Newspaper Page Text
THE SUN, SATURDAY, APRIL 26, 1915.
!0TTO WEAK UNDER
PRESSURE OF SALES,
i.i'.ii'" Sm.v Tlmt Aflviinccs on
I'lnvioiH Day (!nvr (ioihI
ui:i;ki,y I'K.n.Ks pooh
miill spinnoiV Takings
Mndf'Tiitc Into Sight Move
"i u vxenlt yesterday with hear
, , ft in evidence ftiim the start Trad
I u native. Un the declines prices
,,. .1 new low ground for recent
,'. f.ii nearly all of tho options. The
, ' the 1hv before was said to have
.- ,i ci ml basis to "oil on, while tile
.-c thi' rvpeiieil frosts to arrive
e tin belt, tho fulluip of an Im- '
, I mil In tlir South ami a hciiish '
. i . tie weekly siittlstlrs wore all
r-!i'iii to ve.iken sentiment ami
g tic level of values down. South
l were liberal sellers here, w hile i
, n belt
wits renoplert tinop. tvllti fur.
lr hues at
o-p ml market
several places. The
was sternly, but ile-
in were seined before It closed III
i-' v will lower values here. Long
u.is i!"Uloateil on tlie break, vvhll
'ier nf stop hs orders were 1111-
..ffl The outlook for the first no.
. .,i . OM .Monday for tho May dellv
. n .t considered eiicoiit aging to
... .... , h..".., '"-.ror
. .i.. ........... ... ,.u.,t,r. m'i '
' rt that ilrfiiiaRH from frost will be
. rmj Warmer vveather Is expected to
f iow the cold wave.
T!ir week end statistics, as compiled
l the Now York Cotton Exchange.
rmrr! an Into sight movement of 113,
. bales fur tho week, HKalust 135,000
previous week nnd lo4,000 last year,
" is spinners' taklnRs were 194,716 bales,
ca!n.t Ill.noo the previous week and
'4. Ortn last year. They were under 200,'
i b.iles for the first week In several
itl The total Into sight movement
, the season to date was 12,S(H,S4I
1 y'tf. acalnt t5.O.',4,00O for the corre--poMt
' A period last season, Spinners'
, c for the season to date total to.,
vi (i mi bales. HR.ilnst 11,093,000 last year
t f ileaoreaso In visible for the week was
bales, iiK.ilnst IT.0,000 bales ile
. e.ie last year The Indicated visible
' J.'l.OOO b.iles, ncalnst 3,511,000 vls-
supply at this time last jear,
71' prospects for cotton acreage In
1 r i.yia.ia are considered excellent, with
,v ie sections formerly rrlpplcd by the boll
wrevil e.NpectltiR to have a much larger
s edge than In any recent year Many
s "lories In tho State which have been
e it of business for several years are
I eprliiK to resume this season. The
to I'lanii I'lantrr roporM that seeds ate
r.ice, and If second planting Is exten-
there will be a shortage, as only mi
lproved variety affords any hope against
,e boll weevil. While some cotton was
led by recent cold weather In the State,
i reported to have been mostly re
1 ted All Increase of acreage In enst.
oklahomu of 10 to 1,", per cent. Is pre
K.l Cotton plHiitlnK along tim Talla.
Ine Itlver In Mississippi lias progressed
. irably. with prospects of an muisuallv
i i rop.
A Hicks, president of the fhlnnnhee
' 'ton Mills at Talladega. Ala., finds that
Brnnrai oiuiook iop mills 111 tnat State
u.-d. with his nillia sold ahead to
' ' r I anil operating at full eapaelt.v
" Hirks Is also the owner of lo.oon acres
d mostly planted In cotton. Ite.
uk cotton conditions In the State he
"ur planting Is oulto generallv done
P-oeress having been made In the 1
ten days throughout this as well as
if. portions of the cotton belt. Dur -
s tns interval we have had verv Intl.
r. i. and I am infoimed to-day hv letter
v 'tc,i since I came here that the lands
.id verv well tnako use of showers,
'.a" is are getting to be n little dry on
.iint of the April winds, which soon
in ..'! the surface moisture."
!-pot entton was k; middling up
' (if- 12. middling tiiilf. y. Southern
ml' arkets were unchanged to i, o(T
' H'f in the principal Southern spot mar
were N,.w Orleans, 12 r.-16: Halves
'.r, 'Lf"1'5' Mo'l'lls. 12'i; Kavnnnnh.
'IS. Charleston, ll'i, St. i,ouls, 12 a,
Vnrfnlk. 12. Augusta, 12'i.
f Vires here closed weak,
I1"1! Prices wete.
off J to 1
Olf-ii- Huh. Lor Clou rtev.
. '' t Itir tlo
" n w II 31 It S3 it i;
' ;f ." ii .11 ii 31 it :4 i mi
" 'o'-r 11 1 11 M pi u,; jj .'.
"y tii-i ii i; no; u (ij nis
e Vir Orleans maiket was 1
after th" closing here. Prices
' Liverpool market was steady
"i -vas stfadv at t. T7d., 3 points ad
'". sales, H 000 bales, Including 5,400
''.fin receipts. 2,000 bales, nil Amei-
r irri prices nt Liverpool were:
Open- High- I.o- t;in
,, , inr e.i rt inc
Tar.. m; r,r. i, 13 1 1
' Kit . 4:', H l.'S 1. 37 ,;
'"v . 13 i.i3 1014 noas
M bids to Liverpool were :
Jnlv, li tc ; October. II 1.
i't there la duo to open to-day
v pn'n's off
''t receipts and stocks were:
' a- ,inti
1711 MM 476.174 tli.Oi?
erinr leceipiH. shipments mid stocks
s ' "11.
