Newspaper Page Text
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THE WASHINGTON HERALD, SATURDAY. JANUARr 11. 1913.'
MARKETS-FINANCE-COMMERCE
FirapoN
President Fox, of Columbia
National Bank, Would Re
tire from Business.
SUCCESSOR NOT NAMED
May Be Vice President Gay Finan
cial New of the Day.
Gossip.
Ill I. V. FLEMUC.
Inert A Tox. for many years prcsl
nent of the Columbia National Fank.
will not be a candidate for re-election
when the shareholders meet to elect di
rectors on Tuesday next, and the lat
tri in turn, meet to choose officers
It is also stated that Charles B Bailey.
ite president of the Columbia National
liank and vlose friena and associate of
"Mr Kov, Rill also decline to permit the
uc of his ntme as a candidate for re
election ' The mo-t rricndlv relations ciist be
innn the ofticers and directors of the
lank Iliirmonv and accord, with never
a friction between the members of the
I oard oi th officers, is said to have
haractt rized the entire regime of A
I. 1'ox who has been at the head of
t le institution nearlv fifteen stars
I'oi three 5 ears with .each recurring
annual election. Air Ku has asked to
lie relieved from dutj. but his fellow
dtrectori lauding his work and his ef
forts. hac prevailed upon him to re
ons'der and staj with the Institution
to which lie has given so much of his
best and most tuecessful efforts
The chances are that this sear their
pleadings will be in vain
Mr Kux will neither den nor affirm
the report that he is to retire Although
a comparativelv oung man. he has ear
nestly deMred to he reliev ed from the
responsibility and the incident confine
ment to I1I1 arduous duties
Tt mas that his directors will again
force him to -ta in harness, but,
if thei do it v ill probahl) be hut for
1 f c w months, pending arrangements
nr his permanent retirement.
The Columbia National Bank as or
ganized in ISS7 bv its first president. 11
y arner Its second president was K
southard Parker, and when the latter
went to the National Metropolitan Bank.
s. F I'ox was made president
V Sucre. sful kiliiiliilstrntlmi.
His administration has been very suc
tessful The bank is in the honor list,
having a capital and equil surplus, 33TA
' each pass 12 per cent dividend, and
quoted around JJMa.fiS a share
The bank has rccentlv been remodelled
ind is to-da one of the most conveni-
nt and commodious institutions in the
itv M-inv of its directors are also dl
rectors of the Washington Loan A. Trust
ompanv and the most amicable rela
tions cMst between the two institutions
ice President ltailev- Is a man el
wealth and mature jears close In re-
lstionship with Mr Pox and he Is said
to he reidv to follow his friend into
1 tirement from active business
Nnturnilv I'resident Fox would not di
iss either actual retirement or a prob
able sui-cessor in the event thereof
In tinantial circles the name of Ben
1 imin Guv who is alo a vice president.
is freeiv mentioned as one of the most
prominent candidates for the presidency,
although the president cashier, Clarence
t'onson has also been suggested as a pos
sible suecesbor to President Fox. In the
.icvent of failure on the part of the
directors to second Mr Fox's consent to
sg-iin stand for the prcsidencv
llrnden Production.
ISrjden is now turning out about 1,000,-
oi pounds of copper a month, which means
g oss earnings of $175,000 a month on lTts
ent copper market, giving Braaen a cost
of .i-. cents a pound, which is fullj
cent above what the propertv can do Its
earnings amount to about $100,000 a month.
or $1,309 oto a vear Braden's bond charges
rail for SttO.OOO per annum, so It is evi
dent that the company is earning
1 ed charges and a substantial balance as
well Bj the end of the year the com
lunv should be producing at the rate
01 40.o00.CO) pounds of copper per annum
at a cost of 6 cents a pound
Nov iurk Stocks Most.
It was a dull dav on Wall street Friday
"With the general trend toward lower fig
ures Copper was the weakling of the
industrials, the report current on the
street having to do with a possible in
vestigation by Congress into the copper
pools nnd the plans of Important inter
ests in holding metal off from the mar
ket This vvas enough to encourage the
Wars to lump on the stock and it alo
aused some inside selling for a loss be
tween two adverse Interests of nearly
two points
Cs-ndinn Pacific, liable to anv kind of
h fluctuation at anv time dropped back
The lull! interests are discouraged that
tiir easing of the money market had not
ii spired anv Increased operations The
1 ink figures ire Ifkelv to show Jl',000,000
increase in cash
On the other hard the situation abroad
Is treacherous, and the efforts of Turkey
to escape from her troubles may set in
volve the nations of Europe In trouble
Hold is going abroad, despite our
handsome trade balance, an advance of
twentv-flve points In Sterling exchange
piobablv reflecting the uneasiness over
the outcome of the Balkan-Turkey situa
tion Heading was the strongest of the
lending stocks holding its own In good
shape with specialties like Rubber and
American being higher up.
Vearlv all the petroleum stocks moved
tip I'nlon Pac fie and Steel were 3-2
lower Southern Pacific was firm
It was purels- a professional market,
public interest being at a low ebb The
developments In the Pujo hearings are
not especlalls conducive to public opera
tions in Wall Street
sldering general conditions. Offerings of
preferred stock Issues reached a very
large total for the sear, and their higher
Income sleld was apparently a very
large factor In their distribution. ,
"As to the immediate trend of secur
ity values, there seems to be little In
the way of actual Information upon
which to base an estimate or hazard a
prediction. Easier money may be ex
pected in the usual run of affairs com
paratively earls- In the month, depend
ent, of course, as to how soon the crop
movement money returns to the larger
reserve centers, and in addition to the
future possible requirements Incident to
the Balkan situation. Manufacturing
business probably has sufficient Impetus
to carrs- It along for some months to
come, and the railroads are showing
more or less substantial Increases in
earnings. If these conditions continue
In force, security values mas" be expected
to more nearly reflect them, but until
the probable course of the first com
pletely Democratic Congress for many
Sears with respect to tariff revision Is
more clearly Indicated, and the European
situation clarified. It would be difficult
to indicate any substantial basis for any
sustained upward trend In market
prices "
llnltlmorr Gnt nnd Illrctrle- rtntcs.
