Newspaper Page Text
THE SUN, THURSDAY, OCTOBER 10, 1912.
Portland Railway Light & Power Co
Fint and Ref. Mortgage Sinking Fund Gold 5s, 1942
These $16,000,000 bondt are secured by m
Mortgage on property valued at. $47,199,000, on
$20,441,000 of which It U m first mortgage and on
the balance subject to $18,000,000 prior lien bondi.
Sinking fund, retire nearly 50 of $34,000,000
Price 96' ( and Interest, yielding about SU
Lee, Higginson & Co
New York BOSTON Chicago
HIGGINSON & CO
COTTON WEAK EARLY,
BUT RECOVERS LATER
Liwi ponl rnsrttlrd by the flis
tiirnrd Political Situa
tion in Europe.
WKAKKR SPOT SITUATION
Spinnrrs Only Buylnpr on Call,
Thus Npcossitatinjr llodgo
Sollinp: by Merchants.
wnTitrn forccabt ran cotton statta.
For North Carolina, generally fair to-day
ar.1 to-morrow, light to moderate variable
Kor Pnuth Carotin nd Georgia, gener
a v fair In-day and to-morrow; light to
ntd"i' lndn mostly easterly.
Kor Alabama, fair to-day and to-morrow;
HsM o moderate southerly wlndi.
F-ir Mississippi, fair to-day; to-morrow
fa r In southern; showers and cooler In
rrih'tn portion, light to moderate aauth
lor 1oulslana, generally fair to-day and
to morrow, light to moderate southerly
Par eastern Texas, fair to-day; showers
and eo.rter to-ntght or to-morrow In north
ern portion, fair In southern: moderate
sn rhr'y nlnds on the coast.
Knr western Texas, local ralna and colder
to-dy or to-nlghl, eicept fair In extreme
'tern and southern portions; to-morrow
rr'ti. y f.ilr
P-ir . ik.ihoma, unsettled and colder to
ev cv-iring to-nlsht or to-morrow.
For Arkansis, Increasing; cloudiness to
ti morrow rain and colder.
I .r T' tine nee, fair to-day; to-morrow
.ii.nc cloudiness, probably local rains;
C9in r in western portion.
For K.ntucky. showers and colder to-day;
te. moi-ow probably r.ln and colder.
this week's Into sight at f.70.000 hales, against
f. ...,nKi ,t wosk, .W..O0O last year and jr.7,noo
two years ago,
llHVtt! cabled: "Furnpean market in
tillTriT'. 'iv 'oll,l;l situation, althniigli
(V'?,ro w-,s '"H'rcned demand for American
'I' traveller of a local spot house
wired from flrnosliock "tlrooslieek linn
KiM,' ,,:n" ,l, "lore than last ear.
in "In." flltnic fait nslhov tan get II
platforms ohockablcKk with cotton. Klflla
while unci loxas In going to establish a
ril'Jli'"1, ro.w.!"'..0n" former ex
pressed a this way: The) blamed stuff keeps
V !r l ,n? u"!1.-1 thlnkln' twice
now I'd finished.
.y,1",f','u V,J'1' "Splnnoni are buying
spot firm to-dav nt full prices. There
has been no decline here In spots."
The Farmers' loan and Trust Company,
Nos. 16, 18, 20 & 22 William Street
Branoh Office, 475 Fifth Avenue,
IB (TeaVinnr Bt.. 8. W,
MM VOn na fttJ f(Lam 0,' , t ft
PARIS, 41 Banlarird Em
TraToleri' Letters of Credit. Foreign Exohaij.
GOSSIP OF WALL STREET.
Ilciiall) (ln prninrntal Interference.
( dttnn had another nharp alunip dnrint;
tie frt two hours of trading yestenl.iy,
hit .iftiT pnees hail declined nearly :o
pnuitt Ironi l ho cloxing of Tuesday there
i' i- .i r.illy which reculted in a recovery of
n im tti.ri half the mailmuin lna I.iver
pn..i w.ik werfk on Helling for etraddle nc
i.iuni .mil a somewhat lesa faroralilx view
"in Kuropean political situation. Kufo-t-e.i
i Timrkels continue to ahow uneaKl-r".-
"er the lUlkan erislg and foreign
t r are holding off In their demand
' i e nutlook Iwcoinea morn fettled
'' no feature to the weather news
,e i' mm the forecast for rain nnd colder
! t -u. of T,aw nnd Oklahoma. Some
' "i withT experts predict pofwlblo
' , mer Sunday Inasmiieh n. the h'cal
THE GRAIN MARKETS.
Wheat Itlaher on Xcvfa FromKarnpe
Knropean Market. tip
Wheat odvanced In responae to new of
higher markets In Kurope coincident 'with
rumors that Servla and llnlgarin are to
Join Montenegro lu the war ngainst Turkey.
I.lvortiool advanced ,', to Id., rrl !.' to
t'i'c., Herlln l to '',r. and Antwerp f to
''. The market waa decidedly nervoim.
1'rlcea are up 4 centa for Uecemlier from
the low point of hint week. There was a
sharp demand to cover abort. The ner
vonsneaa of foreign bourses stimulated this
demanrl, parttcularly tho decline In Turkish
stocks in Paris and nUo the fall In l'rench
rentes. Furthernioro there were predic
tions of unsettled weather for the North
west, particularly Minnesota. Cash mar
kets In the .Southwest were stronger. At
h lento there was a better cash demand.
There win no pressure of hedge sales of
wheat at Winnipeg. Kverywhere the shorts
were covering. Ktport sales were reported
of 3" loads partly late on Tuesday
The (lorernment report, received after
the close, put the crop of spring wheat at
330.ooo.ooo bushels, against 300,000,000 n
month ago and lW.BS'.ooo last year. The
J total winter and spring wheat crop amounts
to 7:0,1100,000 bushels, against 800,000,000
a month ago, and (121, 3.1s. ooo last year.
