Newspaper Page Text
THE SUN, THURSDAY,' FEBRUARY 27, 1913.
1 RUSH T(l CMVn HN I. gossip of wall street.
THE U. P. PROBLEM
1iMltition TerinH Awnil Ar
rivnl f .Imlfrc Lovctt in
,l K'K ACTION 1.W-UKKLY
ItHiof Is Tlmt. Now Atlomoy-
ieniMiil Will Have to
.4lor Tour Thnn llnal iir.
The t nlon I'uclnc-Southcrn Pacific
lismiliillon cuse continued In olntu quo
estcriluy pomllng the arrival In Now
York in-liny of .ltKiKn l.ovrlt and others
if Ihe- t'nlon anil Southern I'licltlo
w.ilts from St. Louis.
The ca-o Iiiih boon pructlcallv ad
fnurncil there until conferences anions
i he iiillroml nutliorltlcH hero are hold
' S".iilHt! the efTect of the California
Hallway t'omnilHHlun'ti ruling on the.
invent illnKolutlon plan anil tho pos
Mldo iiceesulty of a new plnn belne;
Tho rcrlousnetoi of the, California
commission's ruling as an effectual
Mock of thn completion of tho present
illsholutlnn plan lu fully appreciated. Im
mediately ufter .IiuIko Lovctt arrives
'iero from St. I.ouIh thn directors of
Hie I'tilou I'nellli: and tho Southern l'n-
Hie will k Into hecret seBsloi. and
lirrali out the dlrflcultlen.
It 1h ui-ccpted tut nearly certain thut
h j-rtllffuctory solution of the dllTleulty
olild not he iirrivcd at before the ex
piration of the term of Attorney-lien-ernl
Wlcki-rxliiiiii next Tuesday! The
new Atturnos -Clem nil will have to jro
nto tho detiills of the cumi and apply
his own new theories of tho Sherman
aw, which may necessitate ,,n ,.ntlre
now theory upon which to base the
main vrlnclple or, tho dissolution plan.
Leaders In the work of drawing up
he plan of dissolution now- before the
I'lreult Court are practically reconciled
m tho fact that their work may be
entirely undoiio anil that they may be
lequlred to draw a new plan. It Is con
sidered fairly probable, however, that
ihe main features of the prexeiit phi u
may bo retained and yet meet the ob
jections of the California commission.
Utle of the dlreetois of the I'lilon
r.icllle said yiMterday that the question
of the underwriting syndicate sluudlug
or falling depended practically upon
whether or not the olTer of the $12i5.
I'OO.OOii stock of tho Southern Pacific
held by tho t'nlon I'aelllc to the stock
holders of the two roads would lie ma
If the ticnlcla eutolT ruling so In
fluenced (ho allies Involved as to dis
turb the geneial plan so far as to bring
about u material change In the offer of
'he Southern1 Pacific stocl: to tho stock
holders, II Mas pointed out that the
tiliderwrltliig syndicate members would
lie relieved of their contract obligations.
This would cost the 1'nlon Paelllc about
J1.D00.00y In compensation and commis
sions to the syndicate members.
If the Benlela eutotT ruling should
not require a now offer of stock to
stockholders It was the best opinion of
Ihos-e conicrned that the syndicate
The MlmifbOtu rate ease, decision of
which Is looked for from the Supieme
i 'ourt on 'Slonday, receives a new Im
portance because of the Identical ques
tion ln olicd In the Cnlon Pacific case
f conflicting authority hetween State
and I'Vderal officials. It is also held
that much doubt surrounds the ques-
Ion of ability of tho California com
mission to accomplish the opening up of
the Hertiicl.i cutoff to roads other than
the I'nlou anil Southern Pacific by the
Imposition of a condition which the
commission Is not lawfully empowered
to accomplish by n direct order. It Is
said that this Is the first Instance
wherein a stretching of power has been
mv oh oil.
eterdiij-'s recovery In (tie ntoelc market
wi considered Important enough In iti
way Thn whole market broadened a little
and them were Hiilntnntlal iccoicrlei In the
stiuidatd Is-ues and In the list or lniliistrliil
which Imvo suffered so heavily recently
'I lie advances, however, were accomplished
on a relatively small volume ol purchase"
and there were no decisive Indli.itlons that
thliiKs hud jet airlved at a stnite where mi
oterw helming buying movement had ile
ycloiied whhh would carry cvenlhlni:
before It. 'I here were still a number of
weak spots In the Inactive IM which ap
peared to be the result of Mated liquidation.
Vulcan Dothming sold at in, off :'. point
from the Inst side l.nng Island Ihdlroad
sold at 41, the lowest price that hn I n
recorded on the Stock l-.xclwirige since lli
and American llxprcx and fulled .Males
I'.xiiress both touched new low record
points. Tho Knullsh have n hackneyed
phrne which they employ to designate a
market such as yesterday's. They ny that
It bus more tono to It than hiine
CENTRAL LEATHER SHOWS GAIN.
n mm I llrpnrt (Uvea t Knrnlnsja
In I IM-' l7,70tl,UOr,.
At the iinnuiri meeting of the stock
holilrrs at the Central Leather Company,
he, jesterday, the minority stock
holders, who have been fighting against
thos In power, tried to gain representa
tion on the lionrd.
