THE SUN, WEDNESDAY, AUGUST 13, 1913.
COTTON EASES ON
RAINS IN THE WEST
Nebraska com rrn, Ib small except In I
Ufpnri"' of Moisture in 1
iiml Oklahoma Cinisc
. ;, r.i
New York wheal prices vvcio:
FOliF.NOOX AUVAXCE LOST
September . . hi',
IVivmbcr . !'7'
Cover on Kiirly Weather
News and Damage
js. cotton m.itkrt yesterday noted very , JfjJJ1
Tj"h .ik 't did on Monday, wnen booh
, ! O lite new uiup uni ntic nunutu
Si plcmher .
Peertitbcr. . .
The Farmers' loan and Trust Company,
Nos. 16, 18, 20 & 22 William Street.
Branch Office, 475 Fifth Avenue,
LONDON II SStot'i a PAMS- 41 Bnnlewa HMirau
Travelers' Letters of Credit. Foreign Exchange.
Itrcolpls unci expoits weie;
' , ... i- Wheal. Lorn
. the forenoon Reunion on reports 01 my, Hecelpts- New York . 1nT.oo.( i.i.u.i
nt neither III the Western lelt, only to t;"'""" rk
i l0.i . the afternoon on private In- m i&a'- '''iK!
-mat hi of rainfall In the ilry sections., cailot wheal receipts at
yv ops were generally io points ninner point we re
cril lifter the Ktnrt of the session, but J
t ir-i iik wan nnehaneil to 3 points' net Ipiemo
ii The traillnc was l.ircely of a pro- ; Minneapolis.
... it character ami not of particularly , JiJ.1'11'"
tt proportlmm. l.ate reports of u t
..ivv amfall at (iiiHcitim. Houilon anil i Tot.iU
i. a so
GOSSIP OF WALL STREET.
V . i
ie "f m-IIIiik that wlpe,l out the earlier I'""'" oow " umi-.i"
i uprliiK to niriw f. o. b.. !
11 1 , .... Northern at .Minue.ipoll". svo . No. " reil
tfler opeiijiiK uneh.uiRc.l to 1 point W.r lo urr,w. f . j,, No . 2 lui .1
j-.fi he market reHpondeil to the early j f. 0. b to arrive, 'JJ'i.c; No. 1 Manitoba
,,i'her news, nhich falleil to illnclose i f, o, 1, to arrive, fl.o.1. I'orn -No. J
much ilenlteil ami Ioiik epecteil rnln i ellow c. I. f. rail. mi-Vv, export f .o. b.
i -. many of the exceedingly dry oec- sn-c. OatH No. 2 white, se.; No. i
r f Tcxae and Oklahoma. Tills ; white, 4i 4i;Ue.. Htamlai d. ir.'-s 'n IRc.
Hye No. 2 Western c. I. f. New York.
fiMo. IJarley Maltln c. I. f. Iluftalo.
r.Oiit'lc. Klour wan dull, but jr;nly.
SprliiK patentd. I.ToiSi $.".2."ii winter
fiiipted Fhort coverlns, trailers and com
- v . ti hoiiseM beliiK liberal buyeis on thi
j ai oi able report- UainaKc claims were
r ie ouji ironi noin Miniee. lenuiiiK loin-
o "Air I'ocki'l."
one feature of the market for Steel
common cMctilJy caued olmervern to
Notthentern ' c li anne their lewi of the tiinlii Impulse
bihlnd the "pin t In the price late on Moil
ilaj. It wan calculated that If the buv
IliK at that time had been larxcly for the
nt-count of ii bit: (.peculator or a Hpecu
l itiu- c.iiiKht on the (hort Hide the rourna
of the n Ice at the openlnc yeoti l ilay
oiiKht to have revealed It. The elimina
tion of tin Important portion of the short
lntere,m .other. , wot jl. would have
crealiiTii va'TiuiuVu T'alr'"oiTif ' "Which
would have been Indicated by a swift
tempirar nactlon In the iiuotatlou.
Nothlns of the sort ocelli red. From the
start the stock resound Its rise In n
ically surprl-lni; fashion, showing that
the character of the buvlnt; was not such
.ih results merely from a retreat of th
short Interest. At the start It was
thought that renewed short sales In tno
lust few minutes on Monday might have
been In suttlrleiit volume to till the gap
THE CURB MARKET.
market for outside securities re.
the activity on the Stock Kx-
There was a greater volume of
) business, and prices were up slightly fiom
.Monda s closing. Attention centred
about the bond list, where New York,
New Hindi and llaitfoid debenture tin
when Issued were the feature.
There were sales of sriX.OOO of these s
at prices ranging from lOH- to lOTtt
The clolng was 107 hi. bitter than the
last closing price. The New llaxell
i rights advanced H over the last closing
lulid s.onn of thfH!.v,ere traded 111. South
ern rCii'lTle" Vei.tlllcates solii ireavll'y" clos
I Ing at !M the final price of Monday.
Industrials were up fraetlonallv, Anglo-American
Oil was 's. better nnd Itrlt-Ish-Ainerlcan
Tobacco gain, d Stand
ilard nil of New Jersey was up one point.
I'nltnl Cigar Stores common sold from
the closing price of Monday, to ST,
and closed at xfl-'s,. There were 4.00D
shares traded In.