What effect this will hae on the markets
remains to be seen. It remains to be seen
whether war news will offset such a report,
indicating a yield which, with the eiceptlon
of thoe of ittu and inoa, is the larget on
record. The high record, that of tool, la
74",uuO,(aj bushels. The crop of 1J was
'I he receipts at Minneapolis and Duluth
reached, It Is of Interest to observe, the total
of 1 ,3:u cars, against 814 n week ago and
'J7 last year. The primary, receipts yes
terday were :,mi,3Ql bushels, against
1,019,709 last year. At the same time the
visible supply In this country and In the
world Is verv much smaller than it was at
this time last year If there is to be a
general war in the llalkans and a closing
of tho Dardanelles there may be Interesting
times ahead In the wheat market. Among
King Karniim, Wagner nnd Cullen. Kim
son ,v Co., Warn A Inland, (illTotd. laiwlt.
.Shearson, Hammlll A Co. and 1igan A
Bryan sold. Corn was purchased by (icar-
hart and Armour drain ( ompany. lata ( , ,,, , vrH,rrdllj. whf n etcher
Zn,Z IT, ,1 , ..Ar,"0"r ,rnl" was muning a liner and the Hod Sox were
pany and Ilarlletl, raler (ompanv , , , , Mathewson as a super-
im ! ".'n ' . ,,'lo,01'.',","'r "rn'ai n,mted tvvlrler the tWnfrnment sent
Z, '.'iSiV C0'' , I T T1" "It crop .e,H,rt and Jnterfered
Heptemlr, H. Wheat crop, iuMin.ii. t.ov- , nnl. ,..,' ..... ,h
houses were following
Inn.. H Tim llnt.rfl.
nnii, vi unlit I rn, n.i.m w.iinr; imh-
ernment, tK),unio; iiuality. 91. ear ago,
l'lour was strong with a good iheiklng
business. Spring, clears, new , 4..Vi'.if 4.11:1;
patents. I4.N.V11 .V3.'i; Kansas stinlglits,
I4.3DH I4.SO; rye (lour, !3.wi',!$4.l('.
. , , ' , . , ., , ' '. ' .' . " . . , ' with the on v pursuit t
eniment SeptemU-r. loV'Oo. aim Inst .- , s(,k ,:.,,,. ,,,,
" S;"r"?. .W.'"','t J1""' , y:. I" tl l"t lonr of bush
THE CURB MARKET.
VMil Im flnseil X.'ittmlHV nil neentitit.
minis Iinv It is believed th.it ther i the tirliieipal buers yesterday were Itart-
1 .re or less coeriug to-d.iy and to- 1,',t' Krarier Company ami Arthur Cutten.
Half a mllll'in bushels of short wheat were
cinered by St I.outs operators. On the
advance large houses sold, btlll the up
ward sweep was so stron" that the final
prices showed that most of the Improve-
C it '.writing Although there Is a fair1""'"1 waH "'8 esporl clearances
in. nr- ror export and domestic mills the 1 'prB MJM bushels. Th-y promise to
. . . 1 1 1 1.1 . ......
i'i..venient of cotton this week prom-mit-h
uk(.(ms halo", which Is prac
iip to last year's phenomenal record.
.1' in md from spinners Is somewhat
manufacturers are adopting a
h.vi'g policy, which contributes more to
e.iKties than to strength. Instead of
hMing cotton at a flat price and taking It
of the market they are but ing on the "call"
' basing their contracts on deferred
positions in the future markets They
iow no disposition to fix the price, and
be large tills week
Corn also udvanced, partly In sympathy
with wheat and partly because oflunsettled
weather in the West, and Liverpool helped.
It advanced T; to l'd. on futures due in
part to the war news. Cash prices were
strong nt Chicago. Shorts covered freely
Some big concerns were buying. The
cone.,unnMv Instead of futures Iwing ' weather wa wet over most or the corn
bought to fix prices, as was the case last belt mis was a naturally leading
veir. the snot ilenlers who sell the cotton i bullish factor. 'I he Government put the
pre fined to sell options against their for- orn crop at 3,iiB.oio.issi bushels, against
lh. makes the weakest sort of position
for 'he time being, although It lays the foun
dations for a stronger market later In the
eion when the spinners decide to "call"
their cotton Last year spinners made their
lontraets early In the summer nnd Kept
"'ailing their cotton throughout the whole
decline This year It looks as If they were
going to try to wait for the bottom before
doing so As matters now stand the more
pinners buy the weaker will be the ron
trart markets on nccount of the necessity
ft Increased hedge selling bv merchants.
1 he f niton and foUnn OH Srirt, which al
wa s takes a stand In favor of the Southern
producer of cotton, appears very pessl
rr.tt. over the Immediate, outlook, and the
statement which appeared In the last Issue
if that paper expressed a belief In lower
rn. es for the near future.
I utiires closed firm, with prices 5 to 10
points lower IXimiited sales, !:s,000
bales Prices as follows
Open- Mich- Low. Clov Prer
Ins et. est. Ins; Close,
nrtrber . 111 48 to a in M in 7 in M
J'eremher 1" 7" 10 ' 10 ! 10 71 10 SI
.'an ar 10 A. 10 M in .V, to n7 10 74
'' h 10 78 10 SI 10 71 10 83 10
ruturei In New Orleans wera as fol
low. Open- Illcta- Low. Clos- Prer.
inr. est ei. ina- i-inse
. in M io s,; in 77 in '. in 03
in si in at to 7r. in n in in
, 10 n 10 Kl III 7 10 N7 10 OS
II 00 II 04 10 9!i 11 03 11 1.1
' ."Hon here wai 3 points lower, at
f'.r middling uplands. New 'Vork
' i'ei stock 7.'i,?34 bales, against RS.IH7
" southern spot markets unchanged
wer Oiilveston 11 1-18, New Or
" Savannah 10 ll-tfl. Houston
i Men phis II';, Augusta 10 VkyT
s and stocks nt leajJl-rlTpolnts,
"'i i.irinn as follows:
Herein!.. toil Stocks. 1111
.e,,7Nt 1S.07S ssn.nzi lli.in
7..'i9l S.075 M.007 (io.ian
10 Ml 1S.744 103.I7J 173,704
:o.:io i5,4iii 107.05 loi.mi
2.170 t.SSt 10 70S W,7
.M7.1 8.J81 37.0M 42,130
l'"rt receipts 07,017 bales, ngainst fi.1,721
lii mar Cxports, 32,780; total for the
eason. i n:,3,(40, against 1,321,211 last year.
