The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1915-12-24
Foreign Owners Have Dis
posed of American Securi-
ties in Great Volume
SHIPS CONTINUE TO
BRING STOCKS BACK
No Difficulty Encountered by For
eigners in Disposing of American
Securities in U. Slide of Gold
to America Is Increasing

New York, December 23.--Approxi-
mately s1.5oo,00o,OOo, par value, of
American securities which were for
eign owned when the European war
began, have been absorbed in the
United States during the past 16
months, financial experts here esti-
mated today.
The Delaware and Hudson company
| announced today that statistics fur
nished by the 141 principal railroads
of the United States showed that $3.50.
SS2,195, par value, of American railroad
securities of all forms were trans
formed from foreign TO American own
ership between February and July 81.
1915. In addition to this amount the
companies estimated that between $780,
100000 and $75,000,O00 was bought by
Americans from foreigners during the
same period, but had not been actually
transferred when the figures We're
compiled.
Experts pointed out that not only
mad Americans bought back an enor-
nous volume of domestic securities.
but that the recent $500, 900, 900 An
glo-French war loan had been vir-
tually absorbed here, this bringing the
total of securities taken from foreign
sources to at least 100000.
In reaching this estimate experts
took into account previous statement
from the Delaware and Hudson that
more than s350.000,O0o, par value OF
American railroad securities had come
back to this country between Sep
TENDER, 1914, and February, 1915.
SECURITIES RETURNED
Another important consideration was
the fact that during the past five or
six months large quantities of Amer
lean securities of all kinds have been
pouring back to this country, chiefly
from Great Britain and France. How
ever, nearly every foreign country
has appeared as a seller of American
stocks and bonds, While there is no
possibility of apprnximating the mar
ket value of the securities thus alb
sorbed in the past Is months, it was
generally believed that the market
value is considerably less than the par
value.
Prominent bankers Stated that al
-
several months has brought from $10-
100000 to s20,000,000 worth of Amer
lean securities. The more recent ship
ments have been larger than the ear
lier ones. Also it is known that since
the British chancellor of the exchequer
issued the securities mobilization" or
der a great volume of American stocks
and bonds have been sold In this mar
ket by Britons.
One of the largest individual alb
sorptions was announced today by
Kuhn, Loeb & Co., in the purchase in
France of 100000, 900 francs $3.50, 00o,-
000) per cent bonds of the Central
Pacific.
An issue of Pennsylvania railroad
bonds, totaling about $50, 200, 900
which also was made in France, was
purchased by an American banking
house recently for conversion into
$1,000. denomination and sale in the
home market
While this absorption has sent a
large amount of gold abroad, the out
flow has been largely offset by eco
nomic Developments The dividends
and interest on the issues formerly
foreign owned will now remain in this
country. This phase of the matter was
considered highly important by ex-
perts.