Newspaper Page Text
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THE WASHINGTON HERALD. SATURDAY, JANUARY 18. 1913.
Surplus and .Unilii.ri Profits O.er'-$500,000. 00
Ritflircas Over $7,000,000.00
APPOINTED ASSISTANT CASHIER.
SCO R. F. Rondrfeh.
OUTSIDE SECURITY NOTES.
900 Brooalrn Bapid Transit- SOVi OH S0H
D nnnalrn Union Gas...... IS
1.709 Oil. retrateum. 1!!, Sai !M
New York, Jan. 17. Tha Lradlnj 00 tha ontaUl
eenrltlea market txUj was, u bezttofora, onlj
IOO Cat. Mrolrom pfd B 83
LSOO Canadian Psdfio. 2CX liOS Oi
a Centra! of N. J 360 360 360
COO Central LtaUxr. S S4 M
100 Cflitnl Leather tad..... 94 M M
fairer actlt. and with price changes somewhat
OF RAILWAY CO.
mliTtL, Braden Copper was to srflr. featnr. and
soorcil a fnrther adrance. Other msial shares '
Qtdat and lrrexnlar UnitM CUar Btorts
400 Chesaiaaa. A Ohio. 74
SO Chl Great VTett,.. lCVs
S.400 Chic. M, 4 Ut, P. llSe
200 Chkx. If. It St. r. lid.. Ill
SOO Chit & Jf. W. 13
taoo acctR h sw
t20O China Con. Cop. 41
TOO Col. Fuel i. Iron. X
"800 ConwUdsted Uas. US
COO Cora rroducts 13
30 Deere pM W
SO Denver & It. G Z1V
300 Denrrr It. G. pM 3TVi
1J00 Dint. bee. UVi
3.400 Erls ,.... 30H
quit, stronf aarlr. but UUr lost all of the adraaos
and Mid below tho pmlous dose. British American
Tobacco was wasler 00 small deal Inn.
Officials to Be Elected Re
WEEKLY BANK STATEMENT.
New York. Jan. R.-Bank. dsarlnjra in the Unit
ed States for the weak ended January 18, aurecaU
port Will Wait on Audi
S3.TS7J0i.000, asalnst (3,985.118,003 last week, and
RISO.661.0CO in this week last Jear. Fbllowtnx are
tht rrUrrns for .this waek, with peramLarts M
ACTION IN LOCAL MARKET
s sr ,
aasaasaasaasaasaaV. 32ai saasaasaasaasaasl
Banks and Title Companies Elect W.
B. Hibbs & Co., on Legislation.
Bj I. A. FLEMING.
The annual meeting of the 'Washington
Railway and Electric Company and the
subordinate constituent companies will be
held at the offices of the company this
afternoon. Officers for all the corpora
tions will be elected
It Is understood that the annual report
will not be presented at the meeting.
ilnr delated until euch time as the
American Audit Company, which has.
been making an audit or tne dooks, dook
keeplng methods, ic.. for some weeks
has completed the examination and riled
Its report with the officials.
When this report is completed and
the annual report and the report of the
auditing company will be mailed to each
shareholder In the corporation
There has been more or less public
bantering during the last few months
regarding the respective earnings of the
two traction corporations and some
statements have been made that should
be contradicted or substantiated
The report of the American Audit Com
pany is expected to settle the matter.
In all 110 shares or Commercial Na
tional Bank stock sold-on the local mar
ket -venerdav I'rices eacd from LW to
11?.. and closed with l& bid and fO
asked to far there lias been no neces
sity to tacriHce ttm.k
Action in Gas was fairlj pood without
e-iims of weakness which some operator;
thought might follow the tiling of the
Maits in connection with the Georgetown
Gas Companies stock held r the ! oritur
corporation Piles were made at SI1
onlj. with a small lot at v. the- prices
being et-dildend. which will be paid on
February 1 This dUldend will releae
SlotOfiO dividend money for reinvestment.
There was a modest demand for bonds
with sales of Traction !. small bonds,
at HOSallOt, Columbia 5s M0.. Colum
bia 6s 1C1. Railway 4s M1. Potomac Con
solidated 5s at Mi'- and hteamboat Rs at
Railway common was nominal, while
the preferred was also neglected, but
A small lot of I ederal National stock
was offered at 130 a Miare. the bids being
1SS. or three points aloe the subscrip
tion price. During the afternoon 151 was
tid for the stock without bringing out
t the annual meeting of the sharchold-
rs of the Washington and bouthernl
Bank held jesterdav. the following di
rectors were elected t Cainoun.