J" r H'l
re'v-ipta 10 ilar.
S.M0 In a.WI
s.s'io to :,i
Included llentz. Mitchell,
iiui-ib.-ird and McKIroy
lers Mitchell. Kchlll, Waters, Roths
1 N'orden, Rlordcn nnd Southern
r'ridrlotte, N. (.' wired: "Kpots selling
on streot here, Ucmand absolutely
verpool cabled: "Market steady on a
' Continental buying,"
A Dallas wire stated: "From Wneo in
''alias a small percentage not yet planted
Atnuf SO ner cent, lust
out of ground
find his a yellowish cast.
THE GRAIN MARKETS.
Whent Stronsr In i:rly Tradln,
Though Kaalnic at Cloar.
Wheat was strong In the early trading
i'erday, but advances of about 1 rent
" buahel wade aoon after the opening
"rn not hold later as a result of heavier
ir-th. Th strength of the Liverpool
r.j, t, t)lt) rw f1Ku complications
a 1 'nports that recent export business
' ' leen underestimated were partly re
wt'onaible for the strength ut the opening.
3,il M.7S2 M,hii4
is r,3.;.7o r.7.111
3. t! 33.703 SJ.7W
311 r,4M I'.i'Jl
le.rt I. lit
! (13 3.504
while some buylne resulted from reports
of a Rood rash demand and of low tein
periitiirtH In tho Western wheat belt
Nluuts wore liberal buyers parly The
tvier orferlnits resulted from the con.
.ill.) f.'IVnrnlilo rtt.'ifelnpntM of !i,iv emu
(oiitllt!nns, while tho .Uoifrni Mlllrr view
were rnnstrtirrl as bearish A Kansas
, 'lly wltc to l.ocaii llryan Unhealed
Hint I Iklahoin.i, Kansas ami Nebraska
I would break all eroii records, with n pa-'
', per In that city estlmntliiK the Kansas
. I'rop ul 12 l.non.nnn bushels. Hcveriil
', cargoes of wheat bought to km to Chi-
c.igo I unci been diverted At the ctos. '
1 li't prh es were t to r.,,. above the pre.
t'orn was about steady, following wheat !
for a time, ami then oaslnc a Utile im- I
dor heavier sellliiK on the outlook for J
better weather. The Ketieral run of re-
ports from tho corn belt Indicate that
U'l.uitlng has processed satlsfactoi lt !
Some fenrs that cool weather will re- i
tard planting, and possibly do some dam - '
age to what has already beni planted'
I wire expressed, although buMiiK on that
account was not heavy. Closing prices ,
(Weio unchanged to p. olT. Oats wete
i steady earl, but eased on the, better
I weather outlook nml reports of good
progress with seeding, inglls wired that
I oats are up In central Missouri, showing i
la pel feet stand Demand for rnh oats;
, was Kond. Net declines for the dav went'
i ' to ( ' j
I The decrease In the Argentine visible
i supply of wheat for tho week Just closed
was u.ssn.unn bubel, with the visible!
at Mvn.nnn bushels, against T.Srta.noo last
week ami r.,Xiin,uuO last e,ir The corn,
visible In that country was ,rsn,riuo.
iiKainst l,Tsr.,00( nnd S.aCOOn, Ship.
nicms mr inn vveeif trom Argentina, wete
I 17"inA riu . . nr ..i I..... p...
I"": '" hkihiisi ii.sns
lasi wecK anil 4.4riK.ona lut v.f
;i orn. l.ojs.nun, acalnst l,4iv,nnf iimlTH,.
"an; oats, l.Stn.non, acaltist l'.ri3n,nno and
j t, 1 30.000, The weekly enblo to the l'rod
lice KxoliaiiKe said that weather eoiwll.
' j lions in that country aie favorable, with
. Rood tuoKress belm; made in prepal atlon
for the iii-w wheat crop, and with nr
ilvals ftoiu the Inteilor smaller but of
.Rood ouallty. Weather was favorable
the late gathering and movement of
I'nrn. Willi nrr ',!
liroomtiHll estimates the world's shin.
ments of wheat for me week, exclusive
or .-sorm America, nt J.fiOO.OOO bushels,
against 10.P76.O0n actual Inst week. The
total world's shipments last week were
14.fi44.000 bushels, with 11,7(10,000 last
The .Ifmrni MllUr says:
"Previous high condition nf the grow,
ing winter wheat crop Is fully maintained
Kew adverse leports nro In, and theso
come from widely separated localities
anil generally refer to smalt areas. The
weather Is favorable ami the plant shows
good growth and Is making seasonable
progress, with Indications of being fur.
ther advanced than usual at this season of
the year In the southern partofthewhe.it
belt. J ii the section of the Southwest
where dry weather nml high ami dry
winds caused apprehension timely rains
have given relief There are no com.
plaints of consequence In regard to Held
pests Report from localities affected
by the recent floods Indicate that damage
to wheat wa small and that this loss is
I inn., unset oy mo goon condition of the
crop. in the punclpal corn growing
I States much ploughing has been done
and with seasonable weather this work Is
! making rapid progicss. The planting sea
I son has advanced north as far as Ml
I sourl and southern Illinois. Tho seeding
I of oats Is almost completed and Is mak-
ing good headwa.v. being two weeks ear-
Her than usual In some section '
I I'hlrago wheat prices.
i , Open. High.