I Minute I 1-asl Lal
lleeelnta to dav. Wen. Yaar.
'.lvetnn 27 5O1to-0.ini 29.29 10.8311
"rleflns 5,.V)lto S.aU 8,517 8.818
Liverpool spot cotton was In Rood demand,
t'oints higher, at ti.Sld, for American
rniddiing on sales of 10,000 bales, r'ntures
nrnei about m points lower and closed
points down I'rlres as follows:
Open- lllch- Low- Clov Prer,
In. -. Inn, ClnU
flrt -Vnv. ais'u s nsu s 07U a 97(4 s ta4
OO 110'j 3 03 8 03 5 MVi
2,09a,otK),ooo a mouth ugo and 2,231,488.000
Inst year In other words the crop this
year promises to exceed all records except
that of lino, when It w as 3,125,713,000 bushels.
The bullish contention In that an abnormal
consumption will lake care of an extraor
dinarily large crop Chicago received 237
cars anil expects 103 lo-day Cash price
at Chicago advanced to ho
Oats were higher They fell into line with
other grain. The export demand continues.
It seems that the smyioo bushels of oats which
were taken on Tuesday for export through
Daltltnore did not satisfy theexport demand
and exporters were again in the market
yesterday It was Intimated that sales
for export were nearly as large as on Tues
day. This demand Is supposed to lie a
reflex of warlike conditions In Kurope,
where forane crops were short and where.
If there is to be war In southeastern K.urope
at all prolonged. Immense supplies of forage
will b needed.
Wheat on the spot was firmer. Closing
prices f o. b. afloat for export, rail basis:
No. 2 red, to arrive, II OiV,; No l Northern
spring, $101, No. 2 bird winter, 11.02!,
No. 1 northern Manitoba, II in,1.- Sal
were Jso.otai bushels ror export. Corn was
firm. No. 2 white, nominal. Outs went
steady; sta nilanls, ,111 jo . -o. 2 white
nominal Hye-tjuoteil No. 2, OS-dii'. c. I f
Buffalo. October shipment, car lots Stule
Pennsylvania, nominal, c. I. f. New Vork
llarley .Malting. 110.700. c. I. f DufTalo, 10
urrna Trices were as follows
Open- III ch- I.OW- Clns- Prrv
Ing. est. est. Ine; Clove.
Iiu 101 urn; i(oi, ikp,
Oct. 9. Prices were as fol
i." .... n nj
w.rrh Aprils om a rei a us nos sol
u.r June. 4 ntfj a w,j 5 on (ts t 03 (i
liloten A. M. bids to Liverpool: October
10 t, December 10.80, January in.4. Iad
buyers; Kchlll, llerkloti. Com, WUaon,
atmn, OuMoens, Sldenbure, leading
jnera: Martin, Norden, lllcki, Jr., Mitchell.
F.New Orleans wired: "Soma scattered
nort selling on war soars, but bait paopla
"lying on prospect of cold wava. Spot
demand on decline," ,
Liverpool cabled' "Market depressed
r heavy offerings of actual."
omi of Ut Mil UUaUoiaU MtlMtt
December . .
July . ...
OV), IT, lilt.
Clos- Pre v.
A small business was ngnln transacted
on the curb yesterday. I'rlies mined Ir
regularly within a narrow range. ( uiled
Cigar Stores stock and llritlsh nierican
Tobacco Inith de eloped a slightly reac
tionary tendency, the former receding
to 104!; nnd tho latter to 22',. Morn In
terest was taken in tho mining department,
of which Oreeno Cananea was tho feature
This stock, although in good demand, did
not reach the recent high point. Ilritieh
Columbia and llraden maintained a steady
tone, The (leneral Klectrlc f.s. Western
Pacific Rs nnd New Vork city 4'.s wero dealt
In moderately at practically unchanged
1 rnnsactlons In detail In the market
yesterday were as follows:
Coo Alaska riold Utne. U
1200 Allied Herur Co. an
Ipienl won t let 1117 make money on stocks.
Hint we are used to that," said a thoroughly
ens ernlcil broker. "Hut it has no right
to destroy all the Joy of living." The com
ment illustrated anew the fact that cus
tomers wilt not watch the tapo while chsm-
I piiiiihl li.ii-cliall Is on and that clerks
cannot then 1st made to work. The Oov
ernnient crop report was Important, but
bv unanimous consent lonslderatlon of It
was postponed until the game was over.
Crops Crest Rrronrl Relief.
2800 llraden Copper.. . 17.
2OU0 Hie Four. 4
7500 nrltlsh-AmTob... 23S
300 DutTalo Mines. ... 17.
1000 Ilutte-New Vork.. I'l
low COD Cons a
1000 Dla Illack llutte... 7
300 Kmerson Ilrant... . Tn'i
315 Kmerson Ilrant pflOlS
lOOO Kl Paso 5'.
1500 Ely Con. ... 20
loo Klorence. . . to
bjo Olroux Mining 414
MOO Coldfleld Mln . 7'i
ieto Jumbo Kxtenslon. 35
3110 Kerr Lake... .3 11-18 3 11-1. 2 11 11 2 II 11
700 lJk nose.. . 2's
2000 Marconi of Am new 7't
7uo Man Shirt Co. 71j 71j 71
ouo Man Shirt Co pf . lot ini, 101
100 Mason Valley. 12s 12.t l:1
500 Manhattan Tran 1 5-1A 1 7-If. 1 5-18
1450 MutualMlnr&Leaa 48 48 45
1 0-18 1 018 1 0-18 1 018
If It Is pos.ible for traders and brokers
In get down I the serious things of life
the l.iiM'ininent ciop roisirt should hao
nil Inlliii'iii e on prices to-day, as ultimately
it is sine to have. The returns of the three
prim ipal crops spring wheat, corn and
oats weie great Is-iond the most sanguine
cjs-i lull. ms. With a spring wheat crop
greater by MO.MH.otsi bushels than that
of last enr and greater than in any other
ear, there is certainly good business com
ing and going for tho roads In the North
west. A corn ciop In excess of J.cno.noo.nca)
bu-liels for the (lit time In the country's
history must supply profits to the granger
roads, and the nuts crop, also a record
bleaker, will help all around. Said Mr.