Robert H Chapman II I! Uenham, Alan
P Hume, Ihomus 1' -Morgan. Jr. .
Jlulliken. C II Pepper, C H Itldenour,
J Selw in 'fait, and Robert J. A nne
The board convened after the meeting
ana elected the following officers Presi
dent. J. Selwln Tail, first vice president
Robert J Wvnne. se-ond vice president.
Charles Muiliketi, third vice president,
Thomas P Morgan, jr cashier, Ira B
Dalrjmple: secretary. Charles Mulliken
The directors and officers of the Lin
coln National Bank held a tanquet at
Congress Hall Hotel last evening' to
celebrate the excellent showing made 1
the bank during the past vear Joseph
fctrasburger acted as toastmaster. and re
marks were made b R A Walker, presi
dent, Klovd E Davis, nrst vice president,
Robert Callahan, second vice president,
William K Gude. and P T Moran
A comparative statement was shown In
whic'i th- deposits on January 1. 1909,
were 3372,640 71, and on Januarv 1, 1913,
verc S1,5j6,01 M, showing an increase of
93,379 13. Loans and discounts on Januarv-
1, 1909 were JwdSSl. and on Janu
ary 1. 1913. were JKS.lSje. an Increase of
Those present were John. W Brauner,
Robert Callahan. I'lovd E. Davis. Rob
ert A Dore, William K Downey. Richard
J. Earnshaw, William F. Gude, Peter
Latterner, S Dana Uncoln. Andrew
Loeffler, Lucas P Loving, Florence D.
McAuliffe, Patrick T .Moran. Howard R.
Ncrton, Henr T Offterdinger. George C
Pumphrev. Samuel C Redman, Joseph
Strasburger, W llliam 1 Sullivan. G. Tay-
r Wade. Richard A W alker, A. S Gat
ley. W. JlcK Stow ell
At a meeting of the Washington Title
Insurance Companv Thursday the fol
lowing officers were elected K. I
Schmidt, president. Arthur C. Bishop,
Fred JIcKee and George II O Connor,
vice presidents. William Clabaugh, secre
tar and treasurer, and Alfred II. Law
son, assistant secretary and treasurer
At a meeting of the District Title In
surance Companv Thursday the follow
ing officers were elected: E. L Schmidt,
president. Arthur G Bishop and Fred f
McKee, vice presidents, William Cla
baugh, secretary and treasurer, and Al
fred II Law son. assistant secretary and
Appointed .xalstnnt Ca.hirr.
Frank E Ghisellt and Herbert V Hunt,
both old employes of the Commercial
National Bank, have been appointed as
sistant cashiers of that institution.
Both of these young men have been
active paying tellers in the Commercial
It Is understood that D C. Smlthson.
receiving teller. Charles B Lyddane. note
teller and Charles D Rover, bookkeeper
of the Commercial National, will Join
the forces of the Federal National In
W. B. Hibbs & Co . sent out the
following letter to their clientele last
A tax on Incomes is on the Democratic
legislative programe. The tax may pos
sibly be levied by Congress at the
coming extra session.
Thus far thirty-four States have rati
fied the amendment to the Constitution
authorizing Congress to Impose an in
come tax. When two. more States have
ratified, the new article will be In the
Constitution and Congress will have a
free hand to legislate, without fear of
appeal to the Supreme Court,
The new article authorizes Congress to
tax Incomes "from whatever source de
rived." The Democrats are fairly aching
to get a whack at the Incomes of the
country .Moreover, If their new tariff
legislation creates a deficit In the rev
enues, an income tax will some in handy.
In six States the ratification resolution
Js pending in one or the other branch of
tht Legislature and in four States it Is yet
Photo by Edmonstoa.
Who la thirtysx years old. started u a bank runner
at the ace of fifteen, lias been with tb Commer
cial National since It was opened.
to be called up In four States the Leg
islatures are overwhelmingly Democratic
.nrf It would seem easv to nick UD a
couple (his winter
As soon as the constitutional author
itv is given, through the ratification by
two more States, only a majority vote
the House and Senate will be re
quired to pass the income tax bill
Congressmen interested In financial
legislation observed with concern the
tf stimnnv veslerdav before the Monev
Trust Committee and Currency Reforms
Committee, of George M Remolds.
