Newspaper Page Text
THE WASHINGTON HERALD, SATURDAY. NOVEMBER 16. 1912,
Local Financial Matters
By I. A. FLEMISH.
Wall Street got a good start yesterday
and made eood sains during the early
hours. Everything was moving- along
nicely toward recovery, when. In the last
hour, the wind took a sudden shift and
Hew bear gossip around the exchange,
-with the result that gains were largely
wiped "out and net losses of moderate
proportions were substituted very gen
And It was nearly alt because of the
fact that semi-official reports declared
that It was the Intention of President
elect Wilson to call a special session
of Congress soon after his Inauguration.
The action of the market was notice
to the world what Wall Street thinks
of tariff tinkering, of probes and investi
gations, but more especially what It con
siders as a possibility in the event of
the. bills vetoed by President Taft at
last session, for tariff revision should be
brought up in special session and passed.
In the natural order of things, sans
special session. Congress under com
plete Democratic domination would not
undertake the redemption of party
pledges for another year
In that J ear many things might hap
pen but the one thing that would. In
all probability, be left undisturbed
would be tbe prospcrlt that Is now
It was declined at I 30 jesterday aft
ernoon that ttinlta announcement of
special session vsjuld be made with this
In the last half hour the market was
especially acthe and melting on price
The net changes of the day were not
fo severe, and et some of the Indus
trials, notably International Paper, Cop
per, Wool preferred. Tobacco, and some
other industrials were off 1 to I points.
' the net gain side. Snuff, Lorillard
Tc acco. -Cotton Oil. General Electric and
Smelting preferred were features.
Local borrowers complained of a
scarcity of mone in the banks and a
disposition on the part of bankers to
mark up loans. This h.is been going on
for ten dajs past Some choice collateral
loans were marked up from i to 5, now
good loans have been marked to 5V4a6.
and the banks do not seem to hae the
money to loan eten on good collateral.
A block 0T securities was offered as
collateral for a JIM, 000 call loan jester
daj and was not eten sit en considera
tion It Is certain that the New York bank
btatement will be a poor one ocr $0,000,
ono In reserves lost 'and comparatively
light curtailment In loans.
The burden of crop movement has been
Washington banker" admit that there
is comparatit el little Investment busi
ness, and the records of the Stock Ex
change confirm the theory
It is Just possible that the last "call"
of the ear, if made in a day or two,
would make material difference In the
local money market perhaps in New
York also J
Bankers like to make a good showing
and the 'call" Is due and liable to come
an day In the meantime banks can
get W4a6 per cent for their money and
pick their loans.
A study of, the stock exchange sale
list shows such dullness ns belongs to
August and not to Not ember. Fifty-two
shares sold on Thursday, and seventy
four and some tenths shares Friday
It Is nothing more nor less than a case
of investors generally up In the air
They know something Is liable to happen
and are not sure what It Is
Therefore, being at sea. they are wa t
ing for something to turn up
Interests back of the Washington Util
ities Company are better suited by con
ditions as they now exist. They under
stand that bidding of old prices. S2a93
for the common stock of the Washing
ton Rallwaj and Electric Company, and
SSaHH for the preferred, would probablj
result in the marketing of the outstand
ing stock In short order Not having
progressed w Ith their plans, there is ap
parently no further desire for accumu
Int esttnents with moderate freedom.
Sales on the exchange yesterday were
unimportant,, as may be judged by the
fact that Qripbophone furnished more
than half tbe transactions. The talking
stock was strong.
Many important building operations
await financing. Trust companies and
other lenders are cautious on realty
The change In administration with at
tendant disturbances hi too near at hand.
Moreover, In times when there Is a real
stringency, liquid . assets are much de
sired and real estate and building loans
are .not as easily turned into hard cash
as other collateral.
It is no belittling of security Just self
protection In times when the banks find
money largely emplojed.
Comptroller of the Currency Murray
has been able to make a most satisfac
tory and satisfying statement of banking
business of the United States, as of
June 14. 1911
In this statement are the totals from
every reporting bank. State and nation
al, and statements as well from trust
companies and private banks.
In a way It Is ancpItome of the bank
ing business of the United 8tates.
The average capital of national banks
is 5110,000, of State banks, $55,000.
For every bank "Under national super
vision there are three under State espion
age National banks to the number of 7.3T3
have a capital of Jl.033,000,000. Aggregate
capital of 17,504 reporting banks other
than under national supervision have a
capital of J977."32.000. This, and 170.000,000
estimated capital of nonreporting banks,
makes the banking capital S2.010,4S3,000.
Nonreporting banks number 3.S00 Na
tional banks have equal capital with all
Individual deposits in national banks,
J3.S25.000 000-ln other banks. SU.196.000.0C0.
