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The sun. (New York [N.Y.]) 1833-1916, April 25, 1913, Image 13

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IIiiiliiT Price's Considered Nnl
ii I After Lonr Period
of Declines.
cninr T'eniatid Results From
Predict inns of Frosts
in Texas.
r' h.nl lt recovery 'esterdjy. which
hi ! Wen expected for several days unci
ti -ii"Mercil due tn view of the recent
i. I'e.'llnrs In pries, but lo.irili trti
! pi'om'n.itofl In spite nf tin- Up,
, i ng n values stome busing wa
, if ti it- tlii predictions of froit In
, e, iithouRh It was Imped by many
t sin-h would not prcivo extensive or
. r't Shorts covered, tnostlv in tnli
"is profits. while tho larger spot houses
:mil others who have supported the mar
ital recently were good buyers On the
advance, however, offerings Increased mi
tsrlally and the best prices of the day
were not held to In the late trading,
while the curb -was several points lower.
Ths Liverpool market was steady, but
s.1 foreign political situation Is not con
a ilred Rood, with now dnngers presented
l 'he dispute, following th capture of
H-ntHrl While n little buying was ns-
. hit to the bullish views still held by
Neill Urns It wns pointed out that these
apply to the old crop point of view und
tha' the excellent outlook for tho new"
irop overshadows nearly anything that
lias developed eo far regarding the old
.rep position. Trnde advices still showed
signs that prices are working lower, ill
though nn optimistic view of the situation
mas taken by n leading manufacturer
Southern spot markets showed further
weakness, with Augusta declining .e
and with other markets lowering their
nuotatlons l.xports for tho season to
dale ar 7,4SP,5I3 bale. or lMG2,3t6 bales
behind the total for the corresponding
period last year.
Itegnrdlng tho prospects for the new
crop a cotton market authority said. "Ap- i
parenlly. to Judge by reports which have '
come from nearly every pail of the belli
and tn inot cases from reliable sources, i
ther should be an Increase of at least .
10 rer cent In the urea of ground planted
in cotton this ear as compared with
last. Nearly every report speaks of In-1
cr.eed acreage. However, so much!
planting Is still to be done that It will I
probably he two to three weeks before the '
ruik of It Is finished, so that weather j
midltlnns from now until Mnv IS arc
' I of considerable Importance to acreage i
' hero arc some ptospevts that the record
ranting of recent tears will be exceeded,
ill s year." :
A prominent New England cotton mill
owner said that mills con manufacture
.ntton cloths up to 30s or oven 4i ,
competition with England nnd In fact
..gainst any country but Japan on a
ompetltlve cost basis, while the looms
, e too few In number In Japan to make
a' country a factor. He says that this
mr'ry could enter thn worlds mailiet
.' for the fact that domestic require-
nen! equal or exceed our output. Ite- !
ijr.l tig tariff and cotton conditions lie!
sa.d ,
Th proposed tariff reduction will In- !
. ..- our yarn Industry perhaps tempo-i
ai t at least, but yarn spinners may
sjts-i tutn weaving machinery In their
in "s and conditions will iinr1niilt.,IK .l.
. us' themselves in time, nventually the j
fljviry win bo placed In a much stronger I
, A howl Is being raised, 1 know. 1
i facts prove that this talk of
z1 s.i competition ruining us if the
I iTwood schedules aro paused Is In
m,r. . ies ridiculous Some testimony
n was given before the Ways nnil
Means Committee, well illustrates this A
ig mill owner declared that his eon-
e i f .- tears had paid only a f, per
c-1 a vldetid to Its stockholders There-
1 n mmlttee. produced census sta-
i - shining that within the e.ir.s
hti I a stock dividend of r0 per lent,
an ,- ,i ii tideml of f,o per cent and :i
.1 v.'iend of Is per cent, had been
e '..-t Ano'her manufacturer said hi
nd been forced to reduce waxes IT1"
;e- -en' in a certain jeur, and It was
i.igM o,it that In tho same year a
' per cent dividend bad been paid out
M'.i , .tt.n was steady, middling up-I
l l.oo, middling iulf, nn-,
" ii I'M . delivered on contract, 100 bales..
i'j"ien spot markets were unchanged
'i off 1'rlees In the principal South
" " inarlnts were. New Orleans,
Dalveston. IS,; Memphis. 121;;
f'M'i. lJit, Charlexton. 13; St. l.ouls,
.. .. Noifoiu. 11', Augusta, li'i,
I '.t'l-fl here i'loe(l Hl..'iitv. mi ? tn M
"s I'rlres were
Ojien- Hlih
11 31
II ;
II 3
ii i;
II is
II l
n r
ii (-
It 21
II 11
11 3,1
II 14
ii u
n u
11 II
1 1 r
ii n
ii u
-it T
.4 T
n i
New Orleans mail.et s 3 to D
10 n s lower after the eloMng here. I'rlces
ire '
Oren- nigh- Low. Cloi
., mi eat. eal im.
1. .0 KM 12 !J K.sO
I! Oj I.-M IS Of. 1.' 05
1,. ,n .,r , ;5 j, 3, j, j :.j
l.ivrrpool market was steady
12 Hi
II 2i
11 ii
" ' n was steady at 6 T4d - points ort ;
s. 'ooi.o bnbs, of which X.S00 were
''Hii lerelpts, 19.000 bales. Includ-
rg ' ' Am'-rlcan.
' ' vices at Liverpool were:
Open Huh- Low- Cloa
., "if em ei lna
" un Kir, i:,ii s 4:j s 4s
. yn i -j m 4ii, k ;, b ),
"or . n'.i e m, oi a lit,
A M bids to Liverpool were :
' '.!, 11 f,r. : October, 11.22.