I resident of tho most Important bank In
Chicago He Illustrated the wide dltler
enee between the Eastern and Western
viewpoints of banking, and currency re
form These Congressmen foresee a long
wrangle In Congress when the currency
bill come In, betvveen these conllfcting
Remolds was pionounced an excellent
v itnes for Untermver and his teftlmony
delighted the committees counbel who is
so king to locite a "monej trust"
Another feature of I'liitnuver s report
will be a lecoinnienelatlon restrl ting the
loaning 1 n ttionol banks of money to
tht ir oflit lals or direi tors It Is probable,
however, th.it the prohibition will not
apply to a firm of which n bank director
might lie a member That Is to sav. the
firm could borrow but the director, as an
individual could not
Tim first lecture in the course in the
Mcw of Negotiable Instruments" will In
delivered by Prof Charles A Douclas
at the chapter rooms of the Washington
Chapter of tlie American Institute of
Banking, on Wedncsdav evening. Janu
arv is n
This is the first of a series of ten lec
tures to he delivered bv Prof Douglas
on this stihjet and members jre re
quested to procure a copv of "Daniel and
Douglas on the Elements of the I.aw of
Negotiable Instruments," to enable them
to cover tho reading assignments in
comprehensive manner This is designed
to be the moat benefle al educational en
deavor ever undertaken bv this chapter
and an excellent opportunity for those
desiring a knowledge of the laws of bills
and notes Banking officials are request
ed to call the attention of the vounger
men to the advantages to be derived
from a svsteinatlc stud) of the subject.
Directors of banks in Prince George
County were elected as follows
First National Bank of Hvattsvllte
Joseph W. Aman. C L. Bowman, C
Frank Carr. Charles G Heltmuller. I)r
Guy W. Latimer. George II Lanhardt.
William P Maqruder. Harry J Patter
son, Jackson II Ralston. George W
Sexton, Harry W Shepherd. S. W Wood
ward and Dr Charles A Wells. Jack
son II Ralston was re-elected president.
Charles A Wells, viee president.
Harr W Shepherd, cashier and Jack
son If Ralston, attornev
First National Bank of Southern Mary
land, Upper Marlboro Charles A M
Wells, Judge T Van Clagett, Richard
N Ron. Aquilla T Robinson. Dr.
Charles A Wells. M Hampton Magru-
der, and Hcnrv A Morris Dr Charles
Wells was re-clerted president. Rich
ard N Rjon, vice president: W S Hill,
cashier, and Judge T Van Clagett, at
torney. Farmers and Mechanics" Bank of Seat
Pleasant Mendel Behrend. Dr 7. M.
Brady, Richard F. Brown. Francis S
Carmodv. Howard I- Christmas, W.
Samuel Collins. O E DarnalL John Bros-
nan, Jr. F. B Gfavson. John W
Grcgorj, William H Keffner, Samuel J.
Henrv, William H Lacy, Tucker K.
Sands. Dr. U S Savage. F A Van
Reuth. and Edward S Wolfe, Francis
S Carmody was re-elected president:
Tucker K. Sands, first vice president.
Dr. L. S. Savage, second vice president,
V B Gravson. cashier, and Clarence M.
Mnrjland Trust Clrels.
Directors of the Maryland Trust Com
panv declared an initial dividend of 2
per cent on the. common stock, the regu
lar dividend or 3 per cent on the pre
ferred stock and elected six new mem
bers of the board of directors to repre
sent Man land Casualty Company in
John T Stone, president of the Mary
land Casualty Company
Robert Garrett, of Robert Garrett X.
George W Fleming, vice president
Consolidation Coal Company
Rufus 51. Glbbs, president Glbbs Candy
Companv and Glbbs Preserving Com
pany. James L. Sellman, of James Bonday,
Jr. & Co
C Wilbur Miller, president Davison
NEW YORK STOCK MARKET.
Xew lork, Jan. 17
Utah Low CIoe
700 .Ulis5ialmers M pfd .. r S. i
an AUis-Chslmrrs 3d pfd pfd 10 10 10
36,900 AmaL Copper 73Vs 71 72V
2.400 Ad. AetI. Chan 51 45V. SA,
1.000 American Beet Sujsr. SSL, XH 3j,
3)0 Ajnerican Can 26 2Cs 28
30) Am. (in id. 11V. HI Its'!