Mining shares remained firm. There
was Increased activity with nut lime
f-Mfe the anxiety of the shorts
The market advanced alwut 10 points
lid then eased off slightly on Southern
dee selling Prices steadied ngnln
Hi" publication of the iSovcrument
rtkiv weather report, which was ills
. tl unfavorable as to conditions In
"(s anil Oklahoma. Ivmand after
nt forenoon bulge, however, became iUlle
.nut Hie selling that developed on the
lore favorable weather news caused
Ins to recede rnther rapidly. Ac
mi ng to the otllclal map. lirenham,
ri. hid a precipitation of .12 and'
.;lvctton .02. There were thirteen sta
i. with temperatuies ranging fium
;H to 104 degrees.
fumin.irlnHl. the iiovernmeiit weekly
thir report said that In the Kastern
!' moderate temperatures with oe
iuonal showers and jibuudant sunshine
lifurilcd favoralilo conditions In nearly
i iirtlons. Over Texas, Oklahoma nnd
.irknsai excessive sunshlno with high
imperrftur'es, hut winds and an almost
entire abcace of rainfall has seriously
Ktarded crop growth, and damaging
drought prevails In nearly all portions of
Siii cotton was quiet and unchanged :
nMdiing uplands. 12c; middling l.ulf.
J c Spot cotton in the principal
Southern markets was generally un
handed Dalvcston. 11 ; New Or
,i.ir.t. 11 . Houston, 11-: Memphis.
.1", Savannah. 11;; Norfolk. 11 7 ;
tucu-la. 12',. St. I.ouls, 12,
l'utuic3 here closed unchanged to 3
po.nts lovser. Prices were;
Too New Orleuin market was steady
ifl'i- the closing here I'lk-es time were;
I4.2;.i 5 I 40,
4 2iifj II an.
if-iM.T. '-(.-.I hi. temporarily caued by the cancelling of a I price shifting. Alaska Hold Mines gullied
IV.lllS.tS Sll.llgniS, , ,.. , ,..i,, ,!.. 1 MflA ul,.,r., Irltnn.
Open- Hieh- Low. Clot- Prev.
lllif. sl eil 1,. elo I
It It 71 It ) II .,1 II 61 1
ii. oj li.i.n 11.01 ii '.i n.oj i
in i n.oi. lo.Ki i ii'.'.;
io s: io.v; ifi.nf, p x it-
10.97 It.M 10W ' ,-A
not ii.iw io.xi n...j n. o:
Hi: II 10
Ih, Liverpool market was steady. Sjiot
cottim was In fair demand. Middlings un
luigeil at R.lld. Kstlmated sales, S.OuO
a., a. Hecelpts, 3,000 bales, Including
Prices at Liverpool were:
were H.R.ir. bagi, against t.1.2r.t; bags on
the same day last week.
Salt-.. i'. I ( Cln-iuK
August s tr,'. 1
"liirmU'r 17 vi vi r:i
OdotKr it -io : -i v..iv
Nov enU-r v '... .1 . : -i
Ivicmlvr s 0 j. i; fi'.rv
.liieiary " P'T' 1
March. , si.fto sr.1 9 3. stuilli
Annl ... ! 3Mi'' i:
May IJ.X SM i4.-.iriM
June . .. '.' : TO 7n 'Msiis.V)
July 10 '.'.75 I'M !'.:.! i'.i 12
Aa; fept B.OvS
01 Nov r. S.".S
IK -.' a ll 5.M
H A M. bids to Liverpool weie: Au
run 11 H'. . October. 11.11, January.
10 54 The market tbeie Is due to open
'-lay 2 10 5 points lower.
Port receipts and stocks were :
Re- Last Ship
rripti. year. menu. Sloeki.
Interior receipts, shipments and stocks
Tie- Lal Ship-
i lulu. year, meias. Slorkt.
tou.loil ... .'14 J.07 1.111 Z3.2&0
M'mpliiii 11 T, (A3 1S.SM
Ausj.tu. i; M .. . 9.41
l 1-ouu , ... 10
uille hocli . . 7
I'ultre I'liiKes tl to IU I'oIiiIp. Lower
fer Prodi TiiUIiih.
Coffee closed steady .veslerday 011 sales
of S3.75U bags, ! to 12 points lower for
the active months. Prices at the start
were 4 to 12 points higher on tinner
cables ami in the early trading new high
levels weie reached for the season.
There was heavy piollt taking as pilctM
rose. The llrnzlllau markets were 111 in
and the lepoits from London that bankers
there vvero an aiming to make another
loan of several million pounds sterling to
the Sao Paulo ( iovorninent to be used for
aupiKirtlm; coffee prices weie advanced as
a riasou for the Improved tone of the
This loan would tend to oust the llra
lillan mono market, wheie loans have
lately been quoted at IS to lper cent.,
:.ml it would assist mat. ! Lilly in keepln;;
the crop off Ihe market. Kecelpts ioii
The Havre market opened it lo U
franc higher and closed '( franc higher.
Hamburg started to 1 pfennig higher
and finished a-, to l-i4 pfennigs higher.
Itlo No. 7 was SO reis lower, at r.2Ti(. At
Santos No. 7 was ir.o rels higher, at
4) fit .Vi. while No. 1 th. re was also ISO
Ms higher, at SIO.'O Itlo mid SnntiM
receipts totalled .'i'.i.l'(n) bags, against r3,
mio bags last year. Sao Paulo had 7S.
000 bags, against Sa.oiio tugs last year,
and Jundlaby tij.non, ngalnst IS.i'00.
New Vork and New Orleans warehouse
deliveries of Itrn7.il coffee on Monday
e.ilistilet olilt- ntlmher tif contracts for till
! fall, but the continued buying on a largo
scale made this seem Improbable.
-loeU Still S'oHroi-.