'ol. .V Cornwall of J. K. Haclie. g. Co.,
who represent the minority, Introduced
"That Ihe directors of the company are
lioretiv requested to take sucli steps as
may be rmessary In law to permit eumu
latlie votlns for directors at the annual
meeting to the end that minority stock
holders shall have the oppportunlty to se
em c Hdequato representation on the di
II. I'. Vorhels, for J. H. Itaehe &
in. said that his firm, ulthough It held
I'roilrs from I, GOO of the minority stock
.udders, did not want any one connected
" Hi ,t on the board, but would be satis
!itd with any representative stockholder
-"li i ! il lij the minority.
bout fifty stockholders were present
'id there was a hot debate on Col. Corn
wall's i evolution. Itichard V. Llndabury,
minsel for the company, auoted J. J.
il'ils testimony tieforo the Pujo commit-
i- e ihat h! thought It unwlsti to give rep.
ii- sentatloii to minority stockholders. II.
v Scheftel and Col. Cornwall opposed
The election of Kdward C. Thiers to
'IV' dlreetoratu to take the place of J. C
Allen was announced.
Th" minimi report for the year ended
iiecembrr 31, 1912, shows net earnings
i't subsidiary companies, 7,709,206, com
pared with In 1911, $3,403,680
1910 and $."" 4,769 In 1909. Tho
nromc from Investments was 26,8iS
oifi the Interest on bonds $1,999,007,
niiik- a balanco of 15,736,884, Dlv.
It rids of $2,330,930 wero paid, leaving a
Itu, yf $3,4US,95I. which Is equal to
per cent, on $59,701,031 common
NEW P. R. R. TRAFFIC MANAGER.
'urge 4.V. Boyd Kneeenjn
Wood, Who Retire.
"i w W. lloyd, general passenger
-'in r tlm I'cnnsylvnrilu Railroad for
1 "re iii.iu ielvo years, wus to-day made
"isen'ei irutllu manager, to Miccecd
1 It Wood, who will retire from active
-rwe on I eliruary 28 under the pension
iir. ,,f 1 1,,. , ompany.
' idem with the appointment of a
""' 1'iisseiignr tnilllo manager thn dlree-
renrganled the tmsnenger department,
N Hell nnil .1. 1. Anderson, assistant
j i rn! pic.bi'iiger agents, were madn
il pii-MMiuer scents
I. ' i.,ire Mr llid had been the only
t' ' '. "i uaciu-er ngenl on Ihe lines cosi.
1 ' ' iw orgiiulHtlon one general
ph.. ' e, . 4K,ii devote his time In
Ueii.1,1,1 . ir,n, orH to Ihe I'eiuiHyl
; i islriiHil mid the iiilUltles of Inn
oltn ,11 ,,.oteil to building HP lint
""'"'' I i senuer bilhliiesM
'" " i .ishenger agencies have been
''.'.., , s,.rt ,t. hndelihla, llurris-II"!.-'
1 "il n. Wllliiiinspoit. Iliifialn nrul
i'-i" ,'" i htinlds. It. ! I Long and
" 11 " "cm tnndo assistant general
' J'en; r itjents
Visitor In Wnll street,
'Ihe mail who has very ileflnlte idea id
his own as to the Investment value ol a lew
favorite stocks mid ideas which do tint
vary with every fluctuation of a point or
so in the price may he seen nccaninnally
In Wall Street them days, lie l-t easily
enough recuKided for he cuiiiesdown to the
financial district Inlrcqucntly. It is patent,
t hat he Is not of Wall Street . lor Wall .Street's
habitues know each other pretty well.
When ho talks his Individuality ali U
distinct. Tin controversy over ths prac
tices of the Stock Kiehunge does not Inter
est hltn particularly, and the proposal
to double tlm tax on stork transfers even
less. He may make a few Inquiries obniil
Ihe latest views on the foreign financial
situation and mention the approaching
change In the Administration and o-sl!..
character or President Wilson's inaugural
addres; tint all the time his chief thoughts
will be a to whether Ihe present downward
nioieiiient in ih etucli market maynnt
have reached a point where It Is lime fur
him to employ hi surplus cn-h. II" is
dawn town, In other words, in look I hem
i'lir linking of a .Sbnrl Interest.
'I ho market operation" of Ihe pro! esi.ion.il
or semi-professional ieculator in stocks
ate not Mippn-tHl to be actuated alwn by
the most wiili-night le.isnu. Ile has a
reputation for acting on impulses which
he ian'1 eally overcome and for playing
"hunches " Wall Mreet is not talking of a
considerable increase in the short interest
in Steel common thi.s week simply because
thn stock sold hclim tw. It seems that even
figures, pailkuhirly when Ihey are mul
tiples or leu, have a peculiar fascination for
thn continued stock speculator bne rn,
where it hld so long. Steel lonimon lookisl
tremendously strong. When it once broke
through Hint figure Ihe reverse was the case
and il looked uncommonly like going down
I.nst Clinncrn for tlie peril I n tor.
In the p.ist two or ilnee months when
the volume id stock l.xch.inge biisinesn has
been sinking to proportions "never known
berorn even to the memory of the oldest
member" there has been much theorizing
as to the cause of the Pinctlvlty it has been
said that tliesiH-ciilatliespirit of thcAmcrU
ran fieoplc was dead, never to be revived,
but mure commonly this blame has been
put on the slock market itself, w hleh moved
so little as no longer to ofTerthe chance of a
del cut prollt to the sjieeulator on either sido
of the market 1 lie present leiel of prlie
of the standard stocks makes it ei idem that
Iny delermllied operator on the bear sido
who had taken a decided position ill tint
market, say last full, or even as late as thn
beginning or .laniiary. would now suffer
from an emtiarra sin,. ur ol ruiies I lie lack 1
of a leader In market operations from all
appearances seems what the rank and file
or pruressional speculators are regretttuf .
now just as much as they did Inst full.
I.rsnl I'nlnu In I . I'.-S. V. I'n.e.