The Public Service Commission of
Mars land probabls will hand down its
views on gas and electric H6ht rates
for Baltimore to-day
Gas rates In Baltimore have been M
cents a thousand for some time, with
a low rate to users of 100.000 cubic feet
a month The officials of the gas corn
pans" Jo not expect a cut under SO
cents
With a population ol "SK.COO. as com
pared with SSl.Ooo in Washington. Balti
more has been paving 5 cents a thou
sand cubic feet more than Washington
consumers Really. K-cent gas looks
rather cheap for Washington, and the
reeluction here was voluntary
Baltimore has Just discovered that the
Georgetown Gas Comnans had filed no
tice of an increase of 15 cents, because
of the Increase In the cost of oil and
coal
The Maryland commission has asked
the Georgetown company for a state
ment, asking for a report in detail on
the Increased cost of gas oil and coal
charge Is made that the George-
tow n Gas Compans Is a distributor com-
panv onlv, but the fact is that It Is
making all gas it sells at this time
The Baltimore News, In commenting
on the matter sa-
"Charles M. Cohn. president of the
gas compans, seemed vers much In
terested to-das" when asked concerning
the Increased nrice of materials used In
the manufacture of gas, stating that the ,
added cost imposed on the consolidated
compans would Increase the price of the
material from S to 10 rents for every
1.(09 cubls feet of gas He stated, how
ever, that half of the Increased cost
could be saved the company If the candle
power requirements, based on conditions
no longer existing were reduced
"He explained that gas oil, which is
supplied bv the Standard Oil Compans.
had been adv anced from 21-2 to I cents
a gallon and that as a result the corn
pans s oil bill will be Increased S337.S47.
which is practlcallv the interest It now
pass on Its Issue of common stock
M.nisrv rrn Co., Baltimore.
Stockholders of the Munsev Trut
Oompanv completed organization Sestet
day hv adopting b-laws and electing a
honrd of directors Directors chosen are
Frank A Munev. Uugene I. Norton. R
Iincaster Williams. Elmore B Jcffrev.
J U lcork. stimrt Olivier. Jacob
France, T Rowland Thomas, George R
Galther. R I. Dohme. Frank B
Dancv. J S Armstrong. W II Cloud,
and H I Meserve.
The board met immediatrlv and elect
ed Mr Munsev halrman. Mr Norton
president, R. vI.ancaster Williams and
Ernest Roberts vice presidents. Kllicott
II Worthington treasurer. D Stewart
Ridgely and Charles Flshci assistant
treasurers, and William M. Baker sec
retary. The selection of members of the ex
ecutive ceitnmittee was deferred until
Mondis This committer will consist of
six members, and Mr Olivier probabls
will b chairman
The Munse$ Trust Companv. which has
a capital stock of Sl.onn.0isi. will formally
begin business on Januars 17 In the Mun-ses-
Building, southeast corner Calvert
and Fasette Streets
l.ocnl sreprlllen.
Stocks were generallv firmer on th
local market Railwas preferred rose to
90 3-4. the common selling at S3 1-4
Washington Gas was also stronger. So
being the price for one twents -five-share
lot More offered, but S3 7-S bid
Other sales were not of much importance
WALL STREET GOSSIP
NEW YORK MONEY.
Otk,
cent. Lizli
rulirt rat, 2
Time moner market n mains .mt du.l ith f-ay
tendency still in rudenee Katm jre 4 prr cent for
sixty ilars, lV for ninety d.ii and V lor lour,
fl.- and six months.
There a pood inquiry f r commercial naprr
cominc from the lrcal bseka With rail money
at 3 per cent and under and tfmr fiiT-tll necominx
r the bank are lalliwr tack on tne commercial
taper tntrfcrt wbfen i atfll ntiod at 5 per cent.
Ithmgli the iDdJeatlons tre that tne rate will be
lower shortlr GHt-edfed
there appear to be a fair miwriy of less chotrr
taper London discount per cent, un
changed. Parw discount a T ier cent uncharsed
Berlin discounts. per cent up per cent
WEEKLY BANK STATEMENT.
New Tork Jan 1" Hani, rieanncs in I be luito
Sut? for the wetk ceded JannaiT 9 icnrcite
C.9W.Sitono. ipnut CftilSXlCCO last .k and
$3 405 S! COO in thu week last jrar. Kcllowinj are
the returns for tins week, with rccnUeft of
chan from this week laat vear
Januarr J Increase
I 9
1C0
Hon.l 1. 1st.
Messrs Spencer. Trask . Co- or Xew
Sork Cits, present an especiall) attrac
tive list of bonds through their local
representative. Chris. Cox Dawson, all
high-grade rails, s ielding 4 0; per tent
on Chicago and Northwestern. Galena
division, I per cent at SS, to St. Louis
pnd San Francisco general lien at Si,
basing 6.S0 on the Investment.
Commenting on the past and the out
look Messrs. Spencer. Trask Co. sas
"The bond market showed a restricted
rolume of grading for the s ear, total
sales on the Xew York Stock Exchange
Iggregating m.:iS.;00. as compared with
fS30.aO.100 for 1911 At the same time. It
nust be remembered that the business
ver tlie counter aggregates much more
th.n that upon the exchanges, and there
ias been during the sear a steady de
Hand from Investors for securities sleld-k-g
at least 5 per cent. Prices on the
klgh-giade railroad and municipal issues
Ihowrd a downward trmd. but good pub
Si utility Issues, netting at least J per
lent, havte been remarkabls- stead)-, con-
WvRHIVGTON JSCTCWO
New Tork . ... iSSj-jfcn
CbK-ai-o radios C01
Kenton .. . l9--ia
Philadelphia 19S,VO(ni
bt Itml-. S8pT3 0(i
Kansas Cltr OlJdOOO
Plttsb-irt- flC-.K
Sin Fraras-o COI1-000
n-.lllmc.re "OOriCOl
Cinc-m-ati .-0 376Wn
Slinnrapolis n.tjO0QO
New Orleans "SJStom
CleTelaDd 33 1X000
Detroit .... 3.101 OKI
Lm Vnccles SSaxooO
Omaha . llCflCtn
Slihrankee 17.316 Wo
IxmisTiUe e 1 511 TOO
Vtlanta 13So8a
I'onland, Ore-; 11KO000
Seattle I2.3Q00O
U Tanl 11.33.000
Rnffak- It til 000
Ih-n-er . 10 -SO 010
Indianaim'.M lOSOCO
lruMenre . . 10"T3 0r-i
i:lcJinn.I .... HIU5fl
CHICAGO GRAIN MARKET.
