Newspaper Page Text
THE WASHINGTpN, HERAIiD. SATURDAY, JANUARY 4. 1918.
m a d v rnrc rrvr a vrrr inniuiurb rp
. FRIDAY'S DECLINES
Local Financial Matters
Ilr T. A. FLFallNG.
Atter making an excellent showing for
the last business day of the old year
and the first business day of the new
year. "Wall Street dropped Us mask of
optimism and appeared once more In Its
true character, dreading the administra
tion change, fearing; further probes. In
dividual encouragement at the expense
of corporate energy, and fearful that the
situation in Europe might not be as ia
vorable as painted.
It was a case of slump, after the big
rain, and the weakening tendency con
tinued throughout the entire day with
but only feeble attempts at rallying.
Usually some Industrial helps along
the weakening tide and yesterday was
no exception to the rule.
The directors of the Beet Sugar Com
piny met to consider the regular quar
terly dividend, and after considering It
for some time, this Is what they did:
"Resolved. That In view of the large
stock of manufactured sugar on hand
unsold no action be taken respecting
the payment of a dltldend on the com
mon stock at present."
Down went Beet Sugar and accentu
ated the weakness and encouraging, with
the peculiar brand of tonic that the
bears like, further pressure on the list.
Ihe passing of the dividend was to
tally unexpected as the friends of the
slock had expected the regular declara
t on. Tariff prospects have given Beet
Sugar a serious break, but it was carried
six points loner on the passed dividend.
The money market was much easier.
arid the chances are for a gain for the
1-ai.ks for the week of nearly tltfiOO.WX.
Close observers of conditions have
formed the conclusion that Important In-
Urests are trjing to sell stocks and that
early advances in Coppers were for that
In the first hour the tone of the mar
ket was rather strong, but tho bears
were doitie nothing to depress It, wait'
ing until they detected indications of
liquidation, when they at once became
Once the selling motement" started it
continued with renewed activity. All the'
"window dressing" had proved Ineffect
ie to bring In the general public Wall
street s one-time friends, who seem to
ave had enough.
Wire houses complain that the largest
part of their business Is in small lots,
10 shares and 20 shares occasionally.
Sales were 177,000 shares to 1 o'clock
In the next two hours nearly 3)0.000
shares were added to the total, indi
cating the more actle trading of the
lant hour of the eslon. following the
Uet Sugar denouemtnt.
Railroad earnings were satisfactory
Brooklj n Rapid Transit' doubled Its cap
ital stock for sulma construction.
The declines axeraged better than a
point, the leaders 1 1-Ja2 points, as shown
y the list of price changes elsewhere.
There were four stocks that were higher.
t the meeting of the directors of the
Commercial National Bank, held Thurs
day arternoon, W. A. H. Church, the
halrman of the board, presided for the
Tirt time In sex era I months. He was
gien an enthusiastic greeting by his
fellow -members and made to feel that
the were with him in his trouhle. and
that tli ncrt glad to hae him back
among them, even if he had to use
Mr Churih N in excellent health, and
delighted to get back to the' uctlUtics
TI.N aftirnoon the ofllcers and entire
ckrlial forte of the Commercial Na
tional Bank will lie the guests of the
institution at a luncheon to be glcn at
the Commercial Club.
It is probable that at that time Cash
iei John I'oole will have something to
ja encouraging to the clerical force,
bookkeepers, tellers, 4c. regarding the
itnount of lash coming to them from
tit" profit-sharing scheme in operation
in tlie Commercial National
The young lady stenographers of the
bank will he entertained at a theater
part a week hence.
The past ear was one of the most
prosperous In tho hi"tory of the Com
mercial National Bank, perfect harmony
prevailing in every department.
Vice President' F. W. .Stone, of the
National Savings and Trust Company,
estimates the annual, or rather the semi
annual. Interest payments to the de
positors of the bants at S&3XX When
the actual figures were prepared they
showed that the estimate made by Mr.
Stone was but JM0 away from the exact
In the figures for January disburse
ments by Washington corporations pre
pared by The Washington Herald some
time ago no account was taken or tne
great! v added wealth of the saers and
the mercantile, community by reason of
Interest. There are but few banKs in tne
city that do not pay Interest.
The savings-bank rate on savings Is
Ja4 per cent on dormant, while trust
company rates are JaS on dormant and 2
on checking accounts.
The habit or custom of paying bills by
check has become so general In Wash
ington, much more so than a few years
ago, that there are few dormant ac
counts In the banks.