609 Am Car 4 Fonnd 52 514 514
1C3 Am. Cities. 474 474 4.4
1.600 Am. Cotton Oil .1 13 51 52
109 Am. Hide 4 Leather pfd 214 21', 214
400 Am. Ire Pecnrities 22 22 22
LOOO Am. Locomotiie W i 3,
100 Am. Loromotlie pfd. 1(S IDS 0
7200 Am. !5meltlni: 72 70S 71V
S Am. bmelt. pf.l . , I0.4 105Vs
103 Am. Steel PoundrT 31 34 34
300 Am. Sasar. . IIS 1154 US'
9.190 Am. TeL 4 TeL 13SVI 132 1325,
600 Am. Tobacco 281 2B0 2S0
100 Am. Tobacco pfd. nw . 1014 iM'i 1014
L130 Anaconda 374. 37 37
SO Assets Real Co. 117 117 117
1 000 Atchison .. 101' 1N4 104
353 Atchison pfd 102 102 102
1.300 Atlantic Coast Line 12Mi 123 s 28.
600 Baldwin Looo. . SH II OS
103 Baldwin Looo. pM... . 104 104 104
1,030 Baltimore 4 Ohio. 105 SB 103
100 Bitoralas'lflnirf.. ......... Vi . IS IS
L300 Bethlehem SteeL........... 3Vi 37 34
500 Bethlthem Bletl pfd.... 65 CJ 69S
300 Erie 1st red 47 Wn n
100 Eria U rd 33 M 3
a W II l 8 IS 15 IS
100 led 51 i H. pfd. US US SS
SOO Gen. Klnx O ID WJ US
J.3M GnWfleM Onus IV, J
5JO tit. Northern pfd IS 1S YB
1.9U0 (It. No. Ore sub B XU 2H
100 llomrstaaa. IIS 115 115
300 Illinois Central ir USt, l?i
100 Int. Acnraltural XI 33 33
300 Insn. Copper U4 16Vj It's
TOO Intrrboro-MetiopnUtan .... If. HVi If
!U lnterbixo-JIrtio pfd CI CO 60
60 Inttmational Ilsirf-Urr . 18 106H 108
400 International rrr pfd tS. 46 46
600 International 1-ntnp. .. .. 16V ISA, m
100 IntrrnatJnna Pomp pM... 69 CS 68
100 J I. Csm pfd too 100 100
an k. a. it. s. 4 m. rfd.... rm rrv, rrvs
300 Km Co M T 75
KO L. Z. 4 IV. pfd JS, !; S.
5.500 Lehigh Vallej CIV, 5BS 58S
100 Lmoae-vvilM 38 384 3b
J.3D LooisTUla 4 Naahrill. . . 140
3 MeroinUle Slarine pfd. .. .
900 Mcrican Petrol 72 71 TlVi
400 Jtlanjl fVxi. Cutiw . 3-4 3Vt SVi
!0 Jllnueapolis 4 iM iMii. . 3 3S 3S
3 XI . St. P. 4 S H 31 . . . 134 UTS UTH
75 JI . K 4 T r 36"i I
,Kn MiswMri I'sellle. 41 40 40
300 National liucuit, 13) IB'. I1J1
SO Natlenil B. 4 8 1SS 1SS
ian Vatlonal Lead 50V 4S'i 4M
K0 National Lead pM 10S 106 10S
1.100 Nerada Con. Copper MH ISH 1S
1.5T0 N'eir York Central ! 10SV ldbl
nst.SHtH .. .. 13 1I7. ET,
401 X V. O. 4 W .. . E 31'. 33
600 Norfolk 4 Western ... lEt 112 11T
3.0TO Northern Pacific 11SS 1I7S 11SV
SO Ontario Silter. .,. ... P. . 2
TOO Partfle TeL 4 Tel 37 2J
100 I'aeuVc Mall at S 3
K Tenn. H. It 12?, 12?i 1TV
500 PeofJe's G 4 a. 115 111, 11
500 P . C. C 4 St L. 100 100 100
TO HtU fVitl ... tr. 22 ?i
700 Pitta. Coal nft . . . 7 IB
SO IYMed Stert Tar 33', 33, 33":