Mar. S-?i 33-, SU K4
Inly SO'a 91V 9) 9T
COKN-
lj jfl'i Sl'a M Sl'
Jnlj 31'. --, ill. -,
OAT8-
laj 3", III, 33': IP.
Julj SS yi, 3S jti,
NEW YORK COTTON.
Furnislied ? W C. llibhs O
cr.en. HUn. Iw. Cloat.
March nj) lil7 lili lz.it
Mar , Jijj lisj us J2.sl
Jolr - lie liii lis ji.1-
October U (1 jus UJ lLi
The Foreign Exchange market opened
strong, with the demand for sterling
up 25 points from Thursdas's close.
There Is no truth In the rumor that
the Union Tank Line Compans lias de
clared a dividend. Information from au
thoritative sources Is that this company
at the present time Is not contemplating'
a dividend declaration.
It Is thought that a Boston operator
was a large seller of the market yes
terday. Also that the West vvas a lib
eral buser. Some stop-orders in copper
went down to 76.
I-azard Freres has engaged S1.CO0.W)
gold for shipment to Europe on to-morrow's
steamer.
Kuhn I-oeb K. Co. are offering 1S.OOO.OOO
Illinois Central 11-1 per cent equipment
trust certificates, maturing In semi-an
nual Installments from August 1, 1913,
to February 1, 1923.
Copper prices suffered a further de
cline In London at the close. Futures
closed at the equivalent of less than
161-8 cents per pound, compared with
me domestic quotations at 16, cents
Steel tonnage increase, 7?,IS1.
The rise in American Ice Is attributed
to the advance of the season and the
fact that little Ice has formed on the
Hudson and other ncar-bj- sources of
suppis. jilts mas- mean a small Ice crop,
and the American Ice Compans- has a
large amount carried over from last
sear.
Rumor Is busy with an extra pasment
to be made by Consolidated Gas at the
end of this month, making up for the
reduction of dividends during the litiga
tion over SO-cent gas. Investigation fails
to discover any official foundation for
these rumors Th. stock, however. Is
cheap, and traders might cause an ad
v ance.
Another engagement of gold bars for
export to Paris has been made provision-
am- at the assay office. It is expected
to be In the neighborhood of CCOO.OiX).
The reported movements of currenes-
this week indicate a gain In cash bv
the banks of about SIS, 500,0.0
Stocks closed quiet sesterday afternoon
with no material changes of Importance
except In the coppers. The coppers were
down about two points on an attack by
traders based on a report that the gov
ernment would Investigate the methods
used in holding up the price of the
metal
Producers claim there Is no agreement,
but Insist they hive produced as much
metal as possible Had weather has
slowed up business, especlalls In the
steel structural trade The Increase of
TJ.S1 tons In unfilled orders bs the Steel
Corporation was fully as good as ex
pected The -market has a healths- un
dertone, but all Important operators are
waiting for the Minnesota rate case de
cision 8 ft Chapin & Co The market con
tinues in a waiting position, chlefls" pend
ing a settlement of the basis for the
dissolution of the I'nlon Pacific merger.
and also for the definite settlement of
the Balkan war
In view of these uncertainties, trading
continued on a restricted scale yester
dav, with little change In prices of Im
portance, except in the copper stocks
Thes werH all weak and under pressure
of liquidation bs New York and Hoston
operators, partis In ssmpaths with th
weaker and lower metal markets at Lon
don, causing liquidation In copper stocks
there and also In anticipation of sent!
ment on all copper stocks b Ing ad
vcrsels affected when the Monev Trust
Investigating committee commences prob
ing certain features of the copper mar
ket and the Amalgamated Copper Hold
ing Compans-.
A sear ago the steel trade was in t
condition of semidetnoralizatlon Now :
Is enjnslng something approaching t
boom Then there was little business at
low price Now there Is an enormous
volume of actlvlts- at remunerative rate
Yet the price of United States Steel stock
is no higher than it was at this time
last sear, comments the Wall Street
Journal There have been, ups and
downs, but compared with even date in
Januars-. I'll, the stock shows practl
cally no net change. All apprehension
of a reduction of the dividend has pass
ed. and there Is even some considera
tion of the posslblllts- of an Increase,
but the change has not been reflet ted In
the market
Eile Railroads estimated gross reve
nue for December show an increase of
Jim 000. or 6 per cent, as compared with
the same month In 1911 The total gross
gain for the six months to December 31,
was !.75.O0O. revenues for the period
In the current sear amounting to $32.
6O0.O00. against JSOtKj.OW In the same six
months of the preceding vear
According to the fortnlghtlv bulletin oT
the American Railwas Association for the
two weeks ended December 31. 1913.
there was a net surplus of Idle cars on
the lines of the United States and Can
ada of lT.OOS cars This compares with
a net shortage of 31 393 for the two weeks
ended December II Compared with the
preceding period, there was an Increase of
21.045 In the gross surplus of cars, mak
ing the total on December 31, 50,G3 cars.
In the two weeks the gross shortage de
creased from 61.006 cars to 33.001 cars
This Is the first time in months that the
Idle car figures show a gross surplus In
excess of the gross shortage.
WASHINGTON STOCK EXCHANGE.
Sales Regular cal. 13 o'dscx cooa:
Rtrzs Healtj ts (ibort). ROM atJOlVi.
rotomac Electrie 5a, $1,000 at 105.
Waabirxton lulls ay & Electric coo., SS tt B'i.
Washington IUllirsj & Electric pfd.. S at SO.
3 at OT.. S at KPi.
Mereenthaler, S at CO.
United States Trust, 10 at 110.
After call:
Wiihtarton Gas 5a. $000 at 1101
Washington Gas, S at 85.
Menrntbaler. 3 at SU.
COVES Ml tXT- BONOS.
Bla. Atlso-
0. f. res. at MOT. ni'i
I). 8. coupon 3s. 100 1011.