Some very nice legal points are raised
in the action of the California Itiillroad
i omnillon in holding that I nlon and Ihe
Southern Pacific must ofs'ii up tho He-
nicla cutoff for th" use of nv railroad
that wishes It There is a fundamental
Issue, of course, that may Is- Involved
and thut Is the question uf State lights.
There is a possibility Unit the I Ircult Court
might Unci against the i alifornl.t commis
sion If u. held by tho Supreme Court
this would amount to a conflict of Mate
and federal power in which there might
Is. afforded Ihe unusual event of a railroad
being upheld by th enjoining power of
a federal court against, the acts and rul
ings id a State commission. Asldn from
this contingent possibility, however, there
is this situation, namely, that the .Supreme
Court of the fnlted States has In previous
Instances held that there lannot Isi ac
complished by a conditional Imposition
any measure width is impossible of ac
complishment by a direct power Tho
State liallroad I oiiuulssloa of California
has no power to direct that the Southern
I'acillo ami the I nlon I'aclflc iqien the lle
nli'l.i cutoff to oilier lines. In the present
instance, however, it Is attempting to
accomplish this object by a condition that,
if the roads do not grant this privilege to
others, they cannot enjoy it themselves.
I hero is therefore afforded the very Inter
esting point of whether, under previous
rulings of the Supremo Court, tho State
commission can bring an arrangement
about through tho utilization or a club
which they could not bring about by a
direct and legalized authority. W'liothsr
or not the legal aspects of the case along
thee lines will Im tried liefore a court of
law by tho railroad authorities is a ques
tion which will not be decided until the. re
turn of Judge I.ovott ii nd others from St
One Hnlllali Opinion.
One writer of a commission house letler
is willing to come out flu I rooted with the
opinion that thn present gloomy attitude or
Wall Street has been overdone, lie says:
"Itiiink Wall Street is getting loo pessimis
tic These 6 per cent income return prices
to which standard stocks have fallen have
discounted a whole lot. tlenerul business
was never morn prosperous. We are Just
commencing to enjoy the results of tho big
crops we raised last year. There are no In
dications of hard limes outside of Wall
Street Itself Tho market Is thoroughly
liquidated of weakly held slocks The Hal
kan war. which tightened foreign money
und Bhut off foreign Investment, Is prac
tically over. Wall Street Is frightened by a
wholo lot of things which limy prove "bugu
boos" after all, trying to cross bad bridges
ahead which It may never havo lo
oroas In icaliiy. The Dernucralio party Is
not going to be fool enough lo ruin the
country and thereby kill Its future chances.
Thcro are n good inany level headed men in
tho party, conspicuously Mr. Pndnrwoocl,
utid Ihey are not going lo allow the radicals
to run amuck and kill the gooie that lays
the golden egg."
Opportunities for Investors.
There is one point regarding which there
In no difference of opinion In tho Wall Street
district, and that Is thn e jeeptlonally at
tractive yield of the standard listed stocks
at current prlcei. Kvery commission house
letter Is calling tho attention of Investors to
tho opportunity to acquire slocks of a thor
oughly seasoned character which bring a
highly satisfactory return on Ihelr money,
Six per cent railroad stocks, like Atchison,
llreat Northern preferred, Louisville and
Nashville, Pennsylvania and Baltimore and
Ohio, lo mention only a few, are regarded
as being In tho first class and a suitable
Investment for any one. The yield on these,
stocks now Is better than 5 per cent, and In
The Farmers' Loan and Trust Company,
Nos. 16, 18, 20 & 22 William Street
Branoh Office, 475 Fifth Avenue,
wro0N a8 oil totttT'E. a PABIS-41 Bonlewd
Travelers' Letters of Credit, Foreign Exohange.
LINCOLN TRUST COMPANY
Member at Nfw fork Clttrlag lloune Association
MADISON SQUARE, NEW YORK
BROADWAY LISPENARD ST. BROADWAY A 72D ST.
Mercantile and Personal Accounts received subject to check or
on Certificate of Deposit. Interest paid on daily balances.
some cases more than a per i cut. It tuav be
pointed out too tluii the inve.fment return
on stocks of this kind l considerably uhnve
the time money rate, which at present ranges
from 'J to f,. When such a eouipiiriion is
pos-dhbi It usually means that the decline
in prices has gone about as lr ns It Is
I'rixprel for Knllrnnd Knrnlngs,
'Ihe position of railroad stocks ban been
sreatlv htrengtheniil by the gratifying
showing of earnings In tlm last six months
ami th" cert Hint y that mot of the prominent
companies will end the lb-nil year with large
iih reui-s in surplus over a year ngo. The
lemoval of the danger id a firemen's lrike
on the Hastcni railroad was a favorable
fin lor, hut Ihe likelihood of an lticrea"e ill
the miirt of the firemen, following arbitra
tion under tho Drdiimn act, ,uil successful
demands by other classes ol railroad labor
i a counter argument tlmt i heliii referred
to loiistautly. lionds In the Southw..i
whu h depend lo a hiriie extent upon Mevho
for their truck laborers are apprehending o
labor shortage in ihe spring if that cuim'ry
loiitlnues disturbed, and this prospect
not relieved by th delay of peace in the
lliilkans, which bus further reduced the
supply of foreign labor.
THE BOSTON MARKET.
United Public Utilities Company
(Operating Companies In the State of Ohio)
First Lien Six Per Cent. Collateral Gold Bonds
Dated January 1, 1913. Due January 1, 1943'.
Interest Payable January I and July I in New York.
Callable on any interest date at 1 10 and interest on 90 days notice.
Coupon Bonds in denominations of $500 and $1,000 rcgistcrablc as to principal.
GUARANTY TRUST COMPANY OF NEW YORK, Trustee.
