Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1912-08-24
NEW YORK INVESTMENT
MARKET Is QUIET.
Fewer New Sccurinties Sold During
July-Prospccts for Active Bust
ness In the Autumn
by III. l.. BENNETT.

The quieter tone that has recently
characterized the purely investment
branch OF the market for securities
Is more in keeping with the inactiv-
ity that prevails among speculative
issues on the Stock Exchange than
has been the case before this year.
DWring the first half Of the year,
purely investment purchases We're
conducted on scale that has never
before been equalled New stock and
bond issues to the amount of $751;
LAG. 400 were taken by bankers for
distribution among their clientele dur
ing this time. July is normally "A
quiet period in the Investment market
and this normal condition has been
emphasized by the falling away I'm
volume of new securities brought out
during the past month. The total was
but $3,55110O against an average Of
over $250,00O,00O a month for the
lrst half of the year.
Experts argue that this is no indi-
cation of a lessoninE volume of in
vestment capital The demand began
TO abatc before the semi-annual in
tercst and dividend disbursements,
which FAN due at midyear, became
payable and this vast sum, running
into the hundreds Of millions of dol
dars. has not yet made it's appearance
In the investment market as much
of it must sooner or later do. Pres
cnt conditions are normal at this sea-
son ana have no broader significance.
Prices are generally firm with occas-
ioual instances of sharp advances.
II should be noted that whereas
july only Em
during July only $35,575,1OO in new
securities were actually placed be-
fore investors, corporations author
tied a total Of over .160, 100000 of
securities to be brought out later. This
fact taken in connection with the
very satisfactory crop prospects, Is
believed by bankers to indicate a very
large volume Of investment transac-
tons during the coming fall.
The most rapidly selling securities
the the bonds and preferred stocks Of
pubic service companies. This APP
plies particularly to the securities of
lighting and power companies which
are showing the best yields on invest
ed capital of any group Of well Sc
CURED issues recently compiled
list of selected public utility preferred
stocks shows an average income re
turn Of 7.07 per cent backed by earn
ings of 2O.42 per cent. similar
group of Industrial preferred stocks
listed on the Stock Exchange shows
an average Yield of 6.36 per cent,
backed by earnings of 1902 per cent;
one of representative railroad stocks
shows a yield of SAT per cent with
earnings of 9.14 per cent.
The steady tone which has pre- F.
vailed among stock exchange securi-
ties is due to three factors; the un-
oNIectcd complacency with which the
financial community regards the po-
Nt!cal outlook the excellent condi-
tlons Which have surrounded crop
developments Of late weeks and the
report of the United States Steel
showing the dividend ful-
ly earned as compared with the sub
stantial deficit Of the foregoing
quarter
one Of the most noteworthy fea-
tures has been the rise In the stocks
of the ex-subSidiaries Of the Stand
ard oil company The price of the
old Standard Oil Company of New
Jersey. including all subsidiaries ana
stock dividends reached 1915. tn
price compares with about 575 y'
ago. during the slump which fol- I'd
the dissolution order by the supreme
court at Washington. 1t Is estimated
from dividends already declared by
the subsidiaries OF the old Standard
OIL company that their total dividends
will probably be about half again as
large as the 40 per cent rate usually
paid by the original company as
formerly constituted.