U. S. rcl. 3t 1031, 107,
IT. H. coupon 3a 10-.S, UOH
tt. H. ret Is IHH mil
U. 8. coopon Is iUH uile,
OAB BONDi
Georretosn Gas Cert. Ind. Ss 101
Georeeton Gas 9s t lit
Washinfton Gas Ss. HO 111
ltAILKOAD BONDS.
Capital Trartion ts 1I0S HI
Columbia 9s too
Columbia G lot
Metropolitan 5a 101 .. .
Washington Rsllwar A Ueetric is S7, 15
VVa-h . Alex. JIl Vernon 5-.. It
MISCELLANEOUS fiONDa.
iTOomae Electric rma. 5s 1M
Potomac Elertrtr Light 5s. lot1,
(.lifaneaae i rotomar Telephone Ss .. lot's
Amencsn icl a. TeL It tC3
Washington Market Ss, m m
Waahlngton Market Ss lt? 100
Washington Market CoM Norsso Ss.. 100
Norfolk & Washington Steamboat Ss ... IMS,
RIcss Resltr 5s (long) MB,
Biggs Realty Ss (short) 101
PCDLIU UTILtTI STOCKS.
Capital Trartion .. . .
Washington Itr. Elee. can
Washington Rr l Elec. rfd . ..
Washington-Virgmla Ralliray pfd...
Norfolk A. Washington btesmbosr.
Washington Gaa
Eastern Light A Kuel
American Tel & Tel 'Jj;
TTPB SIACniNE STOCKS.
Mergrothaler Llnotipe 3
Laniton Monotrpe .89
MI.N1.NG STOCK.
Greene-c,ananea .... ... t
NATIONAL BANK STOCKS.
American rr
CaDita! . . Uj
Columbia sal
Commercial .
District
farmers & Vechsrlrs . . -
Lincoln ... ... .................... U)
SfetropnliUn . ao
Rlggs is
H-rond . . . 1
National Rank U Washington ZA
TTtCNT COVll'ANT STOCKS.
Amencsn Seruntr A Truit.. . . 3ro
National havings A Trust o
Tiiion Trust .... 137
Washington Lojn & Trust. yo
United states Trust 1391,
SAMNUS HANK STOCKS
Otuens . .. 11,
ltanV of C.aumeree and saimgs. 13a
Last Washington 13
FIIU. INSURANCE STOCKS
Arlington la
C
NEW YORK STOCK MARKET;
30
10G
Wi
lDli
101U
SHU
lM'i
a
90S
US',
8S
3ES
3
itr,
. 11
. STa.
.130",
334
115S 11M
13 13
C, II
3S 331,
33 33
ins; in,
U 13
IVemen s 15
Krsnklin
German-.vmmcsn . aw
Nstionsl Inion ' J
i'otomsc - 50
T1TLK INSLRANCB STOCKS
ColnmhJa U
Real Estate s
Hist LLLvNUIL.S STOCK1.
Chsisi
Saris
Paper Vltg Co
Grsphcphors osn
Cratihophots fI
eCllrity ejt(4,ge
Waabington Slsrlet . .
Ei-dislileixl.
Stock Exchange seats grow less In
favor. A sale was made sesterdas- at
KB.000. as compared with n price of .
0"0 last month. This is the lowest price
at which a sale has been consummated
since 1S0S: it compares with $73,XO. the
high price of last sear, and with JDo.C0ii,
the highest price on record. That was
touched In 190&
COTTON STATISTICS.
BALTIMORE CITY STOCKS.
STITI. M.CI.RmL.
Virginia -. t ralun 171 I
llvl.Tlvllillr. cm STtKk
Hall more lit; Bit . ....
llaltrmore Cu . 1331
Ilattunore Cltr l fvl
llaltimorr Cltr . ISM . ..,
llsltimnnr Cily if, rsi ,
naltlmnrr 111) :ss 19B
Baltimore cite .',s. 1JX
l.vt. STtX'ks
con l.u I',.
I A V t",c
101',
I. I
a r
r.VNk .STOCKS
Irofers A Vterharuo, Nst Ilsnk . 3:3
National Rank 1 f llaltimorr
Western NaU-nal Hank . . T)
UWLROvli BONDS
Canities IVnlral Is . 9P-
Sfaeon Ihihlln A ssrannah 5s . ... "9
Potomar V alU v 1st
fear -Vnra A Ue-tem 3s . . 1011-
i:lLltiin vrocks
Atlannr oast Une rights ( I I . 3'.
Norfolk Railasr A Light . . U
Seaboard Air Line nfil IT
STKLKT KMLWA BONKS.
Ra'lo starrows It A Clics. I'ts..
Cbss C.ki Itr . A R. 5- . . f,
lliieagii Itsilsar Ss . ... 99s.
IranTtlle Trac A IVwer Ss . . 93.
ralrrroot A c lark Trse Z I0X.
Macon l: A U 1 runs. Ss . . OT,
Netnrt Nests A ll,d 1" 111. SI ) 3s . ..fr
Norfolk A Portsmouth Trac. Ss . .. . 91'.
Portland Ralliar 1 ret Ss
United Rja. A 13er inc is . C.
V irgima Rr A I'osir Ss
Wa.h lUlto A Anns polls fs ST.
BIIMUNt; ttlMl'tNII.s
Im ncsn Bomlirg Co
llilehtj- A IViwil ll
Slarsland CasualtT ( 1. 103
TRUST (tiMl'lNICS
Baltimore Trust Co
Colonial Trust Co . a
Continental Trut Co . .318
3IISCELLA.NEOUS.
Baltimore Elertrie. pfd I3s
Baltimore Ueetric 5s
Cotton Duck 3
! II S Rreaing 't Is
Honston Oil nfrl tr rlf
Houston Oil di' rtts
lnt A .t North HMi. Corp . .
Penna. Water A I'oser mm . .
I'enna. Water A Ioer 5 . ...
Pullman Con. Ventilator com ..,
United Electnc 1st cons. IS, .
SIIMNG
(Vnsoliuation Coal Co . . ..
Cons Coal IteT l,s
Fairranrrt Coal J ss
TPj
New Tort. Jan. M.
High. Low. Close.
3.8CD AlUs-Cfcalmers 3d 1U
500 AlliavCbalmen pfd.. 3d... SS
SSOB Amalgamated Copper...... TTV.