National banks hold 6X per cent of the
cash In all banks. Individual deposits la
5,176 reporting banks. SU.9S6.61I.77l.
The cash holdings of national banks
average 17 per cent of Individual deposits,
while cash holdings of all other banks
(Including mutual savings! are only 5
ler cent, and excluding mutual savings a
little over 7 per cent
National banks have about 17 per cent
of their resources Invested in bonds, se
curities, &c. while all tbe other banks
have an average of J4 per cent so In
vested The percentage of loans to resources is
about the same for each class of banks,
being 65 per cent for national and 56 per
cent for all other bank"
The surplus and undivided profits of
national banks Is 9i per cent of their
aggregate capital For all other banks,
excluding mutual savings banks, tbe per
centage of surplus and undivided profits
to capital is the same
Taking four-year periods, it appears
that during the past four vears the in
crease in bank resources far exceeds that
for anj like period in the country's his
tor) During the four vears ended June. 1912.
resources of the banks have Increased
from S19,5S3,000.000 to S219S6.000.000. an in
crease of $3,463,000,000
The nearest approach to this increase
was for the four J ears ended June, 1S04
when the aggregate resources of all re
porting banks were about $4,413,000,000
greater than the amount reported In
The amount or deposits held b the
banks has likewise broken the record
The increase in Individual deposits dur
ing the four-vear period from 190S to 1912
amounts to Ss.-39.000.000.
The next largest Increase during a four
year period was June. 1904, to June. 190S.
when that increase showed J2."s1.0fi0,000.
Loans and discounts Increased since
June. 1S0S, bj S3 515.nOO.OCO
The reports submitted by the banks
show their condition at the close of
business June 14 1912. The bank report
ing number "5.1TG viz 7,372 national
banks 13.3S1 State banks, 1.922 savings
banks 1.091 private banks and 1.410 loan
and trust companies, being 7S1 more
banks than reported last year There
are about S.SO0 banks, chiefly brokerage
concerns, with an estimated capital of
170 000 000. from which no reports can be
Shareholders of N ashlngton Ga"s are ,",, of the reports of condition
satisfied with its outlook ith the as-1 subm!ued b aM ,he5e 3.57s banks, as
surancc that the dividend ha betfn of jUneH 1912. shows resources ag
carned, the see no reason for Tiqulda- pregatlng J24.9S6 600 0CO. against $23,631,000
tion At the same time, there Is no buy- 000 reported by 21392 banks In June. 1911
ing movement, apparently no desire on j Loans and discounts aggregate $13,953,
the part cf the Insiders in the corpora- , 600.000. against $13 046.400.000 In 1911. cash
tion to increase their holdings anent the In bank. $1,573,200,000. against $1,554.200 00)
annual meeting, still nearly three months
away Despite the 100 dajs' interval
there Is talk of possible changes on the
directorate Accumulation of stock ma)
be noticed before election
While conditions on 'change are against
the making of commissions by more
than three or four operators, the over-the-counter
trade is excellent. Invest
ors having to make some use of idle
funds are takin;
In 1911. capital. J2.010.SOO.000, against 51,
952.400 000 last 5 ear, and 'ndlvldual de
posits. $17,021,000,000. against $15 905.300,000
The Increase In these Items during the
year is as follows Loans and discounts.
$58,400,000. deposits. $1,117,700,000, and
aggregate resources. $1,355,600,000.
The savings deposits in all banks to
on bonds and shifting tals approximately $6.1S0.00O,0O0
nEsomcES od liabilities of wtTC,uiGS, pri we n ks, lo x
WD TRUST COUF4MUS, tD NATIONAL IIWKS, JUNE 14, IMS.
1-uans and discounts . ,
Bonds securities. c .. .
Banking house, furniture, and fix
tures . . . . . ,
Other real estate . . . .
Due from bunks
Checks and cash Items .
Exchanges for clearing house. .
Cash In bank
All other resources
17 S04 bther
Due to banks
Dividends unpaid .-
United States deposits . .
Notes and bills discounted
Bills pa able
.$10,861,763,877 $14,124,878,897 $24,986,642,774
Toronto, Canada, Nor i
Bearer Crosolidated ..... - ... ..!.- .3'j .
Buffalo . . tVt
Clumbers Frrland .a
Utr of Cobalt JS '
CUalt Late M
Coniicaa I M
Crown Restrre M
RiSord - .CM.
-threat Northern .
Kerr Lake 2.70
1 Rose. ....................... i(5
McKinlrj Darrosr Satire. ....-...-... 2.14
Mra-sing .. J.I5,
Pfter.cn Lake. . ........ ..".1
Bltfif of War
TWwl.Van.lwf c. ........U..K.......... .431!
Wettlaufer .. .a
HEW Y0BK MONEY.
rr Tot, Sar li-CiII mocry opentd t 5
per crtt;-hlff-h. C, low, 4; micwalf. i-t dosed, S.
nllnc rate, 6V.