.."h-ai. nii xi
'III' . !. 'i S3',
.-rpif in of r
I May . .
IOIK Wheat ptli'fM Were:
Open Huh 1.n
Mar tic", mi
i (ther h at inaiki t .
t v '
1111 in i
Mai . mi, n
Jnlv '.:', S3
(Secelpts and evpoits wete.
,, ... ... Wheat Corn
Heeripta Ne- York. 3: mi
Kvp.irt.-Neu York . If.v.t.M 2(1,1.1
Heietpis Inierinr 127 211 fvi
Kxpori. - Seabojxd . . l.'i.i.tii 7n .10.)
bhipinent.. inirrlor I lt..oo.) r.w.M)
Carload wheat receipts at the principal
points wete :
ivinuipeif ln.1 811
Total. 4V1 mi hi
Cash markets dlspUjed stlcngth
A fair volume nf trade was accomplished
Cash prices yesterday follow: Wheat No
1 Northern at Minneapolis, fini,o ; fo 1
Northern spring to arrive f o. b, l 03 ij,
No. 2 red winter f. o. b to arrive, jt
No. '.' hard f o b. to airlve. S 1.0.1; No 1
Manitoba f. o. b to arrive, $1 0j Corn
No. '- ellov r I. f. mil, ' . export f o
b., I.TjO. Oath No '.' white. 4r'-c , No
.'I while, 401-jc. ; standards, lie It- No
- Western c I. f New York. TO'je
Harle- Malting e l. f liurfalo, ,1s;iis;,c
Klour was strong under 11 moderate de
mand. Klour prices follow: Spring patents,
I) 7.11 J.I IM. in barrels, winter straights,
$ 1.11.1 fi J4.n. spring chars, J t 2.1 ft J t.40,
Kansas straights, $4 211i $1 ,10, in s,1(-ks.
Coffee Sternly on t.nml snpport
711,000 Hags .Vollecs laiued.
(Coffee was steady In tho lale trading
yesterday, although prices had i.-ised
early. Tho market was partly Influenced
by tho fart that It was the first notice
day for May deliveries. About 7.1,000
hags wero tendered on contract. In the
enrly trading tliero was somo pressure on
May, which resulted In switching from
that month to later options, but later Mav
was In demand nnd led tho list In the
recovery, working well above the pre
vious closing. Cables were largel) ills,
regarded, with European 111.11 kets steady
nnd with strength shown tit Illo, largely
as a result of further decreasra In the
stocks theio to 110,000 bags. Sentiment
showed Home Improvement, with tradets
who had recently looked for still further
declines III somo cases stating that they
now expected a good lecovery If the He.
inand for spot enffeo continued as good
an It has been recently The small
amount of coffee headed this way from
Hrar.ll also is considered a factor that
should aid bullish activity. The pros,
pecta of ft larger crop, however, continue
an Important factor against advances.
Outside interests havu taken u greater In
terest In the market recently, with somo
trading for liureopeau and outsldo ac.
count noted yesterday
Tho takings of coffee In the week ended
April 10 of 101,175 bags for tho Interior
whh about na good ih for the correspond
ing week last year, but the total for tho
four weeks ended April lit was 73,000
bags, behind tho corresponding period In
1 1312. with 331,910 bags for the four weeks
this year, against 404, 823 for the corre -
spondlng period last year, lrlcea nro now
about 2'i to 2- cents behind what they
were nt this time a year ngo.
At llavro opening prices were un
changed to 'i friinc nbove tho previous
closing, with the rinsing there ', franc up
to off Hamburg opened Ul'fff, up and
closed unchanged to Mptg. up. At Ttlo No,
7 was DO relH higher ut 6J600. No. 7 lit
Hantos wus unchanged nt OIHOO, with No.
4 there unchanged at 61900. Itlo exchange
on London was l-32d. higher at lrt 7-32d.
Itecclpts nt Hln and Santos
hags, against jn.nnn last year.
'"' , . , 1 ""'iiniiows, ii ceniH nigner iienvereu rins-
year, and 1,000 at .luiidlahy, against S. 000. burg Messemer, 117 basic. I5 75, miillrable,
nnn hi Hun I'mim i. I innnn fin.rn ru
ucuvcrics ut iirnzii rurrve ut .cw 101 u
The Farmers' Loan and Trust Company,
Nos. 16, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue,
LONDON II 8?&B8t'iS;r& tt PAW8 41 Bmlmrf Hw,rau"
Travelers' Letters of Credit. Foreign Exchange,
Fifth Ave. & .11th St.
The Columbia - Knickerbocker Trust
Company announces the opening of the
remodelled offices of its Bronx Branch
at 148th Street and Third Avenue.
The inspection of the public is invited.
The Atchison, Topeka
Ten-Year Five Per Cent.
Notice is hereby given to the holders of the above-mentioned
bonds that in accordance with their terms the right of conversion
into the common stock of this company will cease on May 31st next.
D. L. GALLUP, Comptroller
s NAftAtr STRr.rrr. new fork. y. r.
APRIL 5. 1013
and New Orleans warehouses were 21,054
bags on Thursday, making P3.K09 for the
tlrst four clays of the week, against 64,9?8
for the corresponding days last week.
11 H411 l(
11 31O11 :
11 .14111 .v.