TtO Am. Beet Sugar. ,. 3SVi
300 Am. Can H... 30H
531 Am. Can pfd 118
109 Am. Car Foundry........ ESH
100 Am. Oar & IVwndry pfd.... lliVi
100 Am. Cotton Oil pfd......... 9P,
XOB Am. loo Socnrltlea 23U
100 Am. Looomotlre. Ci
100 Am. LrjcomollTe pfd. KK
10,039 Am. Smelting....... 71
00 Am. SeuS...- 191
TOO Am. TeL A Tel 13S
3,309 Am. Tobacco 3K
300 Am. Tobacco pfd., new..... IOTA
e Am. Wood Works. 98
1,700 Anaconda SOU
100 Assets Realty Onpany..... 139
1.CD0 Atchison M&'i
too Atchison pfd ltnV,
103 Baldwin Locomotire 5?
100 Baldwin Locanotiio pfd.... 1M
SOO Baltiraare t. Ohio. Wi,
100 Balhmore & Ohio pfd 88
100 Bethlehem Steel 104
000 Bethlehem Steel pfd 70s
1O0 II. V. Gcorirlrn a
1830 Brooklyn Rapid Transit.... 931,
300 Buttertck Co 3S
1 900 Cal. I'M. M
3.93) Canadian I'addr 36J
SOO Central Lea t her.. 3
2 Central Loather pfd S5S
100 Oesapeake A Ohio. las,
M Chfcr A- Great West, n.
13 Cblr A Great WeaL pf4..
2,600 Chic, f A HI, P
JB Chic i N W
10,003 Chlno Con. Cop ,
E Col rued A Iron
100 Csl A Bo-ith
503 Consolidated Gas
300 ISorn Products ,
150 Deere pfd
100 Den. A R O
30) lien. A R. G pfd-
100 I) . S. S. A At. pfd
00 Erin ,
303 Eno 1st pfd
1(0 Geo. Electric Co
100 Gen Motor rfd
1.700 Goldneld Cons
3.100 Great Northern pfd
29 Great North Ore subs .
3.100 f.uggenheim Expl - .
100 Homestake .. . ...
109 Illinois Central -
1 000 lnsi Cotter.. .. . . .
500 Inter Metropolitan......
3.053 Inter Met pfd
KO Int. Harrestir
100 lnt lump
100 lnt Pump pfd... .- . ..
100 Lackasanna Steel .. .
3J0 Ihlgh alley. . .
500 Loose-Wiles
309 LouUnUe A NsshtUle
30 Stay Drr, bum . . . .
1 SOO Mexican retroleum. .. .
0 Stiamt Copper
500 31 S P A S 8 SI.
I90t Slissouri Pacific
100 NsL Lead lit . . .
3 N R M of SI 3J pfd
1.300 Nerada Con. Coer
100 N Y Air Brake . ..
ll. 1 Central. .
1U N T.N II AH.
KU N T. Ont. A W.
300 Norfolk A West
1 3C0 Northern Iacifle . .......
100 I'sclflc Stall
too I'enn. R R
loo People's Gaa A C.
ICO Ittlaburg Coal
30 Pittsburg oal rs-d . .
101 Pullman 1' Car
100 HuirksOfer .. . .
I ran Itsy Con Copper ..
Ct Itcsdrag
SO) Rep. I A Steel .. 3'
100 Kep. I A steel pfd SS1
JO IbK-k Island . . 3t'
300 Kirk Wand pfd . Il
300 Se.bu.nl Air Line 201
X0 Seaboard 1- Line pfd IP
IfO St I A S ! 3d 1S . 38
St. L. A s P C A E 1st S3
SO varvltoebuek 3T
11 0 Soitliern IVnflc ICT'
SOC southern Raila
300 Mink-baker
V4 Texas A I'sclflc . ..
1 100 Texas ComnT
100 Third Arcnue R R .
an Toledo. St, U A W pfd
JO Union Bag A 1'arrr
HOT Inlon Pacific
3TO Union PanBe pfd
10) Unltel Drj Goods
I'M U H. Realty A Imp
3D t'. S RM. A Ref
100 U S Red. A Ref d
Son I s Rubber
Ol I K Rubber ! pM
X) It s. Rubber M pfd
31 Om U H. steel
JW U 1 Weel pfd
8JJ0 I tab Copper 58
103 V irgima Kills., A P. rfd. 91'
If Walsh . 3
m Western Manl.M II
ion Wetrm Marjlaisl cd 3
101 Western Lmon Telegraph.. 71'. 71's 71 1
103 Wc-tina-housc- vir Brake 20 3 30
JS3 Vtestlnghouse Slfg . 7SS 78 78
301 W 1. .Worth HO V& 109
Tr-tal tales. 3C0 ti3 slisres against 3301 )T5terda)
Ol 133 a week ago and 191 tt a yesr ago.
' FINANCIAL
FINANCIAL
Lackawanna Steel Company
' 5 Convertible Gold Debenture Bonds, due March 1, 1915
Yielding Over 7.509&
Descriptive circular on application
Kean, Taylor & Co
Member. New York Stock Exehaap;
30 Pine Street, New York
Invest With Confidence
in mortgage bonds which are legal for savings banks and trust
funds. We are offering such bonds, to yield as high as S 30?e,
which we believe are well adapted for those rtuiring
the highest rate of interest consistent with safety.
Senifor DaalpUte Circular 42
A. B. Leach & Co
Investment Securities
149 Broadway. New York
HICACO PHILADELPHIA BOSTON LONnot
THE MAN WHO
GREW CAUTIOUS
. 1WS nos
. 18 18
. cr 69-,
US',
. 1131,
111',
. 107H 107V, 10P
,13
. lOPa
133-sl
. 33r
. IBS 1I3S
. 131 13',
. Jl's 31S
I33S 133'a
11SH lists
. 1C7S lttS
33S
33S
?. 3?. S
TV,
SIS
MS
1I0S
(Copjnght 1513. br C 31. Ktjs Nr Totk.)