WatMin, one of the most conservative and
o.trlt'iicd ol the crop exi-rts: "If any
enthusiastic bull had been entrusted with
the job of making out the report and had
cheated himself he couldn't haTe rated
I tho crops as high as has tho (lovemment."
Crnln Trices and the Balkan War.
drain prices advanced on Malkan war
news and could not lie Influenced by the
liowrnment grain report, the grain and
proIM.m markets closing Just before the
publication tr the report. Tho advance
was a reminder of the fact that the export
Milue of the country's cereals must be
2U 2 7-18 2 7-16 1 greatly Increased by the closing of the
7! 71, itariinnenes aim other circumstances es-
7t sentlal to the warfare, ror loreign account
loi't ! additional sales of securities were made In
12S I this market yesterday because of the slump
S in securities of the llnlkan States and the
6 I consentient demoralization of the Paris
and Vienna markets. Kurope may con
400 Ohio Copper
175 S land Oil
500 Stewart.. . . 1 3-16 1 s-16 13 16 13 18 h"" rr.' " ,reil fntlously that the b.
son Tularosa 13-18 J, 13-16 ness of the American tan ( ompany and Iho
Kin Tononah Merrer.. S-32 1 3-32 1 3-S2 1 3 31 1 Am''H "n I In Plate must be helped by the
luu Tonopan !:tea. . :i :h
lim I'l Umnr nf.. 4U II. 41-
2000 tin Clg St of Am. 10O, 1041, IOC, iiii4 1 suggestive of the proposition, serious and
era.. . 1 0-I6 1 0 i 1 016 1 j6 , Uuu, to n-nrities on this market, but
M , " ' ' ' I J these sales can bo balanced by higher prices
l v, ?rX V!' for the staples Kurope must buy here It
IN 1).. o20 &J0 510 510 ..,,l. f,ll.. ik.. ik. K...I.
sale of canned goods to real soldiers and tin
41-, Plate 10 1 111 soldiers, 1 ne remark was
245 UnClrStotAm pf. 172'j ITJ'j
350 USLIfhtMle.U.. . It I5i4
t L'SLUhtAiHealpf.. tl 64
Socio Wetllaufer... . 35 S6
5iU Yukon Cold. . . Jt, ii
Sirort) Oeneral Klec 5s.. lon lnp,
47U00 N Y Clty4Us 1083 -liu'ii im'i
2ui) Western Pae&s.... 82'4 SI
3 7 16
CURB STOCKS CLOSING.
Allied Securities 8a 01 so 01
Am Wrlllnz Paper. . . 3'i i 3 4
Bay State (ias 4 i S '
llraden 8', 7 6', 7
nrltWi Col Copper (', 4', 4'4 4'
Ilrltl-h-Am Tobacco, .. 23 23! WS S3".
(ilroux 4S 4S 4 11 16 C,
Creene Cananea 10', I0H 10'j 10S
Inler Uubber 12 13 12 1.1
J I Case pf toil 101 1(0 ini
Kerr 1-ake 2 11 16 274 2 II 16 21,
l-ehta-h Valley Coal 2(5 253 2S 253
La ltoe ,. . . 3S 2(, 21. 2ii
MlneaCoofAm S' S!n 2', 3',
Mason Valley I2is 121, 12', 12t,
Manhattan Transit... .15 16 17 18 n, p.j
Manhattan Shirt wl. . 704 71, 70') 71',
Manhattan Shirt pf w I 101', 102 HIP. nit 1.
Marconi of Am new. .. 7't 7't, 7'j 7',
Nevada If Ills IS I 15 16 l 1,
Mplsslni Mines. . .. SS 8'j H', sij
Porto lllro-Amer 58! 28'. 2M1 270
SUndard-KIl) . . 1015 114.) 1UM Hill
Tonopah -Tjrjc . 6', 6, ft', n.
UCKStrsCoof AJ?"!. IOC', 107S loS 105
(JCkStrsCoof Ampf. 122', l-'3 IJJ'j 121
U S Light Ileal ... 13 14 II 15
1J S Light & Heat pf... Pi t '.' 85
Yukon (iold 3s 3i 3', 3',
Flraden Copper 8a HO 1M li'j 1:0
llraden Copper 7s. . . !( I'O HJ IM
Chicago Kl 5s U71, ! 07', Irt
Mason Valley 8s 12 i:i3 l'.'o 1:1
THE PHILADELPHIA MARKET.
Open- High- Inw- fins- Prev,
Insr. est. est. lncr. Clnnji
KhhH mi Mlj Wl M7,
IM', K.( 031, U6S- 04
Wl NlJj SM. sot, as!,'
Deo . M4 71 88U S7I ml
..Dec .HIS 111 ? 112'J llll.
May. 1I.V4 116 4 H3l4 list, us W
..Deo . MS m! m4 m'u MS
ici. on. Il'l.
Ill ',' 02T. 041,
I'M, net, oaj,
40 40' 40 4U','
Wi-ii Wl 50!( H WS
5SS 4W4 S1S 4014
The grain movement was aa follows:
New York: Wheat, Corn. Oata. Ilje. llarley.
Itecelpta 131.000 8.000 D3.00O
Slilpinenta 11,000 ,, 2.000
necelpla. 17t,n00 S60.000 607.000 48.000 161,000
Exports 270,000 431,000 3H,000 8,000 3I.IUI
Northwestern wheat recelpti wore aa
nuluth... . .
rti' . 570
of wlwat vara. UoLaufhlla,
Pltll.Atu I rilia, Oct. a. Cambria steel
was the feat urn again hern to-day, making
a now high record for this movement
Closing prices show fractional gains In the
general list, except Philadelphia Klectrlc1
is off !, Honda were steady Tim summary.
10 Alliance . ..
40 Amal Copper...
00 Am II)', .
son Anaconda .. .
loo Atchison.. ..