First Lien 6 Bonds Authorized $5,000,000
First Lien 6 Bonds Issued... 657,000
The bonds of this Issue arc by deposit of collateral n first lien on Public Utility Properties operating In
the State of Ohio, subject only to $177,000 underlying bonds outstanding.
Ustinintcd value of properties, over $1,000,000.
The Issuance of all securities of the underlying Public Utility Companies is subject to the approval of
the Public Service Commission of the State of Ohio.
Hstimutcd net earnings of the combined companies for the year ending December 31, 1913, more
than double the interest charges on the bonds outstanding.
nconomics effected through operating under a single management, us against the former separate
All the companies nre now operated with electricity developed by water power,
steam relay plants nre held in reserve.
i t,.j.... i.i. .. ....
I . I, . . .. . "V... IIMII' JIIO-
VOlled lit the opening Of ton Inei.l iiurl,.!
to-duy. which steudlly Improved until at
'tho close prices were generally strong,
i uppers were strong In spots, lirauhy,
Osceola und Sup-rlor each advunclng u.
points. North Hutte, American Zlnu arid
Hutte and Superior were in mmH .i,.,,,.i
.The hitter showed strength in elcslnc ut
in gain of 21,. The feuturea of the rail- I
'ways wiiie Boston Ululated, which made'
a further decline to IDS. a loss of , and i
I West Und Street Ilallvvny, which broke I
I sharply to Til. oft C, following sales of '
, i.iiiii snares at auction at prices from
'I.1",' '" "''"' ,n ,,m ml"cellarieous list
i niieu mm recovered four points. Am
erican Telephone continued active and
firm. There was a renewed demand for
American Sugur rights
The properties are under the management of Messrs. Day & Zimmerman, Engineers,' of Philadelphia.
The Company has been incorporated and the Indenture securing the bonds has been drawn under
the direction of Messrs. Mostcn Si Nichols, Attorneys, New York City. ' Their favorable opinion
may be seen at our office.
Full Descriptive Circular sent vpon request.
Having already disposed of a large amount of this issue, we offer the
unsold balance at 100 and accruedintereit, subject to prior sale.
Crawford, Patton & Cannon H. L. Crawford & Co.
M Wall Street. MorrlH Ulde 25 Brood Strecl. Industrial Trust Bld
Now York. Philadelphia. New York. Providence, R. 1.
READJUSTMENT OF DEBT OF
HUDSON & MANHATTAN RAILROAD COMPANY.
Slum Am 'Irl 4 T p
SOI Atcli ,IJ 4s
lm ' II A w Ji 4..
ni .tss ;n 4'jh,
Wot T 4 T is..
EXTRA DIVIDENDS DECLARED.
Lake Shore nnd I'lllsliurst soil I. like
I'rlr It. It's. Tut ((unrlerly Virions
An extra quarterly dividend of per
cent was declared jesterday by the direc
tors of the Lake Shore and Michigan
Southern liallroad. This has lscn done
for the last three ears and hrhifa the
dividend rate to is per cent, .innu.illy.
The l'lttsburg and Lake Urle directors
decljied an extra dividend of 5 per cent.
This road paid 40 per cent, extra In 1910,
2!1 per cent, extra In 1911 ajid 12 per cent,
extra In 1912. The regular dividend Is 10
There Is 129.JSS.000 Mock of the Tltts
burg and Lake lrle outstanding, of this
the like Shore own" JH.9Ii4.ijH0. The
New Yuik Central owns S4r,SSV.00O of the
Lake Shore's 149. ICC.000 outstand.nri
THE CURB MARKET.
Trading on th curb yeslerda) wus
much Is-tter than on previous days anil
prices showed great Improvement. Some
excitement was furnished by the I'nlted
Cigar Stores common stock, which having
declined heavily for the past few days
recovered to 101. Opening nt 97. It dropped
to from which point It rallied to
101. Its closing price, 7 points nlsive the
low of stri,l.i. Tobacco Products pre
ferred opened at SS' and sold up to
and closed at 9H-j. British American
Tobacco continued steady, ndvnnclng 't
of a point to 23 S Standard OH of New
Jersey advanced 3 points to 376, nmerson
Ilrantlngham declined to 4S, a new low
level for the year, and then tallied and
closed nt 614. Coppers were quiet nnd
firm. Alaska Cold Mines sold up from
13', to 13 'j. Honda were also quiet and
Transactions In detail In the market
yesterday were us follows:
Open- High- Low. Clot
sslec liir eft. ft
ft il Alatki Clipper lkt
(XI Alka GnM Mlnsi W,
Pui) Ilrailsn Copper h
ll'M lliir Four f9
1IXS1 llrltlfli Amrr Tub KS
77 buffalo Trsr.s
4) Kmrrton Ilrsnt .
500 111 Palo Con .
1M0 Kir Con.
100 (iirnux Minim
to Ifouttnti Oil
:t,0) Jumbo KxtrnMon
v Krr Lake .. .
m La How . .
i-OOO lar Oil .. . .
110 Minn Co of Am
') McKin 1) S Mln
MO Mnnliat Tratiplt
BOO No lliiltr IVt
M0 Nsviula Hlllt.
700 Ohio Copper
1000 Pacific Smelt .
7t ruebla Sni & Rfr
I It J Remold! ..
100 Stand Oil of N J.
10M Stewart . .
SOO Tobacco Products.. ssi
3700 Tonopah Merfer
K0 Ton Mill of Jier
4M0 Uni Cltrar Storei 97
7000 Wetllaufer . .. 1J
1900 Wel End Con 1 C l
ISO00 II It T f p e note 54",
SWOO Chicago El r !i"ii
JW) Canada So t . .1061,
.ViuO Havana Toh It . 61
3000 N V City IV,i. mi
1000Q West Pacific Ca . . M
: 7 ii
3. ... 3fi.lt
: n it : U14 :
. 24. 1".