"i 1 ineie Is fiu to ,,prn to-day
1 r ged
C 4')l,
6 10
i bout
rer.tpts and stocks wera
He I.a.t I. a it
ceiiita rar .StofU. year
' n ;TT0 i..i pom io.i.iu.';
s'li -nn. 2 11 1 I inv.iill 107.3D4
li . .. 1.W1 2.l.t Ti.ISi! 7.40S
' i t on .... ,i4 :.'.h a.. 73 ma
, ' .... 4M ;,:45 f.0,743 47.D02
,; " t'nn ... H2 :10 uiw 1M3J
' . .. 31i 4111 14.33.'. 1S.11S
' I.M4 14,26 413 097 42l.!U
Re. I.aat Hhlp l.ait
,, (elpta year mem. Sloi-U. Tear
"o-.'r ) 727 2 S'.S in 541 1.7 7uu
" 'i ;)', 4;f. 1 414 i..ur. i, in
a 103 1,7011 ill u4.2. i,7 27
p... i m i '.a ,u 7i; 3 r.-H,
"it 130 l4 i) i'.i.T.i) IMi.O
.2 116 4,r,!': fil'4 SII.7I4 2I10M
Ratimated l.at I.aat
receipts lo daf. week year
' "I'nn 3.'lto 4. Ml 4 107 2.442
" Orleain iWlO !.:' 2 7M 2,14
s m, bided Harlcorn, l'ell brokers,
S.hlll, Itlorrien, (lent!:, (Iwath-
i " .el s
'- Mitchell, Oeran, .Southern
f'arr. tosenberg.
' Ala . advlcea to Olck Hros.
' '-jusaleralilu progreaa has been
' f,n g to good weather thn last leu
i 'l.i ii Mg Is progressing In h sat
nai' and Is perhaps smiio two
irra l of last HCtson Willi con
K"d weather we hope to report
c ou'look heforn long"
' e I iverpool Potion llm'liatige will be
1- h i Ma in, t, i and 17 on arcnunt
Mi Whitsuntide holidays.
'111 iires. of leindon still look fop
OF NEW YORK, located in its new
building at 140 Broadway, announces
that its Bond Department is now un
usually well equipped to advise with
and assist customers who have invest
ment problems to solve. You are cordi
ally invited to make use of this service.
lt.T50.00ft bales for the season's consump
tion of American cotton, with possibilities
that It win pas thnt figure. Thev state
"How mucn of this will be taken out of
the vlslbln supply nnd how much out of
the opening mill stocks will depend upon
circumstances and especially upon the
prospects for the next crop"
Wheat Price Itrart on Bearish 4 roa
Wheat price, closed about '-jc lower
yestenlav. the bulls tipparenttv meeting
with tuoie resistance fium the selling side
than they anticipated Practically all of
the day's development' were encouraging
to hearlli sentiment, nut the liast of
which was the estimate of the Kansas
State ltoaiil nf AKrlcultuic of a possible
yield of upward of 100.000.00u bushels
In that State So far .is the domestic
situation was concerned there was noth
ing to encourage the bulls, and their
hopes were mainly baed upon the export
situation, which was said to be In favor
of values. After showing small losses
ut the opening t. market developed a
harder undertone and gained about 'Jc
In nil deliveries ! tumors were In circu
lation c.'irK that the leading si tllntlxe
Interests on the long side weie mat shading
their forcis fur a bull campaign nnd the
bears displaxeil some t inldlty In making
commitments l'p to the earlc afternoon
the market maintained its firmness, but
selling Increased In volume and tluallv
changed the course of the market down
ward t'oin prices lot a little giound. but at
the end of the session the market showed
a st.adv undertone l.ate reports said
thnt cash tleinand wis somewhat heavier,
but with the outlook for the new crop
so much improved farmers are said to
liow more disposition to part with their
surplus holdings r'luctuutinn In oats
prices weie 1 l.i ti ,l iiarinw nnd the
market acted Jus' about as it did the
ptev nuts d.i V fa r cash demand was
I'rop eperts nie practically unanimous
In declaring that lonilltlous In both the
winter and spritiK wheat teriltorles are
ticarlv perfect The lecent rains In the
Southwest have disposed latgelv of dam
are fears President Wluehcll ;,f the
l-'rl-co system reported that In the State"
traversed bv his Inns the outlook Is par-
tu-ulatlv promising, geueinl rams having
provided adequate molstiiie I'lement,
Curtis . Co leccived a leport from the
Northwest stating that ti per cent of
the wheat acreage Is now seeded In .Min
nesota, per cent In North Dakota and
tu per cent In South Dakota
Krom Hutchinson. Kan. It V .Snow
wired thnt the ratus of the last foilv
eight hours covered a district where mois
ture was needed, although west of lireat
Hend, some permanent damnge has ben
done. Secretary Coburti nf the Kansas
State Hoard of Agrlcultuie makes the
condition of the crop S' r.S. with the
standing aiea 7.100 win acres fur har
vest. Kxport business teported estrrdnv In
cluded fortv -two loads, pt inilillv Mani
toba, at outports
Chicago wheat prices:
(lpfii Huh l.o Cln Pier
Whal . in i,-i r,t rlu.
.Maj !'.' "i '.'j'. ..,
July ". ii", 'u', .',
Seplenitier . III1. ', S'J !', '.,1, 'M fc4
Mav . . .C i r.i i: 'v., .', . 3
Jul hi. ', :..', r...