II 31 rt V,
11 34fhi as
11 ?U It 17
April .. .
June. . ..
A'lCll't . .
0. 1 oImt . .
SJ.7M 11 j 11 :
11 4i ti :s
Tnlal .Ilea rrr 1MM btl
I'rovlslons Prices advanced
.111 active market, but Increased ofTcrtnga
were met, with valufi going below the
previous closing at tho cliolng. Live
Iious were lower
Cash pork wn steady, with mess
Jl'l Tl'd J22 2.1. and famllv 1237124 5n
Cash beef was firm, with packet J22i
iZ'i. and family S2J1I J 21. Cash lard
was steady, prime Western, ill !Q: re
lined Continent. Jtl5; South American,
Chicago prices were:
Open- TTiirh- Lo
May... July ,
It 10 15
it 41 11 41
11 07-10 11 01-10
sugar was generally
quoted at 3 3; cents for !fi test centrifu
gal, with some business at slightly higher
figures. Ketlncrs fjuoted 4.20 rents, less
2 per cent for rash, for standard granu
lated. The liondim market was quiet,
with .lava cane at 10s. fid. Heet sugar
there was lower, but with better business
developing on the decline; April, :s. Pd ;
May. ?Srt . August. 10s. Wlllett &
'iray place the world's visible supply at
4 002.112.1 tons, against 2,843,119 last year.
Naval Stores Turpentine declined 1,0.
further t" 42 cents. rtosln was nn
. hanged nt J 4 75
STEEL BAR ORDERS.
Vurlcnllnrnl Implement Makers Bay
70,01m Tons Coke Conditions.
Agrlcultuial Implement makers have
been !iooil btiven of merchant bars during
the last few (lavs, with snles through tho
vieek amounting lo 70,000 tons. Deliveries
to the end of the year were contracted
for, with llitle tonnage left for tho balance
of the jear Independent makers nre
accepting snbst intinl premiums over the
quoted price or ii 40 per im pounds lllts
linrg ba"i- for steel bars Iluyers are
veiy eager lo get the small amount avail
able for ptonipt delivery.
sales of No 2 foundry Iron In the Hlr
miiigliain district havo been made nt as
low as (12 .111 a ton In the last few days,
It U opelct that even that price will be
shaded on small sales
'1 he t'onnelsvllle Wrrklti Courier reporla
that production of coee is back to nearly
tho urn nml basis for the first time since
the tercnt flood. Prompt furnace coke la
quoted at I; 2.1 and piompl foundry ut
S;im I.1..10. Itegarding oke and Iron con
ditions In that region the Courier suys,
"ruriiacetnen uro showing no interest
In contracts for second half and there Is
piactlrally no rontrart business to be done
for any earlier delivery. No additional
furnures nro scheduled to got Into blast
in the near future, and Indeed there is
some talk of dim or two furnaces being
blown out on account of the stagnant con
dition of (he pig Iron market, This stag
nation, however, has to do with transac
tions ami Inquiry rathcrtban with the move
ment of pig Iron, for the movement la na
heavy as ever. Coiuniinptlon Is nt a rato
as ureal as al Hiiy time in the past few
1 months'aiid production has not Increased
J for many "i;".,, I ."result is t hat stockH
Valley district ale down to almost nuthlng
and aro lower than for a long time past.
In theso circumstances an early upturn In
pig iron prices is predicted In some quarters.
"Meanwhile, however, tho decline which
started late In December continues, and
this week new low- prices have been named
on foundry Iron Several Valley Interests
have quoted 115.25 furnace on No, 2 foundry
iron without getting business, while
the Standard Sanitary Manufacturing Com-
........ ,1.1 ......If l.n.t.l. , llftl fnna
ai l'l l-J.O. l"Hl l"" l'l !' l'"'
wero s,ooo!n ""H,I' furnace at l ''''llred 1 'Itts
TH.r. 1, Imrg ThU would bo equal to 11.1.25 Valley
en .1, - 1 . V funiares, Wo nuoto Valley furnace h
'. ; '..,. " i ...v
i.i.oO, ,u, . luunury, io.2j, lorge, su.ja.
Lenox Are. & 125th St.
Third Ave. & 148th St.
and Santa Fe Ry . Co.
Convertible Gold Bonds
GOSSIP OF WALL STREET.
Other thlnts being equal the circum
stances have always been thought to faTor
professional operations on a Friday, and
that fact alone may havo given rise to the
assertion that the selling movement origi
nated largely with the day to day specu
lators Teople who sold stocks short
yesterday afternoon do not havn to make
delivery unlll Mnndav and therefore ih.r
1 1'avo the two hour ses.lon to-day In which
j to cover up If they wish to do so. All the
. low prices In the speculative favorites were
made In the last few minutes of trading and
I ftt tlmt time deallnus in these l.sues wete
larger than at any time prov louily durinc
1 the session. Hut whether or not th frrnti-.
the session. Hut whether or not the grow.
Ing pressure upon the market during the
last few days has been mainly professional
It Is Interesting to note that the market's
activity has steadily Increased as prices
have declined and that this enlargement of
the dealings has centred upon the nctivo
speculative mediums rather than upon the
rest of the list.
ftalea of Steel.
It has been remarked frequently In
speculative quarters lately that the fall
In most storks has already been so violent
and prolonged that about the safest stock
to sell at the present time was Steel coin
111011 The volume of trading hi this stock
has Increased a little moro rapidly than
have tie dealings In the Hat as a whole
1'or Insiaiice, Wednesday's transactions
in Steel common represented about ope.
eighth of the total sales The proportion
was a little higher on Thursday, nr about
one-seventh. Yesterday sales of Steel
took up about a slvtli of the day's business.
