The Bridgeport evening farmer., 1914-11-21
NEW YORK EXPERT
 REVIEWS SITUATION IN FINANCIAL WORLD

IN FINANCIAL WORLD 1eThe Barron Financial News service)
 New York, Nov. 21.-It has been sug- gested in Wall street that one of the reasons for deferring the opening of. the Stock Exchange for bond trading is the desire of many brokers and bankers to hear first the decision of the Interstate Commerce Commission In the eastern rate case. It is argued that for railroad bonds, by far the most important class of securities. there can be little investment demand until the rate case is decided, and that the fixing of a minimum scale might display a ridiculous range of prices in the event of an unfavrrable decision. Also, some of the opponents of early reopening fear a flood oi It. quidation after an unfavora,bie de- cision. Those who favor resumption of bond trading now, however, main tain that the liquidation scare is groundIess, as they point out that the plan Of trading on a minimum scale Of prices would check liquidation au- tomaticaIly.
 prominent banker expresses the following opinion: stOf course we're going to have liquidation. There will be liquidation if the Stock Exchange is opened next Monday and there will be liquidation if it opens two years from Monday. Some foreign holders are going to sell to raise money for living expenses or to purchase war bonds of their own countries. and some domestic holders will sell to raise money for living expenses or to carry on their business. The situa- ton will be the same two years from now whether or not the war is ended meanwhile. People win sell securities to raise money for their individual purposes. But for that matter we couldn't have a market unless we had
 sellers. Selling is as indispensable to
 2 market as Is buying. A noratortun I in ths market depriyes the neeessi- toils Holder of securities Of an oppor- l tunify to relieve his necessities and
 deprives the holder Of idle money of
 on opportunity for profitable invest ment. The situation in these respects
 surely will not bc essentially different two years from now The sooner the
 Exchange is opened the easier it will be for aII.',
 l Directors of the Chesapeake & Ohio Railroad have declared dividend od
 1 per cent, payable December s1, to stock of record December 5. The statement announcing the declaration I did not designate the payment as a | quarterly or serni-annuaI dividend. II was said by an official of the com
 pany that the dividend could not be regarded as a quarterly or semi-an- nua1 payment, but just as a. dividend I paid out of surplus earnings The last | dividend was declared in May, when
 the regular quarterly Fatc was or
 dered, At the next meeting in August 1 action on the dividend was deferred 1t was stated, until the November
 meeting, the directors having in mind ] the feasibility Of semi-annuaI pay 1 ments.
 ! More than half a dozen important
 rai1road systems have organized thei1
 own staffs of efficiency experts, tc f give their sole attention for a consid- I cradle time to studying means by
 which the respective roads employing them can do the same work for less
 money. In most cases these groups
 are working under the direction of 3 chief from outside the ranks of rail
 road employees. Some Of the easterE l carriers undertook this work three o5
 four nofths ago, or before the Com
 merce Commission rendered its orig inal decision in the per cent. ad. vance ratescas@ It is their expressed I intention to carry it on for at least 2 year and at any rate until some prac I ticaI conclusions as to its value car I be reached.
 Cash dividend payments by tn,
 Standard Oil companies this year vii I aggregate close to $66 0o0. 600. All bu
 a few have made their final dividend
 declarations for the current year, anl
 the total to date is $65, ,450,222 Las
 year cash distrfbutfons of the Stand
 ard Oil group totaled $1e7 ,82s,T25, bu
 $40y000,0 900 Of that amount represented
 the extra. dividend declared by tn, I Standard Oil Go. of New Jersey iron it's surplus accumulated from the Ii
 quidation of debts by former sbsidia ries-
 sl (Henry CIews1
 si The outlook for gilt-edged and tn better grade securities Is very favor ! able There is sure to be a large de mana for this class of investments < especially bonds. short term notes guaranteed stocks, etc. Investors vii : be obliged to discriminate owing t ' the many uncertain conditions, an l will naturally take the best, especial t Iy when these are offered at attractiv } prices. For months to come there vii l be huge f5otatiens of government SC I curities abroad which will absorb for 5 i;eign funds At home new issues hay 2 been comparatively light for severe :. months past. There are no safer in : vestments today than Americans, an ? while purchases must be made wit l careful judgment, there are many Is ? sues available at prices which wi t return good interest at once and goo profits later.
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