An old man up State In Xew York
became frightened a few months ago
SJ5. 1 aa the result of a newspaper article
110Ihe read, and determined to nil all the
'securities that he had and put his mone
In the bank. He made his sales at
fairly satisfactory prices, but after that
he became alarmed and said he had too
much money In the local bank. There
fore, he sent half of It to an Institu
tion that accepts deposits by mall and
felt safer
This second bank closed Its doors a
fw weeks aso In the course of time
the depositor will probably Bet his
money, but In the meantime the old
rcan Is In a terrible slate. He came
to the writer not Ions aco to find out
whether It was worth while to hire a
lawyer and sue the Banking Department
of the State of New York for wicked
negligence In miowlnn the institution to
run
He is so badlv scared now that lie is
withdraw Ins his monev from his own
home bank and putting; It back into se
curities. If anvbodv adviserd him to
do It he would probably hire a afe de
posit bax and put his money in that
but he would be quite sure than an
earthquake or something lige that would
happen before he Kot it out.
When It came to talklnir about how
he was going to use his monev for the
next few years, the dl-cusslon was al
most painful Even the staple class of
securities that one can recommend for
the most nervous investor seems to hold
terror for him Farm mortgages and
mortgages on the homes in his own
communltv were discarded almost lm
mediatelv as possible uses for his monev
standard municipal and railroad bonds
seemed very little better.
Flnallv It narrowed down to n soles t
and ver difficult little group of short
term municipal and railroad bonds and
notes He had to lie shown in each rase
.-first. tharv the w-iirttv n-js Hue li, lie
paid at par within three vears. -eoii.l. I
that the corporation or city Issuing the'
lmnds had never defaulted on principal '
or Infrest of anj of Its seeurlties, ard
third, that Its s-cctiritics would be con
sidered satlsfactorv bv vers critical 'TL. Snfa- Tnvp(fmpn(t
banks and Insurance companies. Every1 "e aicSt liaVeSimeiUS
os
MISCELLANEOUS BONDS.
BOSTON C0PPEBS.
Furnished hr W B Hibbi & Co.
day. year Tisdaj.
. . 113 13.10
4 011 11 JM 13 II IS
iJSX ZXX 13 II IS
S4S I S3S
S.133 II 13 12S
It, 400 30 70S
30 533 C9.339
INTET.IOriS.
5.2S0 use;
733 1 Ml
3JI1 1 !
T.POS 1038
13C 11
13 11-16
13 II It
13 9 15
Xeir iorl
New Orlean . .
Mobile
Saiannah .
Cliarlcstm
Wilmington
Norfolk
llaltimorr
Iloston
various... ......
Total
llouaton
Angusta
Sfemphis.
St. Louts
Little Bock
OUTSIDE SECURITY NOTES.
New lark, Jan. 10 The trading on the outside
securities martet to-day was only fairlr aetire.
Prion changes continued (regular United Cigar
Mores was quite aetire and slightly changed in
price. Bntish American Tobacco was firmer Stand
ard Oil sham were more aetite and higher Metal
shares were quiet and easier. Msson Valley sold
low to- a new low lertl liar the morrment. with but
littlw rrrrtura
Adrentnre &i
Bohemia 2S
Calumet A. Arizona 70
Calumet Hecla 52D
Copper Range H 49H
hast Butte IIS
ITanklln 8'.
Indiana 13S
Lsle :i'.
Iji Salle J
Vlasen Valler s,
MajAoirer 11
Mergenthaler 318
Michlsan IS
Mohawk a
North Bnlte. - 33
oitli I-s.e si,
t)ld Colonr - Vi
OM DomlDion , S3
Oncco IS
Oveela .. '. 103
Qiiincj 76
S.iannon u
South Lakc.t SS
Swift 105
Tamarack 33
Trinity S"a
United lYuit ... ltl
I'tah Ccarsolidatnl.. . T.. . 10S
V Ktoria IS
Mdurine
NEW ORLEANS COTTON.
Funlshed by N'. U Carpenter Co.
' Qoslng
Open. High. Low Bid. Asked.
Jsrmary... .. .. 13.C 13L70 133 13.68 13.70
JUrch 11SS t3.70 158 1169 I3.W
Msy 13.63 13.71 13.C 1173 1171,
July. 1173 liso lies H7 ntn
Octcber 1L65 11C7 ILCS 1L73 1L14
CHICAGO PRODUCTS.
furnished by W. B. Bihba t Co.
lOBK-
Msy.
LAnD-
Jarroary....M.
May..
nins-
Jamury
siy
17 1(1 JB &.
New Tork Jan W, Closing quotations of ralv
cellanoous londs
Cltr of Tokyo Ss. SO
AlUvChalmrrs Ss Trust Co. ctfs. 13
American Ice deb 6s 7SS
Amer Tele A. Tele, cot 4s.............. KS
Atlsntic Coast Line 4s
Allsntie Coast Ltne-L. N ts S3S
Baltimore A. Ohio gold 4s . "TS
Baltimore & Ohio. Pitts. I, E 4 W. Va 4s 9SS
nnraljn Uspid Transit 4a r
Buffalo & fenspichanna 4s 40S
Central I'adie 1 4s 36H
Chesapeakei i Ohio gen. 4Ss H0S
Chesaivake & Ohio con. 4Ss a?t
(TiL. Mil. & St, T gea 4s Series A SSS
St. I 4Ss. IOCS
Chicigo A Northwestern gen 4s 57",
It. I A P rf; 4,
it i ic r eoi is f&s
Colorado A -Southern Ttz 4Ss 94
Ilclaware A Hud-sin crt 4 97,
Denier A Rio Clrand rfg 3. MS
Du l"not de N-emour Powder 4Ss . . ..SO
flen. Kloc deb. Ss. temporsry receipts full paid 105S
Hocking Valley 4Sa .... K0S
Interboro-JIetrarnlitan Hs Jl'i
Interrcro B, T gold Ss lots
Laclede las of St. Is rfg Ss ltd
lagg-tt A M S S
V I S 3S- 77
Oss. t I. II A I-ower ooL 3- ItCS
Oss. E. I. II A Power pm. 4, . . (OS
New York Bailwsys rfg. 4s 7g,
Tork Railways adj. Ss -8
Norfolk & Western con 4s . st
Norfolk A Western dl- 4j ?.