.No cb-uxBf has dcrelopcd in tbe tUtu of tbe time
tnoner .sutkvt and business remains quiet -tad rat
vaAapscd. Ttxj an? per cent for sixty daji. KiC
iorcJnet dij-s, Vi?i for four months, and Mi for
-..J- A ..-W-4V
fire and six months.
Cranmnrlal pacer iras qoiet and featureless at
Hfc for the best months.
London disconnta,. 4 per eent. off 1 16 per cent.
Paris dicounta, y per cent, off ;, Berlin dis
counts, W per cent, up S-lfi. -
New lork. Nor IS
AnsloAmeneanl Oil -.
Bradea .... .......... ......
Brulah America Tobacco.
Oilcaco Snhwar ........
GreerMvCaaanea . .
Intercontinental Robber. ......
Kerr Lake.... .T... .........
La llote eon .. ..
L. V. Coal Sale. Co
Manhattan Tranait. ,... 14
Marconi, new..... ........................ CV
Marconi. Canadian..-. 4'i
Nirisatns Minea Pm
Standard OH.... ......... .............. 391
Yukon Gold.. ........... ........... Vi
United CUir Store! ......... ......... 1151,
United Clsar Store! Stores jM.. .. 13)
Other financial news on opposite
WALL STREET GOSSIP
Statement ot the United States Steel
Corporation aa of September 20, 1911, sub
mitted to tbe Stock Exchange shows the
company has nearly $72,000,000 cash under
the head of current assets and $3,311,000
cash, under tbe head of Insurance and de
preciation funds, a total of more than
Compared with the cash held at the
close ot each fiscal year the Steel Cor
poration is better off to-day In cash hold
inn than at any time since Its organi
zation. The larcest amount of cash under
the head of cash assets previously re
ported was on December 31, ,1906, uhen it
amounted to $67,636,000.
On December 31, 1911, the cash holdings
of the United States Steel amounted to
orlv $43,500,000. or ,123,500,000 less than on
September 30 last.
Beading Is being well bought and
carefully bv interests who are anxious to
hide their hand. The borrowing demand
In the loan crowd Is fairly large and
steady for this stock.
Wormser Is bulling Steel. The Cotton
OH pool is at work again.
London Copper up 2s 6d.
Well informed Interests say there Is but
a small floating supply of Amalgamated
Copper out of big hands at present.
Important financing will be announced
next month If the Balkan situation la no
worse than It Is now.
Rates for money are expected In bank
ing quarters to decline steadily after the
first of the month.
"Many lines of business by tariff re
ductions have already practically adjust
ed themselves to lower tariffs." says a
prominent Interest. If such be-true then
the revision is fast losing Its terrors.
Smelting continues to be sold by the
professional element on advances for
We hear of reaccumulatlon of Inter
borough Metropolitan preferred on re
actions from current prices
Private advices of fifteen out of twent
institutions are favorable to purchases
of the railroad stocks upon all setbacks
from current prices.
Investment bulng Is reported to be.
taklna- place In Great Northern preferred
stock In a quiet nay.
According to some large copper-producing
interests, the buying of copper
metal by European consumers contin
ues this morning, but upon a much
larger scale than Tas the case ester
day. The demand Is heavy and requests
for prompt shipments are numerous
Full prices are being realized on all
transactions. European stocks of copper
are declared to be ery low. and with
the more favorable developments In the
Balkan controversy. It is expected that
the industrial situation throughout Eu
rope will Improve
The Standard Oil Company of New
Jersey declared a dividend of $5 a share
for the quartet. This is the same
amount as was paid three months ago
General Chemical Companv declared
an extra dividend of 5 pep cent on the
common stock. Also regular quarterly
dividend ot 14 on the preferred.
Standard Oil of California declared a
dividend of $2.50 a share, the last pre
vious dividend was paid In 1910 previous
to the dissolution of the Oil Trust
It Is understood on high authority that
the reply of President Chamberlln. of
the Grand Trunk, to the representatives
of Gov I'othler of Rhode Island on the
New England construction was unsatis
factory The known ir.dvements of monej for
tne week ended with the close of busi
ness on Thursday are featured by a loss
bj the banks of $982,000 to the Interior
They lost, in addition. $5,073,000 to the
subtreasury, making a total loss of $6,
055.000 The dull and dragging conditions
which prevailed in the stock market
vesterday were chiefly due to the uncer
tainties of the mone situation during
the next few weeks There Is an indi
cation ot a rather unfavorable bank
statement here to-day and there arc evi
dences of further scattered liquidation
from some calling of loans. The bad
break of eight points In Bag and Paper
preferred was regarded as due entirely
to such liquidation by some of those who
$907,200,000. cash in bank. $19.0.000: caprH-foIIowe. the rectnt actult of thn bull
pool In the stock It was not. however,
until the last .hour that there was any
really heavy selling pressure In the gen
eral list. Then Steel, A C P, V P.