3 llald Loco pf ..
10 Cam Iron
27605 Cambria Steel,.
70 Catawlssa 1st
too Ches A UI1I0...
338 Klec Storage..
110 (ien Asphalt.,..
805 (Ien Asphalt pf,
7S Kevstnne Tel..
30 I-enlim .nsv linen,
inn Lehlxh Navrtfs
70 Minenui .- ,
274 Penn It It .
50 Penn Salt Mf g
25 Penn Steel pf ..
60 Phils 'n. .
201 Phtla i:iec.....
400 Plil la Han Trctfs
6 Phlla Trao. . .
true, that Turkey and the tialkan States
will have need of provisions and munitions
which can best be purchased In this country
Omr .Market and Farelaja Wan,
People who rend In the, dally cable dee
patches of demoralized stock markets alt
oer the Kuroisan Continent as a result ot
the llalkuu war scare and who express sur
prise that stock uricen here have not re
spondecl more to this slt.:.-.t!.ni are referred
to the action of our market In the face of
Tuesday I Prdous episodes of the kind and particu
Hid. Askeil. I I'irlv to the state of affairs In the year 1807
In that car the beginning of the famous
trade tevival In this country coincided with
the outbreak of war between Turkey and
(iieeceand the expansion of business in this
country went on throughout the months of
actual hostilities between the two countries,
'I lie SiHinish-Aiiierlcali war in l. too.
li.nl no adierse effect upon the march of
proierity In this country. There have of
2 11 16 ji4 j course been htiropcan "war scares" which
25 255 hae been attended with weakness In stock
2). 2'i prices on this side, such as that which oc-
31, c urieu i.isi autumn when diplomatic re
lations between Ocrmany and France and
i.iighiiid and (iermany were strained, Hut
the declines In slock prices on these 00
caslous haxe always been susceptible of
explanation on account of local market
conditions to some extent and there lias not
been proof that they were caused entirely
The l.liialclnf Inn Abroad.
II has been notable that in all the un
settlement that has lieon witnessed n the
continental slock exchanges. 011 the pros
ent occasion consols and other Hritlsh
gilt edged luestinent Issuos have beeii
relatively unaffected, and U has been nues
tioned whether tint incident would have
had anything like tho effect it bus had 111
l.urope if it had not found thn markets
on the Continent In a particularly vulner
able position Kven If the present "war
scare" did not catch the Knropean markets
ui the top of a simculatlve boom In prices
it became acute Just at the time of the im
portant October I tmarterly settlements,
w hlch was sufficient to give It an Importance
it would not otherwise have possessed,
If u tojihcuvy condition of affairs hnsexUted
in soniu of the Kuroiean markets recently
it is sugresteil that the present liquidation
theio will reduce the llnlkan affair to Its
proicr proportions as a causa of disturb
ance In the international markets. It Is
perhaps significant that the Vienna stock
exchange, which has gone through some-
4:, ' I thing like a panic during the last week.
i 1 was yesterday relatively unaffected by the
JJJs 1 news of the actual beginning of hostilities.
5T,i) j 1 ho market there was described as sold out.
3 1 1. j
Second Avenue Railroad Company
in the City of New York
Five Per Cent Receiver's Certificates
Coupon form t,ooo Due October I, 1913
Interest payable April and October 1
Callable April 1, 1913, at too and Interest
Issued under order of Supreme Court of State of New York
These certificates constitute a first and paramount lien upon all the
property of the Railroad Company, including about 25 miles of elec
trically operated street railway track in the City of New York with
perpetual franchises, equipment for same and real estate valued, exclu
sive of franchises, according to recent official appraisements by the
Engineers of the Public Service Commission at 5,748,271.
Having told the greater part of the foregoing at private sale, we offer
At 99 and Interest, to nst full S
Descriptive Circular on Application
Guaranty Trust Company
of New York
28 Nassau Street
Strong, Sturgis & Co. Redmond & Co.
30 Broad Street
33 Pine Street
good one for the railroad business as a
whole. The rise In the price of the shares
during the present year from a low level
of 4 for the common nnd 11 and a reepec
tUely for the first and second preferred
stocks has reflected a gradual revision of
ideas as to the position that the company
ought to occupy In the pending reorgani
sation of the Wabash, wheeling and Iake
Krleand Wabash-Pittsburg Terminal Issues.
At the present moment It Is even suggested
that1 the Wheeling .and Lake Erie issues
will be taken In without assessment.
HallstlBK la September.
Jliilldlng operations throughout the United
States during September, according to fig
ure, received Jiy Jim's feriett, made a
somewhat adverse comparison with the
corresponding month of the preceding year.
permits issued Ip Greater New York and
fl fty-three other leading cities aggregating
IM.447.SM In value, ngainst SVJ,755,:sJ in
1011, a decline of 7.7 per cent. Moat ot this
difference, however, was accounted for by
the sharp falling off In proposed eipendi
ttires at Kansas City as compared with a
year ago, when the permit for part of tho
Union Station at that centre was Included
In the returns and served to swell the total
far above normal. Were the loss of over
S.1.900.UI0 at that point to be eliminated
the statement for September of this year
would have revealed only a nominal de
crease, as a majority of the cities reporting
showed more or less gain over toil. The
record for Greater New York disclosed a
contraction of about S2,ono,oi, although the
boroughs of Thn llronz and llrooklyn each
provided an Increase over the previous year,
yet the aggregate for the other lantern
centres was 110,860,188, against S9.oltl :r.'3
THE BOSTON MARKET.
Huston, Oct. . After unsettlement in
prices early the Boston market was Irregu
lar until In the late afternoon trading.
when prices steadied somewhat, nnd the
clone was practically at the high point for
the day, although the advances were oaly
fractional as a rule. There was no out
standing feature shown and the trading
was well distributed, with the volume of
transactions being rather light compared
with some of the recent days. North
Untie, Mutte and Superior and East Butte
were among the more active shares.
The industrial department was quiet
and showed little trend either one way or
the other, while the rails were only lightly
traded in at unchanged quotations.