On the "charta" Steel looked quite strong
a day or so ago around 2. At 60', ye,
lerday II looked J 1 1 rt as weak as ll did
strong at the higher figure It Is explained
that Hlter nesrlv approaching the point
on several occasions the price has at Inst
broken through the low or BOS, established
on the day Mr Morgan's death was an
nounced. To tho chart readers yester
day's decline wasnn event nf nosmall sig
nificance. Ifrw I.nw for Chesapeake.
In the last few minutes of trading there was
a sudden break in Chesapeake and Ohio stock
which carried It through the previous low
of 98 reached In the period when the nema
was coming in from the middle West telling
of the flood disasters, The price of as'j
Is the lowest seen since the stock was placed
on a .1 per cent basis three years ago. The
weakness of the stock was popularly as
cribed to the publication of earnings for
the third week of April. This report showed
a further decrease In grosi of i65,sn, or
23 per rent This showing ronipared with
losses of 28 per ( ent ., 60 per rent, and 25 per
cent. In the three previous weeks and
brought the total falling off for the four
weeks up to 1938,000.
Marrh earnings of the Southern Pacific,
Northwestern and Atchison roadswero in
sharp contrast to the showing mado by
the Ilaltimore nnd Ohio a few days, ngo,
but the former, of course, were out of tho
area devastated hy tho great floods of tho
end of March. The reports of these road
are therefore the first for the month that
may be said to represent normal conditions
of operation. Tho Southern Pnrlflo ex
hibited a gross Increase of 11,018,228 und n
net increase of583,Hl5; Northwestern a cross
Increase of $051, 000 and a net Increase of
1434,000 and the Atchison gross nnd net
increases of I703,!i::i and $221 ,H3l respec
tively. Looking? Into the Kntorr.
A physical valuation of tho railroads
of the country cannot he construed as u
market Influence of Immediate bearing
hy any manner of means. Nevertheless
there aro a few people who, looking far
into the future, think that tho matter ought
to prove a favorable factor as far as prices
of railroad stocks are conoerned. Ki perls
estimate that It will take at least five years
to do the Job. Aa a means of arriving
at a proper basis upon which to calculate
railroad rates th schemo is regarded hy
railroad men as ridiculous; but If tho Gov
ernment really Intends to fix rales In ac
cordance with the estimated value of the
properly of the roads lu dollars and cents.
MISSOURI, KANSAS & TEXAS RAILWAY CO.
Two-Year 5 Per Cent. Secured Gold Notes.
Dated May 1, 1913. Due May 1, 1915.
Interest payable May 1st nnd November 1st.
Coupon Notes of 11, ooo each. Principal and Intersil payabls In N'en York, or In trvnl in tlirvuii U-.nri Srvr llnt'ivi
Rtitmthlt, all tt any pari, al any tlmt al par and Merest, on thirty days' prcdous notitt.
HAVING SOLD A LARGE AMOUNT OF THE ABOVE
THE BALANCE FOR PUBLIC SUBSCRIPTION AT
DELIVERABLE MAY 1, 1913, YIELDING ABOUT
INCOME ON THE INVESTMENT.
Payment is to be made in New York funds as follows: $50 per $1,000 Note on application,
balance on May 1st against delivery of the Definitive Notes.
Missouri, Kansas & Texas Railway Company Five Per Cent. Secured Cold Notes
maturing May 1, 1913, will be accepted, at par and Interest, in payment for the new
Notes at the above price, and holders of these Notes will be given the preference in
The right is reserved to close the subscription at any time without previous notice, to
reject any application or to award a smaller amount than applied for.
Copies of the Trust Agreement securing the above Notes, approved by our counsel, and
further information may be obtained at our office.
New York, April 24, 1913.
The Mechanics and Metals National Bank
they think they may receive better treat
ment The theory la that It will be Impos
sible to make allowance for the annual
tnrreaae In the value of railroad property,
so that rates bared on flgurea five yeara
or more old ought to favor the railroads
rather than otherwise.
JTnt Dead, bat .lrrp!nj.
"Investors and speculators are looking
on," writes one rommislon house to It
clients. ".Speculators hunting for the quirk
turn are at ec.i and careful Investors are
bewildered by the attractiveness of old
time seasoned bonds, while at thsame time
'j percent or a per cent eliort term note
or new bonds of merit and ample security
are offered at prices to yield larger net re
turns limn for many years. The last elt
months will go down In Wall Street history
as the period In which earnings of railroads
and Industrials were the largest on record
and In which more properties Increased
dividends than in any other one time, anil
yet prices of securities declined because of
the apathy or antipathy of big Interests to
anything like advance In prices, frop
prospects for the beginning of the season
could not be better; the great steel and cop
per Industries are at the r.enlth of earnings.
Whenever a leader or leaders comes to
liie front ptlbllo following will eireed any
thing In recent years becauio the people
have money. There has been no specu
lation to speak of since l06; It Is not dead,
only sleeping. American characteristics
compel speculation and nothing can do more
than check It during development of re
sources." The flattook for orthwet.
The president of the Chicago and North
western is iiuoted as saying that the March
earnings of his road were up to the recent
monthly average, but that April gross will
b affected by the failure of roads directly
in the flood districts to make deliveries.