September ..'. .. .'.ia ..,-, :;
-Mis . :u ji K', sis
.Inly .us J :; 3i 34',
M-pteilllier ... SIS 34, ,H, Sl'j J4,
New Yolk wtieat prlies wen-
Open lllsh. Low. Clo. Prev
MIS e.t est Inn , lo.e
Mar 101', Ml', Hip, l'li, 1 ill,
(' median iKinileil
M..v u3', lot'. 103 103 ir.;.
Other wheat mail,.-!-.
Ojien llirh
Mlnneapnlla: 111 e.i
Mat ( ."ii,
July :i" t 1'i't
Mat- ft', w
Lor. Clo. Prer
e.t inn cloae
t.j -it, HI 1,
July . '.'.' n:S sit,
Winnipei .
Mar 93-', s.i !.",
July . MS si'.
3' 1
IlecMpts and exjiorts were.
Wheat Corn Oat
Receipt.-New Vork r."- 0-jo 34AK.I
Kxporte New York . .. . 4,w I ii
Hecvipts-lntenor . . . ITO.WO 2itC,0i) 4:i,00u
JSxporta-Se aluard 7 too t.2,00ij i.(m
hhipraenta-Intcrlur ,757.0ft) j.-,4,ouii n.;,oou
Carload wheat receipts, at th principal
points were :
Ymter I.aat I.a.t
dar r.eek rear
Chlcato To lh i
Mlnneapolla US l?i 137
Iiuluth M 41 II
Wlnnlprr 11 M
Totala 472 M 44
Cash markets were Irregular under a
largo volume, of business. Cash prices
yesterday follow: Wheat No. 1 Northern
nt Minneapolis, 00c; No. 1 Northern
spring tn arrive f o. b $1.03; No. 2 red
winter f o. b. to arrive. Jl 14, No. 2
hard f. o. b. to nrrlve. Jl 04 ; No. 1
.Manitoba f. o. b. to nrrlve, ! 04 -a Corn
No. 2 yellow c 1 f. rail, fiB'.fcc, export
f o, n., f,3'.c. Oats No. 2 white. 42Uc .
No 3 white, 40'jc ; standards. 41c, live
No. 2 Western c I f New York, 70i3c
jlarloy Malting c. I f Ruffnlo, r.S If !5c.
Flour was steady with a fair demnnd
In evidence. I'lour prices follow: .Spring
patents, J4 7fi1f iT 2.', In barrels; winter
straights, 14 ,',nfi'$l CO; spring clears, $4 25
iff 14.35, Kansas straights. 14 25if4 SO, In
Coffee- rrirea Mlraily .KUrr Kaslna; In
Early Tradlna;.
Coffee prices worn lower during most
of the day yeslerda.v, though showing
steadier In thn latter part of tho session
Thero was some, selling soon nftur the
opening, which was at to 15 points off,
on thn belief that the deliveries of May
In the first tiotlcu day to-day would bit
unite heavy. Later 11 good demand for
the .Mny option was taken as nn Indi
cation that shorts wero not surn of tho
outcome of thn notices and were cover
ing Practically no pressuro on tho Mny
position was noted litter the turn, while
the demand resulted In actlvo bidding
ror 1t Prominent Interests were, reported
to he willing to receive May coffee on
delivery, but some uncertainty as tn this
was maintained evidently, as considerable
switching ft tun May to December was
noted, even though the differences be
tween thn two went narrowed, Foreign
markets were stciiil Deliveries in llrazll
were light In Mm flist cable, hut the
special Santos cable al noon showed ri.uuo
bugs at 8.10 I'nulo for thn day, which was
considered a pretty full amount and was
Mid to put the market on an offered
basis again, The strength of the ltlo
market was largely a result of the
dwindling storks, which aro down to 124.
000 bags. Slocks at other llrailllnn points
are quite small as compared with last
Prices at Havre were unchnnsed to
U franc above, the previous closing nt
the opening, with the closing H to .
frano off, Hamburg opened unchanged
to U Pfg- off und closed M pfg. oft. At
ltlo No. 7 was 125 rles higher at 6MB0.
No. 7 at Santos wns unchanged at 81800
with No. 4 unchanged at 61900. Rio ex
change on liondon wan l-3Id. higher at
lil S-Kd. Itecelpts nt lllo and Santos
were 12,000 bags, against 18,000 last year.
At Sao Paulo receipts were 2.000, com
pared with 14.000 last year, with 2.000 nt
Jiiudlnhy. ngalnst !',000,
Deliveries of llnir.ll coffee at New York
nnd New Orleans warehouses, on Wednes
day weie 24.65r. bags, making 72.425 for
the first three days of the week, ngalnst
34,712 for the corresponding days last
w eek
Total sales were SS.750 bags
I'rlces follow.
Hlih- Low
Sa'ea eat eat Cloalni.
April . .. . ti.OUJ 10 ,1 10 77 10 42W10.M
-Mar lu.aotho.i;
June 10 MtfjU.at
July j.000 11 ee 11 o ii.M-tfii.07
AllaTlet . . 11.17-ifll.S)
Sitembe- . W,0M II U fl ll.2SiJfll.I9
Odolier ll.2VtMt.3J
N'nteiillvt 11 2siU 3)
Dei ember II Si I'M it It'itl 33
.lanuary it 315M1 S3
Ket.ruai) 11 32,n 31
Manll 4 JM It 24 1124 I11I(J1I3:
Piovl.Ions Prices adtauced on better
support and with bear pressure notice
able In 'the last few days largely re
moved Shorts were moderate buyers.
The advance In live hogs aided products.