MO llallwar htiwl hrrimn 3IS 1', 3T-
3jm lur Coo. Canrr . .. ir. ic, m
64.600 Iteadlns Kl 1)S 16?
SO nadinc lt pfd 90 so
100 Readlne 2d pfd 91W n 9IS
1.S0 nenuhlie I. 4 8 ... . 21S 3V 24
400 Jlepublle I 4 S pM . 1C , 12',
2.700 Itoik Islsnd ... 23 22 22".
1.101 llnri Islind pfd . . V V 3W
im itumeir . .. US', m m
SO Scarosnl A L pfd . 4j". 4 '. 45'i
I SB St. L. 8 F M pfd -7 , S
I k I. S F C E 1 stork IIS il M'i
m Vrar. ItorNirk . i 25P, 102V, vn
11.1(10 ScMitbnn Psriflo. .. V ll, 10S'
1.100 South.Tn lit . . . 2r. J6H J6i
1.0T.V Soctlnm Ri rfd J 79 79
501 "Standard Milline . T 16 36
700 stu.icb.ur . -t a "4
1 101 Tenn. opprr ... 33 31
1700 Tcaa t llo', 116
I im Thinl Ae K It 3i V
100 Twin Clij It T I0 106
10J Union list 4 Parr ', 6.
300 Unlrti Pig A rarer pfd . . X
28 COO Union Parine Uf 1J6'
500 I'nfon ran . iw, in
100 Tnlted Ctfxr ....". 4S
100 United Dry (Jonds .. I00", inc.
200 Unltwl It j. Im 32 -a
400 I nltnl K ) lnr pfd . . 60 S3',
1W L IiJ M pfd .. a. .
tSn U S. ItnNr . f.', MS
500 C v Hub. 1st its. . 106 IOjV,
125 000 V. s steel . . 63'. 61',
300 u steel pfd . .. 108", H9'.
2.400 Ltah Copier SI SI
8 500 Va-Car Cnem 33 3S
300 Va Iron V 4 C 33 52
1O0 Wahasu pfd 124 12,
1 1(0 Western Msrjiand 41 41
ire West. Marjlatd pfd 60 n
no West. rn. Tel . . 70. tm
901 Vtestliuhoiue Mf 75 73s
110 WeM, Vlfs 1st pfd . . 119V U9. IL
10O0 Wnolirorth 1VS lOT, 106",
WO Wisconsin (antral In t, li
ivvii-Min t).jo3 scares sziini JU.J.S jesTer
dar SI6S a week 10 and 418 815 a eir ajo
111. Cent. ...
u a. -s. . .
O. A O. .
I ead pf.
I.t. North. Ore
south. Ily. pf.
Car Kdrj. .
II. A. II.
Con. Cs . ..
lleth. Steel .
I'ltt.. Coal pf.
Copper "4 I ran pf. . .
Smrltlnn: .... I lleth. teel 1
Frisco Sda .... V, Keadlntr 2da
NEW YORK MONEY.
New rk. Jjn 17 -Call nwny opciifd ! ir
cent Ush. 3, low, 24. rmewxLs, C; rlowd. ri,
rulinc rite 2
lUnk &rt not as willing to loan thir taud at
the prrriiluas rates thtj wiw wccnUy. The
nurkrt hold utrtidr and btulntMS is qalft.
lUt tre I prr crnt for tlxtj dtyi ami i for
thire four firr ami nis months.
Comemrdil paptr to iuirt, with ntcs Mifhtly
1t-tt Th brt nunM artr morics at 445 pr crut
London dfMxninta, 4S i-?r rent, uochaotctxl, lana
discounts. 3 iyt ciut, tinchtDjwi, Berlin dls
cwints. 1r ir ctnt, unchaccrd
NEW YORK COFFEL
Furnished bj N. U Carpenter 4 Ca
sSorrmelir .. 1183
Ilrmrlrr ... .. Ut2
NEW YORK CURB STOCKS.
New York, Jsn. 17. Today's closlcff prices of the
most tctfre curb securities were as followa-
Anilo-American Oil 17 It 4
Brsden 9 94
Ilrttsih American Tobacco 234 244
Chicago Subwsr.. ...... 44 7
(Iroux Consolidated 34 34
Oreene-Cananea M 8S
IfoUincer - 134 16
Intercontinental uuober. 84
Kerr Lake 2V.