Net, he thinks, ought also to show the result
of spring work on maintenance which all
the railroads of the West are beginning
earlier than usual. Hut Mr. (lardner sajs
IliHt the outlook for the crops in the terri
tory traversed by his line is better now than
a jear ago, that nearly one-third oflast
year's crops remain to be moved, that there
promises a larger tonnage of ore this sea
soti than last and generally speaking that u
good volume of business Is ahead of the
The Twin City Mapld Transit Company
reports for March a total operating revenue
of 7IO,B-.'3, un Increase of 151,058 over the
same month last year, while operating ex
penses showed only an increase of llS.nss,
Tho net revenue for the month was $34 n.Stil ,
an Increase of ix'i.'i'l over the same lnuuth
last year, and the surplus of I195.4S5 showed
h gain of f;s,34t. Total operating revenues
from January I, 1913, to March 31, mill,
were I5.03MM, or ll'.',a1 more than for
tho first three months of 1012. Net revenues
were $s4.52j moro than for the same period
last year. The surplua for that period
was IMJ.OOO, an Increase of 172, : over last
year's first iitiurler.
The stockholders of the Consolidated
flas, Klectrlo l-lght nnd Power Company
have aulhorli-ed the issue of IS.ooo.ooo of
debentures not bearing more than 3 per
cent, interest and also common slock to the
extent of 13,000.000. Kngllsh and American
bankers have underwritten 13, 500,000 of the
debentures, f2,ono,noo being taken abroad
and ll.MO.ooo In tills country. The de
bentures were sold by the company to llio
underwriters on a 6 41 per cent, basis and
will bo released to Investors on a 6.2t per
rent, basis. The debenture stocks are
convertible Into rotnnion Block on the basis
of :i sterling for the debentures and Sloo
par value for I ho stock. The company
reserves the right to retire the debentures
any time after ninety days notice at 110.
The trustees of the Massachusetts Kleo
trlu Company havo awarded fa.ioo.ooo two
year S per cent, coupon notes to a Ifayden,
Ktone A Co. syndicate, The proceeds aro
to be devoted to the refunding of on Issue
of $3,700,000 three year 4JJ per cent, notes
due July I, 1013. The syndicate consists
of Ifayden, Htone A Co., the Equitable
Trust Company of New ork and I'.. I.owber
Stokes of Philadelphia
The Mount Whitney Power and Electric
announces its removal
APRIL 28th, 1913,
and invites your inspection
of its new offices
DIVIDENDS AND 1NTKRE8T.
MIAMI COPPER COMPANY
42 HltOAHWA . N Y
April 5lh, 1013.
The Hoard ef Olreclers of MUml Copper Cnn
psnr have thin dy d clsrnl s iiuerierlv- dividend
of we. per share nn the caplial Mock or the Con
rny. psysble May lilh. luia, lo Mockholiirrs or
record st the cln.r ot hulnejv on May In. 11U3
llooks will not rinse.
HAM A. I.KU IMUI.V. Treasurer.
rKKMNiui mii:i:i. cvit cumi'anv.
New York. N X . April 23rd. 1813.
rHi:liTll:il IIIVMH'Ml Ml S7
A quartcrlv dividend nf (INK Vi TUnrT-
(M'Ainr.itN i'i:it ci;.vr itVo win t"' rM nn
the preferred slock of ihN CnmiMiiv May Ilil.
tntJ. to stockholders nf record al the close nf
hulnei. April With, im.i Cheques will tie mailed
from the office of ihc Cnnipain The transfer
books will rloe st three I' VI April 30th. 1013.
and reopen at leu A. M . Vlsy 21-t. lull
V V. VAN lldHNI'.. Treasurer.
rKOriXN UAH I.K1I1T A (OKI; (OVtl'.VNY
inf I htCMKni.
Notice Is hereby glv en that a dividend of one
and three-quarters per rent (IVi has been
declared on the capital slock of this Company,
payable May 2Sth, leiJ, to the MorUioldrrs of
record at the close of business on May 3d. 1I3.
1 A. WH.IIY. Secretary.
HIKT4 II.l.VS-OVi:itl.AM CUM I'l.M
April nth. 1913.
At a meetlnr of the Hoard of directors held
this rty. the regular quarterly dividend nf Uj",
w declared on the Common flock of i nr. Mill)
Overland Compan. payable May In InHocU
holders of record st tl.e close nf business on
April 2lt. liOYAI. H. .SCOTT, .secretary.
AMKltlCAN HANK NOTF. COMI'WY
A dividend of one and nnc-ha If per lent nn the
Common Stock for the quarter en, ling May mn.
1013, ban been declared, pnsablc May lilli. UI3.
10 b'tnckhnldrrs of lecord at Ilie cluso of business
May Ul. 1913.
'1 he Slock Transfer bonks will not be, closed.
tiFtl. II. DANFOUTH, Secretary.