Northern Parlfio 4s SSS
Taafle Teiephnne A Telegraph Ss loos
renn-ilTsira 4a. I'm. .. "
fcnnaylTania 3S. 1913. 97S
I"nblic Scnlce of New Jersey Ss .... J?,
st, Louis. Iron Mountsln A onthem gen. Ss .. lo
st. Louis A Ssn Francisco rfg 4s 76S
Ssn A & A. P. 4s.... 131,
Seaboard Air Line adj. Ss 7C
Southern Bell Telephone A Telegraph So. ses
Southern I'acifla crt, 4s. sos
Southern Facinc rfg. 4s. K'i
Southern Railway Ss -07S
Southern Railway 4a 7SS
Texas Company crt 6s. H vrjos
Third AretMie adj. Ss. 7SS
Tri-City Bsilwsy 5s J9
L'nion PscLfle W 4s 98S
I riled States Steel ricking fund Ss 101S
irginia Chemical Ss. Sn
Uat-uh T. T. 1st 4 3SS
Western Electric 5s loss
83"
The Most
patisfactoryBonda
can be selected, not by theory and
casual observation, but by carefully
comparmj- the results from different
classes of bonds ov er a period of years.
In a revised edition of our copyright
ed booklet, "The Most Satisfactory
Bonds," you will be interested
To compare, in a graphic pre
sentation, the av erage price move
ments of representative Municipal,
Railroad and Public Utility Bonds
cv er a period of six years.
To note the progress made by
rcpresentative atia of the most
satisfactory class of bonds
Thu ookf. conletntng ether informa
lien of material talue to the truestar. ulH he
tent en request for Booklet No. A 79.
N.W.Halsey&Co.
49 Wall Street, New York
Philadelphia Chiearo a, fraieUro
Selected Bonds
Send for our General Bond
Circular for January, describing
25 issues of carefully selected
Municipal and Corporation
bonds.
Yielding 4.40JS to 6.25",
Art ftr Circular i'e 53.
Lawrence Barnum & Co
Bankers
14a F St., N. W., Washington
New Tork Philadelphia Pifltburrh Boston
item that he now oisnrt Is of record in
the State of New York Insurance De
partment report as belnc owned by at
least three well-known Insurance com
panies. The gtate of mind of which this In
vestor found himself Is reallv silly when
vou come to analyze it but jet it Is
extremely human and in the banklnc
business one has to allow a crcat deal
for simple fundamental human factors:
like fear, follv. old ace. and suspicion
A feellnj; of uneastnts Is quite sufficient
reason to advise anv one to sell the se
curity that causes the feeling: and anv
Rood bond salesman knows that It is
very poor business on his part to coax a
satisfactory customer Into buvlnjr any
thing about which he has an unpleasant
Impression if tnat impression Is only a
vv him.
If any one feels uneasv and uncertain.
It Is not nt all difficult In ordinary cases
to find good Investment bonds and stocks
that will remove that feellPK The pub
lic Impression that the buvlnr; of Invest
ments is a difficult and technical job is
not mariv so true to-day as it used to be
racts and records are much more cnm.
plete than thev were ten vears n in
addition the matket offers verv much
greater variety thin It did at that time.
rormeny one had to chooso nreiiv
broadly between Ions-term bonds nrwt
stock Xobcdy expected to net anv verv
larse varletv- In either During the past
decade, however, even the best corpora
tlons and munulpalitles have been
obliged to adopt new forms and methods
or ineir unancins:. with the resnir thai
one can to-day go into the market If he
likes and pick up Rood standard securi
ties to mature In cash at almost any
future date from one month to twenty
five vears or more, that are as certain, as
any human thine can be certain, to iay
their principal and interest when due
na (O De satisfactory sn far- q hnman
juusnu-ni can loresee, as long as thev
Ar tboae that do not SuctuaU during dls.
turbed conditions of the meney or stock mat
lets. First dee! ct trust notes (Crst mart.
gages), well secured on rest estste in ttM Dis
trict of Corumtaa, constitute gilt-edg In
vestments. They 6 rot defend upon Us
fiosneisl resronsirtlity of Individuals cr coe
Txrations for their starility. and ar exempt
trcm taiation as personal property Vva can
supply such iniesttncnts in amounts from SS0J
upward, s.end for bocklet, Cuccerdcg LoarJ
and Inrestmrsta,
Swartzell, Rheem &
Hensey Co..
737 IStb Street NortbTreat.
NEW YORK COFFEL
fureUhed bj N L. Carpecter L Co.
l.bmsrr
Vlan-h
Alll!
May
June
July
Angtit
eptemtr
Oetober
NoTtmNr
Isrcrmber
1120 1
U4I I
13.61 .
, "I s
a. t
tin s,
13S4 Sr
II M If 02
II CO uoi
13 It
PST L3
REAL ESTATE TRANSFERS.
are held.
NEW YORK CURB STOCKS.
New Tork Jan N To-day's closing rcices ra
the most actlTe curb securities were aa follows: 's
Bid. Asked.
vnglo- Vmcriean Oil IS rt
Braden 9". -,
nritish-Amencan Tobacco .. 35 334
Chicago Subway. t 7
(liroux Consolidated .. 3S 3Ts
(irceneansnea .... Sv ss
Ilollingrr B'i It
Intercontinental Kubber.. .. M .9 A
Kerr Ike 3S P,
Ij Hose eons 3". 3
Is. V Coal Sales Co S2S 33
Mason Vslley. 9 19
Slanhatun Transit P v
SIsreoni. new.. SA (
Msrconi. Canadian 4 5
MpiJiinc Mines . s. ,
hUodsrd Oil, ex-sub t3 CC
Yukon fiold 3 3s
United Cigar Stores Has, loss.
United Clgir SEorrs pfd U( m
i BONDS.
Adams Ripress is SO SI
Cradcn s 303 as
liradra 7fl 303 210
It ft. T Ss. notes J73-1S X
Chleago taesaled Ss , jsi,
SIcntnal Tram. 5s iixvi
I'selflc Gaa ac Electrio Ss SO si
Western raelOc Ss K a .
383 SB SIS
A company haa been formed at Van
couver to convert the refuse of the
city's many sawmills Into steam heat
and electric light and powar tor pub
lic use.
NEW YORK PRODUCE.