In the case of Steel more than any
other stock the market Ins broadened out
considerably. , llegintilng with tile last
hour on Mond.o, the dealings In that stock
have been In thousand share lots, where
previously they were In hundreds. In
.vestenl.iy's session a total of 1 IS.O110 ;
sh.iies, was done, and some very big
blocks, "U.'h as a single transaction of
VlOO shales when the price llrst touched I
IS. Hut In spite of this Increase In ac-1
tlvitv the scarcity of the stock seemed as
pronounced as It was all the way up
from 4!". It Is evident that enormous
amounts of the slock must have been '
bought on the advance and yet no notable j
Increase In t'"' floating supply Is yet ap-1
paient. A reaction of less than a point I
from the top prUt ot the (lay was ac-1
eomplished on comparatively dull trad-
lug The slock all the wu up has not 1
cotrte easily Naturally enough under the I
circumstance the origin of this extraor
dinary buying demand for the stock
and the reasons which have Impelled It
ale the chief subjects of discussion.
with sales of 1,200 shares. Arizona
llelmoiit lost y, points and Canadian
Cold Silver lost a point. Coppers gained
fractionally under fair trading.
Transactions In detail In the market
.vesterd.iy were as follows.
Open- Huh- Low- Clns
Silo lag "1. e.t In-'.
LMfl Ala.ka rintd Mine" IS', lis l't'i P'S
ft Aimlo-Am Oil . M :o'i vi :k'i
Sales totalled S3.7SO liacs.
Provisions were quiet and easier Cash
pork was quiet; mess, "-23S $23.S0; fam
ily. 124 Sl'iii J2. Iteef was steady
llefylntr Ihr l.in of CriivlO.
In ordinary speculative views allow
ance Is not usually made for a rise like
that which haj taken place In Steel com
mon and the rest of the list In the last
two months. It Is not th" extent of the
advance In so short a time, although that
too is noteworthy, but It Is the manner
In whlchr-lt has occurred which Is re
garded as absolutely Irregular. The rlc
has been almost perpendicular. This
has Ih'Cii paiticularly so in the case of
Steel common, about which all specula
tive thought now revolves. A stock of
winch there I something like t.'.OO.OOn,
nnn outstanding has rl-en nearly 10
point., ami then have been no reactions
worth speaking of and Indeed few period'
when the advance has even halted The
aliMMiec of nntmnl reactions Is what dis
turbs tin- artistic sensibilities of the trail
ing element. This feature has also
tempted them hovond human endurance
to go short. They can hardly look at
the market without wishing to sell It
Of) Arir. Ilelmont :7'i
Heaver Cons. 31
110 Ilru'loa CopisT .. 6S
:io Hie Four It
"J llrituh Aiii Tob. .. 2JS
w llrllnh Col Cop.. .. -JS
IW Can C.old-bilTfr.... SI
fc Kly Con
I,") OreeiieCan ...
IN) Olroux Mln. .
:v CoMfli'ld Con.
.V0 Jumbo Kxtrn
I'M Kerr Lake.
S10 La Uo-e I 5-16
Ii:, Max Motors 11 pf
l'.i M)er (las Oen
W McKlu 1) H Mln. .
S.V1 Manh.it Trann .
2.") Niiil.sinir Mines
A 'Nevada Hill"
:ni Pueliia S A It
33 Stand Oil ot N J
M So ft .ih M 4 S
K) Tob Prod pf-.
) fToii Merger .
io Ton Mln of Nrv..
v.) Ton Kxlen. . . .
4i t'nl Clirar Storei
l' f Lt Itest.
700 Went End Con..
JV00 VVc.t Knd Exten.
7 DRTS4 nolo . . '
FV) N Y Cily 4S I) B'i
t. X Y City 4Ss 1W.'. ''S
S0 N Y N II H i-ouv
deb w I 10'iS
7 7 7 7
t S-16 1 M 1 5-16 1 '16
1 9 16 1 9-ts mm f iti
t:s i:vi t:s i:s
34 S S-1 3 71 3 7-14
31S S5 31S M
is i! is is
is 1 tt i is is
9 Mi '. !
7 V9 57 9
:s : 3-ie :s : s-ic
371 37.' 37H 373
I 32 32 &-32 i-s:
t IM6 IS 1 tl 16 1 11-1
n"j V6', 'j WIS
71 71 71 7t
4 1.1 1 l-U 4 ;! 4 i lt
.2 .1-16 2 3-16 2.1-16 : 3-16
M 7 V4
7", 71, 7W
I 3-16 1 3-16 1'.
t CIS '
-, 6 i
107S IMS tai'i
Sell, cents is-r shar'.
packet. UTif20; family. 20ST$21 Cash I present
The Previous Full.
It Is rlalmed that In most speculative
lard was weak, prime Western.
refined Continent. $1190. South
'Chicago prices were:
Open- Illch I-ow
Pork. itiff. est
September "-' !I.W
Oitols r .
offered at 1
19 00 two
tl 17 :o
K.I I mates! port
receipts to day,
2.70U to 3,300
)0 to SM
THE GRAIN MARKETS.
Corn Itules Mtronsj on Hnnthwrst
Corn ruled strong In yesterday's trad
ir.ff and at the finish was I to lHc
hirher than at the previous closing- The
market opened barely steady on news
of scattered rains In Missouri, Nebraska,
lou a and Illinois and on predictions of
i-.owers. Hecelpts totalled 617,000
tmsh'ls, against 363,000 bushels last
lear nnd there was no export demand.
The hull element, however, continued to
ori foi higher prices, and the appear
'M of Snow's report, which said that
the e ini crop had deteriorated an esti
mated equivalent of 300,000,000 bushels
FU.ic the Government report, rapidly ud
ian id values. The market was near the
I1 siii'M at tho closing.