It Is next to impossible for a layman
to reach an accurate total as to the
amount of Interest paid to depositors
In local Institutions or accredited to
them on their books, which is practically
the same thing
An estimate, and probably a reasonably
correct one J4W.M0 in round numbers
is based on 1 per cent interest on na
tional bank deposits. 2 per cent on trust
companies deposits, and 2 1-2 per cent on
savings deposits. Interest being figures
for six months.
To this extent hae the people of
i Washington benefited by reason of In
terest This but accentuates the folly of
any attempt to stop Interest payments,
as referred to In a local publication
When this total of JI40.S00 is added to
the Jl.100,000 January disbursements of
tne banks and corporations It will give
a total Increase in wealth of J1.5W.W0.
But this is not all. The United States
Trust Company, conducting Its "Christ
mas Savings Fund." was called upon to
hand over to the happy savers the sum
of 20.000 In round numbers.
Added to the previous total, we have
a grand total of dividend and interest
disbursements, payments on interest ae
count, and the Christmas savers' Interest
The National City Bank circular for
January, "made In Washington." pre
sents figures showing the earnings of
of twenty-four big banks, selected from
New Yprk and Chicago institutions, hav
ing an average deposit each of O6,9CC.000.
to be 1.19 per cent on the deposits.
The same banks, each having average
capital of J4.C3.O0O and undivided profits
averaging JS,C0,(X0. earned J33S.C01, or 9.45
per cent on the total working capital
In his recent report tho Comptroller of
the Currency stated that the average
earnings of the national banks for five
cars on working capital was 9S per
That the figures should exceed by 0.35
per cent the profits of the twenty-four
Wf banks Is a. matter of surprise.
There was a decided Improvement In
local securities yesterdav. A market
Mnrtlrg us If It wa "Blue Friday."
few members In attendance, fewer com
missions apparently, finally turned Into
activity and strength
The feature was the strength In Wash
ington Railway and Electric The Wash
ington Utilities broker was seeking
stock, advancing bids and buying little
lock. Gradually he raised the bid on
the preferred to 50 and then to 81. where
there were sales the closing bid being
WS-C The common was advanced to
IS 1-2 and then to S3 bid. There was a
market for thrs stocks and a good one.
Small sales of Ga were made at 86,
more offered. The best bid was S5 5-S.
Hustling for proxies continues.
Washington Railway 4s were In ex
cellent Investment demand, selling freely
at S3 1-2, Traction Is 110. and Gas Ss
Small sales In miscellaneous stocks
were made at steady prices.
WEEKLY REVIEW OF TRADE
New Year Starts with Big Advantages, Largely
Traceable to Record-breaking 'Crops of 1912.
Business Quiet, but Confidence in Future
Presages Activity Stock Market
Reflects Better Undertone
New York, Jan. 1 Dun's -weekly re
view to-morrow will say:
"The new ear opens with all the
gains and advantages achieved during the
last half of 1312. There Is, of course, the
lull usual during the closing das of the
jear. due to the holidays and the annual
readjustments and Inventories; but un
derlying conditions remain unchanged,
and the new jear takes over from the
old the increased agricultural wealth
resulting from the big crops, the activ
ity in the largest Industries, especially
Iron and steel, the augmented confidence
in nearly all branches of domestic trade,
the record-breaking foreign commerce,
nnd the full employment of labor at
high wages, insuring large buying power.
"When It Is expected that bank clear
ings during 1812 Increased 9.3 per cent
over 1911 and most of the gain was
made the last six months, some Idea may
be obtained of the immense advantage
with which the new year starts over the
conditions existing twelve months and
New York, Jan. S. Bradstreet's
morrow will say:
"After traveling at an exceptionally
brisk pace, business has slowed down,
and everywhere things are quiet, though
less so than usual at this season. Confi
dence in the futureTls in evidence, the
buying power of the public is such as to
presage activity, and there are few dis
cordant notes as to the outlook, which
Is deemed to be conservatively optim
istic Speculation In stocks and com
modities Is conspicuous by its absence.
but the stock market reflects a tetter
undertone, owing to the Improved condi
tion of affairs In Southeastern Europe
and to expectations of easier rates for
money. In the shoe trade at Boston
spring orders on hand show a good gain
over the year. Leather is quiet and hides
are weaker, but this Is due to quality
rather than quantity of offerings. At
this season trade in iron and steel usu
ally tapers off, but transactions this year
twenty-four months ago. Railroad traf- J present exceptions to the rule. The in-
moreover. is very heavy, the latest
statistics of gross earnings showing a
gain of 5 8 per cent In the three weeks
of December. In the cotton and woolen
trades the seasonal slackening of busi
ness indicates no fundamental change
In conditions. The output is practically
limited by the capacity of the plants and
the supply of labor. From all the lead
ing cities, both East and West, the end
of the year advances are satisfactory."