Cash pork was steady at 121 7551
$22 25 for mess and 5234il24 50 for fam
ll Cash beef was, tlrm, with packe
J2'."3 $2.1 and family $23ffT$24 Casi
lard was stead v. prime Western, fit DO;
South American. $12 50: refined Continent
511 6.
Prices at Chicago were.
Open Huh
Perk in.- rat
Mat 1:0.0 ia xj
Jnlt IS 72 lis;
Mat- 11 M-2 11 12
Jlllv 10 s5 7 II 0;
Mo . 11 SS 1147
July . II 07 11 17
Low Uloa Prey
eat Hit iloa
19 IK VI 1 (0
IK 7J s 11 A is 13
11 01
10 9;
It 10 !0S
11 02 10 to
II 3 II 45 U 10
1107 11 Ii It 0)
Sugar - Haw sugar was unchanged nl
3 30 cents for !ol test centrifugal. whIM
letlners continued to quote 4 I'll cents for
granulated The London market wus
steadt. with .lava cane at Ins d lleet
sugar there was steady at as !i4i! for
April, ss Ift'jd for May and 1". d.
fur August
Naval Sto-e. Turpentine wa 'tr
lower at 42',c Itosin whs unchanged at
$4 73
Ti ailing testrrdav was In 11 dull and
fad It heaw market Hrltlsli-Ainei 1, an
Tobacco lost must of the ground gained
on lts lecent rise, the stock closing at
23 fnlted Clgnr Stores common, after
opening down a, at !21,, rose lo a2i, A
teactloti nt that lctel caused 11 u-cesslon
to HP,, off 2 points from the high of the
day before Tobacco Products preferred
opened at S S " . down and advanced
to ss Piessuro on Standard Oil of
New .lerset caused that stock to sell as
low as 31V 5 points below Wednesday's
high Wlllts-oveilaml common was otr
-" Cuppers showed fractional changes.
Ilradeii Copper declined fiom S 'j to ,,
Alaska, llntlsh Columbia and Ohio Cup.
Per ruled steady throughout the dav
Olroiiv .Mining sold from 2 2-l to 2
and Mason Valley was up i. New York
Central 5 per cent notes "when lasued"
weie again the feature of the bond mar
ket, advancing from 15-K. tn inn
ltrookltn Itapld Transit 5 per cent notes
were steady at M New York Cltv 4;s,
lSf.0. sold at 06H. oft from Its last
previous sale. New York City 4 Us, is,
were steady at 3C'i.
Transactions In detail In th market
yesteidaj were as follows-
Open- Huh Lew Cloi-
int e.l e.t im
''. '. r.i. ai,
. IV. t3, 13i, 13;
IS', 15', Its
S 'i 'a S
vi m s n
24 24 ;'. 23',
l"0 Alaaka Copper
too Alaaka Cold M
DO lle..ie Gold I)r
M-) Hr-ulen Copper
t:.dO Ills Kour
Ilntlah-Am Tob
IM llrltlah Col Cnp
! lliiffalo Mine,
JJ'') Can Oold-Hllrer
11 Con Arizona,. ,,
1400 Kly Con
7M Florence
. - 1
2', 2', 21,
in, 11
20' 1
!S04 Oreena Can...... . 7', 7', 7 7
lC-oo Olrour Mln 311 : s-i i, .-,
DO Halifax Ton........ is IS 1'. I'.
100 Inter Hilbber 10', 101 101, IJ14
Ki"0 Jumbo Kxten 24 t 2 24
100 Kerr Lake S'i 3S JS IS
190-I La Itn.e js 2S 2S 2'
M McKin U H Mln .. 2 2 5 .'
20 Ma.nn Valley 7'i 7S 7S "',
too Manhat Tranatt.. 111-11 IS IS IS
200 Nevada Hills . .. 1', 1', is is
1MI0 Ohio Copper 1 1 I 1
400 I'uebla S K. . 2 8 ! 2 J-14 2'4 2S
10 Stand Oil of N J . 34 243 344 341
fiO Tn Ilullinn . . t-H 5-H t-1
200 Tob Proda pf . . MS US MS MS
7ri0 Ton Merger , M ;i 94 M
l.'OO Ton Mln of Ney e 1114 5 11 14 6 IMS s 11-1!
7:.) Tunluirna Cop . 2 7 19 2 7-16 2K 2 7-14
J.".! 1'nl Clear Htore. 2S 2S SIS 1S
43.-,0 Weat Knd Con... 19 18 1 11-14 1 116 1 11-14
100 Wlllya Orerland . 41 41 61 61
I3C M It T 6 p e notes,. S4 6 M M
1000 N Y C 4Sa 1S0. . .. US M', .', MS
1M0 NYC 4S 1942 MS MS 04S ri
llOOOi) NY Cen fpc nta wl 93 1514 100 15-16 100
Yesterday Wednesday
llirt. Atlrd. Hid. Asked,
AmWrlllntl'arer . 1'4 Vi l, J'
llraden. . ' 'l 'a S'i
Ilrltlth Col Copper .. . i'S 3 2l 3
llrltlfh-Am Tobacco. . 53?, 24 J4!( '.'4i
r.lrnux . . s' 3 3-i ;s.i ;i,
(ireeneCanaiiea.. 7 7i 7 7' 4
Interltubher. . .. 10 11 10', II
Krrrl.ukf. . . 3 314 3!33-l 3.V14
LrhlKh ValleyCoal. 2IS 22A 315 22H
La Hose .2 7 I 2 9 IS : m
Uluctnnf America . '.'S 7 2' iU
Mason Valley. . . ' 7 ' 7
UanhaltanTranilt. . I1, 1'. I", 1?1
Marcnnlof Aronew. ft), ,Vj na rJ,
NevailallllH I I 14 I'a 1 1-14 l!