' W it opened lower on weak cables
'"! n f.ivornble weather news, but the
ni.irn. appeared to be oversold and
h(ii ts proceeded to cover. Country of
fe' K., w,.re light. Trailing was not
ge volume, but prices were ad-v-ii
id from i-i to Tic. There were re
1 is on profit taking, and at the closo
I wcrn . to 1I4C. higher than at the
"" on the day before. Hecelpts were
totalling 2,272,000 bushels, against
' ono imshels last year, nnd exports
1 "I (M'.dUO bushels, against 435,000
i' -beh last year
ts were Irregular nt tho start, with
'Tcr in-s llheial on the bulges. Harvest-
g lather wan reported fair. Prices
el from 14 to "Sc. In sympathy
' orn and on profit tak Ing were
v weaker, rinsing H to He. above
vlous closing, ,
rge Le Count wired Flnley llarrol!
from Davidson, Ha.sk.: "Wheat
s turning and hnrvest will bo gen
111 this locality by next Monday,
lifivij a fair crop. Home oats being
Med lo-dav. Clear nrid wnminr."
11 huh estimates the world's wheat
'rop at 4,090,000,000 bushels, against 3,
i:,n.vj,flu0 last year, which Is about as
wpisted, This Is over 300,000,000 bushels
If re r than two vears flmi.
''tins received at Chicago Indicate
1 'vy decline In prospect since thu
'imierit report, much heavier than
'lly apprecluled. Heturns Indicate
ma dropped 10 points, Illinois IS,
an average mound dE, Iowa 13 nnd
'rl 20. Heturns show Kansas out
'"id as a corn producer this year, and
11. en vim 11 on 1102-,.
10.P7-11 l0.vf.-7 ll.iin II o".
market Is ipilet and un-
prlces holding firm, though
spot materials have been
32c. lower. Heflners are
well filled ahead, nnd It will be at least
a month before present stocks are used
up The lowe- offerings are simply an
attempt to draw refiners Into the market.
Quotations are unchrtnged at 4.70c for
line granulated and 3.s0c. for raws.
WIRE MEN ANXIOUS BUYERS.
Seek l'eiirr fur Aelliul Veeds like
Sells at III Ci'llls.
Wire manufacturers ' were anxiously
seeking copper metal yesterday, as some
of them at least had not been filling re
quirements as rapidly as the brass mak
ers. " Sales continued at 15i cents for
both electrolytic and casting brands.
Smnll sales of lake were made on the
basis of 16 cents thirty days, the equiva
lent of the Calumet nnd Ilecln price.
Sixteen cents will probably be named
to-day for electrolytic.
Further cv uence came 10 ugni lenu-
Ing to foreenst a comparatively early set
tlement of the Lake Superior strike.
Lack of funds by the unions In the dis
trict wns attributed as the chief cause of
effecting peace, should It develop soon.
Mine owners here stnted that their In
formation was that the strike had been
called without the sanction or the West
ern Federation of Miners executive com
mittee and accordingly did not have tho
financial backing of the organization.
The Julv production of lnko copper
showed n decrease 'of 23 per cent from
the preceding month, figured on the nasis
of Individual returns.
Kxcludlng copper linnge nnd ijuiney,
tho July output of tho more prominent
Inke companies last month totalled ap
proximately S, 732.161 pounds, compared
with 11,336,873 pounds for the same
properties In June, ft derrease of 2,601,
712 pounds, nr 23 per cent.
The following Is self-explanatory fin
Pal A llerls.,
Mohawk . .
O.crnls ., .1
Sunerior . .,
Total .. .
very Important features of the
situation In the stock nvuket
have been entirely neglected. The rise
In prices has undeniably been extensive
llrltlsh Am Toll.
lirltMi Col Copper...
Kerr l.ke . . ...
t.rtilili Valley Coal..
Maironl of Am new.
V X 11 It 11 rts
Hut to gain the proper perspective It Is . .MPi;,in Mine.
necevsary to look ai 11 111 in. ugiu 01 we
previous decline. This decline was an
even more notable development. For
many mouths the stock market fell
steadily to new low levels. I'pward re
actions were hardly noticeable ami
favorable developments of every kind
were entirely Ignored. Mm cover, when
Ihe turn came It coincided with 11 gen
eral turn In nil the matkels of tho world.
There was no excitement about It and
practically no speculation for the ad
vance on the way up and consequently
Utile profit taking. Tho turn In the
market occurred like a turn of tho tide
In a calm sea.
h.iulh imc i ti. of liu
Tmiacco I'ruo pi
I I'nCKSCof Am
j Yukon Hold..
I II It Til's notes.
. (iilearn I I '
XV MI.V1I con ill-
v estfiii I'ai- 5-
US "'i 'A,
. . . 22'j 23'. 22'
2S 2'H 2' 1
l'e IS l'
... . I.S 7 f'S
... . .IS 3'-j -V,
. . . 24 2S 2S
,,. tin 2ii r.i
Hi 7 S'j
I' lJ I'.J
4S 4S 4',
2S 2'l 21 H.
1,. ni i' m'i
(C,t, "'j m
sfli-j a; M
2 2' l
MS tr.S l5
m i as
.l I07S 107' H"'S
711 Mi 7.1
THE STEEL MARKET.
11 it 1 1 1 itlf 11 Iteuellon.
It has been questioned whither the
reason why more people do not make
more money In speculation than they do
Is not because they are too afraid of 1
selling at the bottom and Inlying at
the top. Ill the lecellt I Ise the spec.1
ulatoi short of stock nnd the pins,
pectlve buvcr have both been asking them
selves a thousand times a ".av ,hovv I
far in the name of all that Is piob-
i l-i. millions II ell eel Slluhl lining,.
IliioUlnus Continue Small.
Steel mai kit conditions continue un
changed and bookings are smnll. The
feature of late lias bien the reduction
In cei tain classes of tubes amounting
to $2 a ton ordered by the .National
Tube Company, 11 subsidiary of I'nlted
State" Steel. A I eadjustiuiiit 111 prices
1 within the next few weeks Is expected
by the trade.
