12 ,
THE WASHINGTON HERALD. THJOTSIAY.D.ECE3IBER 5. 1912.
FINiNCIAL
FINANOXL.
FltiANCKC:
MARKETS-EINANCE-.-GOMMERCE
. v - ' -
' i ,i i . i
Local Financial Matters
Br I. " FLKMIXG.
. The "Southern Pclflc - IJnlon Pacific
roertrer decision la -potent Titter -all. Not
eapeclally severe on the corporation jdl
rectly at Interest, but decidedly Important
In Its effect on the Industrial properties
specifically and generally.
It Is taken to mean that the Industrial
corporations, the' bit trust companies.
hae got to disintegrate. Where the cor
poration has an abundance of assets and
the chances are that there will be a rep
etition of American. Tobacco and Stand
ard Oil successes to the companies that
may be disintegrated, the weakness is
not as erldept as elsewhere, throughout
the list, but the minor Industrials re
ceived a set ere smash, as evident by the
losses.
The most severe Joss of the day was
In Can common. 41-8. and in Can pre
ferred shareholders on the Zl per cent
back cumulative dividend payments due.
The street expected 2 per cent and the
action Tias Immediately met by llquida
tlon.
A number of industrials and railroads
declared rather better dividends Lorll
lard Tobacco coming over with 21-1 per
cent, and a like amount extra to its com
mon shareholders, and tne regular jm
to the preferred. Snuff shareholders re
ceived a regular dividend of 3 per cent
and an extra of 3 per cent on common
stock, with the Tegular 1 1-2 on preferred
shares.
For a time the interests that are be
hind the stock market made a desperate
effort to hold the list In this they were
assisted by the fact that the holders are
not small Investors, but large Interests
1 who have put up a good fight against
recessions.
They were partially successful, but did
not maintain their success, the general
liquidation of Industrials coming on top
of the short selling movement of bears
who are Just finding themselves In this
movement, turning the entire list, with
but few and far between exceptions. Into
lower range of prices
The onl exceptions to the weakness
was In Snuff. Lorillard Tobacco, Califor
nia Oil. Soo Line. Southern Pacific, and
Wabash preferred even thing else was
lower Southern Pacific was favored.
but did not hold Its full advance, retain
inr but 3-4 of a point gain.
Market was active throughout the en
tire session, making frequent attempts
to rally, but falling to hold these gains,
and the close was but slightly above the
low record of the day
showing there are, practically no com
plimentary deposItsV
Of the trsut companies so far report
ing the Union Trust Company reports a
gain' of -.J36J73. The National Savings
and Trust suffers from the fact that
when the previous call was made It had
tSCO.000 .Arlington Hotel money' In Its
vaults. This money has since been trans
ferred, and the net loss of the old in
stitution lsS33.SC Indicating an actual
gain, provided the Arlington money Is
eliminate dfrom all consideration.
The Continental Trust Company loses
SlSa.644 deposits, practically all of which
may be accredited to withdrawals for the
account of Southern and Southwestern
ban!: credits.
The total money deposited In the sav
ings banks of the city Is $3,i$4,463. as
compared with J8.900UC on the occasion
of the last call. September 4,
It was expected that the savings de
posits would show a gain, the savings
habit having been given an impetus dur
ing the last few months.
Most of the loss that was sustained by
national banks and trust companies: rep
resents aid extended to .outside banks In
crop movement expenses.
To-night Is the night of the John
Moody lecture on stocks and bonds be
fore the Washington Chapter, American
Institute of Banking. No man In Amer
ica is better fitted to discuss this sub
ject than Mr. Moody. Mis "Manual of
Statistics" Is recognised authority. He
should draw the largest audience that
has attended any of the chapters lee
tures.
WEDNESDAY'S LOSES.
Copper ..? 1
smelling; iK
Lead ,....3
Locomotive ,.Vt
Car Foundry . .
Cotton OU .,..14
Anaconda ....1
AteUsoa
Atlantic Coast.