MpNalsgUlnes, 0 t'i S'
Tobacco Prod pf Stl' 7 Sa'
Tonopah Mining All-in IS n Oil 5 11-10
t'nl'lf HtraCool Am, 9I!( 0I' Vi 911
I'liCICSIrsCoof Ampf 111 114 111 III
Milondnld Z; 2S 2 -l 2 II-I4
HHTK.nnle 9A'a 84 V trt
rhleagiiCI.V" S ''
Kestei 11 Pacific It 81
Large Manufacturing Plant
With Fully Developed
(1000 H. P.)
T. N. SIMMONS, 60 Wall Street, New York
Exclusive Dealer in Established
Manufacturing Plants
lint of the) Hal.
Iheie whs enough and to spate In the
day's ues which might posslblv hate been
used as an eicuse for selling stocks, but
with the professional day to day speculator
the mere, fact thnt prices had apparently
given signs of moving out of tint rut in
which they have remained during the past
two weeks served as an incentive to renew
operations For about two weeks now the
average price of the active stocks Iihs been
practically stationary, mot lug backward
and forward within an eitreme. range, of
les than h full point Yesterday the aver
age price finally moved away from this
filed point llecau.e It happened to move
In a downward unit not upward direction
whs probably good enough reason why
the professionals should have sold atocks
These people have long complalnod that the
narrow fluctuations In tha market gave
them no room to operate In. With the.
up and down swings a little wider they
might have a chance to make a little money.
This may have eiplalned tho Increase. In
activity. Hut anvwav a new level of prices
after the market has stayed In one spot for
so long Is pretty sure to have the effect ot
stimulating the Imagination
Amalgamated I'.i Dividend.
Amalgamated Copper was described s
holding up pretty well yesterday 'I he
stuck sells ei dividend I', per cent lo-dav.
and according 10 the 1iM1.1t trend of specu
lative though! on Mich occasions might to
Iniik cheap People who sold the slock
gave a number of reasons why they Hlinuld
not be Intliienoed by the circumstance.
I ir-t and foremost It was argued that
mw U do not recover their dividends In a
bear tnarkei gaiu. it was recalled that
on the past two occasions when tho stock
had sold et dividend it hus had a sharp
break Immediately nfterwatd Lastly the
copper stocks, and especially Amalgamated,
are supposed to have derived some of their
recent strength from the attitude of specu
lators In London, which perhaps now mat
he expected to be diminished temporarily
lit least
Old and yy StocUa.
On Wednesday there weie no sales of
lliliuely 'I his was such an iinilniial 01
currencethat It was suggested III some mini -ters
that It might Indicate that theatock had
been pretty thoroughly lluuldateil on its
wavdowu troui ml1, and had a I last found a
resting place These Ideas were promptly
dissipated by the action of lh stock yes
terduy. lf the common i'.iou shares
changed hands nntl the stock declined lo
a new low record of ;., off points from the
lust sale The preferred also sold at a new
low- point of ti.-, Hut liquidation In the
group of ' new promotions" did not excite
so much comment as did thn continued
selling which went on In some of the stocks
usually described as "Investment Issues "
Illinois Central, New Haven and New York
Central all went to new low points Illi
nois Central actually sold at 110, Us low
prlco of 1ISI7, and n number of the others
were not so very far above the level of that
eventful year Onn of the features was
Chlcngo and Northwestern, whlchsoltl down
to tltii on finite heavy selling. 'Inn low of
IH07 was 1 '.'ii
Itedactlo Ad Absardinii,
'I lie genua Wall Street pessimist Is dit ided
into three principal species Thero Is tho
pessimist who seems lo be so tempeia
mentally nntl constitutionally. A gloomy
framo of mind with him Is an obsession
and he Is pronounced Incurable. The
secontl Is the man who lakes an unfavorable
view of everything simply because hU own
business Is had. Ills Is not a chronic cae
and would probably respond lo treatment.
Lastly there Is tho opportunist who is
pessimlstlu because he. ImiiuluiM the ttend
of prices happens to bo downward for the
moment and therefore it Is profitable to be
no. The last named la In by far the largest
company, but his opinions are inorely
superficial anil may change at a moment's
notice. Hut whatever the origin nnd nature
of his opinlons.it Is obvious that the Wall
Street pessimist la becoming mom extreme
in his views every day He will probably
go on In this way until he discovers Unit he
has gone to such extremes that his posi
Hon has been reduced to an absiinllty, if
indeed that extreme, baa not been reached
The Deep I'arple,
The limits of pessimism hate been
reached, Th following cry from n firm
of lesser rank seems to procetnl from the
very depths. " Tho Immediate fluctuations
in the stock market nto always difficult lo
forecast, but the ultimate, outcome, we
hate no hesitancy in saving, looks had
for the holders of securities, Tho trend
Is manifestly downward. Whether prices
will reach thn panic level of IW17 heforn a
permanent rii-(iiryif,t in we would hardly
venture lo predict, but the, tendency i
certainly In that direction, Tim only
modifying influence, that no can see would
lie another big flop i''H, but oven this
might not hntn morn I ha 11 a steadying
effect, The governing Influence at the
Write for full particulars if
you can use. whole or part
present time Is money. Our legislator
have left unheeded the warnings of 1M7.
Our currency Is the same Inelaatlo medium,
and our bank will be In the earns position
as then In time of tress. W'e believe both
the Preeldent and the leaders of Congress
realize the seriousness of the situation,
but the stress ot politics hat relegated
banking reform to a position of aeonndary
Importance when It ought to be reoelvlog
the first consideration, and tbe reform
when it come may come too late to stay the
storm. Thn menace of short time loans
falling due In our normally tight money
Period with little prospect of conversion
hangs like a pall over the bond market.