New Tort. Jan. 3. Tbe trading oiv the outside
areorltiea market to-dir ni s trifle more active
thin in tbe previous session. United Ctear Stores
wss sgalrt the active feature, and continued tbe Ute
downwird movement of Testerdsr. The dividend de
clsred wis estirelT duinraintinff. as was shown by
a decline of Dearly eight points, Tbe stockholders
were led to believe Uist this declaration would
Twos of greater rslue to tbem. ZtritUh-Ameriesn
Tobacco sold ex-diridcud of S per cent to-dar. and
maintained a fairlj steady tone. Tobacco Products
preferred was fractional lower on small sales.
Manhattan Transit continued heavy. Standard Oil
shares were aga-n active and firmer.. Dradcn Copper
was the feitaro of the metal shares, and advanced
to within a fraction of the recent high price. Some
Furnished bj W. B. Hibbs 4. Company. Bibbs
Buildinc Washington. D. C
I Atlanta 1C $
Bay State Gas.. U 'i
Itraden Capper. 1K1 10S
British Columbia Codcct............. 44 4
Chicago Bobwaj............... ......... 4s T
Glrour Copper.......... ,.......... ... JV 4
Ooldflcld ITorrcce...... CO ,C
Creene Canine. .... Vm 9'
Intercontinental Itubber... ........... 104 II
f the Tooopsh stocks were in good demand and l Jumbo Extension. 3D
dustry entered the new year under a re
markable strain to get out tonnage, and.
moreover, the weak witnessed further
bulng of rails and cars. Steel-making
pig Irons are also In good demand. Cop
per, after a spell of dullness, became
rather active on large sales in the clos
ing days of the old year. Lumber does
not manifest the activity displayed
while ago, but tbe industry gives every
promlso of activity during 1913.
"Business failures for the week ended
January 2 were 2S7. against 133 last week
and 319 a year ago.
NEW YORK CURB STOCKS.
NEW YORK COTTON.
rumished by W. B. HIbU Co.
Open. High. Low. Goso,
lXairi................ Ii5 na UK liTl
MJ................ KB MX ,itn liK
Jolr.. ............. ..... list till 1165 I2.C3
October..................... ILS HO IIS) CK
Largest Horning Circulation.
I La Ilose : ri
Jisuuuan Transit 1 IVi
Mason Valley. II HP,
Mines Co. of America................ 3 fi
Nevada Hills............................. IT IS -ls-I
Nevada-Utah M. at S. Corp.i........ . .0!
Nipiaing Mines Co................... t IU
Ohio Corner.... 1 ru
Sioux .........,............... S 8
United Copper.............,..,,...,.. 1 2
Untied Copper pfd..... ................ vj
Xulon CoW........ .,........... i ?A
WALL STREET GOSSIP
The Mvest Is reported to have been a
substantial buyer of stocks on the re
Rockefeller followers are said to be
bulling St. Paul for ISO before the middle
of tbe summer on account of tbe rapidly
Foreign bankers say the depression In
New i York has been due to European
conditions more than to any. other single
factor and that as soon aa the Interna
tional political sky clears stocks will Im
prove. It Is stated that of the U per cent in
crease of the United States' export trade
for 1912 over 1911 about 26 per cent rep
resents higher prices.
Amalgamated is still bulled by soma
of the strongest Boston copper houses.
"The anti-trust campaign has added
to the burden of the people rather than
otherwise.' says a prominent Institution
that has been Investigating competitive
and combination methods.
Bull reports are noted In aaome of the
large offices In regard to tbe Equipment
stocks on account of rumors of Impor
tant orders pending.
A large number of stop-loss orders for
bear account are reported to be just
above ruling prices in Steel, Smelters,
The following statement was given out:
Resolved. That In view of the large
stock of manufactured sugar on hand de
clared unsold no action be taken respect
ing the payment of a dividend on the
common stock at present." Tbe first
quarterly dividend on the common stock
was 11-1 per cent and was paid on No
vember la, 191L
Anaconda Copper Mining Company's
December smelter output was 23.400.000
pounds of copper.
Western Maryland Is weak on the ru
mors of poor earnings and talk of tbe
passing of dividend on preferred stock.
Illinois Central has placed M.000.OX)
worth of equipment and rehabilitation
orders. Including E8.O0O tons of steel rails,
or 15.000 tons more than last year. Ad
ditional orders aggregating nearly J2.O0O,
000 for varied equipment are expected to
be placed shortly.