New York. April llth. KU3.
am ai. (;ama 1 i'oi'i'i-fr. lonr.vNv"
42 Hroaduay. April 17. 1013.
At a mrrtlag or the lilreriors of the A males
mated Copper I'ompauv a tlMdemt of one anil
one half per cent ll'i' was deel.ired, payable
Mai rath. IBIS, to stockholders of record nn the
bouksuf theCompatii tnf I2o'iioek.nnnii, April
2Blh. 1013 A II MI'MN. Secret arv
Company reports for the year cndcil March
31, 11113, gross earnings of $if7,l.r. with net
earnings of J24S.424 l'or tho month ol
March gross earnings were $37,41 mid net
earnings $l7,en, Opcrnlilig espensee dur
ing March are said to have been the cans"
of tho decrease, In net earnings In that
The Central California (las Company
reports that the increase in net earnings
for March, 1013, was mi per rent. mor
than tho same mouth the year previous,
(iross earnings were 4.n4, ng.iitist $.i,:.i7
for Marrh, ini'.'. and the net earnings Ji.s.v.i,
as ronipared w lib H172
Williams, McCoiinell A Colemmi nre
offering for wile the (I per rent lueferrcil
I'llinillat ho Mock nf the Cities Soiviom
Company The mmp.uiy has an initliorlcil
capitalization of fMii.ooii.nniipiefi'rieil stock,
of which f 12. !)!)". 3I3U is outstanding, nml
$:o,osVhi common storl;, of which s,n:,i,ini
is outstanding It organized in I'.Mn
COURT CALENDARS THIS DAY.
NKW YORK irOl'.NTY.
fiupreme Court Appiilite Division Ite
cess Supreme Cfiurt Hpeclal Term Part II
Tlefore l.ehtnsn. .1. Court opens at 10:31
A. M Ex parte niHl'ers Trial Term- -Part
IX Hefnre Ilel .uilnrf. .1 No Ml.
Kelly vs. I'enn Tunnel A Term It It Co.
Case en. No day calend.tr.
Surrogate's 4'nurt (imlnbers- llefnre Co.
hslan. s. Will for l'rnhuti Marsh 11. Crosby
at 10.30 A. .M.
City Court Hperlal Term Part 11 Ile
fore Smith. .1. Court opens nt 10 A, M.
F.x parto matters.
Huprems Court Ppeelul Term. Court
opens at 10 A. M H fore llliirkinar, J.
llefure l'utiiuiu, J K parte mutteri.
V, 8. Nupreme Court 'alendr.
WAKHI.N-OTON. April 25, Tho diy call
In the Supreme Court for April 2i
Nos. 261 (unl 24, .102 and 303) :(, ;,
3t (and 00) 2CS, 270 (and 279, 271, 272, 273
Court of Appeals Calendar.
AtillANY, April 25 Th Court ef Appeals
ealrndar for Monday Is: Not. '", 74, lie, sj,
13, 100, lOi and 107,
Supreme Court llv Justice I.ehmsn
Hrlssa 11 (loldnn Rly Neumann. VVap
plnger Ksvlngs Jlunk vs. Itlmo William T
Qulnn; Thurber vs. Tyrnll Arthur M. Levy,
Levy vs. Cohen Alfred I) I, inn.
Hy jilNlle,, I '.id. lilllllel h. llcizng (2
cases) ICdwsrd Sjnfor'l Ton vs Kuih
tlcune A. Kills, Mtrkcl vs. Kontntuul-
NOTES, WE OFFER
98 PER CENT.,
61 PER CENT.
SPEYER & CO.
AI.I.IK.IIAN V OKI! AMI IKON (OVII'A.M.
Scaled proposals w In be terrlveil nt the ofnee of
The Farmer' ' nan nml 'Iru-t Company No
1122 William Sticet. ,Ni ,nt i llj. for the Mils
to the 1 rtisiec m.iicr tl,c murtiMur of the Alle
ffhanv Ore nnd Iron I'nmp.'iny, naied I ebruary
3d. liVi. of a Mitll'icnl number of bonds snureii
b snld mortgage, in InvrM Slrt.rw. 117 of the Hluk
luir Fund ilie rliit li, resin id in reject any
.mil all bids
I'mpnial must lw presented before 12 o'clock
VI on Mat 2il. 11U.4. and (.huulil be directed as
Proposals lo the sin litre Fund of the Alleghany
Ore ami Iron Coripnny. The I nrmers' l.nari and
rniM inmp.nis. ?-os. in;; Vililtam hlreet, New
Viirk 1 (is
Till I AI.MFHS'I.OAN A N 1 1 Tit t 'ST COM PA NY
IKliiWiSH VI HSlo.N. PrrsMciii
New Ynrk Vprll '7 11)13
lo Ilie Mulders or the beell,iK A Lake Trie
llHllri'sil (mil pn 11 1 iHeiiK-lesr I'nulp
111 en 1 Mnklnx I'linil .', , I, old llnnils.
Nonce Is l er. bv kiv. ii i lint limUers 1 rust
( oi' paay. assti't is-or I mimi e under l.quipment
Aciienieiii lined .Innuaii I. I'jrj, n.ad, ,y 'the
Wheeling A Like I rli ' jl'rmd o'i iwtuy 10 Un.
.VI e rem 1 lie 1iut ' jianj . as Trt trr. will ro
eelve, ui in the rli'w o huslncs vpill 2s, ton.
propoeils fur trie Mb In ll. s KueccMir Trustee,
nn April 3". i!,i.i. 1,1 ,, price not rsncdlnjjl.ow
and accrued titcre&t. uf one bund of the above
DANKKIPs nil's I 0)ir.t.T.
Hated, New Ynrk. April II. 1UI3
KI.Kt'TIOSS AND MEETINGS
ill III! sllll KMOI.IIIits, OF
Tiii:iii:i.AV) vi!i:amhii imim imi ihw..
.(iu .'ul ll gie,'nu IbeANNI VI..VIKKT.