La Bose OcisoUditoi. 2S
L. V. Coal Sales Co. 220
Msson ValleT ........ 8
Manhattan Transit , 1
Marconi, new ....., 54
Marconi. Canadian 4
Nlpissinc Mines. IS
Standard Oil, excab... 423
Yukon Hold 3
Imted Clsar Store 10C
United Clear Stores pfd 116
Adsms Express 4a. 80
Ursden 6s,... lfO
Uraden 7s. I
B. K. T. S. notes. ........ 97
Chleato EJeratrd 5s - 94
Slontrcal Tramway 5a. .........1. 99
I'adflc (las A Electric 5s 90
Western raciflc Ss. 864
NEW YORK COTTON.
Furnished by W. B. Hibbs 4 Co.
Lr.en. rftxh. Lose. Closa
Msrch...) 1102 12.11 11.96 12.11
Mst............. .....'.. 1L93 12.07 1L92 H.06
Julr... ................ 11.87 1L9S ILU 1U6
October. 1L23 1L36 1L2T 1L34
cnanso irom tola weex Jul rear:
Jannarr 16. Inereaae.
WASUIXGTOX S7.496V00O 1i
Xew York Z.179.36O.O0O 3J
Chlcari 33.717.000 R.4
Boston 138.713.000 S.C
I'hUsdelphla 183.650 000 III ..
Ht, Lonis 90,(03 000 1LS
Karuss Citj ................ 8.028.000 10.3
New Tork j,n v 17. CSosln, q not, Lions of miscel
Nne York Central 4(. 1160 I0U-.
A llat-Ch aimers Ss (trust rornianr ctfs.) 62V.
American THephono 4 Telearsph col. 4a 8s
Atdiw. Tivka 4 Santa re sen. 4s 97
Atchison. Topeka 4 Santa Ko est. is. 1353 . ... Krl'.
Atlanta 4 Birmingham 4s 87
Atlantic Coast Una L. 4 N. 4s ..... 91
Baltimore 4 Ohio prior Iten 34a. 91'.
Baltimore 4 Ohio told 4s 97i
Baltimore 4 Ohio !'.. LCiVl. Vs. 4a...... fcf.
Bruoslrn Ilartd Ttsnait 4?c 89H
Crntrsl leather .' 961.
CheMiivake 4 Ohio con 5 106.
ClieMprak. 4 Ohio arn 4' 100
Chessrraae 4 Ohio nt 4s 924
Chexrcak. 4 Ohio It. 4 dlr 1st 4a. 93
Chfc-.cn. Ilurlinctnn 4 Qulncr 4nt 4s. 9S1.
Chine Il..a Inland 4 Tacitta rfr. 4a 8't
rblracr.. Kork Island 4 Parine 00L t C4
DMlllers' Serurities Corp 5. 68
General Klertrle dh tema reota.. full pail 1054
(.ener.l V.4or sinkin2 furd 6s ... 9V
Interonrouxh Vletroiulltan 44s . 79
Internstioral Psirr est. 5 91
Iowa Ontral rfe. 4 &)
Laclede (Iss of SL Louis rfr 101.
Luortt 4 Miers Ss 9s
MU.iuri I'arttle S. IJ17 s.
New lork Railwan adj Ss. 58
New lark Railways rfz 4s. .. 7
Norf Jk 4 Western ceu. t!L 13r
N.cf.Jk 4 Western eon. Is S74
Norfolk 4 VtesJern ct. 4s 1114
OniMn Miort Una rfj ts 914
Dlrsnla 3iv 1915. . . . Sr
ICesdnu nn. 4 . .. .. . w;
si Usn. 4 can Franeisco rto. 4s 'v
Soiithern Psciflc oJ. 4s .. 934
soutltern I'scific crt. 4a. 92.
Southern Psrine rff 4s . .. 134
southern Rail.aj 5s . . Item
rsxnhem rull.sr 4. . .. 78
southern Itiil.ir 4 II 4 O dlf (5Ts
Third Arenue rfg 4s tl
n Psnfle 1st U 94
I nltrd Fute !tubtT 6s KCH
I nlted ststes steel sinklnz fund 5s WIS
MrKintasmlira Qiemiral Ss . ........... 97
UabsJi 1st Ss 101,
Western JlsrjUnd 4s gj".
TcUI sales 52.111 (CO
rcrrlJied bj W B Uibbs 4 Co.