Reading. L. V . and Anaconda all slump
ed a point 'rom Thursdav s. and with
these leading stocks showing such limi
ted support the market closed Irregular
and unsettled not far from the lowest
Until there is some assurance that we
are not likely to have a sharp squeeze
in money conditions, the tendency In the
best informed quarters is still to go
slow with regard to encouraging any
fresh bullish activity In the general stock
Lawson promised bad news between
date and Tuesday.
WEEKLY BANK CLEAEINGS.
New ,0rk, Nor IS Rank clearuics in tbe United
btates for the week ended NoTember It aczrexate
S3S5.a. acalmt E.KSCEOM Iat week, and
JMM.1C3 000 n thii week laat rear loHowinc are
retama for thla week: with pererntasra of chanzca
from thia week
St Lonis . t
kantaa Citj .......M
San Francisco ,...
New Orleana.... . ,
I'crtUnd. Orer (..
. 2,34.116 010
. ISO ro ooo''
. 16.577 000
IS ITS 09
Ho. nrelae .... H
HI. Central ... H
LebJxh Valley- U
North'n Pae.... S,
Southern Rr.i U
Cr FMry pfd.
WmI pftt- 1?
BeVt Sncar ... n.
Ile pfd s..... Vi
Creat. torthern 4
Loose-WIlea , tfc
Int. pfd J..
goo Line ..
Cam Prodncta.. Vt
Corn Prod. pfd. 94
Am. Tobacco .3H
K. C. tt 1
L. ATf tVA
Tt. V. CentmL.VTi
People' Gas... Vt
USterl pfd V,
at. rani .
Air Brake tt
Cotton Oil ..... TwiVa. Chemical... li,
CoL Fuel "...,. -Smelting pfd.l'i
D. A Jf. ......I IsnufT .." 3
Gen. Electric ., ft Lorlllard Tob. .zy,
"new yobk stock maeket.
New fort, Nor. U.
Hlrh. Low. do.
. r. n v
X0 AllU-Cs. M rd.
n.cra AmaL Copper Bla
l.r.i Am. Cert Konr...... ..... ot u
Sn Am. Bret blusar pfd ..-.. 91 M
XXI Am, If. 8. P. . ICCV. 107
MOO Am. Can . 4P 41
900 Am. Can pfd l2Vi lBVa
4C0 Am- Car & F Co , COVa
Am. Car F. pfd 11T4 1UH USH
U00'Am. UUea 43H 4$ 44
1 no Am. Clttea r'd 1H V (I
11.700 Am. Cotton Oil.. M SW Wi
200 Am. lew Sec. r ras it
1.O30 Am. Limeed 14 U D
4 90) Am Looomotlre ........ 5 4 S
10O Am. Locomotive pfd lots 10SH JO.
m Am. )I"lt
1J0O Am. Malt pfd MVa (3
Tn Am. Smertinr 0Va 7M,
100 Am. Dmeltinc pfd IK VH
100 Am. Hmeltlnz pfd. B K SS
100 Am 8nn3 - .. 193 IS
KO Am. Steel Fdrr 41Vi 41U
410 Am Tel Tel 11T. 1
310 Am Tobaeeo . ... . .. 2T0 70
401 Am W TV. rr. pfd.. , . J f-,
101 Am. Wool pfd (4 M
3 Am. Writing- Paper pf d - XFi 3S4
Xa Anaconda Wi tF
C.1CO Atcniaon ,.-. Y MTV
100 Atrbboo pfd.4 111 lOI'i
w au. A3mv1. ma..
54 57 SI
10ST, Kfi 10SH
re k. sea.
ir:v, iihi ic?,
i.v i i
. . IK Ml ISIS
CHICAGO GEAIN MAEKET.
4S- , tn fPi
MO Bald, locomotive Co ...
KO Italtlmore Ohio
100 Baltimore A Ohio rd
1,300 Iktblebem Htiel
530 Bethlehem Steel r'd .
600 B V Roodrieh .- ..
KO II r C.itid pfd
400 lirorAIrn Rapid Tranalt
HO Rrooklm United (laa
!9C7 California retro!
ao raUfcniU I'ttrul pfd
5 K0 Canadian racifle.
100 4 entral of New Jerrey .
40 renttal Lratber
lna Chcupeake A Ohio
T0 Chlcaco Great Western
30) rbic-to Greet IN eat. rfd.
3 SCO a. M & St. P
300 Chicago & Northwestern
r ( c. C St. L
4.233 Chlno Con. Copper .
101 (In San A CJ. pfd
TO Cblcradr. V & I
103 ConacUdated Raa.
s.200 Com Products.