In tbe stock market there Is little to encour
age thn Investor or the speculator. It baa
been steady during the bail news, and any
good news will bo surn to Induce selling,
and we cannot iirgo our customers too
strongly to Improve tbe present opportunity
to realtrn upon their holdings of both rail
road and Industrial stocks, that they inay
bn lu a position to reap tbe benefit of their
foresight when real bargains are offered "
While the California Hallroad Commission
has authorised the purchase of tbe Liver
more Water nnd Power Company by the
I'aiitle Oas and Klecrric Company for I245,
iXi. at the samo time It has denied the com
pany the right to issue its stock at 84 to
pay a part of the cost of purchase Tho
prim paid for the properties of the Liver
more Company was $100,000 in bonds, a note
of M, 000 and 191, Hon tn cash It wan a gainst
this cash that thn company wished to Issue
1,400 shares of stock. The decision ot the
commission -was to tie effect that the Vaclflo
lias nnd Klectrlo Company hv He wish to
sell stock at U h ahare indicated that It
was either otcrcHpltalired or had tied up
lu present non-productive property sui Ii
an amount of capital that the actively
enguged earning capital could not pro.
i iliii u an earning on Itself and the dormant
j capital siiftlcient to give thn owners of such
t stock what thev consider a reasonable
. return According to the commission the
I company Insists that tbe latter condition
Is this one which exists, but the Railroad
Commission says that it cannot take audi
an estimate, aa a basis for a proper selling
price, as under the terms of sale the com
pany would not pay S per cent, on the 191,000
i ash, but ., per cent , Its present dividend
rate, on 1140,000, thn par value of the stocl;
to be Issued for this cash
It s reported that the interests controlling
the llucka County Klectrlo Hallway and thn
New Jersey and Pennsylvania Traction
Company will make application to the
(lovernor of Pennsylvania on May 5 for
charters for twenty electric lighting com
panies to operate throughout llucka county
ilie Cape Hreton Klectric Light Company
of Hvdney, Nova Scotia, haa declared a
semi-annual dividend of i:i per share on the
preferred stock anil a like divldentt on the
common The last dividend paid on the
common atock was 12 per share ,
Plans are being considered for the con
structlonof a new central generating station
for the Union (las and Klectric Company
of Cincinnati, one of the largest subsidiaries
of tha Columbia Cms and r.lectrlo Com
pany The new plant is tn cost between
in.ooo.ooo nnd 14,000,000, and plans relative
to Us financing are under consideration
A company to be known na the Highland
Power Company, with a capitalisation of
Sioo.noo per cent, preferred and $1,1x10,000
common atock, has been organised lo de
velop hydro-electrio power near lloulder,
Colo. Tho preferreil stock Is being offeted
ill blocks of $1,000 par value with a bonus
of toon par value common at $t,(HS) a block
The company owns a power site eighteen
miles from lloulder
The San Pranclsco-Oakland Terminal
Hallway Company reports for tho nine
months ended March XI, gross earnings
of $,1,4114,14, with net earnings of Ii,mfl,ii7t)
and a net income after charges of Itni.vuu,
During the nine months the revenue from
transportation Increased $79,644 over the
corresponding nine months of tho year
previous, while operating expenses were
reduced $.14,780, The ratio of operating
expense to gross revenue for the nine months
was 43.85 per cent., as compared with en. 7.1
per cent, for the nine months ended Match
31. IfiT.'.
Paid by Huh-Treaaury to banks
1'ahl by banks to Huli-Tieasury
l.na to hanks nn day's tranaat--llnna
Paid li Siih-Treaaury 10 banka
Paid In hanks In Muli-Tieasiity
Its 4.000
:. 47s. 000
Lnaa tn bank' H.OSi.lOO
Loss to banks same period pie
tloua wetk 1,:J1,009
Excellent R. R.
Detroit Soita Railroad Go
T Holders of CerU lira tea or Oepaalt at
Oatral Treat IVopanT of Maw Totk
laiaed under the Deposit Agreement
datad Nufember e), IHOU, and repre
senting 4Mo Southern Dltlalon Flrat
Mortgage Four Per Cent, tiold Honda
of Detroit .Southern Itatlroad Pon
pany.and to thelloldert of the aaldllonda.
NOTICT. IS ni'.HP.nV OIVK.V that the Com.
inlttee ronatltuted by the above mentioned Deposit
Agreement haa approved and adopted a certain
Plan and Arrrrment dated April 14. 1813. for tbe
reorganisation of the property subject to the lien
of the above mentioned mortgage, and that a copy
of said Plan and Agreement has been Bled with
Central Trust Company of New York aa 7)epo.
tary under aatd agreement.
Over ninety-two per cent, of tbe outstanding
Oblo Southern Dltlalon llrat Uortragn Bonds
have already been deponlted under tbe Deposit
Agreement. Cnlrn within tbe period of twenty
Uya from the Aral publication of this notice,
holders of outstanding certificates of drpoalt
re presenting fifty per cent. In face amount of tbe
deposited bonds shall file notice In writing with tbe
Depositary under the d'poatt agreement that tbey
dissent from tbe Plan and Agreement of reor
ganization, such Plan and Agreement will be bind
ing on all holders of certificates of deposit, all of
whom shall be ronrlusltrlyand finally deemed for
all purposes to hate assented to the said Plan and
Agreement and the terms thereof, whether thry
lecelte actual notice or not. and be Irrevocably
bound and ronrludrd by the same.
bondholders and holders of certificates of tie
posit will be perndlted to share In the Heorganla
Hon only upon subscribing and pa)lug tu ( i:N
Depositary, at Its office, No SI Vtall Siieri. New
York City, for the purpose of the ItrorganUatlun,
$jm In N'ew York funds fur each bund of the fare
taluo ot 11.000 deposlud by them, Hie tir-t In
stalment of so per cent, of the amount so pi.ible.