Bid Asked, i
Cslnmet 4 vrtzona
Calnmet 4 Herla
( o4T Itance
Nnnli Butte .
Nrrtli Lake .
(I'd CI,., j
( i-csila .
6a 4 I
Other Financial News on Opposite
A LITTLE TRICK
(Copv right. 1912, by C. M. Keys, New
Observe the way of the old-fashioned
country store. It sells almost every
thing that men need for life: and it
takes In trade a little bit of cash, a good
deal of progress, some cord wood, and.
in some sections, homemade woolen
goods, etc If one had to make up an
income account at tho end of the year
for a Btore of this sort he would find Uie
Job of selling a doublebarreled Job,
ai it were, the first task belnir
take off the shelves the stock of goods i
brought In from the outside, and the i
second task being to send to the outside
marKet tne stock of goods being col
The Income account would probably
In most cases show a balance on the
year's business consisting of a fair liv
ing, and. three cords of wood and a cer
tain amount of manufactured goods of
local make. There would be mighty
lime casn, dut. mere might be some.
There are a great many corporations,
some of which have sold stock In large
quantities to the public that do business
In a somewhat similar way. Manu
facturers or typewriters, vacuum clean
er. Harvesting machinery, automo
biles, stoves and many other similar
products take back not produce, fuel.
or any other stuff tha"t can be sold in
the wholesale: but they very frequently
take back a large amount of pretty well
used machinery, either of their own
manufacture or of somebody else.
Observe, now. the way of the auto
mobile company. Here Is a statement
published recently with regard to one
of tho big companies whoie preferred
stock was sold to the public as an In
vestment a wear or so ago.
"Earnings for ten months are said
to have been twice the preferred dirt,
dends. but funds are tied up In the
Inventory and other quarters, so that
working capital is needed."
Tne result Is. of course, that the
preferred dividend has either to be
omitted altogether or paid In script,
which Is not money. Therefore the
people who bought this stock a year
ago at a price near par are perfectly
willing to sen it at about naif the
Tied up in the Inventery" when
you translate It into plain Ensllab.,
THE GROWTH OF WASHINGTON
during the past eight years and more
is reflected in the growth of The Com
mercial National Bank.
And as the National Capital will
continue to grow and prosper, so will this
bank continue to grow and prosper.
vNo change has been made in the
bank's business policy, nor is any change
Consult us about your business and
financial needs we'll serve you faith
fully and well.
Ashton G. Claphani, President.
Eldridge E. Jordan, Vice Pre.
Tucker K. Sands, Vice Prcs.
Arthur Lee Vice Prcs.
Frank E. Ghiselli, Asst. Cashier
Herbert V. Hunt, Asst. Cashier
The Commercial National Bank
Cor. 14th and G Streets
THE BANK OF PERSONAL SERVICE
The Oldest National Bank in the
District of Columbia
National Metropolitan Bank
Opposite U. S. Treasury
George TV. White. President.
Cnno II. Rudolph.. . Vice President Ceorre O. Walsaa Cashier
O. II. r. Johnson Vice Prealdeat J. Galea Moore .....Auditor
ACCOUNTS OF ALL SIZES INVITED
MONEY TO LOAN AT LOWEST RATES
Are You Interested in
High Grade Investments
Ask Us to Send You ,
Special Circular No. 52
Lawrence Barnum & Oo.
1421 F St. N. W.r Washington
Now York Philadelphia Pittsburg Boston
Invest With Confidence
in mortgage bonds which are legal for saving basics and trust
funds. We are offering such bonds, to yield at high aa 5-30,
which we believe are well adapted for those requiring
the highest rate of interest oantdsteat with safety.
Stni ft DaalpHn Citcala 42
A. B. Leach & Co
149 Broadway, New York
IHICASO rHILADgXPHIA BOSTON LOMDOf
A Knowledge of Bond Values
is essential to a wise investment. The better you under
stand the factors contributing to the safety and earning
power of a company, the easier it will be to satisfy
you as to the high character of the bonds we offer.
Tfrtf. aa oboal year arts .
Kean, Taylor & Co
Members New York Stock Exchange '
30 Pine Street, New York
means In this case that the profits of
the business are represented by an
ample collection of second-hand auto
mobiles and other material wnicn wouia
not be. very satisfactory to the stock
holders If It were handed out In the form
of dividends. A second-hand carbureter
Is sometimes an excellent tmmr in Ita
place but It Is a poor sort of a dividend.