303 Com Produeta pfd
300 lelaware tc Hudson
1 Drt. Lack. A V.
m IlktUIera' Recuritiea .
NO IMc lit pfd
100 Krle U pfd
333 General Electric .
103 General Motor pfd
SO Coldntld Consolidated
903 Great Northern pfd
8U Great Northern Ore auba
1(0 lUincia Central
303 Inap. Corrier
SOU lotrrboro 3Irtropt4itan 3)
L33 Interboro Metropolitan pfd. C.S
303 Inter Harveater ctfa. . la
KO Inter Harveater pfd US
3J Inter Par IIS
i.0 Inter Paper rtd
WI r Kaiarr
330 Lackawanna Bteel . ...
.40u Lehirh taller
0O Loow-WUeii rfd
SO Louisville t Naabvine
201 -Merchant Marine pfd
MO Mcx. retrol
1J03 Miami Con Copper .
W M & St L Pfd
331 M . S P A a 8 M
100 Mo. Kans A Tn
103 Mo , Kana, tc Tex. pfd
1S Mlaaomi PadHc
100 National niscnlt . .. .
100 Nat En A St
, 330 National Lead
ICO National Lead If 4
V n HrlM 31
IJOO Nevada ton. Copprr
500 V T Air Brake
S00 N Central
900 N T N II A H
IOC N T Sutr Railwaxa.
ZSO) Norfolk A Western,
303 Nor O T k L
2.403 Northern Pacific
3 Padllc Mall
1 000 Pcnnrvlrania Railroad
3D Tw G11 i f
330 Pittsbnn Coal
TOO Plfsbum Coal pfd
330 P LorUi.,,1
4CO Prr-sed Steel Car
100 Rx Steel Springs
100 Rr Steel Srrinrs pfd
T 40 Rax Con. Copper
1STO Republic Irrn A Steel
03 Rcpablic Iron Ac bteel pfd
403 Rock Maud
033 Rock Iiland pfd
s.163 Rtnnrtr ....
I0O Rnmelx pfd . .
303 Seaboard V I. . .. .
1 903 Seaboard A L. ld . . ,
103 St L A San F rfd
903 St L A S P M pfd
a st l i s iv
333 s S Steel A Iron
IJ03 Southern Panic
I CO Southern Hallway .
39 Tennessee Copper . .
100 Teiaa A Pacific . ,
10O TexM ( cmranx
20 Third Avenue
10,3(10 Cnion Rat A Paper
rSOO Union Itair & Paper
12.Z10 CnuMi Pacific
400 United Cirar
100 Union Drx Goods .
330 Union Railwax Invest
100 Union Railwax Inveat'pfd
JTO) U S Rubber . .
1,30 U S Rubber 1st pfd . .
X U S Rubber 3d pfd ..
41.000 U S Steel . . . .
403 C S Steel pfd .
ilOO Utah Copper . . .
033 V irginla Carolina Cheat
331 Virrinia-Car Chrm pfd
100 Mrrlnla Rx P pfd
403 Wabaih n-'d
103 Western Inlon Tel. .
101 Weatlnihouse Mfr . .
1C0 Werm Brut
115 VToolworth pfd
100 Wheel & L B.
330 Wheel A L B. 1st pfd .
TOO Wheal A L K. 3d pf d .
Total sales. SslStt shares, arainat 410.ED xeaterdax,
547,180 a week ajo. and TJa'tS a jrr asu.
XtX To. Sot, It-Colorado Midland 4a declin
ed to A new Tow price level. With thla exception,
price In the ruin belo? steadj. Ooatna; qoou
tlona: Sew Tork Central 4'ia. lDT..,...,,, .... W-
New York Central 4VU. IKS WH
New Tort Central 4s, B5t.......... X
New Tort Central la. UCT.....,...J.. K
IXew York Central 4s. 1031 ts
New York Central 4a, DM .....,....... M
New York Central JHa. 3I .- I1H
AUlChatoera Sa, Trust Co. ctfa.... (1
American Cot. Oil 4Ha. MT,
American Eratltlnf t.-. 1W
American TcL A Tel. eo). 4a. -.....! mi
A. T. 8 r. inL 4a .,..,..... ttla
A. T. A P. S. adi 4j tn.
A. T. A K 8. crt 4a. 1999 -.. .. '0H4
Atlantle Coast Una 4a............. ttn,
Atlv a L-X. A X. ta. .'.. KS
Balttmor A Ohio (old 4a, 17
Bethlehem Steel Sa SCVS
Brooklxn Rapid Tranalt 4i...... MVi
Brcollrn Cn. J3ec H. .....' lOIVi
Central Leather 6a. ... KA
Central Pacific 1st 4a ...... S
Cen, It. R. A Bkt Co. of Oa. 5a. .... 101
Central Vermont ta .. , ET
Cbcaapeake Ohio con. Sa 110
Chesapeake A Ohio ten. tt.