B. O
Air Brake M
Brooklyn R. T 5i
Cent. Leather..
Cob Gaa ...... 1
Brie f W
O., Electric. .1.
G. J. Ore V,
Iaterbare .....1
t- at Sf.
Mo. Pactfle ....
C. 0 1
ST. Jt W. 3
Mpper
Peanay. f
People's Gas . ..i
CoL Furl 1
Unseed pfd.... 44,
Can common ..34
Beet Sugar.... 1
Gngarenhelfnex; IK
Sorthwestern. . 4
nderwood ...,i?4i
"Big; Four' ... H
Erie 1st .......1
Looar-tVllr. ..
lat. Paper ....
tat. Paper rjfdlK
Katy pfd 1
Tenn. Coal ...v.
Pitta, Coal pfd.l
Miami Copper..
G. West. pfd... y.
Beth S( pfd. ...I
Plttsbnrsr Coal, a
'Frisco 2d i
Pactfle Mall ..1
Rep. Steel pftCa
R. I. pfd...,.., H
Harvester .. ..4.
W Union XL
Toledo pfd . ...1
Pr. Stk Car....
People's Gas...
Bennay. ,,
St, Paul
Southern Hr... 4i
Texas Paelfle.,.
Bnbber iw
Can com. ,, . .4Vi
Can pfd. ....... 3K
Northern By... A
Bnbber 1
Westlaarnanse .. V,
lit. Central .... i
Western' Md....lH
Laclede Gaa,... .114
Western U.... V,
IIL Central..... 4
Mexican Oil ...
Chlno Copper. ..1
Bock Island .. Ti
Steel eon. .-1 .24
Union Paelfle. .1 Vi
Union Pae. nfd. 4
Va.-Car. Chem.,144
Western M4...1U
WEDNESDAY'S -GAINS.
?X
Cal. OU
Snnff ........
Lorillard Tob.
Texas Oil
D. A L.
Soo Line. 1
ff. American.... V,
8. Paelfle
Hioua pia... 7
Spencer Trask &. Co , New York, have
this to saj regarding the tariff bill that
will be enacted b the next Congress:
"Speaking without knowledge of a spe
cial character, we flrral believe that
whatever bill Is passed will be fair to
our consumers, while at the same time
recognizing the legitimate exigencies of
our producers In other words, we do
not believe that the Democratic party.
which Is now In power for the first time
In sixteen jears. will pass an bill that
would be so radical as to throw busi
ness into a sea of despondencj. or check
for a longer time than adjustment may
properlj take the energ and resource
fulness of our business men. It Is evi
dent to us that the Intention of the in
coming administration Is to hasten the
passage of a new tariff bill In order that
business ma be retarded for as short
a time as is possible, and if this plan
should be successful put through. It Is
quite possible that the momentum busi
ness has acquired during the past six
months will be sufficient! great to carry
It over this period of uncertainty and
that once the necessary adjustment has
been completed the activity of the coun
try win be resumed with even greater
zest. ' .
All savings banks reporting, the gain
In deposits Is SiSJ.SlJS.
In this statement the Seventh Street
Savings Bank and the North Capitol
Savings Bank made their first reports.
The former has J141 939 deposits, and the
North Capitol Sfi.527 05. In this latter
Potomac Consolidated 3s were freely of
fered at 1007-8, and ten JL.0CO bonds found
a buer at this figure. While there was
some little Investment of money In bonds
th stock market continues to move
within the narrowest of ranges.
Those who have stocks seem In no way
disposed to get rid of them, while the
cumulative desire is equalty lacking
In the Tractions. Capital Traction is
showing its best form, with holders ask
ing hither prices. No sales of Washing
ton Railway and Electric, SS being the
best bid for the common, and SS for the
Dreferred. with asking prices a little
higher. 89 7-8 for the common. 90 for the
preferred
Quotations on national Dame siocks in
dicated 5 to 23 points difference between
the bid and asked prices, precluding
transactions
Secretary MacVeagh has called the at
tention of Congress to the fact that In
our restricted and inelastic currency sjs
tem there Is danger of a panic
If this possibility has at lastidawned
on the gentleman who presides over the
"massed millions In the vaults. It would
seem wise that he should see to it that
some of the money finds its wa speedily
Into banks of the icountrj. to relieve the
present stringency
That there Is a stringency Is admitted
not onlv In Wall Street, but elsewnere.