.vi ,Mcomati, .1
KCl Amalgamated. Ui
fll. Am Zinc. 33H
10 Anaconda. . 44)
too Arls Commercial.. 414
4TCO Mutte a Sup... . 4H
2.M Mutie&Sup rlzhta. 1 30
-117 Calumet an Aril. S3
1: Calumet A HrcIa...WO
THE CHICAGO MARKET.
rmrano, Oct. . Most of the Interest
was centred In a few Issues. Peoples
Oas was especially an active feature, due
to the strength In the New York market.
Chicago Pneumatic, Tool and Kcllson dis
played firmness. Sesrs-Koebuck was under
pressure, but very dull, llond market
steady. The summary
41x1 Am Can. .
& loo Am Can pf
iVO Am Ship . . .
U Ch! rneu Cool..
IJ CM Ity aer 3 ...
! Tom Kdlaon.
10 Dla Match...
tu Hart Sail pf..
ino III Brick...
7B6 Pro Oas....
to Ouaker O .
2i Studcbaker. .
270 Swift. .
too I) S Steel...
4000 Chi Icya Sa... Vll t
4000 Com Kcllson 6s. I07'i
1000 Dla Hatch s. 106',
MOO Tel Ss. 1U0
Paid by Bub-Treasury tu banks.,,
Paid by links to Hub-Treasury...
Loss to banks on day's transac-
HINCK KftlDAY LAST
Paid by Bub-Trcaiury to banks. .
I'm itl uy banKs to Muu-Trrasury . . .
Loss tu banks
Loss to banks aitme period pre
J, 3(1, 000
II, OH, 000 I
2(10 Southern Pacific. II2J, llji, 11214 irji,
I Minina , ci '1
:oo Southern H:
1 in Tnnmtah M
ail Tllliniian urunuiu w,
Sdl Union Pacific . I72t
OA Union Trac... M!,
0 United Ca of N J. 7.11
IM UnltriUiaalmp , no
I720 tISSterl 7Kli
25 Wash A Va Hy. SI
Ml Warwick Ir 4 Ml. tin;
10 West JrrANra.su K
1 w rscmorrianii 1 1.
10 York Ity pf.,,
SlWVl Am Oas A VAre t Mii
om Kleo A Pro 4h sit
nam Kqullabltt Ilium Ssim
son Lehigh Valley 4. IMS
limn Lrhlgli Valley &, Hll'v
1000 Phlla Co 1st .V llll
torn Phils I'.lrc4s. k;i
2000 Poll Service is. Ui ,
40m Hnan-Ani Iron Aa. .1011.
Hard to Oel Coal.
There Is no letup In the anthracite strin
gency in spile of reco.d breaking ship
ments during September. These shipments
amounted lo r,,H7.i,oue tons, an Increase of
14, Veil ton over September, lOlt, a new
high recnid for the month. The coal trade
pa tiers record that the mild weather has
helped retailers a little, but that the outlook
for a hlimtago for the balance of the year
lias not changed. The deficiency growing out
of tho Miring suspension cif mining Is being
reduced only slowly and the trade is at the
lilgtieit point of production, demand and
lull 11. Since Iho nil Ike ended the produc
tion of coal has been larger than ever.
before In history and the roal produced
bus brought the highest prices witnessed
hint 0 the civil war.
WbcclliiB and Lake IJrle.
The present mllve speculation In the
Wheeling and Luke Krle shares has iIiiIh
Ironi Hie Mini' of Iho publication of the
annual H'lintl of a week ago, Tills report
nhouetl the stockholders Unit their road
had bad a highly pronporouH year dmplle
soon Nianuu striae sn, icii. ino... iimu ioolj - -
MM UaitoccUiy.tioia tt Uii mi j mi 'act tb' lb WtivX oovertxi ww not
UAX lll'.IIKUAN.-A peililcio In bankruptcy
lias been Bled agalnat Max llcrliiiiau. manu
facturer of cloaks anil suits at .14 West Ktfire nth
street, by these crcctltora: 1'reclfrlck II s.
Htrefel. SIM; Auslln UcNeal, $160. and A V.
llapp, SHOO, Liabilities are said to In SS.00O
ami assela S5U).
LOUIS TANNKNIHt'sf.-A pclltlon In bank
ruptcy has been filed against Ixiuls Tannen
haiini, dealer In millinery supplies at 10 Itoad
street, by these creditors: Slone Hroa A Co.,
s:s; Alei. Stone, lies, and Ad. Dennett A Co.,
SS7. Assets are estimated at 13,000.
UK'lUr.I, F DOU'LINC. liquor dealer of 180(1
Third avenue, has filed a petition In bank
ruptcy with liabilities 110,413 and assets 32.101.
Among his debtors are about 2&0 women cuaio
mrra In amounts from 10 cents to it.ii and a
JACOBS ft TA1INOW A pellllon lo bankruptcy
has been Oled against Charles Jacobs and
Isldor Tarnow, composing the Orm ot Jacobs
A Tarnow, manufacturers of diamond mnunt
Ings at 47 and 411 Maiden lane by these creditor:
Morris Wrlensky, SMI: llasklnd A Doraky,
3330, and llergen A Schlfflna, till. Liabilities
are said in be IIS.OOO and assets 11,100.
WKLL1NUTON B. SHUPELT. A pclltlon In
bankruptcy has been died aealnxt IVclllnjton v..
Shiifrlt, dealer In groceries and mrat at Cox
aackle. N, Y by these creditors, all of Albany;
(ienrre U. Hinwell a Sons. SIM: Ilrnry II, Wright,
1141: noulon A VlneJSluttV w llccd Company,
SA7, and Walter MrKwan Company, SAI, Assets
are estimated at 13.100.
W1IITK A SON.-Clraham While, doing business
aa White A Hon, hardware dealer at Mount
Yernnn. has filed a petition In hankrupcly
with liabilities S0.I4S and assets SS.So.1.
I.PON I'.l'STHIN, dealer In phnnograplia at 141
Orchard slrret, has filed a pellllon In bank
ruptcy with liabilities 12.310 and assru S150.