Chesapeake A Ohio est. IHs.....
unicaro A A'ton JHs. .... 3
a. B. AfJ ml. 4s KVa
C. B. A Q iolnt 4a.. x M
C at Eatt III. la.. . ... T7H !
C Ittl. A Lots. sa... dVi
Chl., MO. A Puret Sound 4a. BVa
ChL. MIL A St. rani 4U 105
Chlcaco A N'orthwcstcra general 4a .... STVa
Chleam A Northwestern J'is (4
a, n. i. a pdeb, s nvi
C R. I A P. trnrral U..... MlVi
C R. I A P rf t 4s. mi
C.. K. I A P cos. 4a....t
Q. St P. M A Omaha is
Chlno Copper ..-.-......,.'.
a. C C A 8t L. rtavtal 4s
Cblorado Industrial U I3H
Cclcndo Midland 4a. 41
Colorado A Southern lt,0. , DM.
Colorado A Southern 4Ha. Mi
Com Products j,, jjrv, xu,
Com Products 4a. 1334 94Va
Delaware A Hudson rf( 4s. KM
Denver A Rio Grande tit Sa 3a
Detroit United Rauwaxe 4Hl.... 74
Dlitillera' Securities Corporation 3s.. . . . 73
Erie 1st eon. "a. 11!
Erie rrior lien 4s4 , S'i
Erie ttneral lien 4a. 7CV
llrie-rennrxltanlA Coal 4a Jgij
General Electric deb. fia.
General Motor S F
Great Northern 4Vs. . ........
Horktns Valley 4a.
Hod Co. Caa Ss
rranob Cemrat rfc 4a
nilnoia Steel IHs.
Indiana Steel i.
Inep Con Copter Ca
luterbonfMrtronoliun 4. . .-
International Mercantile Marine 4Ss
Intematloual Paiwr 1st ft .
International Steam Pump Sa .
Kansas Cltx Southern Sa
Lackawanna steel i 1913
Lackawanna StcH Sa 1933
Lak Shore 4a 133
Lake Shore 4s 1931
Uczrtt A Mien Ts
IJirrtt A Mjera Sa
Louierille A Nashville nnlSed ts .
M . K. A T of T Ss
Missouri Pacific cnn. s
Missouri Pacillo Ss 1917
Missouri Pacific Sa. 1S33
Mobile A Ohio new fa
Mi bile A Ohio 4s
National Tube J rrceipta
New 1 cek Central 3i
New York Central A fat Louis 4s
V Y V H A H est 6a ... .
N V Rare, rff 4s . .
N. T Itwra. adj. 5s
N T Telephone 4'is
V T W A Ros. is . .
"forfolk A Western dlv 4s
Norfolk A Weaisra cvt 4
Vorlh Pacitle 4s . .
Or Rr A Nav 4s
Or. S Line rfc. 4s
PadSc T A T Ss '
Peunavlvania rtd 4Ss . ...
Pennavlvanla SHs WIS .. . .
Pea G A C of C 6s
P Lnrinard S
Pub. S of V. J Sa
Rax Con Cop. a
Reading gnl 4a ...
Ren. Iron A Steel Ss 1940
St L I M A S. tnl is
St L. I If A S rfg 4s
St. L A R. F gnt Ss
8t L A 8 F rfg Is - .
St Lonte Southwestern con Is.
Seaboard Air Line adl. 5 .
Southern, Bell TAT
Southern racioc cvt 4s.
:,, IScuthern raefilc t 4s.
aBBBsaBstssaBsaasasT) uaQl IssassU
ESTABLISHED IN 1867,
capital. '. -ja.oa.o3fi
UNDIVIDED PROFITS, over. tOoftOeO
DEPOSITS, overW 7.000.fX
Same Rate of
Interest Paid on
Both Large and
A Question of Dollars,
Safety and Service
-s-that is what the selectipn of your bank should mean. It is
a STEICTIY BUSINESS proposition a matter in which senti
ment has no rightful place.
The desirability of THIS bank as a depository for your
money is PROVED by its past records" and present standing.
Its arguments for your patronage are backed by nearly
fifty years of sound, conscientious banking business.
It is THE OLDEST savings depository in the District of
It offers the same high-class service to ALL depositors
and pays the SAME HATE of interest on both large and small
We believe we can demonstrate that this is the bank for
'YOU. Put us to the test by opening an account with a por
tion of your salary.
W1LLIASI D HOOVER
FRANK W STONE.
lit Ice Pre. I CH is. q LAMBOILN ...
. -3d lc Pre. FRANK STITTiON.......
Aast Tr. Officer
National Saving's and
Corner 15th Street and New York Avenue.