The old antipathy to Wall Street Is not
cruHaiiv Imnortant. as the scarcity of
the commodity of exchange is not the
result of stock operations so mucn as
by reason of the necessity for the move
ment to market of nearly ten billions
worth of crops of sli kinds
Therein lies the usual annual recur
rency of shrinkage Secretary Mac
Veagh has no reason to wait for the
authorization of Congress He has the
power to give relief, his predecessors
Viq.o frivpn It
Unrntnr It does not sound especially
rnnwrvntlve for the Secretary to talk of
panic possibilities, even If he sees mem
in the Inelastic currency oi w-ubj.
The Ripley Apartment House in It
Street, between Fourteenth and Fifteenth
Streets Northwest, recently constructed
by Harry Wardman. has been sola Dy
Shannon X- Luchs for about JS3.000 The
bujer is said to be Mrs Catherine Wet
more, an out-of-town investor
Th. anartment site has sixty feet front
age and 100 feet depth, and Is ssld to
yield about J9.000 a year In rentals. The
building contains twenty-eight apart
ments, and Is thoroughly modern and
up-to-date
WALL STREET GOSSIP
WASHINGTON STOCK MARKET.
Sjjcs-Rcgular call. 12 o clock noon
fiplul Traction 5a 00 at 110'..
Lrlumbia Itailroad 6a. Jl 0 at 101",.
Washington Hallway A Llectrlc-tr JLO0O at S3'4
Potomac coo. Z. 11 600 at 100'. Jl COO at 100'..
SI O30 at 100H. J10CO at 1004. H.0C0 at 100. SOO at
IOC,. H CO at Vfr $1 COO at ICO1. S1.000 at 100.
Mrrgcrjthaler 1 at 114. 1 at n5.. 1 at EIV 6 at
S3.
Lanaton 10 at 914
American becurity A Trut 5 at 306.
t sited States Trust, at 140.
GOVERNMENT BONDS
V a rtc, is. 10W
C. a ccmron 3a. lOO'i
U 8. m. ! IE
U 8 coupon 3s MP
V a rtc 4. 113
I S. coupon ta. 1US
GAS BOND!
Cporcttown Oas Ss ... ... 104
WaOiincton Gaa 56. 110
RAIUIOAD BONDS.
Capital Traction 5a 1MH
CUT 4 Sobartam 5a. 10
Colombia 5a. 1
ColcmhU 6a. 101
JTrtropoUtan 5. MS
waihlniton Railitar Electric 4a 8JH
tVashintton Aid. & lit Vernon 5 .. STa
MISCELLANEOUS BONDS.
rctomae Electric cona. 5a KWi
Potxanac HrcSrtc Light 5a -. 105.
Cbeaapeaaa JL Potomac Telephone 5c ... VXPa
American Telephone & Telegraph 4a .... 110
Norfolk i. WaaMncton Steamboat 5a.... 104
Kltsa Realtr 5a (Ions! 103
Rij Realtr 5s (abort) 101!.
PCBLIO UTILITi- STOCKS.
Capital Traction . KM
WaabJwton Railway 4 Electric com.... K
Waahinctca IUllwij & Electrlo pM... M
VTaahlngtoo- trjirda Eltctrio Br. com.
Norfolk & Washington bteamboat-.... 210
Waahinrton Gaa -. 66.
RfOrsttoinl Gaa. - 90
American Telephone 4 Telerraph Ill
TYPE MACHLNB STOCKS.
Mersenthaler Unotjpe ...EI4
Lanaton Monotype ".- 14
MIXING STOCKS.