, I.M, nf Hie stockholders of l'l 1 1 : tll'I.VWAI.K
1 AMI lit DSiiM OMl'A.sV Mill beheld aitheof
, Her uf ihc ( mnpni , No 32 nstau Slieei, In the
I Hornush of 1 .1 1 1 1 1 1 1 1 n 1 1 . llj of Ivew Ynrk, mi
I TLFSim . VI n 13. llUS.si trUeoVIouk noon,
I fnr the election of the Managers nf the corpora
I tlon for the ensuing j ear and for such other tiusl
nessasniaw propeily eome before the meeting.
ihe polls will open al twelxe o'clock noon nni
remnlu open fnr al least one hour
ihe. transfer bunks of the ompany will he
cloed from one o'clock 1 M , on Saturday. Mar
3. 11)13, until thu mumlng of Wednesday, May
14. 10U ,
ill order ot the Hoard of Managers
T. M. 411. I'HANT.
New York. April I lull
411 I 14 I. 01 im. I. VI. 1. slloiti; ami
iiiiiin.i v .sin iiii:i: it vn.it.4r in.
lioelnud. Ohio, Vprll J, 1UI3
NoriCF IS 111 HJilY (.li:N thai the Annual
Meellng nf 1 lis- siiirkhuUlrrs of ihc Lake shore
ml Michigan Southern bnlluay Company will
be held ai the oticc of the ( omp.inv , In ihe CUy
of Cleielanii.Ohlo.oii Ihc Hist Wednesday ibelng
Ihe 7th dai 1 nf M) . Itil.1. ai 10 n 1 lock A M.. for
the purpose of electing lilirciuis. and also for
ihe purpose nf considering and upnro Ing of
rejecting a contiaci fnr li e leaie 10 litis Company
of the railroad and proper!) nf The Lake Krle.
Alllume and Wheeling Kallrnnd (ompany for
the term of the 1 nrpnrat" existence of ixld Com.
pain, anil ani cvirnslnns or renewals thereof;
anil also fur the tratisfiellnu of sin h other buiuiesa
as may be biuurhi before the meellng. The Poll
wlir continue onen for one hour thereafter.
Hy order nf 'he Hoard nf IHreeiors
IIW I'.Mi' W l'VHDI'F. Seerelarr
To Stoekhnlilers nf Itir
I'ennsv linntii Coal A ( oke 4'orporstton.
i KF MH H F thai the annual meellng of the
stnekliiibliTs of the I'eiiiisilvnnia ( ual and Cokn
Corisiraimu ulll be held al the tiilnilpal ntnee of
said etirpni.ttliiu. nil Ihe loth llnnt of Ihe !,aiid
ilile Hill liln 1. In ii ( liy nf Philadelphia. Perm
slliaubi. n'l Ilie .'nil day nf Ma), Ikl.'t, al two
ilitrti o'clock lu die ufn tiiiuiii, fnr the purpose uf
eliding a bo, ml nf nine directors, in sene for
one lear. ami fm Hie iransae'lnii nf uny and nil
other busbies that 111.11 cuiue boforo said meet
ing. ihe Iloird uf Directors have provided hy reso
lution that the bonks of the minpariy for the pur
pose nf n cording Ihc names of Ihe stockholders
Will be 1 IomiI un April M), 1UIJ.
lalcd April 3id, II' II
AI.IIHUT 1. HIV. AMDS.
Kirretary Pennsylvania Coal
A Coke Corporation.
no iin; SToi Kiioi.iiKits oi'
ihe DlieellllL- A Uike F.rle Kullrosd o.
Von will please lake notice thai thn annual
meeting nf the stockholders of The Wheeling A
l.uke I rle llnllroail ( oiupanv . for ihe purpose of
electing live dlreciois In plate of Ihose whoa'
terms of olllcc expire In Mn), IHI.'I, and for Ihe
transaction of null other business as may rome
before Hie meeting, will be held at the general
nllice of Hi" Company, 1321 (illens llulldlng.
lievelxnd, Ohio. 011 May 7. IniS.at 2 P. M. Mtock
transfer bonks will cliec 011 April 11), 1013, anil will
berroisni'd nt Ilie. opening of business Majr s,
JOMll'll iiam.shy, Jr.. I'realdeai.
T. II. HIIOIUI.S, Serretars.
New York. April II. 1013.
The Annual Milling of the Shareholder of
Ihc New York Society Llhrary for the election
of flvu Truslces, will Im held si ino University
plaeo from ! lo a I' M. on Tuesday, April 2U.
' DI'.VI'.HI.Y Clfl'.W. Secretary.
Charles P. Sanfonl: Veeata vs. Ilubnar
Krury I llrant, Manhsttan Fay. Instn xra.
McCarthy Louis K. Dmld, fireenbsrg vs.
MuEda ()peratliiK Co tlcbsrd V. S 1 1 II.
HiM'i'l vera Appointed.
Hy Justice, Lehman Morris Kahn vs.
Charles llousebi lie Jiieuli Kim, Church
1 ml Itwlgtit Co, vs VVnverlv (Jonst Co.
William J l,ynrh. t'harbs lleusehekn vs,
Abrubam lliuschelie I'hailea lleuschelie.
ami Minnie, i'rlnr
11) .lusnie Page Clara Nniirleh vs rjtfi
111.111 Ileal lltl it" Co Krnest It KeUlev
It) .lustl'e I'lntjek ilroige Jterrlit Ward.
Inc. vs. lludjun N. Mason Louis How...