New Tork. Jan 10. lltr.T.rs-s rss,a. .-.j- ..
2?i?- Spring bran. 31 00- standard midJ'ings.
rs.50. Western red doc an? winter hHt rn
in ICO-rcsirHl BSCka. to srH. "SSO i. nH in
bulk. am. " ""
lllb-lini: trade i .low
is Tsnien at abm.t TO's,
RYE IXOCR-Tnde l.l... . .t.,.1.
SCVT-Mn''n luoted at ISOslOO 3 Urre!"
-v.niuiMi r lajuit steady, business modrr
.ir voowt nominal at i3 for 100 ponnds
tvOItNJIDAlr-Steadj: inquiry Is moderate Mln
dried, new. for export. 3.3aSJ0 coar meal, in
bags. 133 for uld sn.1 LIS for new
II Vr-Reccipta. SC3 tons, stesdy trade moderste
QuoUtlons are: No. I timoUiy, 10TV,I1"- stand
ard LOS. Xo. 100aLC31s; y0 J. siaSO
ETIUW-Rereipts, tons; arm. supply U light.
Long rye quoted st SS. Ost straw h dull and
sallies uncertain, possibly 5.
PORK-Weaker; business is malerstc Jless,
KJOalSOo; family. 33JOa33iai.
BEEf-Steady. rniplic. are light and trade
o.ui.1. racket, 33.OOa3.00: ramily. 3tOCaS.OO
L.VRD Easier; Quiet dealings. Prime VVcem.
10.05; rellned craitincnt 3 Ssilli American. 11 It:
n-flned Brsiiluo. in kezv 13.10 beef strsriue. S'.aO'i 1
lsnl ilrarine. Inset ire New York. 13.
CO TKEE Trading in the eolfee markets uf the
world wss light to-day. Foreign coffte markets were
tame and somewhat lower, aa a rule, final showings
The day's rriorsi were as follow
High Low.
January
refcruary. ... ..
March 13.3 13.39
Ami.... 039 13.59
May..... UTS US
August
he4cmber
October
. TfSal valea. SSSJs) laos.
Starkct closed steady, l Kni wwer to I mnts
higher
1LSI 13.SS
Oe
Ii30al332'
I3.sssI3J3i
ULtbllW.
B-GCs 13.(1 1
HTIali.J
U.OaI3.S3
I3.E7sU.83
USta 13.95
IteiallOl
ILtOalld
r.fngliam 1'lar Jam.. I: Hlrrwm el us I" Ttvm
Ioi,m. lot 1 t II Jlr mdii VlirU
H. Dohin. hs-s 31 ail . rsork H K
II New lorl. Atenue VstheaM Jom V flon-
salcs rt nv to llnwsol I"urd and Pertle U
IhirrU lot 33. squsrr CO SW
133i thnnh sue-t Northwew Lo-ii l.urdlicg ta
Varooells VI. -otl tut J3. sunare 191. S10
1 rrn u Park JixSn VI llereler-on to John B
Hi -on lot 103 S.irr "3 Sla
Et-rento and H Sirrcts Nislusest Julius I PeTi
et us to hrahara 1) Prince part original lot S.
nO,uarr 3tt TO
100 street Northeast vlexandcr Johnson et ux
to Rrxic J. Hoddis. lot 19 square VZ SO
Bloomlngdalc Alexander Johnson et ux to Roie
J Hoddes, lot 4. blork t 110
Whitney Close James V Itrennan to Charles A
and Adah vt IlarbT. lot X square 304S S10
VVoo.hidge-.John F rtl.Jd et ui to llenre J
Itsssler psrt lot ? Nork 9 $10
Florence Onirr Nrstheast between F and f. htrrets
DstM N Rist ir rt ns to John II. Rucc
man lot 1S5. .luirr 1051 S'fc
Lanier Heights-N'iihs I" ,V to Vlary T Fennel
Vlanrsret I. T ToUn Hehn s Tallr Vhtse
R Talty. Flizabeth Tn.ll Reginald It Walk
er. Allan E. Walker Itlandie P Walker and
William H. Walker tort lot 111 SI tdtt
Mount Measant Heights- Ittlton R l.onlm ct nx
to Charles II Nussbaum, Irt lots 11 -a IS
known as laroel 1 $19 Charles H Nnsshsnm
conteys same Yiwrty to Clatrd tasnigslon S'O.
AVhitney Close-1 red It Rhodes et us to Burma
E. snd Ruth A WUltams. lot 1U Mork 1 Sis.
nurnll!e-jfe VV Raslirgs et ns lo Nana t.
Curtis, lots 37 snd 33. snisre 5311 $10.
Rsndle Hlghtlsmls-Ismisa K lke to Clara VI
Slorgan. lot X aqusrr SjTS SIC
Brightwood Park William 31. Monroe jr to
Cladys I. Jlonrce lot it. oina-w 3SU3, $10
1133 Eait tartol street Northeast John J !
GIotit et ux to Slelrllle 51 ana riorence it
Jlottitt lot 69. square SSJ, $10
Prcopect Hill Henry C f.rert et ns to Alfred VI
Wilson kit SIT aqusrr SI. J10
Alley, petween 1. snd M Twentieth arsl Twents
first btreets Nortltwe-t-Joserh It lUrsl et ux.
to Philip H ChrUtmsn. lots E and K squsre
. $10.
Ct I. htreet Northwest-VMUiam V Bates et us
to Annie K Lhinger part original lot S, square
3C9 $10
Pleasant P'ains S rercy Thomrsoa et aL tnis-
tees. t Hsrry It WlUson, lot 133. square AC
Sire Hsrry B. WiIIsoo conic) s same property
to Loui'e A Twognod. $10.
Lracs Pnyincnt of Stll.SII.
President Taft jesterdaj sent to Con
cress a report from Secretary of State
Knox on the amount of claims due
American citizens from the Joint naval
operations of the I'nited States and Great
Britain near pla Samoa, in IWJ. Secre
tary of Slate Knox recommended the
Serviceable waterproof hats nnd cloth-1 pa ment f JH.K1I C out of the total
ing nr made In the Philippines from ! amount of
the Inner bark of the cocoanut paim. Jiv.uw.
American cla-ooa Oat akotu
V
