over so long period this
has entailed no appreciable strain upon the
market. But as these companies still hold
N3OOO.OO worth, prices would undoubtedly
be depressed were the whole 20 be lquidated
between now and the end Of 1911 the date
set for the closing out OF these accounts.
Shares OF financial institutions would suf-
fer most, as the railroad and other secui.
tiles now carried do not reach an enormous
total The Equitable. for example, has less
than 100000 par value of railroad and
other bonds and stocks apart from bank
eks. the par value being slightly IN eX-
cess OF 81, 10000 The Metropolitan carries
900 OF the same class of securities, the
market value being somewhat less. The
Mutual is by far the heaviest holder OF
railroad stocks. II still carries S, $50 900
New Haven shares market valued, s., $1,000
Pennsylvania, $2,77S,OOo ST. Paul and a
grand total OF almost 5000 900 railroad
securities, In addition 10 more than $4,000
0o0 bank stocks Wall street believes that
the period OF grace Will be extended.
Southern Spinners Independent.
Southern spinners are on their high
horses, says a commission merchant out
Of q dozen Inquiries put before them on cot
ton yarns only one was accepted at buyers
terms
Wool Market.
ST. LOUIS Mo, May I3-WOOL-Un-
changed; territory and western mediums,
l5al7ci fine mediums, 1Sal5c; fine. ll912c.
Oils and Rosin.
SAVANNAH, Ga. May 1S-OILS-Tur-
pentine firm, at 65G65hc
ROsIN-Firm; type and g. N.22h.