The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-03-07

of investment capital. since the rail-
roads marketed 10 millions of short
time notes in February. In normal
times this money would have been alb
sorbed in securities having consider
able number of years to run In the
month of February the Erie railroad
company asked the permission of the
public service commission to offer for
sale 10 millions of notes. Presumably
this permission will soon be given. Had
it been granted in February, the total
offerings of the railroads of short-time
notes in that month would have been
nearly 80 million dollars. In normal
times the 80 million dollars would have
passed into longtime securities.
Possibly the most gratifying feature
of the financial transactions of the
month of February was the evidence
that the public has not lost confidence
in the industrial corporations of the
United States. In fact, the public
seems to have taken renewed conf
dence, for there was very large sale
of the stocks of Industrial companies
in the month of February.
The sale of Bonds.
1t is not possible to obtain any ae-
curate report which tells of the sale of
bonds in the month of February al
though a rough estimate has been made.
This is due to the fact that much of the
vate transactions. Stock exchange rec
ords do not tell of the purchase and sale
of millions of bonds because these are
bought and sold over the counter.
But it is possible to learn from the
managers of the foremost houses thar
deal in bonds what the nature of their
February business has been. Almost all
of them speak of their bond sales as
gratifying. Some of them say that these
sales have surpassed their expectations
or hopes. 1t is therefore safe to report
hot c-ir1 10 frC< III H.
has been disposed more and more to make
investment of its money in railroad and
industrial bonds. There is an impression
that a very large amount of money has
been invested in what are called traC-
ton bonds.
The Beginning of Spring.
On the whole financial conditions since
the first of January justify the hope that
the spring months of this year will tell
a story of a considerable revival in bust
ness activity and especially along broad.
large investment lines. And this feeling
is now supplemented, can be learned
by inquiry of well informed houses IN
this city, by the first hints OF the har-
vest of next summer and early tail. of
hints. They are like the first streaEs of
dawn-of a dawn which gives promise of
fair day Yet it is important that the
first reports which come from the agri-
cultural sections of the country should be
favorable There is much in a good be-
ginning. The blanket of snow which has
covered so much of the agricultural lands
is benefaction of nature, for it assures
evenly and widely distributed and SUI
ficient moisture. OF course there my
come later in the year climatic disturb
ances, as there did last year, but the first
hints of what the crops will be are now
encourag ing, and these tend to stimulate
to some extent business activity.
The leading merchants of the United
States-such men as John Claim Of New
York, John G. Shedd of Chicago ard
President Farrell of the United States
chant than manufacturer-haVe by means
of their perfect organizations kept con-
stantly in touch with domestic business
throughout the United States and have,
in this way, learned that merchants here,
there and everywhere throughout the
country have been carrying so small
supply of commodities that 1t is absolute
ly essential that stocks be renewed and
upon a large scale. The merchants them
selves report that the demands made
upon them for their goods are increas-
ing, which is only another way. Of saying
that general domestic trade is improvinS-
The marvellous story of our foreign
commerce for the calendar year 1911 is to
be continued apparently throughout the
fiscal year which ends on the 18th of
June next We are not losing any of our
foreign trade in manufactured commodt-
ties, but seem to be increasing it. 1t is
not unusual to hear men who are familiar
with our foreign trade say that every in
dication points to a sale to foreign coun-
tries of our manufactured Commodities
in 1912 aggregating one billion, two hun
dred fifty million dollars
The recent report made to the comp
troller of the currency by the national
banks shows that deposits are increasing
all over the country. If cannot find
a market for our investment funds in the
United States on account of inves :lnsnt
timidity are certainly placing millions
in funds and notes issued by foreign gov
ernments and foreign corporations.
Our railroad managers speak If the
climatic disturbances of the winter some
what regretfully. The railroads have
been put to unusual expense on account
of severe storms. The traffic managers
Of the New York Central system said TO-
day that not in many years lad the Cen
trails lines been SO frequently and so OBJ
stinately barricaded by storing in north
ern New York as has been the case this
winter. 1t can be reported, however, that
the financial and business feeling OF this
city on the first of March was one of
greater hopefulness than at any time
since 1906. HOLLAND
nnEIAF lit TRlFAH IN