Mr JI0O for each bond nf the fate value ot SI.imi,
bring payable on or before .41 4 V III, 1111:1, and
the tin lucre In one or mine Instalments as tailed
for bv the lteorgaiitratton Coiumliiec. tin not
less than two weeks' published notice glten as
prntltled In tbe Plan and AKiri-nirnt of Itroriranl
ration. J'or such payments 10 bn made by de
positors under the. Plan mid Agreement mid In
exchango fur the bonds deposited by them, lie
posllurs will be entitled to n et lie. upon the cum
pic Hon of the Itrorganlatlon. In ra-c the Plan
shall hate been declared oprrailtr, fur ciii-h ll,iaai
In rash payable by them. $1,001) In new- Adlustmt tit
Mortgage bonds, x.'.tsii In uew ptefcrrrd slock
and ll.'oi In new common Moi l, as pint hied lu the
Plan and Agreement of Iteorsaulratlon Ct-rtln
catrs of deposit must be presented to thn He
posliaty at the time of the payment of the lnsttl
menis payable In respect thereof fur the appro
prlale notation thereon of such paj meni
Holders of bonds who have nut already deposited
Ihe same under the Deposit Agreement may be.
come parties to the Plan and Agreement of lteor
ganlrallon by depositing their bonds lu negoilahle
form with the coupon maturing March t. iui:',and
all subsequent coupons thereto attached wllh the
I'eposltaiy under said Deposit Agft-ement, un ur
before M4V 111, llll.'l, rereltlug certificates of
deposit therefor Issued under tho Deposit Agice.
ment, with appropriate notation showing that the
holders of said certificates have assented to the
Plan and Agreement of Itrorganlratlon, and by
paying to the Depositary the amounts payable un
der salil Plan and Agreement aa hereinbefore
stated within the times limited for such payment.
Copies uf the Plan and Agreement of lteorgsnl
ration may be obtained from the Depositary ur
hum the Serietary of the Committee.
Dnled New York, April 15. 11118.
.lAMI'.S .'. AI.LtV
r. 11. i i Ki:it,
I r MOtAj.i., Serirtaiy.
31 line .street. Now orV t ity
JOI.INK,, I.AHKIN ft HATItllo.NT. Counsel,
61 Wall .Street. New York lily.
Htrri'AI, li:ilMI.NAI. COM Pi N'T
First Mortgaae llonds
Nlnklng Fund Nellie
Notice Is hereti) git I'll, as prut Ided III Ilie n
denluiu dated .Inly 1. II'U, and Ihe Indenture
supplemental thereto, ilaled Jiiuuai) I. llsiu. Hint
sealed otters will he ret cited up to 12 o'clock iiuiui
on May 10, 1013, hy Ilie uiiderslmied, ut Its oRite,
No. Ill) llioiiilHiit , Niw York, fur Ihe sale tu Ii
as Trustee, at Ihe lowest price not exceeding
!'."','", anil arrrued interest, al which such bunds
shall be offered for drllteiy on Tucsdu) , July I,
IU13, of sufnrlcnt of the abtite bunds to exhaust
the sum nf Tito hundred thousand ilullnis U.'io.
(MOI. Offris should he scaled and indorsed
"Oners of .Mutual lerminul company or liurralo
lirsl Mortgnite l"l, Ponds in Mil Mil ir 1'und" and
addressed lo Un- I III . HI IILI'Alt I MIl.N'l .
lis- A .1 IfllMI'Ifll.L. Pirsldrm
Paled New York. Aprils, 1013
Ohio Southern Division
First Mortgage 4 Bonds
I lolilrr- nf I lie ntnu c bonds who arc dissatisfied
wllh ihe proposed plan iif iroi zanlatitin arc rc
pirated to promptly loiinnunli aie wllh the under
21 William Street, New York
Sealed proposals wtn be received at the ofBee of
The 1'armera" Loan and Trust Company. Nos
le-K William Street. New Vork City, for the sale
to the Trusteo under the mortgage of the Alle
ghany Ore and Iron Company, dated lehruart
iSd, IB05, of a sufficient number of bonds stcureil
by said mortgage, to invest xie.OM.M of Ihn sink
lug Fuad. The right Is reserved 10 reject any
and alt bids.
..Proposals tnnat be presented before 11 o'clock
11, on May Id. 113, and should be directed as
"ProposalstotheHtnkugrundof the Allegheny
Ore and Iron Company. The Partners' Loan and
Trust Company, Nos. ie-M William Street, New
York City.
By KDWtN S. KfARSTON, President.
New York, April 17. HUS.
10 r,ll: HOI.DEHS OP
BCFFAiuO, itoi'iiKsi un prrraBCitiiii
Kqalpment Trust llonds Series "A"
Notloa la hereby given aa Prntlded In Article
All! uf tbe Indenture dated May 1. ISM. securing
tbe above bonds, thai sealed offers will lie ir
celred up 10 Three P. is. on Thursday, May 1,
1UI3. by the undersigned at Its office. No, 4u
llroadway. New Y'ork. for the sale to It as Trustee
ttlis lowest price at which such Iwnds shall h
offered not exceeding par and accrued Interest,
of suftlcleut of the above bonds to exhaust thn
sum of 12&.UUU. Offers should he sealed and en
dorsed Oflera for the sale of lliiffalo. Rochester
& Pittsburgh Hallway Company Kqiilpmrni
ITUsl .Series 'A bonds to the .sinking Pund,- and
addressed to the Htl'MI Di:rltrHi:vi.