1 U-ll '.'
. 1". I'i
3 ii f.-1 a
13 IS 1',
H it H IS
7-:: 7 .12
. -65 ?65
. t 7-16 1 9d6 1 716
S5 3 ,4
f 5 13-16 i.
170 Atloucz.. .
3)73 Am Ir.c
llo Arl'nna Con
3: is Ituire & ,sji.
s3:i I'al A Art. .
I i'al A llecla ..
24u rhino Cop. .
SCO Cupper Itanre...
5 Paly Uet.
37u Kim Putin.
M lilroiix Cnns
2fi3 (iraiitii Cnn
3.1 cirrene Catianea
luo llani isk Cum
115 I C Coal .
C3 I C Coal pf.
.V.3 Isle Hnyale .
13u Keweenaw.. .
3'-l Lake Copper...
Ill Vavm Valley.
3il via.. Cons
323 Ma nower
ru Nevaita l.'ims
i;.". Norm iimie
roo mil Cuionv it
3.1U OIil I).. ill
M Piiml Creek
110 yulnc) Mln
3i Muulli Ctsh .
so .Supirlor A llos
"i I' S4 Minell
Hl I S Mnell pf.
2U flail Apex
Vi Kerr Ijike.
U N'or IjiUc
ir.i :..i,u rc
:iu I lah fens.
ni riichbure pf
10 HiH-k IMaml .
To the Holders of the First Mortgage Four and One-Half Per Cent. Bonds
sind of Preferred nnd Common Shares (and Voting Trust Certificates)
of tho HUDSON & .MANHATTAN RAILROAD COMPANY.
Over 96 per cent, of the nbove bonds nnd over 91 per cent, of the above stock
have assented to the plan, dated January 14th. 1913, for the readjustment of the
debt of the Hudson und Manhattan Railroad Company.
In order that the holders ot" undepoiited bonds nnd stock may have a further
opportunity of co-operating in said plan so as to avoid a forced reorganization, based
upon the foreclosure of the mortgage, the undersigned have arranged to continue
to receive for the present the deposit of additional bonds and shares. The priv
ilege of deposit is subject to be withdrawn without notice.
Deposits should be made with the Guaranty Trust Company of New York,
Depositary, or with its Agents, the American Trust Company, Boston, the St. Louis
Union Trust Company, St. Louis, or Messrs. Robert Fleming & Company, London,
New York, february 17. 1013
KUHN, LOEB A CO.,
ROBERT FLEMING & CO..
HARVEY FISK SONS,
BIK PER CENT. HOLD MOIlTflAOK BONDS
Duo December 1, 1141
INTERNATIONAL S1LVKB COMPANT.
"I'f" ''"'by (liven, purmiant to the
provl.loni. of Article til, f the Morla.
Trut unuer .aid siortgasehw drawn "
lot for redemntlon on Juno ia tan ..
..v.u- loiiru inrrvunaer, vit,;
1 H ! ,
36 1 2
win oe paid ot 110 rer cent, of their face
value, and accrued Intereat to June lr, 1M3
upon .urrender r hereof with Ihe coupon,
maturing that date, nt the nm of Tilt-:
SKW YORK TltUHT ('(IMIMSV, No ti
i'fn".'l.?,r'."' N'v Vork. on nr. nfrer .lun--d,
1913. Interest un e.il I bond, will cae
on .lune Im. 1913.
T11K SOW YORK TRt'HT COMPANY.
Bucci-aaor lo Continental Tru.t Company' of
the City of New York. Trustee
Ily II. W MOllfE. Pecretari
February 28th, 1913,
Southern Hallway .
41 .v, ivi:
.47 Ho ft Albany.
117 lloston Kiev
.", Mass Klec nf Ha
32 New Haven
2(1 1'nlon I'aclllr .
1311 West i:nd
U) Am I'neu.
f) Am I'neu 2d pf
no Am A((hcm pf
41 Am Sutarpf
KCd Am TAT.
127 Kdlnn IMec.
17.1 lien Klee.
20 lien l!lec fr.
in Uaxlian .
t4 Uatktiatpf .
134 'I iinliiitton
7i t'nltrd Tnrlt.
22KI I'M. Hteel .
1C I'M Steel pf .
Ha Statu (in
tlulte Central .
Kir.l National ... .
I.a Ilo.o Con,,
Mexuan MetaU . ..
Olieril . . ......
Third week Februsry
Krnin July 1
TI1111I week February
From Jul I.
Clieiape.ike ,unl Ohio
Third week February
Front July 1
CtncaKO. lndian.ipolt. and Ixiuiavllle
Tlilrd relt February I3J.t3 iw
Frnni Jul) t 4.-31 03.1
Colorado and Southern l.tti,
Tlilrd fk February $37:.J2t
Fro-n July 1 10 lno.ssj
Urand Trunk bsetem.
Third week I'ebriivry t?4.'. 0M
From July 1 V 45: 670
Iiilerwe.iiiic Railway of Jlclen
S-ond ecli February . i:. 1
From July t r..40.ojr,
fy,. i;ontliern Railway Company reports icr
Operalmt revenue, .
Net oper rerenue.
Total net revenue.
From July 1
Opentlnk expenw, ..
Net oper revenue.
Outside operation. .