Intcrboro Rapid Transit for November:
Gross increase. U20.CS: operating ex
penses increase. 320.378; net Increase,
J100.257. Total Income Increase. $,W6.
The known movements of money for
the five bank statement days up to the
close of business on Thursday Irdlcate
a gain by the banks of tl3.S29.9IO.
The Brooklyn Rapid Transit Company
has filed a certificate of an Increase of
Its capital stock from 343,000.000 to r0.-
Chesapeake and Ohio for November:
Gross Increase, 32T9.49S; net increase,
Foreign exchange mirkct Is strong.
Sterling up IS to 20 points.
JIanv traders believe that tho Impor
tant Interests arc trying to sell stocks
and that strength la coppers Is duo to
manipulation with the purpose of relllng
other stocks. Tone of market has ben
trong, but the bear operators have
been doing nothing to depress it. For
elgn liquidation In Western liar) land Is
reported There l an American Beet
Sugar dividend meeting to-day, when
soma reduction is feared.
The Jnterboro Rapid Transit Company
reports for November a surplus avail
able for dividends of 3C&ST2, an Increanc
ot.J7i.ITl Trorn July 1 to November r)
the surplus was 32,071,057. an increase of
London market for Americans this
morning shows Irregularity, duo to a
hitch in the peace negotiations abroad.
Money condltons here are ruling easier
and will no doubt be a factor In stock
market activities a little later on. Just
now the Street M apt to take advantage
of bulges to reduce commitments, with
Supremo Court declsons pending, and
likely to be announced next Mondaj
well as a resumption of the Money Trust
Inquiry Is hard to predict. We believe
that conservative purchases or tne good,
actlvo issues can bcr made on any ir
regularity, but would not counsel climb
ing after stocks.
Minority stockholders of the Wheeling
and Lake Erie win their light to gain
control of property and oust directors of
Canadian Northern Railroad orders
37.000,000 worth of equipment.
Net earnings of Louisville and Nash
ville In November, 1,377.SS0; decrease,
Net earnings of New Haven In Novem
ber. J1.CC7.0T; decrease, 350,737.
Even break expected between produc
tion and deliveries In copper producers"
statement for December to be issued
Rumors of Increase in dividend rate
on United States Rubber common did
not materialize at January meeting.
Usual quarterly dividends of 1 per cent
on common, 2 per cent on first preferred.
and 11-2 per cent on second preferred
Treasurer Carton, of Swift & Co., In
his report for the year ended September
50, says: 'Besides paying 7 per cent on
the capital stock, amounting to 33.250.000.
there has been added to the surplus
33.COO.000. Increasing it to 329.0CO.0OO and
also Increasing comparatively the re
At the annual meeting the following
directors were elected: L. F. Swift. Ed
ward F. Swift. Lewis L. Clark. L.
Carton, L. B. Bralnerd, Charles H.
Swift, and D. M. Anthony.
The stockholders voted to extend the
charter of the company to January L
At a meeting of directors the present
ofllcers were re-elected.
The decline In Western Maryland
stocks to a new low level foreshadows
a probable suspension of preferred dlvi
dend at directors' meeting next Tues
Inasmuch as the earnings have been
short of the dividend requirements dur
ing the last year and In the current
year to date. It probably will be sthe
policy of the management to conserve
funds until the new extension with Pitts
burg and Lake Erie Is in full and profit
able operation. This offers no adequate
explanation for the break In common
stock, which will gain from a suspension
of the preferred dividends. Inasmuch as
tne latter Is not cumulative, and if
passed should result In commensurate
benefit to tbe common stock equity In the
number of unavoidable circum
stances have caused delay In full opera
tion of the new extension, but these are
expected to be, overcome by April 1.
B. Chapln & Co. Tbe market was
adversely affected from the opening yes
terday by the sudden change In the news
regarding' the progress o the ncgotla-l
Lehigh Valley. H
Ho. PaclUc... Ti
C. A O. 1
X. Y. Central..
People's Gaa -.1
nt. Paul V
Rep. Steel .... V,
Southern Ry... V4
Wool pfd. .
varr roanary... &
B. o. 3H
Brooklyn R. TJ4
tlonit vn mrA ft, nalVan l..-tsl.v, wo- 1 7n. GaS'.-..l
The deadlock, over- Adrlanople waa made Erie
the basis for tbe reaction In the foreign Gen. JEletHo""l
markets yesterday, and our market re- G. North. '
acted in sympathy. Tbe bjd break of Iaterboro eons-
nearly 61-2 points In American Beet !!7,,o pfdl
Sugar to 41 5-8 on the unW if Its dlvi. L aiiey.3
dend and the slump In Western Mary
land from 45 Friday morning to 2$ yes
terday and the preferred stock declining
to 62 on rumors that Its dividend may
have to be suspended had a dishearten
ing effect. - .