Hy A J Hi.Ml'ltlLL. President.
April loiuis
California Northwestern Railway Companj
Ignat Melnh.tr', Trustee under the mort
gage or Deed of Trust of tho 'allfornlii
Northwestern Hallway Company, dati-il
Msrth nth. lint, In accordance with the
terms ami provisions ot articles of said Deed
of Trust, hereby Intltes proposals fur
the sale tn him un Mny 1st 1 1 3, at lit
ofrice, Gutter and hiatiNome ritreets, In th
rilv nf ban rrandsco, .if Ponds secured h
liii Deed uf Trust at a rate not excssdlni;
psr and ten per centum premium, to audi
mount, with the premium, aa shall not ex
ited it,, 08s m.
Ill- KIN AT. HTB1NHART, Trustee.
I.4JI H'MI.NI MNhl.SU I t .Ml.
Hie Farmers' Ixian A Trust Company, Trus.
tee. will rrCL-lte ultcrs of the Lqulpnirnt llonds.
Merles "A," of the Mobile A Ohio Railroad
1 otnpen), dated May I, IsW, at not exceeding
par anil accrued Interest, to a principal amount
stimelenl tu absorb Twrntv-slx thousand two
hundred rtnniythrre and tfi-loo dollars (4?4.
i'Ui.'.ji of Hie slnMric fund
'lenders i.iay be made 'lhursitay. May I, I13.
until it M
Tin: rAitiiiiit.s loan a thpst company
New York Anill I. mi l President.
yrT-l?x.!l- A'P. MBBTawm
Notice Is hereby git en that t he A N N 1 1 A L M K K'l
LNU of Ihe Stockholders of Till: DELAWAHFl
AND IIUD.SON COMPANY will be held at the of
nee of the Company, No 32 Nassau Mtreei. In lha
Moroueh of .Manhattan, City of New Y'ork. on
TIT'.SDAY , MAY 13, 1U1.1, al twelte o'clock noon,
for the election of tbe Mauagers of the corpora
tion for the ensuing ear and for such other busi
ness as mat properly come before the meeting.
The pulls will open at twelte o'clock noon and
remain open for at leasl one hour
The transfer books of the Company will b
lossd from one o'clork P M , on .Saturday, May
j, lvl.1, until ihe morning of Wednesday, May
II. ivu
11)' older of the board of Managers.
New York. April 1 1113.
Cleteland. Ohio. April 7, lull.
NOTICE IS lli:ili:ilY (ilVLN that the Annual
Meeting uf the stockholders of The 1-ake Shore
and Michigan .Southern Hallway Company will
lie held at ihe olllre of Ihe Company, In the Ciiv
of Cleteland, Ohio, on ihe llrst Wednesday ihelng
Ihe Till iliiyi or May, 1913, al 10 o'clock A. M., for
Ihe purpose of electing Dltectors, and also for
the purpose of considering and approving or
I ejecting a contract for the lease to this Company
of Ilie railroad ami property of The l.ako l;rl'.
Alliance and Wheeling Hallroad Company for
11. e term of Ilie corporate existence of said Cnri
pan, ami any eilrnslons or renewals thereof,
anil also for tho transaction of such other biistnesi
as may be brought tiefure the meeting, 'the Poll
will continue open for one hour thereafter,
Hy older of ihe Hoard of Directors.
PWHillT v I'A HnriP.. seeretarr
H4N i:r. 4'H'H-Notlre Is hereby given that
the Annual Meeting uf thn Stockholders of the
.saiilm Club will bo held nt room . 17 flattery
Place. iMinnmh of Manhattan, City of New- Ynil.,
un Tuesday, May nth, 1013, at 3 o'clock- P M , fur
Ihe piirisisii of electing two directors for tltn
tears ami the transaction of such other business
as may come before the meeilntr.
H. .NASON' HAMLIN. Secretary.
The Annual Meeting of the Stockholders of the
Mathey Cement Comiuiny for the election of Trus
tees and for Ihe transaction uf such other busi
ness as may come before It, will be held at Ha
ofllre, 30 Hroad Street, New Y'ork City, on Men
day, May Will. 11)13, at twelve o'clock noon.
.1 I.. MI'.DLKIt. Secretary
I'lrst ami d'eneral Mortgage (.'old Slnklnc Fund
Coupons from these bonds, payable by their
terms on May 1, 1013, at the office or agenry of the
Company In New York or lloaton, will be paid In
New Y'ork at the olflre of the Treasurer, Iloum
075, It Cottlandl Street.
WAI.Tf.rt tinOWN. Treasurer,
. . April llih, His.
At a meeting nf the Hoard of Directors held
this day, the regular quarterly dlvMind of 1U
was declared on the Common stock (.The Wlllya.
Oterland Company, pa) able May 1st lo atock
holders of record al Hie close of htisiness nn
April :isl ItOYAL It, SCOTT. Secretary.
Ihe American F.xihange Nal. Hank. "
New York. April 31', 1013
At a mretlng of the Hoard of Directors of this
bank, held today, a semi annual dividend of
riVI! Pi:nci:.VP. on the capital atock was
declared, payable May 1st proximo, lo stork,
holders of record at the rinse of business April Zi,
ARTHUR P. LEE, Oaahiar.

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