Total nt revenue
IS 517 24
II.1S3.133 Inc. 116,9Ui
.112. 542. 404
KI.KITTRK'AI. MKri'RITIKM 4TORPORA
TIH.N FIKIII, NIXTH AflD SEVENTH
t:KlKS COllTKKAl. TRt'ST
rtlNKINIl FUNIt riVB PKB
The Ciuaranly Trul Company of New York,
a .ucreM)r lo Tlie Standard Trust Company
of New York, as TruMee under the Indenture.
ecurtnir the above, Invite, proposal, for the wite
of a. many 1,0ml, of the FIFTH .Si:illf.S 'a. ran
be purrhUMHl for tlie sum of Ninety Thousand
.llle Hundred .ml 1 tilrtv-rlphl Doll. re Mrl
iTnenty-tlve Cent. lw.tnS.I5i. and as many
in ine niA i n si.iui.3 a. ran oe purchased
for Uiesumof Mfly-nltie Thousand Four Hundred
and Thirteen Dollar, and Seventy-live Cents
iS59.413.75i. and a. many bond of the SflVTNTII
SKItti:s as ran hepurchascd for ihe sum of fnrty
scirii Thousand Two Hundred and Fifty .Dollars
(J47.250I. at not exceedluc 103 and accrued In-
irrei in eacn in, lance.
Sealed proposal, will be received at the nface
of the (iiiaranty Trust Company of New York.
Standard llraneb. No. 'JH llroad Ntrert, New
York city, until Ten o'clock A. St., Mondsy,
March 3rd, 1013,
All bid, areepted will be paid for on Wednes
day, March Kilt. 1013, on delivery, and Interest
will not he allowed after ihat flat.
Tht, notlre Is riven pursuant to the provisions
0.5.Vlc.lr .' our"' llle liidrnture seeurlni the
I Ifit.. Math ami Seventh Series ot Mid bond.,
tit A RANT Y TRI.'ST COMPANY OF Ni:V YORK.
Uy VM. C. COX. VIce-ITcskient.
PUBLIC UTILITIES SECURITIES.
Operatinc ini-ome 111.445,514 Ine JttO.077
. I'NION PACIFIC
Tli I'nion I'neific Railroad Company reports
.1 3 1 U
I', 1 rs-te
1 11-10 1
2'. 2 t,-io
2", 3 11-16
THE CHICAGO MARKET.
Kxpcnsis and laxe.
Net operalins revenui
From July 1
Kxpetise. ami laxe.
Net opernttnc revenue
LOUISVILLE AND NAS1IVILLK
The Louisville nnd Nashville Railroad Com
puny rep.irl. for the six mouth, oiided Decern
l-r 31 l.l't
Un1lw.1v operatitis income
Tolal riper revenue.
Tot ill oper expense.
Outride opt.r (deficit
42"" i.m 311
lnc 11 WU75
N(t oper revenue
l.M7,l') Doc 1713,711
COLORADO ANII SOt'THKRN
The Colorado and Southern Line, report for
CURB STOCKS CLOSING.
Allied Sei uillle..
Am Wrltln I'apei .
Hay State lias...
Ilrltl.h Col Copper .
Inter Rubber .
lhllth Valley .'nl
In Hose. .
Mine. Co of Amer..
Marconi of Am new.
Nevada Hills. .
Htatiilanl Oil .
Tobacco Prod pf
Itn Clftm Co of. Am, .
llrnlen 1 op 7
II II T a, notes
4,'auada Sou 6a,
Yesterday. '1 uesjaj
Hid. Asked. Hid Asked.
HI aS Kl hi
2'4 1 2li
. 1 0 ir, '.j n in
', H' 1 M
SW 3!i 3),
. 24Vj 24, 23U 23'1
2' 4 ! 2'v 2 l
7t 7', Vi 71,
,K il H i
a', -D. ', 31,
200 210 2(0 ;io
. 2, 2j m :i,
2 21, 24, 2',
li 7 fl! lj
1 7-lfl i, l Vi
r. si.; r,!t si,
l' t', I', Hi
"f M Sst Ms
lOV'i 1I2 1(85 IIOS
VI 12 NH Ml
t.1, ,'1 13 IA ,'il, IH
10O',j lOt Wl'j
Hit lit 112 ll
3 3'l 3 3'(
ins 17') ItVi 170
,. 01 j mis tw1, uej
I0ii !0!( lWt' 1071,1
ClllCAiio. Keb. 26. Tho local HtorK 111.11
ket wus firm to-duy, with much nunc
cheerful feeling iirnvullliiR. flnlnri of
one nnd two polntH wero nurneioiia, while
HeitrM-Hiiehuelc cloaerl 4 "4 hlKhor. Ilomln
In KO'xl denmnd.
Tho RumiiinilfK :
Net oper revenue
I Frnni July I
j Opt r.itint revenue
Net oper revenue
4.VI Amrr Can Jjij
ai Aincr Can pf 1211',
rvi Amer TAT.. .. l.Til,
73 llooih 1'Uh .. .m
135 lloolll V hll pf MU
133 Chi I'neu Tool..
iti Chi lly .ei 1,. ill
.Ml Chi lly her 2 . 211,
32 Chi fly set 3.. 7
N55 Cnmw I'.iIKmi.. 112
Inn Com I'n.l llf( 2t
A3 Diamond Match 107
imi (IniHlrlch., .. ill,
:in llllnnl, lirick.... r.n'4
511 Inland filri l 323
230 Montirnmery W KM,
.VI Nat llhcult 114' j
inn Nat Carbon. .. 117
I2S 1'ropli'H (Ins.... lnvii.
