New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-18
FINANCIAL MARKET
Opportunities Now Offered for
Attractive Investment Pur-
GhaSeS of Securities.

IN view OF the enormous oepleCIduOh
that has taken place in market values
from the high prices Of the current year
and the sound fundamental conditions
that eventually will be reflected In
greater activity IN our industries, the
larger number Of issues quoted upon the
local Stock Exchange ought 70 appeal TO
investment capital The income yield
on some of our best stocks runs from D
TO more than 6 per cent. High grade
railroad mortgage issues can be secured
TO net the buyer a most attractive re-
turn on his purchase, but as yet there
has been nothing in the nature Of an
active demand for securities. owing, no
doubt TO the timidity Of capital as a
consequence Of the various uncertainties
In the general situation and to the theory
that prices will move TO still lower levels
under the influence OF further specula-
tive liquidation. Political conditions. I'M
rest in labor circles, constant attacks
upon corporations by unseasoned poll
ticians and the unknown factor OF what
the outcome OF the reimbursement OF the
affairs of corporations to comply with
the Supreme Courts Interpretation OF
the sherman antitrust law and the final
effect upon the railroad business In this
country Of the enlarged powers OF the
Interstate Commerce Commission Will
be naturally has tended to restrict new
business enterprises and to check the
movement Of money into the channels Of
trade.
II is not conceivable that the indus
tries of this country will go backward
for any length Of time. Nor is 1t con-
ceivable that the common sense OF the
American people will permit war upon
business by political demagogues VINO
are endeavoring to create an impression
that every corporation is a robber' that
labor cannot prosper under prevailing
economic conditions and that the coun-
trv's salvation lies in strict adherence
TO the policies that emanate from the
undeveloped brains Of political and labor
egitators. The eradication of real evils
and the adjustment Of real grievances In
orr business life will be effected by the
thinking people Of this nation when they
/ begin to realize that upon them depends
the maintenance Of sound business and
sound politics. At the present time the
bie railroads Of this country are sulking
bocause Of the attacks that have been
made upon them. They have cause for
complaint but they will not better
things by encouraging their crouch II
the railroads would place a few large or
ders in the steel market their action
,vould have a most exhilaratins effect
upon general business in the United
states. The roads soon would find ac-
tive use for new equipment and supplies
while the necessity of reducing operat-
ing forces soon would disappear. When
the railroads begin TO buy there VIII be
a marked gain in confidence In all indus
trial centres.
While attractive investment oppor-
tunities are to be found In abundance on
the Stock Exchange, the man with idie
Genital need not feel compelled to con-
emo his Investigations regarding value
and permenant income to listed securl-
ties The outside market offers woe
variety Of high grade issues that eventu-
auv must enhance in actual worth, ana
in this class may be mentioned public
rtiIity stocks and bonds which are grow
ing more in favor with investors VINO
take the trouble to study the remarkable
increase in earning power Of companies
/ in various parts Of the United States
that supply light, power and traction
facilities only few companies Of this
! character enjoy q Stock Exchange mar
ket for their securities, yet they expert
ence little difficulty in finding buyers for
their offerings. In an interesting state
ment supplied by william P. Bonbright
&, Co. showing the growth Of selected
number Of gas and electric companies,
compared with selected list Of steam
railroads and Industrial companies, the
comparison is all IN favor Of the first
named
The gas and electric companies used
are the Oklahoma Gas and Electric. the
San Diego Consolidated Gas and Elec-
trio. the Guanatuato Power and Electric,
the Washington Power, the American
Light and Traction. the Commonwealth
Edison, Of Chicago, and the New York
Edison, the combined gross earnings OF
which in the last year amounted TO 41,-
295 91S. an increase in the last four years
Of S18,321, 304. or All per cent against
a decrease in the same time by the
United States Steel Corporation, the Vir-
ginia-Carolina Chemical, the National
Biscuit. the American Locomotive, the
American Car and Foundry. the Amert-
can Smelling and Refining and the Inter
national Harvester Of $52.057426 TAX
ing the New Haven, the Pennsylvania,
the Union Pacific, the Atchison, the
Southern Pacific and the st. Paul, six
representative steam railroads, IT will be
| found that in the last four years gross
earnings have increased 6.S per cent,
While in the same period net earnings
have advanced OF per cent, compared
with an increase in the net earnings Of
the gas and electric companies named Of
| G6.2 per cent. There is big field Of IN
vestment opportunities IN unlisted secu-
rites.
No one can say whether or not specu-
lative liquidation has run It's course in
Wall Street, but It seems as II the point
at which this sort Of selling will cease
cannot be far away. Money conditions
are sound, and just now there is no indi-
cation Of a material advance in rates IN