The money market here, however. Is
working so much easier, and the under
lying conditions, aside from politics, are
considered favorable, the market is In a
position to respond readily to a resump
tion or good buying likely to be Influ
enced either by favorable court decisions
for the railroads or the end of the Bal
Annual meeting of Golddeld consoli
dated will be held in Evanston. WyO.,
.uunon), jiarcn it. hiock of record Feb
ruary It will be entitled to vote.
tVaahiniton Gas Is. tltM at 1M'..
Potomas consolidated St, f!,C0O it 100, JLOOO at
w. 9J.WM as iw.
Norfolk and Washington Steamboat Sa, $300 at 105.
nasBinrton niilwar and Electric mfemd 19 at
Waihiscton cat. S it K S it N.
Union Trust. 2 at M.
After call-Capita Traction. Ss. 11 CO) at 1M
Wuhlniton Hallway! and Eraric u. HOT at
m. ii.ww at w. aim at SKi. moo at SFi.
31.CO0 at SJ4. J000 al mi. ttOOO at 8J4. H.00O at
Btt. UOOO at 13H. 31.000 at Ci.
Jlcnrcnttaler IJnotvpe, 3 at SfK. II at SJ, 5 at
a. 4 at ai.
Union Trust. 10 at la.
Lanaton Monotrr. 1 at 10. at B. at so.
Washlerton Iliilwir axd Elcetrie prtferrrd. 1 at
Steel com. ...
Steel pf. ....
Beet Sngar ..
Mexican Ore .
Soo Line ...k
'Kriaeo 3da ..
ParlBe Stall .
R, Island fd.
Cat. oil a
Chlno Conner... 14
Va. Chemical.. .1H
Can pfd. l
Am. Tobacco ..1
Beth. Nteel . ... i
Pitts. Coal 3V4
Pitta. Coal pltL-24
Texan Oil ....3
..1 I Underwood ....
.. 1L, K. T.....X
NEW YORK MONEY.
'.. B at 04. 10 at n.
V. 3. tes. a
U. S. eoncon 2s.. ......,........,
V. S. ret U
U. S. coupon -s
D. 8. rex. 4s ,
U. S. coupon 4s...
Geonetown Oss 5s...
vfasbicaum Gas Ss. !0t
Capital Traction Ss . Jco
Colombia Ss joo
Columbia s.... 101
Metrcpotits! 5s.. .. . 1CJ
Wishtnrton Rauxar & Electric 4i tti
Wuhmston. Ales. i. lit. 1, cmon Ss...
rctomae Flectrlc cons. Ss 100
Potomae I2ectrie LUlit U. 105
Cbcaaneaae rotomsc Telephooo Ss... 1CS
American Telerbone & Tclrarapb 4.. .. lot
Waihlczton Mirkct S. 135. 300
IVathlnstoa Market Ss. 1!T ICO
tTaihlciton Market Cold Mtmre Ss.. 1M
Nortel A Wublarton Meambost Ss.... JMH
lUcss Bealtr Ss (lonil 102
Bliss Realtr Ss (short) lOHs
PUBLIC CTIL1T1 STOCKS.
Cst4ul Traction. . 13
Waihhurtr.n Rallwar A t!lrtri mm ft
Washinctoo'tlallaar Uectne Hd... !, -Norfolk
A Waihinrton btesmbmt 30
Waihirrton Gas &i
American Telephone, it Telecrapa 'W
TTrK MACHINE STOCKS.
MenrnthikT Miiotvpe as
Lanston Monotrpe Sp1!
NATIONAL BANK STUCK!!
American .............. 13
Colombia ....,. .. 24
Farmers JL Merchants ZH
Mrrrnejolltln .. ................. COT
ItiSW -. S
National Bark nf AVasbincton. 3tt
TRUST COM ANT STOCKS
Americas xn.ritT A Trust- .soj
National fiavinis a Trust. 30
Unlnn Trust lis
Washinctnn Jxftn ic Trust.. "i
United btites Tnrt ,10
SAMM13 BANK STOCKS.
Hcow . Jf,
Bark of Cna A Par 1",
but Ma'buicton IS
FIKC INBUnANCB STOCKS.
Nstional Inion ...
TITLE INSUBA.NCE STOCKS
Chipin Hicks lrO
District of Columbia Piper Mfj. Co.... 131
UriDhoEhona com 2
Uraiiiopmjoe pfd fs
becuritr Storm Ti
WiA!nrtou Maiket. tf?4
New York. Jan. 3.-Cal! money opened at 5 per
cent; ruin, a per cent: low, 3 per cm; repeaais.