Should a bti.vlng movement fall to
lii-iteilnlUe within the last two weeks
of August the Steel Ciu-pnr.ltlnll will
' leport a futtlier fall. 14 off In unllllid
tonnage In August Tin- decrease mav be
.lit ilowll sotllewniu ny 11 leiiuciion in
uliln the present advance Is
go without a snarp reacuon. iioiu ...i.mictits. although there has been no
have been vastly surprised and a little .. . . , nroduo.tlon to date. The
Indignant that nnvbody should b-1,,,-,,,,... ,, , runiil.ig from S to s per
foolish as to buy stocks after a big
rise Instead of waiting for this teac
tlon. obviously very nenr at hand, when
they e-oulil get them several points lower
down. The most elementary rules of
speculation are assurance that the ad
vance can't go on forever without a set
back. Hut there Is never very much
consolation .In that when the prospective
buyer Is alwavs faced vvilb the pos
sibility of losing Ills market and the
speculator for the decline Is In danger
of having un enormous loss pile up against
It befoie the longed for reaction comes.
ItiereiisInK the Supply.
Southern Pacific was one of lin
stocks on the whole list lo recoid a
decline for the day. With the
1 nouncenient of the price placed on
"soup tickets" speculative activity In
stock hns Increased gri'atly Thus
Julv. June, cent
1913 IMS Dec. dec.
l,n;o,r,no ,;ri,ira ;i,i,tf 30
3'm,5iv. sr.ii.cts l.'.s.lio 21
3,H40,CM 4.WI.797 l.lCl.lli! !l
I!T,.I5.'. 193 art J.pfl
locnoa iis.ooo 37,000 e
.143.750 4W.ni 154, 3SI 30
lion 000 R20,r(2' 2?,5:,. '.'7
l,:i7.2f'i t, 134.(141 207.3V, 14
!W7.2i'0 3:.(iWI 74 s .19
470.7:?. .VJ4.770 K.'.OII :0
ijii.oon 630.000 :oi,ooo 33
wTT32.ICl 11,336773 2,(104,71! 23
DAILY FINANCIAL CALENDAR
IIOOKH CLOHH POIt ANNUAL MI-lKTINll.
Com pan). Date.
VlrtinU-Curnllnii cheinlcl Company Sept. 2
Company and Term. Stk. Anil.
(lorhHiu Manufacturing Company.
Monday transactions In Southern Pacltlc
vvero actually larger than In I'nlon Pa
cific. The weakness of the stock
Is attributed to the fact that Southern
Pacific stock is now In process of manu
facture. It Is suggested that n process
of conversion Is now going on from the
stock to the ceiilllcatcH. In other
words, owners of Southern Pacific arc
selling their stock nnd buying the rights
which entitle them to suhMiiptlou to the
certificates If he Is not a holder of
1'nlon Paclllc there. Is nothing to prevent
blm converting tho certificates bin k In
to Southern Pacific stock Immediately and
receive In addition upward of (400 In
cash it-presenting dividends dun.
THE MONTREAL MARKET.
Canadian Cement ,,,
Iii'lrnil I 'in i en ny
Ilnmininn Hlrel l'or ,
Illinois Trie-lion ifd
Montreal I. II & P......
Nova Hernia Slci-I Coal
(I.'llvic KIoiii Mill.
I uiii-ls-e lly Lt a P
' itieb A Out Nnv
Sliiiiviiilmiti W A P
Slrrl Co ot (.'lunula,
, 203 S
PA It VAM'K OK STOCK OP THh
SOUTHERN PACIFIC COMPANY
nKPiii:si:.sTKi) nv ckktii'icatiw ok intkhksi' isst'KD by thk ci:NTn.ii Tnr.sr company o
ni:v voiik. thi:hti:k. i Mint thi; i isai, dkciikk, dated jpnk .io, ims. ok thk distuict
COl'HT OK THK I N1TK.D STATUS KOH THK DISTHRT OK I'TAII IN THK Hl'lT OK
I NITKD STATUS OK AMEHICA vs. UNION PACIFIC It. It. CO.. if of.
To Stockholders (Common and Preferred) of the
UNION PACIFIC RAILROAD COMPANY:
, Siippluniriitiiit! Ilic circular of the uiiuVrniRiipd Companim dated July II, lOI.'i, olToritiK to t-tockholrler-i
rviiiMered on (he hooks of ttit; I'ltloti PucKIc Huilroud Conipnny nt the closo of inislness on AurusI. 7, 1013, tho right
tomibscriho (lo tho extent of twctity-sovpti tver cent, of their holdlnRM of Ifnlon Pnrith: stock, preferred or common)
to Certificates of Interest in 883,57(1 sharon of the capital tstock of the Southern Pacific Company, notice is herohy
given as follows:
The date on which the right of subscription will terminate (hereinafter called the "subscription
date") is September 2, 1913.
The price of subscription is $92. for each share represented by such Certificates of Interest,
payable in full on or before the subscription date, or, at the option of the subscriber, in two instal
ments, viz. : $25 per share on or before the subscription date, and the balance (i. e., $67), with interest
thereon at the rate of 6 per cent, per annum to the date of payment, on or before the second day
of September, 1914.
Tin! said price of siilwription ! equivalent, as of tho subscription date, to JWJH per share and arrriiisri
(lit itlciids, since the Certificates of Interest ottered fur subscription will represent, as of tho subscription date, in
addition to tlio stock, the two quarterly dividends thereon payable April I and .Inly I, HUM, of l's per cent, each,
which have been collected and are now held by the Trustee, as) woll us the portion of tho dividend for tho current
quarter which will have accrued on the subscription date.