When a company of this sort comes to
make tip its income account It reaches
Its statement of profit by putting on
the stuff taken Jn trade the same valu
ation that is put on It In trade. .If, for
Instance. It (.ells a JI.0CO automobile for
J1.000 cash and a machine valued at
J3.000 It reckons the whole business cash
and the statement of Income which will
b pubUshtd for the guidance of InTsa-
Charles J. Faulkner
Samuel J. Henry
Eldridge E. Jordan
Arthur- E. Handle
James A. CahlM
Ashton Q. Clapham
II. King Cornwell
H. Bradley Davidson
It. Golden Donaldson
Wade H. Ellis
tors and the Information of Its stock
holders makes It look like a pretty pros
This trick has been worked more
generally in the past three years than
anr other similar period that the writer
lias known. It accounts for the astonish
ing number of esses In which a company
has reported bis; earnings right up to
the edge of a receivership or right up to
the passing of a dividend. It is a trick,
therefore, well worth knowing. If you
happen to be a buyer of stocks or
Th real purpose of this story at this
time Is to cause people to study a little
more carefully the nature of the business
In which they are figuring on buying
stock; It la pretty obvious, for Instance.
Tucker K. Sands
O. G. Staples
John P. Story. Jr.
Geo. Tully Vaus-han
In Growing Demand
In a rcn'ted edition of "The
Most Satisfactory Bonds "graphic
comparisons show .vhich bonds
give the best results to investor.
The increasing percentage of
these bonds' which the Comptrol
ler lepoctj among the holdings of
the banking institutions of the
country is due to their higher ave
rage yield and the greater stability
of earnings back of them.
Yn xSL he iticraUi la evmjort
tie jielit oi price notennU ef
Trprttcxtstne Mniapal, End
nod ami PtiKc Ut&ij Bmit is
BoeVd A 79, test n ntpttt.
49 Wall Street, New York
FMIsdelpbla CMcajo Ssn Fraadseo
Interest Earned 2 Tunes
tt'rRtfor Circular SS
Gardiner & Co
The Safest Investments
Are thorn tint Co not floctaat during div
terbed conditions of tb mooej or ttock ictr
krta. !int dl cf trast note (tint mart
KtX). wU Minimi oq ml Ute in Um Dis
trict ef Oolumbu. orxutitnt cllt-U" Ib
TiUBfott. Thy do not depend upon tht
financial mpooibUitr of lsdlridcaJa or cor
porations for their Utility, acd m rxenpC
from taxation is pcrsoea.1 propertj. W caa
apply neb lsTntmsnts In axnocsta from ISM
upward, bead for booklet. "Ctnccnilss Loans
Swartzell, Rheem 3
TSZ 13th Street Northwest.
ANNUAL RETORT OF SAMUEL H. MOOBH
We. the msldnit. and a majority ef th. tnanl
of trustees cf Samuel If. Moore 4 Co- of tfw Dis
trict or CbtamMa. da Hereby certify that Uw
authorized capital stodc of the ssid comps&y Is
S1.0C0. of vhldi 51 030 baa beeu raid la. snj thst
there are no dibts of said company.
SAMUEL. 11. MOORE.
M. L. MOORE,
I. Hamuel IL Moore, president of Ramnel It.
Moore 4 Co.. of the District of Columbia. &
hereby ssresr thst tho fscts stated In the ahme
certlicate are tma to the best of my knowledge.
and belief. SAMUEL IL, MOORE.
Sabsrribrd and awora to before ma this HI dae
of Jsrnair. A. D. 113. N. 8. KAVCETT
(SesU Notary Public. D O.
THE FIDELITY STORAGE COMPANY AN-
nmners vajmeut of Its regular semi-ennnal dlri
dend of SHS lr cent, parable to ttocaholdrra of
record January 1. 19UL
that- a company selling electric power.
transportation, raw steel, sugar, and
most of the other staples of life sells
practically for cash and nothing else.
There Is no need, when you bur Into .
Industrial companies, to buy Into a ban-'
tering proposition; for barter almost al
ways means that, you have to clean your
shelves twice before you get your money:
i and money, the universal medium of cx-
I change, is .the only kind of a dlvklanil
that the public want.