Greene Cananea ..- W4
NATIONAL BANK 8TOCKS.
American - JJJ
Capital 0
Columbia
Commucial
District "J
Fanners & Mechanks...................... 555
Lincoln -
Metropolitan ;
lltea
Second JJ
atleMl Bank of Washinrton SO
TBDST COMPANY 8TOCK&
American Securltr & Trust X4
National Sarins c Trust 26S
XVashlsstoa Loan & Trnit. ...... ........ ZS
United Btates Trust 140
Union Trust.. 13
SAVINGS BANK STOCKS,
culms SJ
Roma :ur.."'."r."r."!rS
Bask of Ccmmeroa 6rlnrJ.......... W4
East Watbhurton Sarlnts.... IS
FIBB INSUBANCB BTOCKS.
Arlington C .... 1
Corcoran ..............,,
yiremea's ......... -......-..... BH
German-American . ........... ... 260
National Union... ...... 154
Potomac 30
TITLE INSCBANCE STOCKS.
CoInmhU ....... Si
Real Estate. . S
MISCELLANEOUS STOCKS.
Cbapia-Sarks ............................ 160
r. a Paper Mfg. Co............ 13s
Grapbopbons common ....... 53H
Grapbopnona pH...... JTSi
Urrcbants Transfer tc Storage IIS
Octmtr -Jtoraga .......... no
IkuUeXui Utrkct...,. ,.., U!a .
MISCELLANEOUS BONDS.
Vew xV Dec I Cloning quotations cf mla
rellaneoui btiodj
New Tork Central 44i. I55T new 104
New York Central 4V.a. I960 100a
New York Central 4a 1538 96.
American Agricnltural Chemical 101U
American Wallpaper 5s W
Atchison. ToU 4. Santa Fe general s 96S
Atchln, Topcka i Santa Fe ctt. Is, 1955 ... 106V
Atchiwn, Topeka 4 8anU Fa crt. is. I960 . 103Va
Vtlantic Coaat Line 4s SSH
Atlantic Coast Line V i. N. Is ... tlTa
Baltimore & Ohio gold 4s 5TU
Bethlehem Steel 1st Ss. 96
Brooklm IUmd Transit 4 S0H
Central Pactfle 1st 4s ..... S3 pany declared usuaul quarterly dividend
Central Paaflc 3ss ., x'le m - K....ki. t . . ..,
Cbesapeaka & Ohki general 4V SBS"' -71 ,"' w-jc -ai.uary . 10 nolo
Chicago, Borilngton a. Quuicf gen. 44 914
An active market for sixty days Is ex
pected in responsible cuarters of the
Street. Following temporary Irregularity
tne tenaency win he upward. Is the pr
diction made.
Professional operators are trying to
break the Industrial list on the Union
Pacific unsettlement.
A market that will not break 10 points
on an European general war scare, rad
ical change of national administration.
high money rates, and an adverse deci
sion like that of Union Pacific, is ready
to rise," says a blc operator.
Pittsburg private advices say business
continues to be refused by steel mills.
except at good prices and late deliveries
next ear.
Rumors persist In professional circles
that Important news Is pending In re
gard to steel. Is It segregation of Ten
nessee Coal'
Standard OH Interests are reported to
be absorbing St. Paul on all declines
The showing of the Pacific Coast exten
sion is said to be responsible.
Latest reports from the board and Mor
gan sources of Wall street point to the
liquidation of Steel by a pool, the size
of which Is In question. From" what we
can learn, the pool was trailer. Stop
orders ror long account have been caught
In considerable volume In steel
Confidence of the strongest Kind Is ex
hibited by sources that have been bullish
on Reading. It Is said since the merger
decision the Insiders have added to their
lines of Reading In the belief that the
long-awaited segregation melon will be
cut in the next few months A decision
may come next Monday In the coal case
The stock Is calculated to be earning
more than 30 per cent now
The directors of the Tennessee Copper
met this morning, but took no action on
the dividend. The dividend meeting will
probably be held some time before the
Christmas holidas.