The .Subscription Warrants issued by the undersigned Companies, evidencinc the subscription right , mint
be surrendered by (lie stockholders or by the persons to whom the Warrants have been assigned, with tho sub
scription fortti'etidorswH-licrcoii'duly-ivtecutcd,. on or before the subscription dnle, either fn New York at dV iTfle.Oj
of tlie Trustee, ihe Central Trust Company of New York, 51 Wall Street, or in London at the offlcoof Messrs. Daring
Bros. .V Co.. Ltd.. s HisoNgute, K. ('., accompanied In either case by payment of tho first instalment, or of the full
ion price, us the subscriber snail elect, and nil htibscrlption Warrant not so surrendered
with such payment on or before the subscription date shall bo void nnd of no value, Checks or drafts in
payment of subscriptions must be drawn either in favor of the Central Trust Company of New
York in New York funds, or in favor of Messrs. Baring Bros. & Co., Ltd., in London funds at the
rate of exchange as fixed by them.
Said Trustee, dire'ctly or through Me-srs. Maritig Uros. A Co. Ltd., as its agents in Iniilon, will, on surrender
of the Warrants and on payment of the lirst instalment, issue Subscript lot' Receipts which will be transferable
by a-signuieiit, and will also, upon full payment and surrender of the Warrants nr Subscription H'ceipt,as thocasn
niay be, issue Certificates of Interest registered in the names ol the ptirclinsers. To tiWo making full puvmont
in Loudon, Messrs. Haring Hro.4. .V Co., Ltd., as agents for tho Trustee, will in the first instance deliver temporary
receipt-., exchangeable, fret' of expense to the holder, for Certificates of Interest as and when received from th
Trustee. Subscription Hecelpts and Certificates of Interest delivered in Ixmdon will bear the Kuglish stamp. The
Certificates of Interest and Subscription Heceipts will be in tho form appended to the above mentioned Final Decree
of .lime :io, ll)i:i.
, No affidavit is required to be signed as a condition of subscribing. There is no restraint upon
the acquisition or subsequent holding of Certificates of Interest by stockholders of the Union Pacific
Railroad Company. The affidavit as to non-ownership of Union Pacific stock is not required to be
filed until Certificates of Interest are presented for exchange into shares of stock of the Southern
Pacific Company deposited with the Trustee, and as a condition to such exchange, or as a condition
to obtaining a proxy to vote at stockholders' meetings of the Southern Pacific Company.
Dated August 11, lOI.'t.
rxiox r.riFir r.ilro.i company,
OUKCiON SHORT I.INK RAII.ROAO COMPANY,
Hy FitEDKinc V. S.
Chicago and Western Indiana Railroad Co.
I.KM.H.It. MllltTliAI.K lllM".
Trusters' Of flic, Hihiiii 33 (Mb IrliMir),
New Ynrk, Aug 6, 1913.
Th' Trusties have this ilu .lesignati il, ny
Int. the ruilnwlfne
cent below- the high recoru 01 a snort
Steel orders bnve been steadily do.
creasing since last October, when new
business wa.i received at the rate of
about To.OOO tons a day. Some of the
large consumers of steel am predicting
lower prices and ate delavlng their con
tracts, There Is also the tariff situation,
which will tend to unsettle the market
until II has been disposed or.
In the South conditions In the Iron
trade reflect liiipiovement Steel pipe
prices at Pittsburg have been u-duced.
The wlie business Is quiet mid sheet
prices are Irregulai.
The American Locomotive Company
has received an order from the Nigerian
Hallways of Afilca for two six wheel
saddle tank locomotives (Oi'.o-T tvpe),
eyllndeis 14x24 Inches, driving wheels
44 Inches, total weight III winking order
MANUAL OF INDUSTRIALS OUT.
I olllMllls a.SIIHI I'nites Devilled to
Poor's Manual of Industrials for 191.1,
containing 2,263 pages of text devoted en
tirely to manufacturing, mining and mis
cillancous corporations In which the pub
lic Is Interostrd, Is now ready for ills
trlbutloii. This Is the fourth aiiiiunl
mlltlou of tho Manual of Industrials, and
Is volume III. of Poor's Manual for
The two other volumes of tho 1913
manual are the Manual of Hallronds.
which Is now In Its forty-sixth year of
publication, nnd the Manual of Publlo
Utilities, which, like the Manual of In
dustrials, Is of more recent origin. Tho
three books together contain over 6,000
Tho Manual of Industrials contains
nbout 900 new companies, a large num
ber of compnrntlvo end analytical tables
and an appendix giving very recent In
formation nbout railroads and public utlll
ties, supplementing the data given In the
other volumes fleallnB with Ihusu sub-
l. 4 5 s
cs . s
lis 7 ",
7.1 . I
S 64 I
I II.." I
los7'i 1 3 4 S ".
K.,.1 II. 75
ns ihe numbers of tl.e 112 hands
untli-r th. trust ii'-i or nu' i no ,m-'
irn lndlin.i Itfillti'id Cnmp.iii diii-' !'
i ember 1st. iss.' to be ridet-iind. by tn!
operation "f the Sinking Fund on Sept lit
nut. at the elfl.e of li-Hrs. .1 P Morgan
Co. X.-w ork. .it lo". nnd aecrunl Inn r
est in that date Itesl-ti-ted bunds should
P.- aeriiinp.ini' d b i power ot attorney
i..s.(,'prl. l!i.m In. l.t-sr.-r
Hii'itDKUT r.. sATTV:'ni.r.r
A PAULS dvi-rtlslae Aurncs wl-hes n, set hi
. .., ..I. , ,,..-.,1.1 ertprektMtiiill-tlt
on the New ork inHrket. W rite, stailinr refer
eni-es, to V i. rare or l. i nnrr-.-iir, ' i'e
(iratiee liati-llrre Paris I ram-ei. Artvantacmus
proimsltlun. Krlghl prosprrts.
