The Washington herald., 1912-11-24

relnNcstment OF surplus should be made
il the securities that yield the income
But that 1t will is not at all likely. If one
may judge by the present neglect that
r'-kes the daily sessions of the local
stock exchange tiresome
The disbursements IN New York and on
:, rurities list in the New York exchange
total S91.OOo,OeO for December /
In this amount are included the divi-
d, ids OF industrial corporations including
s.. 10000 of subsidiaries once part of the
Standard Oil Company.
Leggitt & Myers Tobacco Company will
make its initial distribution of sSn,5l4,
aud the American Tobacco Company,
$i,OO6.OOO
The . and 10 cent Woolworth Company
will turn 10000 to its shareholders
There should be no dearth of Christmas
funds
Disbursements for the full twelve
months of 1872 will aggregate Sl536 OOO,OO1
made up as follows: December, s9l. 900 900;
November, Sll4.OOO.O0o October. $3.50, O,OOO.-
90; September. S1OS 10000: August S79.-
eTO0O; July, So. 900. 600: June 100000 900;
May, 900: April, $1,000 600: March,
SlO,CO0,oG February, S7LOCOOOO, and Jam
Gary. SeO7,O0OOOO.
At the Investment Bankers Conven-
tion. in New York City. a number of
very valuable and interesting addresses
were made.
Vice President Caldwell. OF the Cont
nental-Commercial National Bank of Chi
cago, made a decidedly strong point
when he urged that the bond dealers
should pay some attention to the market
Tor bonds which they distributed to in
Vestors, and not to cease trading in
issues after they had once marketed
them. This action would at once give |
the firm taking it a standing high in |
the investment circles.
1t means nothing more than that the !
bond houses should stand back of the /
!ssues that they place on the market !
That they should for once and all know |
that the bonds are legal, safe, and
sound, and. having thus convinced them
Selves be ready to buy and sell, IL need |
be. over and over again.
To place a bond of questionable char
acter on the market is a black mark
on the bond house, and should be avoid
cd at all hazards. Better do 4 small.
clean business, with the assurance that
II is straight as a string, and the ad-
vancement to prosperity will be at a
rapid enough pace to satisfy, and be on
a sound foundation.
1t is not intended that bond houses
should carry the burden Of the investor
IN times Of stringency or panic. That
is the investors burden. but the intrin-
Of II.
n. W. Harris & Co, a great bond
house of the early days, made their sue
cess on this kind OF reputation.
Ihere is, or was, in Chicago a note
broker, 4. Becker. who had the entree
d every bank in the city. and the COM
mercial paper that be offered was
douoly backed by Becker's word.
Bankers buy this kind of paper even
when money is very close.
lddress:
The public is now willing to become ,
'uyers OF our bonds because they have
onhdence in the security and in the ,
representations that are made to them.
AS year by year millions of new bonds
ire sold, the offering houses should at 1
east see 10 1t that the market is sus- 1
aimed at price governed only nv the I
rice Of money and a fair profit to the ,
ealer The practice of distributing !
ouses, after having offered bonds. de- {
lining to trade In them at any reason :
bic price, destroys confidence and drives I
honey that should continually be at our
ommand into other channels.
We meet this condition in part by
sung upon some exchange a few
sues put a bond offered on the r
Nchsnge without a buyer or a friend al #
'ays makes a bad showing-even worse c
nan unlisted bonds. because of the great c
r publicity given it. c
If the business of buying and selling 9
onds is profitable and worth while. wby =
Mould We not deal in them as frequently T
5 they come upon the market And I y
ny should the investor buy Of us a Sec n
nd time IL he finds we will not trade P
what We have sold him? 4
AS one OF the problems of this asso- ?
alton Is how to inspire public conf T
snes and q broader market. L hope wei v