U? T C I A R R Blmunjham die
Jj Tmi Comranx nt
... I Third Avenue lat 5a. v
J; I Third Avenne rf 4s
i ,Thlrd Averme adt Ss
r, ToL St L A VV col 4s 1917
5; Cnlon raciSe 1st 4
I C & Robber -
C S Steel S F 5
Virrinia A SonthwcsUro
Wabash 1st Sa .
Wabash rfc 4s
Wabash P T 1st 4s. trust
83 87i 874
US. UIH Hl'i
lXts IS 133
ra. 83S jja, aja,
lists 11S4 IlVi
TT-s His p
Wabash P T 1st 4a. Oolinn tr ctfs
We-tem Electric 5s
We-tern Marxland 4s.
Westinrhonse Manufactiirmr Ss 93
West "shore 4s
Wisconsin Central ts 91'.
TVtal sales SLSTiMO asainst IliSTOM vesterday
CBEOOO a rek am. and H14 033 a year aro.
NEW YORK COTTON.
Furnished by W B Hibbs A Co
Open. Tigh. Loss Close
December ILM 11 30 1140 111
March . "90 If! II Tt 11 e;
Max IL94 IIST 1L- 11.
Jaf, US lir II TS II f
New lork n 1190 New Orleans, li 1 1
Our Service Goes Beyond
The Usual Limits
of savings bank service. We do MORE than protect
your deposits MORE than pay you interest.
The unique feature of our service is this: We place
at your disposal the complete facilities of our INVEST
MENT DEPT., enabling you to invest your capital to best
advantage when it has reached on appreciable amount
2-5t Call and let us give you fuller details of this
3 ON SAVINGS ACCOUNTS
2i2 ON CHECKING ACCOUNTS
Washington & Southern Baiik
1413 G St. N. W.
Phone Main 1805
Branch: Center Market.
J SEIVW IV T VIT rre-ldent.
WHEN THE PUBLIC '
WAS EAGER TO BUY
.. 8ti !0 S3S '
76 TIS tt's
. im. in lirt
.us us as
.. 4TH 4SS 46S
. ll4 11SS 1154
. 9tH 914 S1H
IS, IS 4S
. IIS IIS IIS
T8 T8 78
C 81. 81S
.33 S3 CS.
116S 11S4 1B4
' Bid. Asked.
Adicntnre v- . ... - 44 Fs
BobcmU ,. ..., . 3
Cahunef A Ailama. 794 79i
Calnmet A Hecla S6S 503
trrcr Rantr .: K4 R
East Butte ....- ...' ISS 1SS
KTankUrr ....'. 104 U
Indiana . .. . - 1T4 IS
Lake . 31 SK
La Salle . :.. . . 5S SS
Masai alley tTS ITl
Mayflower 13 14
Mercenthaler . J"! 226
Midiltan' .... : Sa
Mohawk 55 SS
North Butte X( SS
.North Lake 34 3-4
Old Colony 3 Mi
Old Dcrnlnion 59S 93
Oneeo . 2 a
Oscecla Ill IK
Unincy tt K
hbannon 14S l(!i
South Lake ... f',4 CS
hwlfl s .s....-...- i 10GH lcs-a
Tamarack - 43 43
Trinity ...V SU
United Pmlt -1S4 1HS
L'tab Cctuolidatcd. 114 US
Victoria - Vi IS
tiotrtrio- ri IS
(Coryritbt 191J, by C M. hey-. New York.)
Ever once In a while something
happens that makes the selling of bonds
look like the easiest thine on earth
There have been two or three instances
Just lately, but. unluckily for the bond
dealing community, they hae been strik-i
lng exceirtlons to the general rule. The
details of one of these stories are worth
hlle to the Individual Investor because
they illustrate excellently an element of
safety and solidity In a bond that s.er
few people count on or understand, if
they happen to live outside of the world
An old-fashioned banking house with
a wonderful reputation bought JlO.fl00.0W
of bords representing what is said to
bo an excellent public utlllt propertj
They were first mortgage bonds and thev
were good bonds The two phrases arc
not alwats sjnonjmous A little while
after It made the purchase this house
ottered the bonds for sale at a price
which presumably represented a fair
profit abote what It paid for them.
Hero comes In the striking phenomena
When they advertised in the newspapers
and other places that they had these
bonds for sale more than 4,000 people an
swered the advertisements, made depos-
its by che"ck with their letters, and stat- mand and the bonds uiuall go to ai
ed how much the wanted. If there had premium price In this case It was about
been three times as many bonds they. two points. In the second place, the
would not have gone around, so it was j market is what la called a natural"
necessary to scale down the amount each jmarket. that Is. a market based upon,
person could have j supply and demand and not on prices
People who bid for J100.0CO or more are artificially manufactured Such a mar-1
said not to have gotten any bonds nt all. Kct Is apt to be very solid and obtain-
People who wanted from $50,000 to J100.000'ai,ie at an time
got tlO.OOO each Those who were satis-. This little incident and these remarks
fled with C5 000 to J5.O00. So it ran down 'about it may serve to illustrate to the I
the list until the bankers reacnea tne public what is meant by "distribution.