IlnilMAN KAIIN. Judge Mayer has appointed
llenlaniln Nwarta receiver for Herman Kahn,
wholesale dealer In butter and egga at lit
Chambers street, bond ll.ono ,
KATZ, IIIIKM.IIII A IHIItSCH Judge Hand has
stipnintcd uish uerina Krmnaugh receiver fur
IrexlerA flersch. manufaeturrra of alclru
ana oresses s, ,-us c.anai aireet, iicino 10110.
M. (il'.ltl.NUlin A CO.-Jude Hand has ap
nulnlrd James O, lloycl receiver far M. (ierlnier
A Co., manufacturers of furs at 131 Unliersliy
Klaoe, bond SI, ISO. with authority lo continue
uslneas thirty days.
MIllAliri. WINK COMPANY -Judge Hand has
ajipolnteil Harold Itemlnilnn receiver for the
Mirabel Wine Company of (05 Kit-nth avenue,
ultli authority to continue the Imklnrm for
thirty nan. l.lahlllilra are 115, ono and actual
r K, HOtWHTH COMPANY. Judge Mairr has
appointed Charles I',, Scnrtcld receiver for Die
V H, Hobri is Company, dsalei In ihect metals,
Ac., at llll Chambers Mrrei: bund IT.ooo.
AI.IIKIir IlltOIIV Schedule,, n tmnkriiptcv or
Albert flrod)', rlnthlng maiiufactiirrr of loi
Canal aireet. allow liabilities 13M.I03 and ascaia
520 Cooper llaore.. 501,
34i enmo z't
no tialy west., 4
lean I'asi llutte
1110 tiranby.. .
A Medley Gold
213 Isle Itoyale.
llll Kerr iJike..
Ml !-a Salle.
2A Mnson Valley
in Mohan U..
.VI Nevada Con..
2JO New Arcadian..
72SO Norlh llutte..
m North UUe
ISO Old Colony.
en Okl Dominion.
31S Pond Creek.
70 Qulncy. ..
1470 Hay Coll..
110 Santa 1'e
313 Sup & Uoston ,
3AI II SSmelilnt..
ISO 1' S Smelting pf,
2in Utah Apei
so I'txh Cons..
170 Utah Copper. .
IV) Victoria. . .
lis Wolverine.. , .
35 Wyandotte. .
50 Atchison . . .100' i
.1 ll.iiton A Albanv.,213
15 flostoa Klevated Ml'i
s llo.ton A Maine.. n
At ritchburcpf.. 121
II UissKlcpfslmpd 78'j
1135 klass Klc fr wrnts. .10
KM N V N II A II ,IJ'
S Old Colony. 1741
33 Union I'acltlc. . 17794
10 West Kn.l It II pf.. 9S
115 Am Arr Chem... so in'
47 Am Air Chem pf. loo' IW)
111 AmnsKeag,. si
25 Am Pneu Svc 4'
110 Am Pneu Svc pf 2t
125 Am Slltar. ' 126",
so Am Suzar nf. 121
335 Am Tel Tel Ui'i
20 Am Wonlen . 2S
51 in Woolen pf S8i
liil (i A W I pf.. . 1214
1AI( IA' 13T
. At4 O'l (, ,
4J 4 13-1 A 4 11-10 414
3 3-1A 3 .VIA II
13J4 151, 1314
2 1 1A
ELECTIONS AND MEETINGS.
CENTRA i, 4IF 41KORC1IA BAIT, WAT CCO.
Savannah, Georgia, Septemoer IS. ISIS.
There mill be a special called meeting of the
Stockholders of Central of Georgia lUllway Com
pany held at the Company's orflre at Liberty and
Montgomery Streets, Savannah. Ga.. at 13 o clock
noon, Kastern Standard Time. Thursday. Ootober
17, 1012, for the purpose of considering and acting
upon the following:
1. The Issue from time to time, aa may be here
after determined by the Hoard of Directors or the
Executive Committee, of bonds to sn amount not
exceeding In the aggregate Highly Million Dollars
issn.ono.ooo), In such form, bearing such Interest,
and maturing at such data as may tie determined
by the Stockholders or the Board of Directors or
the Kxeeutlve Committee.
2. The securing of the payment of auch bonds
by the conveyance and pledge, through mortgage,
deed of trust, or otherwise, of any or all ot the
property of the corporation now owned or here
after acquired, and the exeruUon of auch cove
nants and agreements In connection therewith aa
mas be determined by the Stockholders or the
Hoard of Directors or the Kxeeutlve Commlllee.
3. The sale and disposition of such bonds In such
manner, for such purposes and on auch terms as
may from time lo time bo determined by the Uoarn
of Directors or the Kxeeutlve Committee.
4. The granting to the Hoard of Directors or the
P.xrcuUve Committee, cither or both, of auch
Sowers In connection with the foregoing aa the
loekholders may determine.
5. Such other matters aa may be brought be
fore the meeting.
By order of the President.
CHAIILKS P. GHOVI'.S. Secretary.
ioi; 1001; toon
313 212 212
121',' 121 121
OA OA OS
12t 11 120
70 7'i 70
.10 .10 .10
1101, 130( ISO's;
1741, 1741, 74'i
1724 1721 173i
US IM US
AO 1.st lloston Land. 14
8AA 1'illson rlfhts
A tit III- A Klec
1A Gen Lleclrlc
55 Miu (Saa...
4 Mass Gas pf..
10 McKlwaln pf.
'.'5 N P. Cotton Yaro
10 N 1: Cutn Yarn pf.ioi
44 Swift A Co.
1 Torrlnf ton.
,11 United Prult
1173 US Steel. .
Il IIS Steel pf,
8t United Shoe M
Iinno Am AerChem S 10114
IHOOO AmTel ATel 4s SDH
2cm AtchlSnn Gents. 17 14
soon c 11 a g joint 4a., 03,
inoo Cen Vt lat 4s. . . ootj
mm Masa Gas 4,s 1S7S OAS)
loon tin 1'rult 4i.,s.. . Mli
lncx) Un Pnilt 4'-js 25. ss
3000 West Tel Ss.. Wl
Cl'ltlt STOCKS. CISINO PfllCKS
nav siale (ias
llohemla .. .