4H per cent; dosed. 3U per cent; rails; rite. 4H
The time money market continues eitremelr dull,
with rates slitiitlj softer In tone. AU maturities
from alxty dsja to six monUis are offered at S per
cant. Tha Hdduur rate is 44 per cent, bat there
sre no firm bids n tbe market.
Commercial paper is quiet and steady at S per
cert for tne best names.
Losdon dhcotmts. 4i per cent, up 14S per ccnL
l'srls discounts, 3 per cent, nnchanxed.
Berlin disconnu, l per cent, OS Ts per cent.
WEEKLY BANK STATEIrlENT.
New Tort, Jan 3.-Bank elearlnrs In tbe United
States for the work ended January 2 argrrffite
JuiUCOOCO. acalmt UM.tSiOOO !at week, ard .
C7C15C00 In this wevk tart rear
Following axe the returns for this week, with per
centice of chance from this week list rear.
New Yoik L73S.431.0tn
Chicago 233,213 0U
Boston .. 155.UI.or)
St. Louts aXSeS.OO)
Kansas City. 19.168.0(0
San Francisco. 4&J73.0O1
Cincinnati 3 COO UO
MlnreiDolls ........... .340.000
New Orleans. 3.1J1.CC0
feittlo 10.C4 02)
St. Paul 13.773,000
Buffalo ............................ 11.H1C00
Indianapolis ...... ........... 7.663.000
Frotldenra ...................... a,7.000
CAS AND ELECTRIC.
c . u & p. c. m. 4iss. ibs sn. sm
vjon. u. 1. l,l i'. nt ptd. mi
BANKH AND TRUST COMPANIES.
Colonial Trust H 3'i 3
Farm. X. Mrrch. Nit.. 40. UU
ndelity ft Deposit. . 17r 173
Fidelity Trust, 100 no DO
First NlitonlL 100 10
Merch. ft JletJi. Bank 30
3larrlaad Trust pfd. 100.. ............. .... 120
National Marine, 30.
U. S. FL ft O.. 100. ei-dlr........ KTi
Northern Central, 50 121 IS
Sesbosrd Air Line com., 100. U4 u
United Ilsilwija ft Electric Co.. 50..... Vfi
Washington, Baltimore ft Anapolls pfd, 354
Atlantic Coast Line rirbts. V. I.... 3
Cost & Coke Iljs. Ss .
Slsrjuuid ft Petuurlrinia inc 4s. tail.
Anacortii ft Potomac Ss...'w.........
Aa Con. St. Rr. Ss. 1
B.. S. P. ft Chea 1st 4js. B33........
trhrr r R. R. 1 K k 1MB
Valr. ft Qks. Trsc. Ss.
Norfolk ft Portsmouth Trie. Ss.........
.Norfolk & At, Inc. Ss .,
U. R. ft Hec fund. Ss, rEC... ..
U. R. ft E. Co. 1st 4s. BB...
U. Ry. ft E. Co. Inc. ts. IH9.....1....
United Itallwavs U. notes
Cotton Dock Ss H ..,
Consolidation Coal. 100
Con. Coal ret, 5s.
Gorman Fire, 100.............. ...........
Hocatoa Oil com. ttrust certincstes)...
PeusarlTinla W. P. com ...........V..
PennsjlranU T, r. Sa 91
54 - 74
Other Financial News on Opposite
ICopjritbt, 1513. by C M. Revs, New Tork.)
About six years ago a couple of men
who had become enamored of the mall
order business and had been successful
at It got It into their heads that there
as 'nothing; In the world that could
not be done by mall. Particularly, they
thought the selling of stocks and bonds
was a neglected art. They conceived the
Idea that If they could start a concern
with enough capital behind It to justify
their spending a lot of money advertising
and circularizing they could make for
themselves an everlasting fortune.
So they started the Sterling Debenture
Corporation. The name itself tras a
masterpiece. "Sterling" means solid,
substantial, and true; In finance It means
gold of quality. "Debenture" Is an Eng
lish term of excellent repute and carries
with It the underlying Idea of a bond,
something to rely on. something Intrin
sically sound. "Corporation" Is a high
sounding substitute for 'company. The
combination of the three words was one
of the strongest assets that these pro
moters had when they started In busi
Their first big cnture belted the name.