In I 'a i- Oas. . 54
10 I'ublle Serilre pf. Hi's
25 Ouaker Oata... 3T11
IMS Sears Roebuck . .IIU
70 Svvlfl... . Kifl
150 I' S Sieel . (i'.
loi Union Carbide. IM
HON I IS,
I3MS4I Cbl Hy 6f,, UV't
70IK! Chi 111' 51 II Mlj
imoi city III' fin,.. 1011
ISOti) Illy Conif fa, . an
.11X10 Comw Kdlton 6s.,Hi2i
Won (111 Teleph 5s,,, IDtXJ
3 Met I'll 4s... , now
auou Vto (is, 11 fr si..,io,
l3.IS7.0t'i lnc US, JO.',
I.KOIKilA SOl'THKRN AND FLORIDA
The (ieoriclii Southern mid Florida Hallway
company icpoit. ior uuuuury-
Tnl;i pel leveluie
IV0111 July 1
Oicr.it 1 r.c reieiiues
Tninl ner revenue
American Light A Traction
American I.llht A Traction pf...
Adirondack Llectrlc Power
Adirondack tflrrtrlo Power pf....
American lias A electric
American (iaa A Electric pf.
American Power A l.lthl
American power A Uiht pf
American Public Utilities
American Public Utilities of
Cities .Service pf ,,
Comnionnralth P It A L
Commonwealth P II A 1. pr
Denver (las A Electric Ben s. . . .
Ulei'trlc Horn! Deposit pf
l:mplrc District Electric 5s
Empire Dl.tr.cl Electrte 3s pf,,..
Federal Llfht A Traction
federal l.uiu A Traction pf
Federal I'lllllles Inrorp
Federal Utilities Incorp pf.
(Iaa A Electrlo Sees
(fas A Electric Sees pf
Lincoln (iaa A Electric
Montana Power Df
Montgomerv Light A Water Power 3s. .2
.vortnern Mates rower vo
Northern States Power Co pf
Otark Power A Water Co
Paelllc (ias A Electric
Pai-lnc (ias A Electrlo pf
llepubllo lly A Llrtht Co
Hepublin lly A Light Co pf
Standard daa A Electric,
Standard lias A Electric pf
t'nlon llullnay, (ias A Electric
1'nlon Railway. (Iaa A Electrlo pf..
United Light A Hallways
United Light A Railways 1st pf..
L'nlted Light A Railways 2d pf... .
t'tllttles Improvement pf
Western Power pf
. ... 17
. ... 74
. ... ai
. .. 74
TOtniK iim.iKitf4 or fihht ioitiiA.i
A; SINKIMi KIND 4i4II.lt IIO.MIS tip
tiu: MAfirrv insi iti:d wiiii; ami
Tlie undersigned, successor to the Knicker
bocker Trust lompany. by mercer pursuanl lo
the. laws of the (Slate of New 'orW. as 'Irustce
under the mortgage dateil Stay 1, ID02. to vcurt
the First Mortgage 6 Sinking Fund (iold Homls
of the Safety Insulated Wire and Cable Company
desire., under authority nf said mortgage, lo ex
pend tlie sum of Ten Thousand File Hundred
iltO.ajoi Dollars In thepurchase of bonds of said
Issue at the lowest offer., not exceeding 1H3"
and accrued Interest
,.A,.r?,lr.,.!T'.rt.."' kAl1 '"ends may he senl In
COLUMniA-liNIl'KEMKK'KEH TREST COM
PA.N CO Uroadxay. New York City, and will
berccelieU until twelve o'clock noon of March X
COLUMBIA-KNICKERBOCKER TRt'ST CO
Dy WILLARD V. KINO. Presldem
Dated New York. February 20, 1813,
To Ihr Holders of the First Mortar Thlrtv
Tear Sli Per Cent. Slnklag Fund 41old
Roods of the 4'ontolldaled Coal Com
paay of St, Louts:
Notice Is hereby given that the undersigned, as
Trustee under the first Mortgage dated Septem
ber 1st, lll, given to secure the above-mentioned
bonds, win receive offerings ot said bonds, for
account of the sinking Fund, at Its ofjlcc. No. Ill
Wall Street, in the finrough ef Manhattan. Ctti
and State of New York, up to the close of bust
niss on March aid. mis, at a price not exceeding
par and accrued Interest, wlih 6 premium, to
an amount sufficient to exhaust the balance la
said Sinking Fund, amounting 10 I12.304.2II.
BANVF.II.H TRUST COMPANY. Truitee.
Dated, New York, February 1. 1913.
DIVIDENDS AND INTEREST.
THE AMERICAN- f'OAI, COMPANY OF
No I Rroadway, New York, February loth, 1013
The Hoard of Directors nt The American Cn.l
Company of Allegany County (New Jersey) have
this day declared a Seml-Aiinusl Dividend of
Three Per Cent, upon the capital stock of th
Company, pat able at this olflre on Maturd,
March 1st, 11113, tn stockholders of record at J
o clock P. M. February 2th. ItHS
The Transfer Hooks will not be dosed
(il'.ORiii: M. IIOWLHY. Treasurer
AMERICAN NI'fiAK ItKFININIl 4X.
Jersey CHy. N. J February 11. itus.
The Board of Dlrrctnts have this day declared
the following dividends, payable April 3d, 1913.
10 the stockholders of record on March 1st, 1913
On the Dreferretl stuck a on.rlerlv AvAmnA
of 14; percent. On Ihe Common stock a dlil'lend'
ot Hi per cent.
The Transfer Hooks will not he closed
JOSi:PIIi: FREEMAN. Secreli
TIIK DFXAffAIIF. A llt'DSON COMPANT.
New York, Teb. 25th, 1913
A ouarterlv- dividend of Tivn avn nvv.
QUARTER I2i,'.i PER CENT, on tho capital
stock of this Company will be paid at the office of
the Company. ,w Nassau Street, In this city, on
and after 'Ihuisday, Match 20. 1913, lo Stock
holders of reronl at close of hiislness to-day
ir uiun in me iioniti ui Managers.