:tilef consolidated ..
Davis Daly ,
Gold field Consolidated,
Iji Hose Consolidated.,
Ohio Copper ID-IS Ill-It
Haven. 35 27
Rhode Island Coal in 1:
South Lake 7' 7)
. . 1
. . 1 1-18
. 1 7-1
NORTHP.RN PACIFIC RAILROAD CO.
Notice la hereby given that the annual meeting
of the stockholders of tne .NOHT1IKI1N PACll'IO
RAII.nOAD COMPANY will be held on Thuri-dav.
October 17. 112. at twelve o'clock noon, at No. 34
Nassau Street. New York City, for the purpose nf
electing thirteen Directors of the Company to
aerve for one year and until their successors aro
elected, anil for the transaction of any huslncvi
that may lawfully be brought before the n'ceilnr.
New York, September 10. 1912.
DIIIDKNDS AND INTKIIKHT.
INDIANA PIPS'. LINK OMPANY.
2S Broadway. New York. .September 2A. W1J.
A dividend of Four Dollars per share has been
declared on the Capital Stock of tMs Corcpany.
payaoie .-ovemner loin, mu, 10 .inicHnuucn u,
record at the close of btiflness Octntier 21rd. 11112.
All communications regardlnr payment or change
of address should be sent to Mr. J, It. Past. Asst.
Secretary, not later than November 1st, 1012.
GKOP.Gr. CHKSKIino'. Secretary.
"BOND AND MORTGAGE Cil'AUANTKK
1TB Rernsen lit., Brooklyn, Sept. 3.1. 1913.
A QUAItTKKLY DIVIDEND of three and one
half per cent. ha been declared, payable on
November IS, 1012. to the stockholders of record
at the close of business on Not ember S. 1917.
WILLIAM D. CLAIlKi:. Secretary.
MONEY IN NEW YORK.
THE MONTREAL MARKET.
Bank nf Montreal
Canadian Cement pf
Canadian Cons Hub
Detroit United Hy
Dominion steel Corp
Illinois Traction pf
klnslcan I, 1 l. . . .
Montreal I. II A P
Novi Scotia Slerl A Coal,.
OkIUIc Clour Mills . ,!
Itlcli A Ont Nav . , .
Kin de Jau I. A P. . . 1
Miiwlnlgan W A P., , . , 7.
.steel Co. uf Canada. ,,,,, ,,,
Toronto Hallway ,,,,
wtolpei .street r...
' lil! 4
Hale Advances to 41 Per Cent.
t lite Close.
The situation In the local money market
yesterday during the greater part of tha
day was unchanged. Call money renewed
at tU per cent, the average rate on Tuesdny,
and loaned aa low as iK per cent, siatfse
quently. 'Hist before the close the rate
jumped to A per cent, as the result of some
calling of loans by some of the banks.
About 11,000,000 was reported as lending at
the top figure. In the time money market
a slightly better demand developed for the
ninety day maturity, causing an advance
In tho asking price to 5,' per cent. Hate
for other periods wore unchanged, Kliic
tuations In domestic exchange rates, when
they occurred, continued to be In favor of
this city, but the banks lost heavily to the
Sub-Treasury on Tuesday's business. A
small transfer was ntado to New Orleans.
The sterling exchange market was Influenced
by the foreign situation. Further selling
of securities for Knropean account In this
market offset Increased pfferlngs of cotton
bills and rates closed higher.
Money on call on the floor of the Slock
F.xchange yesterday loaned at 4! and
t per cent, und closed at S per cent. The
renewal rate was 4JJ per cent., which
was also the average rate on Tuesday,
The time money market continued
dull, but with the ninety day maturity
in Increased demand. Hates wero
to i'i per cent, for sixty days, s'.j to Sjf
per cant, for ninety days, nnd .11; to
per cent, for four to six months, Com
mercial paper was quoted nt 11 per cent
for prime single names and Indorsod bills
receivable; other names oVj per cent
The sterling exchange market ri'led
strong yesterday. Hates lei I off 10 inlnta
higherat 4.8l0''n4.82;ioforslxtyiliOH, t.KW.e
f.i4.H370 for demand nnd 4,nmiv.i 4 v.03 for
cables. Francs were tiuotril at ,V:(.!
plus l-4fn.1.:n,'i plus 3-04; rcic lismarUs, ui
plus l-AKiOl 3-IS.
Domestic exchange on New Voile los-ton-
Par. Chlcngo- inc. premium. Charles,
ton- Buying, par; selling, I- inc. premium.
Cincinnati-Par. Ht. Paul lie, piemlrni.
Now Orleans Commercial. Mo. tliscoint;
banks, 14 premium. Minneapolis l.-.c.
premium, Montreal Par to lM,c. proinli.m.
St. lAiils-aSi1. discount. Sun Franilsco
Money In Ixmdon. Ui to y tr cert.,
abort bills, 3 is-is ir cent.; three months,
3 13-10 per cent. Closing priie of consols,
74 for money and 74 for the account.
Paris cables quoted closing price of
rentes at no francs .VIK centimes, KichHiige
on london. 25 francs 27 centimes, Private
rate of discount, ;i iier c'onl.
Berlin exchange on London, 211 marka
40 pfgs. Pilvnte mte of discount. SJ, per
cent. The weekly statement of the Inipeilal
Hank of Cermany shows the following
ohanKcs: Cash on hand decresed D0,iO m.;
loans decreased l,7:3.ou n.; disconma
decreased i;o.(7,ooo in,. Treasury hills
decreased ll.075.oco m.; notes In circulation
decreased l8,6IA.iioo m.: deposits decreased
:is,27 l.iioo ni,: gold on hand decreaeed 2,
o:o.iki m. , . .
New York Clearing House statement:
Kxchanees, S331.(i'i7.l37: balsnt-cs. SIJ.47I),.
33; Miib-Tresstiry .credit halan e. W0.7.V1.
Cn.nmari.lu lir I'S of IlIlT I Itf 111 Nt
' York. tt.l!,r. Silver In london was iuoled
at aOMd. Mexican silver dollar wr4
, . n . . 1 . . Mr 1 h