The American Tobacco Company has
declared the regular quarterly dividend
or 1V4 per cent on its preferred stock
President W C Brown, of the New
York Central lines, announces that the
total number of loaded cars handled bv
the lines In November was 1.976.4SS. as
compared with 1.S16.T32 In the same month
lasr. jear. an increase or ixi.iuii. This is
the largest movement of loaded cars for
that month in history of the sjstcm
The Pierre Lorillard Tobacco Company
has declared an extra dividend of 2 per
cent on common and the regular quarterly
dividends of 24 per cent on common
and li on preferred.
The American Smelters Securities Com
pany declared usual quarterly dividend
or i per cent on Its preferred A stock.
and of 14 per cent on Its preferred B
stock.
The Interborough Rapid Transit Corn-
way, of. dividend resumption by the pre
ferred stock of the Interborougn Metro
politan Company will be considered at
this time, nor is it likely that the Rapid
Transit Construction company win at'
claro another dividend at preseilt.
Central Jtallroad, of Jfew Jersey ha de
clared the usual Quarterly dividend of 2
per cent and a special dividend of 3 per
cent. The special dividend Is payable .De
cember .IS to holders of record December
10. and' the usual dividend IS payable
February J.' to holders of record Jan
uary 23.
The Illinois Central Railroad Company
has declared the regular semi-annual div
idend of 2 per cent on Its leased line
stock.
A plan to relieve the money market
by authorizing the Secretary of the
Treasury to deposit 30,000,000 In national
banks was suggested In a bill Introduced
yesterday by Representative Levy of New
Xdrlc The Treasury, he said, has been
absorbing the people's money by taxa
tion to the extent of 138,962,738 during
the present fiscal year.
Bag preferred passes its dividend.
A committee has been formed to pro
tect the Interests of holders of Southern
Pacific stock consisting of James N.
Wallace, chairman: Henry Evans, J.
Horace Harding, FrederickStrauas. and
Albert II. Wlggln. This action Is taken
as a result of the Supreme Court de
cision requiring- Union Pacific to divest
Itself of Southern Pacific holdings.
The Guaranty Trust Company has en
gaged 1300,000 gold In London for Import
to New York.
Missouri Pacific Four weeks Novem
berlncrease, J131.000; from July, in
crease. J3,13,S31.
The papers are almost ridiculous In
discussing the plans of the .Union Pa
cific and Southern Pacific to think that
they should be prepared to announce
twenty-four hours after probably one of
the must Important decisions that has
ever been rendered by any court such
plans as would work out the decision.
The chances are the bankers close to
the property have In mind some Idea of
what they think Is feasible, but until
the plan can be throughly Ironed out, the
public will have to do the guessing
The chances are that the man who
sold Mitt 23.000 shares Southern Pacific
with Harry Content either held his
tock speculative or else it was a bear
operation.
This decision does not hurt the feel
ings or the pockets of the bankers, be
cause, as usual. In working out the
plan there will be many a nice piece of
pie to cut up for them Money condi
tions should remain much the same.
with the hope that the Secretary of the
Treasury will do something Money
naturally should ease up now until to
ward the end of the jcar. when, of
course, the usual stringency will show
Itself more forcibly.
NEW YORK STOCK MARKET.
Chicago, Burlington fc Quiney Joint 4a SjS
Chicago & Great VVeatern ts
Chi, MD & St Tanl gen la acnes A
Chi.. Mil i. St, Pant deb. U, 1331 I...
Chi Mil & St. Tsui 4H TO
Chicago Ac Northwestern general 4. 97H
Chicago & Northwestern Sas.