CHARLES A. WALKER. Treasurer
SHORT TERM SECURITIES.
1305,930 Dec 152 9S0
Cliii inU House Hlatciilclil i:clmiiKe.,
$33n,li22.:ilS ; hill inecs, 17,1 II, 9SI1.
The I'nlti'il KtitteH Kuli-Treitur' wax n
creilltur ut Ihe CloiirliiR House yentenliiy
to the extent uf fllo.USH.
At 11 tneetliiK "f tho KoveniliiR commit
tee of the Stock Kxi'liniiKo .vcstcnlny nfter
iiuon Kuuenii Meyer. .11'., wus electcil to the
Boveirilni; fnmmltti-0 to sueeeeil Itohert I'.
C. W IMsHapac of (lilbeit Kllott &
Co. Im" drafted a petllUui to liu Hint lu
tlov. riulzcr with over HOU HignatureN
protcKtlm; iiKHlii.t the iiiopimed bill for
Hie IncrcllHO (if xtdi k tlilliHfel' tax 011 Lo.
"'i t . luilf i)f llle 4-mnlnverH uf hrukuru und
(lculcra in unlluted Htovkn.
Prlc A lot. Apt,
ISC. Maturity Hid Asked Held
. April, lull 1U0 1001,
.4)$ .nine. 1113 M ISO
. July, iiii us't 3s
,44 June. 1911 B4i; tnU
.0 Julr. mil oil, i)7i,
Mar.ia.iau uui, us)
July, un ush Ml,
April, ir.n ti'i 1001.
April!, 11)14 100H 100',
Oct.. 1911 miw, 100
April, 191.4 SHa W
Nov.. 1914 971,
,4'i July, 1914 97 97,
. Oct. 13.IUI3 94 i
,1!) July, 1911
,.1 Aue 1:11.
.3 let). 13.1911
.4 leb.. 1911
balls t (lain,.
Bklyn It 'I....
t'hes A O 1(11..
thl 1:1 llys, .
l hi A Alton 5
Cla Ham A Day,. 4
Den IHK S
Erie Kit !
Illinois Ceat, .,
iat A lit Nor.,
Ulna A .Hi I....
U Ksa A 1 4
Ma rac II v 5
,N I O Rll 414 Mar., mil
N Y I! 1(14 41 Slav, 1915
NYCLtaea eqpts,,, Nov,IIU-24
NYCLlaes,e,ts.4Jj Jaa. Ilila-ji
natnf .' June. 1911
St 1.4M Sent., 1411
itmkeru hj ...,. Fes.. Hill
f HIDJlieU,, .. Aug 19,1
MKOOKLTN RAPID TRANSIT CO.
New .ork, February 21th, 191.1.
The Hoard of Director has thl. Attv iicLr,i
quarterly dividend of one and nnc-uuarlcr per
centum (l!.tful on outsiAtiillnir cntiluil sini, or ihi.
Company, payable on Turnlay. April I. 1913. to
siociwioiurrs nt rrcnni at close or business on
juoniiB), 3iarcn in. 11)1.1.
J II HENNINOTOX. Secretarl
(IIICAOO, I'KOIIIA ST. I.OI'IS RAIL.
The Coupons due March 1.1, 1913, from I he
Prior Lien 44 Thlny Year (.'old lionds of ihe
Chicago, Peoria A St. Louis Hallway Company
of Illinois. Mill be paid on and after that date
at the Liberty National Hank. 131) Hroaipvav
F J WILSON Treasure.
ELECTIONS AND MEETINGS.
OFFICE OF THE NORTHERN CKNTRW
Baltimore. Md , Mill February. 1913
The Annual Sleeting of the stockholders of
4.75 1 1Mb Company will be held at I: o'clock M
5.75 Thursday, Ihe :7lh dm of Frbruarj . 1013, nl
U0H 4 AO
Canadian Cement pf
Canadian Colli Rubber.
Detroit L'nlted Ry
Dominion Steel Corp
Dominion Textile ,
Montreal I, II A P
Ogllvle Flour Mllia
U lichee Ry Ll A P.
Rich A Ont Nav
Htinwtnlgan W A I
. 27 2 2a
Ihe (,'eneral Office, southeast corurr of Cnhcr
and Centre Streets, Halllmore. when the Annual
Report of the President and Hoard of Dlreclors
for 11)12 will he presented, an election held
twelve Directors lo serve for the eusubig ,eai
and such other business transacted as may
properly come before Ihe meeting.
LEWIS Mill. SEN,
NEW AMSTERDAM liAH (OMPA.N4
22 I' 22lid SI.. X Y , Feb. 20, 191.1
Notice Is hereby given that the annual s-ee-lug
of the Stockholders will be held at tho office
ot the Company, 22 East 22nd Street, New York
City, on Thursday, March eth, IBIS, nt twelie
o'clock noon, for tho election of Directors, and tor
the transaction of such other business as may
properly come before Iho meeting.
MAIX'OLM M. ORAIIAM, Secretar
Till'. HAI.D44IN I.OI'OMItriVr. WORKS,
The Annual Sleeting of Stockholders of 'tlie
Baldwin Licomotlvo Works will be held al the
(ieurral OtTlfc, 500 Nonh Broad Slieel, Phils
drlphla, 'I hursday, March (illi. I01H, n o'clock
noon, for the purpose of electing dlreutors and
for Ihe transaction ot such other liusloess as
may be brought heforo the meeting. The stock
transfer books will be closed of record as al iht
close of business February 201I1. 1113.
WILLIAM de KRAI' FT. SccteUrr.
FblUdtlpbU. Jan. 2J, 1(13.