Tbey made a deal with a struggling
company that was trying to finance a
new invention made by a Dane, namely.
the telegraphonc. Cnder their contract
they got this stock for a price under 33
share. When they came to determine
at what prlco they should sell it they
went an tho way at once, and deter
mined for all time the character of their
new Institution They set the nrico at
110 a share, or more than 38 above their
contract price. In other words, out of
ier 310 that tho public would con
tribute less than 33 would go to work.
The rest would represent expenses and
I ront- 1
In exactly the same way thev half I
oten sowing tne wind for the past alx
jiars. The har been assailed, criti
cised, called harsh names, and generally
tot down by Intelligent critics as deious.
Clocked, and unscrupulous Dromotcrw.
Iliey hae not paid much attention to'
tliee criticisms. On the contrary, thex
hase worn an air of virtue most beeom-J
iiiBij- ana nave cten. at times, published
circulars and pamphlets criticising, in no
uncertain terms, the wicked ways of J
wan Mrcet ami of the banking frater
nity. It seems strange now to contem
plate the s.ery largo number of people
throughout the country who not only be
lieved in these promoters and the con
cerns which the floated, but have been
willing to champion them against their
critics. Some of the most acrimonious
ccrrcfpondciico that the writer has ever
i-eelted came from deluded victims of
this particular snd!cato objecting to
criticism of their activities.
The amount of actual money that has
passed through the hands of the Sterling
Di-benture Corporation during the six
years or so of their acthlty Is largely a
matter of guesswork. It Is loosely esti
mated at from 3.V.CO.OO1 to S20.ON.000. It
probabl Is much nearer to the former
figure than to the latter. At any rate,
most of It undoubtedly w cnt for advertis
ing and other expenses; a little of it
(tund its way Into the unfortunate indus
tries that were supposed to feed at this
trough, and the rest of It represents
protiti to the promoters.
A few da) 3 ugo Fede.al ofllcers de
scended upon the Sterling Debenture Cor
poration and took Its officers to Jail to
await their trial nn tho unnnl chanm nt
using the mails to defraud. For some
1 ears past every effort has been made
by the government to get grounds for this J
charge against this corporation. It hasj
been thought, however, that these pro-'
moters were too skillful and surrounded I
by too good legal advice to permit anyj
action that would lay them open to a'
criminal prosecution. Of late, however.
It has been pretty hard going and pos
sibly vigilance has relaxed to a certain
extent In the corporation under the stress
of extraordinary efforts to raise money.
l-rom eery point of view, there Is
something melancholy about this episode.
The men themselves arc clever, gifted
men, quite capable Individually and col
lectlvely, of carrying on a straight and
honest business successfully. Some of
them are honest at heart. One of them In
particular, when he drifted into this
business, was as clean and high-minded
a young fellow as one would meet In a
dajrs Journey. He lacked only the cour
age to turn back when he found the
truth, while, therefore, one must con
demn without reservation, there still la
room for pity that men so well equipped
ror lire's battle snouta nave round it
necessary to follow paths so crooked and
Tbe real pity, howeer. Is for their
victims. The writer has handled doz
ens of letters from women, poor men.
and dependent )oung people who had
been deluded Into bulng their worth
less ware. There are literally thous
ands throughout the country who have
sunk a great deal of their slender capi
tal Irr 'tie stocks of the foolish enter
prises financed by this corporation. It
may well be doubted that a single dollar
of all this loot will be recoxered. The
telegraphone the tele'post. the linen mill,
the plantation, the weakling banks, and
the foolish Insurance concerns that have
passed through their hands, are either
outright losses already or are so weak
from tho financial operations" that
have been performed upon therathat
they probably are not long for this
When the whole story of this busi
ness comes out. It should be publish
ed In book form and distributed 'by the
United States Government free of charge.
If It could be. put Into the hands of a whole
generation it probably would do more
than any other one story could do to
wipe out the get-rich-quick game In this
country, and to establish a statute,
which would make It compulsory, here
as It is in England, and In other well
governed countries, tlwt every public
flotation of stocks or bonds should be
accompanied by a declaration of tho
amount made out of the flotation by
this connection, lest such leaia.
lallon shoJld soem impossible, here is
a paragraph from the amendments of the;
Canadian hank act now cnder debate
Capital .. . H.000,000
Surplus and Undivided Profits Over X -..$1,900,000
Your Dividend Checks
Interest coupon, &c. can
be deposited to excellent-ad'
vantage in- this company's
Those receiving income
from such sources are invited
to open accounts here. IN
TEREST PAID on deposits
subject to check.
SafNOVV is the logical time to attend to the important
duty of making your will.. This company prepares wills and acts
as ejeecutor, trustee, guardian,, administrator, &c, its lengthy ex
perience and adequate facilities insuring satisfactory service.