WILL sell Jiunii (1-. gunraiilrnl preferred
stock In Xcw ork concern. J. II , Uix IH Mm
THE DENVER CITY TRAMWAY COMPANY
Denver, Colorado, June 25th, 1113.
To the holders of First and Collateral Mortgage, Thirty-Year,
Five Per Cent. Gold Bonds of The Denver and North
western Railway Company:
For each ll.noo fnce value of the above bonds with all unmatured coupons
attached, pref-ented in transferrnblo form to HANKKHS THl'ST COMPANY,
NKW YOHIv CITY, there will be delivered in exchango therefor, fl,noo face
value First and Refunding Sinking Fund Mortgage Twenty-llvo Year Five Per
Cent, (iold Honds, of The Denver City Trntnwav Companv, 'dated November 1st,
100s. due November 1st. 19:t3,iind IN AOOITION THKUICTO. NON-INTKH-KST
IIKAItlNti HONOSI HIP Ol 'l Hi: KACK YAl.I i: or S50. (exchange
able for bonds of same issue in amounts of $.Vk). or multiple thereofi, issued pur
suant to the provisions of stud Sinking Fund Mortgage
Holders of the above mentioned Denver and Northwestern bonds may at oncu
avail themselves of the privilege of exchange, by presenting such Honds to
Hankers Trust Company. New ork City, or by depositing them with one of the
authorized depositaries, who have agreed to act in this mutter at the request of
the iiiKjersiginsl Company for the convenience of bondholders, viz.:
Messrs. Clark, Dodge & Co., 51 Wall Street, New York City.
Messrs. L W. Clark & Co., 321 Chestnut Street, Philadelphia . Pa.
Providence Banking Co., Providence, R. I.
Messrs. Boettcher, Porter & Company, Gas & Electric Building, Denver, Colo.
Hy order of the Hoard of Directors.
THE DENVEH CITY TRAMWAY COMPANY,
by WM. CJ. EVANS, President.
Th rnplillv unmlng poput.it Ion in the
t-rrltorv served by the cirotlns l.lcbt and
Power iVillipiin .- s held to Ill'Ollhl for the
Im-rensed elir-.lt'K" of Hint iiillirrll The
.lime truss fir lat.l n 110 313 un lmrei.se
of 17 i.ll over tli IstJ June gross enrntiiss
1111,1 the gross for th' t ie.ie month, ended
June 30, 1513 ns .3:3i nil Ineresse of
17s. 03 over the preietlng twelve months.
The surplus after charges for June. 1313.
shows un Ini re.ie of tK.547 .md an liicrrH
of 5.'. sv. for Ihe twelve niuiitlis ended
June, l'.i 13,
Referring to the above notice:
We nre prepared, until August 25th, 1913. to receive deposits of DENVER
AND NORTHWESTERN RAILWAY COMPANY 5' r bonds for exchange under
the terms of the above offer of the Denver City Tramway Company, and to
issue receipts exchangeable for First and Refunding Sinking Fund Mortgage
Twenty-five Year Five Per Cent. Cold Bonds, and non-interest bearinc scrip,
deliverable as received from Bankers Trust Company, Trustee.
Deposit and exchange will be made without expense to the holders of
Denver and Northwestern Rwy. Co. 5r; Bonds.
A water pti" r r lotninlsslon which villi
probnblv ultimately result In the formiitlun
of a permanent water p.mer bureau Is s.mmi
to be named bv the I'aiuidbm i!o eminent
I'linidn fi'ls tee need of surli .1 bureau
through whl.h xpert Information ihii be
..blnliiF.I In rel -Ion t" tin iippile.nlon ot
Ihe l.l.tt 11 .101. tit of poll'lltttt hdro eltltlUe
enerm In th.it eounlry. , , ...
The work of the new nininlsslon. wlibh
lll rvi.n l over .1 p'rloil ot H'Ver.il vcits
will be to make un exhaustive lul) of
available power silts from the bend of the
i:rent l.ak. s 111 Montreil It will b. Known
n the st Laurence nnd Ureal Lakes Com
mission. The report, of the commission
will be nvnll.it le when permits for w.ite
power rights are applied fur. Manufac
turers In till" mm ti v have rerentlv es
tsbllshed nun) hv.lio. electric plants In
I'aiiH.la and the iiovernmeiit Is ns.lstlng In
the .levelnpment of these resources in ninny
In stslte of the recent Mexican troubles
nnd the present uni-ertiiln political situa
tion the Montrrev Hnllwiiy. Light and
power Company of Mevleo reports liureneed
i'm iiml nt I e.irnlnirs for all Its depart
inents Th report s.ivs Hint when pollilt.il .
Iioiidltbms In he .'ountrv have reiuriied 10
Ihe normal an uunii-ui.iie expansion m me
nnipani's business will follow, with a 1011 1
siiii"iit grenter Incrssso In the earnings.