The Bonds to Buy
are those which years of experience have shown to
be safe and sound. We have at all times a large
and complete list of such bonds on hand which
yield the highest returns consistent with safety.
ri'nf' Jot cvoJar
A. B. Leach & Co
1 49 Broadway. New York
CHICAGO PHILADELPHIA BOSTON LONDON
Buy Bonds Now
We offer an issue of bonds to
yield 5.25, with pnnapa' and
interest secured by actual pledge
of a city's revenue amount
ing to four tunes all interest
and sinking fund requirements.
Sod for Descnptue CitcaJar So Si
Lawrence Barnum & Co
1421 F St., N. W., Washington
New Jork Philadelphia Plttliurrh Bolton
FRACTIONAL LOTS '
Eraal attrition te larra of araall ertera.
Send for our latest booklet No. 76
"Wall Street Ways"
Cootalolor salable and eoDstaatlj reMneste
lorurmatloo on the sarlooa poiats tasolseiJ Ut
atnek market tradinfc auch aa exrcutlatM. uter
est ratea cotomissiooa. statenieota. sDeUMda at
trallns. etc Mailed free opo request, aa
also our sreeklj market letter and periodical
letter on tadlrldoal ataeka
Oar atatlstlcal department llsraja at JMr
arrslee Order! executed in tuHsted securities.
Interest allowed upon depoalta sstOect t caeca-
J. F. P1ERS0N, JR. & CO.
(Members New Tor Slixi Kicnaire)
74, tlroadssriar. Aere lork City
people who only wanted Jl.OOO presum
ably representing the small but very con
servatlvennvestors of the country. Since
the bonds were not issued In sm ill pieces,
thesetpeople got the full Jl.OOO for which
Ihey asked. ,The net result of the sale
was that- the average allotted to each
bidder was between J2.W0 and J3.C00.
This Is what Is called "distribution." It
means that Instead of hatlnr a few big
creditors this company has about t.CO0
small creditors. These people do not
trade and speculate In the bonds. Most
of them. In fact, put their securities away
and forget all about thtm except when
the coupons are due Then they cut the
coupons off, deposit them In their banks
and draw against them Just as if they
were money. That is what they have
the bonds for and that Is what they use
From the bondholder's point of view,
a bond sold like this is apt to be a very
mucJi better security than one which Is
held in very large blocks by very rich
men or which Is traded In excessively Jn
the market at widely fluctuating price
In the first place, of course, such an over-
' subscription, creates an Immediate do
and also what Is meant b "marketabil
ity." The latter, as I have said. Is apt to
grow out of the forrner Marketability,
howeter. is seldom found In Its greatest
perfection, except In issues of bond"; or
stocks that run into eight figures Usual
ly. If an issue of securities Is a million
dollars, or even the or eight million dol
lars, the market for It Is apt to be "nar
row;" which means that while it may be
a perfectly good market If ou can find
it. Is Is not alwajs easy to find to when
jou want It
These considerations, of course, are
not of very vital Importance to the In
vestor who does not care about market
abilltj and fortunately for the country
that class of intestor Is getting to be a
very large and Important class. Ai.y one
who, on the contrary, wants, for tome
good reason of his own. to feel confident
that he can sell out at any time.. If need
should arise, or that he can use his In-
kvestments to strengthen his credit In the
bank-, or to-tenable him to expand his
business, should pay close attention to
the elements ot "distribution" and "mar
ketability." for they are Just about as
ltal to him as is the element of safety.
This 8 yearly faoorae
Is assured from an Issue
of well secured bonds
which we are offering.
Write for our circular a 8
The Safest Investment!
Are IDoen that do net flucroata dart, cTJa
robed -ss'" of tba mjoej or stork taa
tela. First deed cf trust notes (Srst nca
na). van secured cn real estate la tba Dte
trlct of OohnnWa. ec-astltirte "slR-edi" in.
teitSKxta. Thee da not dv-rend upon tsf
Cxandal respDojscQity of lodlridoala or fop.
rcratlcce for their statllltr acd are eieasa
from la ra tion aa personal reoprrtj. Wa earn
aupplj aoch ImreatmenU tn aasoanta trans SSI
Swartzell, Rheem &
7ST 161b. Strsret 5fartbswet.
, itUt.'Mj.-fy.w.rf&w - aJuaf.y .sJAsk- y.3SaJQ&. .- .,vivl
. ..iOi.SeSVrtW-. "
, 'AJ , Ju.