Chicago. Rock Island A Pacific deb. Sa
Chicago. Rock Island A Paelric general 4s ... 93a
Chicagn. Rock Island at Panda rfg 4s. 87
Chicago. Rock Islsnd & Pacifle coL ts 65
Colorado & Southern 1st 4.. M
Delaware & Hudson crt 4s. 97
Drnfer as Rio Grande con. 4a. ss
DillIcrs Securities Corporation 5a. 70
Iu Pont da Nr rowder 14a. EPa
Trie general lien 4s 758
Erie crt 4". aeries A U
Great Nortnem . 100
a 4 W. deb B IS
Gulf & Ship I 5a. 95
Kansas CUT Southern 5a. . 91
Lake Shore 4s. 193 ... 931
Liggett & Mrers. 5a 96S
LoatsrlUe A NashTilla unified 4a 9Sa
Mexican Petroleum 6s. .. KCVi
Minnesota Ac L Louia 4s 63
K. 4 T. of T. V lOOVi
97S
Missouri Pacifle Ss.
Missouri racinc crt, 5s 86H
Missouri Padne 40 jcir 4a. T1H
National Railwara of Meika tVis. 66
New aork Central deb. ts 9?s
New York Central-Late Snore 3M 79
New York Central & St, Louia 4s... 99
New Tork. New Harm A Hartford crt. fe.. UFi,
New York Railwars rfg. 4s , 76H
New York Railwars adj. 5a .-T. S3Vi
New York Telephone 44a..., 97H
Norfolk & Western con. as 1.... 97
Norfolk & Western crt. 4s. im,
Norfolk & Mestrra Pocahontas Coal & Coke 4s 90
Northern Padns 4s 96U
Northern radflc 3a.
Oregon Short Line iff. 4s.... ... EH
or.-w. itaiiroaa Jt . ts.
Ozark A C. O 5s
Pennsrlranla 3Hs. 1915 S61
1: LorrUard 5a. 97U
Pub. 8. of N J. 5a .. ... KH
Et, Louia & San Francisco gen. 5a. tSM
St. Lotus A. Ban Francisco rfg. Is................. 754.
St, Louia Southwestern eon. is.,.
San A. A. P. 4s :
Seaboard Air Una adj. (a. 75
Southern Padne eoL ts 93
Southern Padfle crt. 4a............ 9SH
Southern Paerfle rfg. 4s.. .................. ........ 33(4
Southern Railway 4a...... TXtf.
Southern Railway tVis........ 10Ti
Third Arnnie rfg. 4s t0
Third ATenue adj. 5a. 71
Union Parlfls lit 4a..... .............. ........... OS
Union PadSe crt. 4s........... ...... ............ 100
Union Padfle rfg. 4s....... ...i.... 95
S. Rubber 6s... ......nH.. 103
United States Sted sinking fund Sn............ voiV.
Wabaah rfg. 4a..... 15a,
Wabaah P. T. 1st 4a, Central Traction otfs. 3
Western Bectrie Sa.....: 101
Western Marrknd ts....... a
WeMcrn Union 4Hs..... JJ
West Shore 4s ............................. . SB
Tctal sales. ZL9CL000L against nsllOCD natmt,.
Jljr.n a week ago, and OJSS.00D a year ago.
largest Horning Circulation.
ers of record December :
Caspary says little fellows have not
any stock, and big men have In large
quantities, and are looking for a chance
to sell. The high cost of money Is mak
ing It hard for them to carry, and many
are throwing some over. Market does
not rally right, and lower prices should
prevail.
Representative Levy's measure for tho
deposit or XjO.ooo.ooo In the national banks
by Secretary MacVeagh will be consid
ered on Friday by the House Banking
Committee. A call for the meeting was
Issued to-day.
At a meeting of the directors of the
American Snuff Company to-day, a reg
ular quarterly dividend of 3 per cent and
an extra dividend of 3 per cent were de
clared on common stock. The usual
quarterly dividend of 1 1-1 per cent was
declared on preferred.
Louisville S. Nashville October narr
ating revenue Increase. 20.12S. Net oper
ating revenue, Liecemner, xai,44.
Hocking Valley Railroad for October.
total revenue Increase. 178.041. Net oper
ating revenue increase, ioJ.olg.
The Gusranty Trust Companv has de
clared the regular quarterly dividend nt
5 per cent, and an extra dividend of
per cent.