During the last vear expenditures were held
to th" minimum Hm moss Income for the
vear was !! 12 1. lb" bhlaliie after dlvl 1
lends on debenture stork wa t2H'.',743 nnd,
the surplus after dividends 011 preferred 1
stock was S2ou.(.4. j
The new water power Inw nf Wlseol.slll, I
whlih does not iiiliult 1h.1t the ilp.irlnn
owner ban mo piopi-rti rlshls In water
power will prob.il.7; I ntesled III Ih'"
iinirls 111 the near rutute. The bill bus Just I
been signed In- the iloiernor The luw Is I
s.ild to he iiilltiarv lo deiikbilis of the I
Stipreine Court of Wisconsin, but those In- 1
telelted In the passage of the act believe
thai the Pulled Stalls Supreme Cinirt will1
iiphohl tin. law 1 lie nnv piovioii in. 11
liani-hlses for the development nf hvilni-elsetrb-
power are to be grantel by the
VMsioiisin It.lllroad I'limmlssbiu nnd Unit
friini blsi s jilloivtui: the development of more
tli.iu 250 horse power may be granted milv
tp 1 urpor.itlons 1 iniilng under the enit.lt,
utllliy law of the Si ne so Hun their eliargi
fur servile may be IfKUblted. Wilier power
devi lopmetits may also be tnken over b
th Stale under the new- law,
Full information will be furnished upon rc(iiest.
Clark, Dodge & Co.
.11 Wall Street, New York City.
I'llll.Atil'.l.l'IIIA II AN K sTATKMK.XT.
l'lllt.AI)i:i l lll A IIINK sTATP.VIF.Vr.
The Philadelphia National Bank
Philadelphia, August 9, 1913.
Loans and Discounts $33,948,964.84
Due from Banks 6,773,643.83
Exchanges for Clearing House 959,156.61
Cash and Reserve . 10,967,088.39
Capital Stock $1,500,000.00
Surplus and Net Profits (Earned) 4,682,328.91
Bank 19,893,972.20 45,821,324.79
SLMnN II III. All! -A petition In kink
inpti'i has he-en tiled against Slmim
llluir. manufacturer of nstrlih feathers
at 15i'i3 Madison avenue. Ills liabilities
are said to be 135, ooi) and assets more
I hun 1.1.000 .Indite MaM'i appointed
Milton M Slllentleld leeelter, bond II, Son
.HUILI-V MANIMIItS .IiI'Ikc Miner has
uppoliui-d J. I. Morrison receiver fnt
Adnlph Sanders, dealer In men's furnish
Ink' Kooda at 1565 Thiol avenue, bond
I'HIKH ix C'. (inipiiriillon) ".lii.li.-e
Mnver has dlHiulssed Ihe petition In hunk
rupli-y tiled nu April 11 ucalnsi Ktled
H Co. (em poralloii I, wholesale denlris in
cotton Kiiods at 11 litth avenue, on mp
sent ol iledllots
M IIAT.S'KIt m IN. Si hi-diilen In bank
niptiy of M Itatner K Son, dealers la
butter and i's at 31 Pill street, sliuw
liabilities. f7,i.'o0 und uiiti. IJ.iJl.
IIIVIIIK.MIS AMI INTKIIEST.
- ......... a .... . .....u.. ....
Silllll lll.ix A f. r.n i.iv.s i.na.,.. ....
The Hoard of Directors has di-rlnred a uunr
li-m illvlili'iiil of lite nnd One-half per rent,
upon the Ciininion Hloik of tin- lompniiv, pav
nfile l the otllce of the I'oinpniy, Arcade Hull. I
hnr, Plillneilil.i, P.i,, Hepli'tnlier 111, IIIIJ, to Ihe
Common Stockholders as rtclslered al Ihe close
of business August 3. IK13.
It. II A .11 5.V. Kecrelsrv
Coinpiiuv and Term,
Amei linn r.xpress Com.
American Simur Itelln
In k iiunrlerly
American Susur lletln-
('iiiiiullaii I'iiiIIIc Hull-
road, ipiarlerly. . .
(.inadl.iii I'aiillc ll.ill-
rond, semi. annual ,
Deere A Co iiuurterly
Xnrlh IvutiF) I x ii til i ll.tll
road Couipiuy, uunr
Coinpsii). euarlerl ,
Stk. Ami Paiible
3 Oct. I
com li Oct. :
pfd l Oct. S
pfd 3 -
pfd I S Hcpl I
I, sept 15
IIIVIIII'N'IIS AMI INTl:ltr.sT,
nu: I'LNNsn.tAMi ii. it. ro.
I'lilbidilplila. Jiil ai, 1013.
1 he llo.nd of tllieclors has lids d iv dirUied a
iuilerly dlildend n( One slid one-half per
i-enl. iSevent.v-flve irnls per slwrri upon Hie
Cnplial .Slock of the Cninpiny. poj nlile on sml
ufler aiupitt 30, ion. in siorUlinhlrrs a. irirls-ti-ied
uihiii the bonus of the Camp no st tlir lioso
of business, AugiM 5, lull ihecKs will he
nialldl lu slorkholdi rs who have Hied ptTtiisnrnt
dlvlileiid oidt is.
JAMDS P I'AIIMISTIK'K, lrruifr.
AIIKIIICAN SI (i 411 IICHMMI C41llxNV
Jersey ( l, , J . ,HiMt l:ih, IUI.1.
The IVi ird of nluctois have this daj dt-iiared
the follow Inirillvldrnilsps) able October :nd. Inl3.
in the Miii kli.ildiis of riinrd un Mcpteinhi i ;u,l.
On the Prrfiri'd Stm-U a uunrterlj dividend
of l'i percent Da I In Common Hloiiin dlvtdcuil
of l'i v-r ii'i i.
Th( Transfi-r Itouks will mil be cloned,
JdSli'll i: I'ltli'MAN. Necreunr,
I New lurk lliilli'ii I'M lure I nrpurallnn.
't Le- I lit t it nu ii mix d ilni-inl of one pei ,-mi
uri n Ihe inrUnl sum-K of llil I'oiporiili n ha.
'prill ilr. Isli'l I Vlil'le ill lu I. il l.l, ll.:i ,,
Slih'l.l.lll.lCIs 1" , . V. 111-11 V
i II Mil I s J 11)11, liu.iuiri
.New 101k AUCUH 7. IK13
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