Loan and Trust Co.,
Cor. 9th and F Sts. X. W. JOHN JOY EDSON, President.
AN INTEREST-BEARING DEPOSIT
IS A SUBSTANTIAL INVESTMENT
It never depreciates in value.
It works for jou night and dav, and in a.. COM
MERCIAL bank like THIS, is a basis for FUTURE
It requires no business knowledge and needs no
You never receive less than the amount paid in
PLUS THE INTEREST.
And the moral of all this is: Open an account here
and grow with this steadily growing bank.
3 ON SAVINGS ACCOUNTS
2Vi ON CHECKING ACCOUNTS
WASHINGTON & SOUTHERN BANK
1413 C St N. W. Branch, Center Market
Phone Main 1803. J. SELWIN TAIT, President.
Legal for Trust Funds
and Savings Banks
We are at this time able to offer at attractive
prices bonds yielding from 4.40 to 5.40, which
meet every requirement of theareful jnvestor
Scni CircuUr Nt. 36 A
A. B. Leach & Co
149 Broadway. New York
IICACO rHILADCLPBIst BOSTON
in January should cause an advance in the price of short.
time securities. Such securities purchased now should be
a profitable investment. We own and offer various is
sues of wdl secured short-time securities, yielding from
5 to over 7
Otutlptitt citation tctU k famitkJ upon tiquaU
Kean, Taylor & Co
Members New Tork Stock Exchange
30 Pine Street, New York
Send for our General Bond
Circular for January, describing
25 issues of carefully selected
Municipal and Corporation
Yielding 4.40 to G.25f,
Ait for Ctrnlar V. 52.
Lawrence Barmii ft Co
1421 F St., It. W., Washington
Nev York PhiWWpfeii Pittsinrrh Boston
The Safest Investments
An them t&t do not ftncrmtt itntat s
tofbrt eondltloBs of tli idodst ct stock mar
kets. Ftm devil of trait notes (nt mort
iscti), wen secures on ml ntata la u Dis
trict of CoJnmUa, eoBstltoU "(St-eda to
vestments. Tbey do cot depend upon tho
scandal mpcnalbOltj of Individuals or ex
rcntloos tot tbelr statHitr, and art exempt
trcm taxation ss personal propertr. Us csa
sopplj snch Investments In smoonts tram SjOt
cpwird. Send for booklet. "Coficcrolcx Loan
Swaitzell, Rheem Cf
TZ7 lStfc Street Xortkircst.
$100. $500 and $1000
to pay over
WnU ft JtUiU
Gardiner & Co.
In Canada. It refers to the promotion of
"No part of the money no pall
shall be disbursed for commission, sal
aries, charges for service or for other
purposes except a reasonable sum
unless It Is 'ro 'provided by resolution of
subscribers at which the greater
part of the money Is represented
by subscribers or by proxies."
This means that he who promotes a
hank In Canada and sells Its stock
to the public, mrst set his profit only
by a specific vote of the subscribers.
The law will further provide that If
tho promoter Is not satisfied he may so
It such reculatlon as this is Good
in Canada, on what possible basis can
It be argued that in this country Pro
moters should be allowed to make; what
contracts they pleaae. and sell at what
ever prices tbey like to the public, leav
ing tlio subscribers to find out Ions; after
wards that only o, few cents out of every
dollar they put up found Its .way Into
the treasury? It Is time to call a hJlt
en public swindling of this sort.
A Profitable Time
To Buy Bonds
b when thsir pates are depressed
try high rates for money.
Our January Bend Circular
describes a variety of Municipal.
Railroad and Public Utility Bonds
which, like all bonds, are selling at
prices reflecting the present high
Our list includes bonds adapted
to every legitimate investment need,
each issue having been purchased
after thorough investigation.
Jvtatry Bml Circsltr A-JS
sent on rtfttof
49 Wall Street, New York
Philadelphia Cfcieao Sis Tranelsew
fcjil attention t larxe or small onion
Send Tor our latest booklet No. 76
"Wall Street Ways"
CoaUlalnr tamable and eoasuatlr rs-iorsle
urraati on the various points lavolsed la
stock market trs-Hos soch as xo)llQ. lalar
rst rstea, cofnalsslna. ststessests. psetnods at
trxliiij. etc. Milled free rpoa raqoast. as
also our weetlr market letter aad periodical
letter aa ladlvldnal stocks.
Our statistical department alwaja at rose
service. Onlers rxecated la tnlKlrd tccaritleo.
Merest allowed upon deposits astdaet ts taack.
I F. PIERS., sjf. ft CI.
i& "-&i3- Kt-