Everybody Is disgusted with the noticm
01 tne v-anaaian directors. Most traders
Were looking for at least' 2 per cent ex
tra. Market shows A nervous tone. In spite
of strength ill certain stocks. Impres
sion exists that decision wll lead to liqui
dation In stocks held Illegally Tjy various
companies. Although buiing is good. It
Is looked upon with suspicion. News af
fecting the market is so conflicting that
I think It advisable to go slow until
things clear up a bit
Strength in California Petroleum Is
based on expectation of the placing of
the stock on a S per cent basis at a
meeting of the directors, to be held on
Friday.
Directors of the Interborousrh Hani
Transit Company meet Wednesday morn
ing for the purpose of declaring rliwi.
dends on the stock of the company and
ino Buoway .Hearty company. It Is ex-
ic,tu . mw usuw rates 01 a j-; per
cent for the) former and 1 J-4 per cent
quarterly for the latter will be drrlrH
It U not expected that 'any.tb.ing in the
New lork. Dec 4
hales. .800 Amal Copper
3 Am. Ag. Chem ... . its
1 100 Am Bert Sugar iVs
COM American tan 27
(U American tan . . IZTt
400 Am. Oil 5S
1.101 American Cities 5'a
700 Vmerican Cities pfd M,
5 WO Am. Cotton Oil . 59
100 Am. H A- I, rVJ . 3
SO vm. Ice "Tirlti. . 19
30 Am. Unseed lj
M0 Am. Linsmd id n,
2.300 Am. Loctnotire. 44
SO American Mait II
SSI Am. Malt pfJ SI1,
10 S Am. Smelting ... .
401) Am. Hnuft
300 Am. tterl Found ..
10s Am. Sugar
1M Vm. Tel A tab
475 Im. Tel k Tei
W Am. Tob ifd new
lo Am w ukj id
100 Vm. Woolen rJ
1W Am. VVm. Psper rfd
3.SU0 anaconda ... ..
2.100 Atcnfcon
100 Itchisoa rd
30 Vtlantic Coast Linn
MM llaltbnoee A DM
ra00 Rethtrhcra Steel
9n0 Bethlehem htrrl n"
500 B F fModncb .....
103 B. F (K-jdri.Hi pfd
S.30O Brookbn Rapid Transit
11900 Cal PrtM
163 Canadian I'acine
630 Central Leather
l.SiO Ctiesaneako A Ohio
400 Chi. 4 i.rrat West
600 Chi. A (.rest Heat. iM
3K0 Chi. vr A M P
300 Chi. A V rthwe-tem
230 C C C & ht L.
13 600 Chlno tl torrcr
1J00 Colorado Fuel A Iron .
1000 Cnawlklatcd Cas
2.330 Corn ITclucts
100 Ccro I"rodurta pfd
200 Del. Lira A West
3)0 Distillers' Securities .
100 D 8 S A At H"d .
7.S0) Erie
3.700 tn 1 rfd
1.500 Cleneral Elrctnc
3)0 tlenerat Victors pM
30 tleorgc W Hclme . ...
5.JO Coldddd etais
3.100 tlreat Northern pM
300 t. N Ore sub.. l
400 Guggen. Lip! . . . .
400 Illinois Ontrsl
2J0O Insn. Copper
6.300 Inter 31st
tjro Inter Met pfd
IflCO Int. Hsrr A
KO Int Hsrr. iM . .
L450 Int. Pajier
1J00 Int. raper rfd
200 Int Pump
100 J L Case pfd
K Kansas Cltjr 4 o . .
300 Kansas Uitjr Ic So pfd..
300 Lack. Steel
300 Laclede Gaa
lu.uN Keoign i sue? . ....
120 Loose-Wiles V
Open. Loir. Close
. SO. 1981,
37',
IIS1. 116'. 111'.
105'.
106", 106H 06,
". CMV. 3S5
UTS 137V. 137.
10OV,
.1714
lit 113H
. 1332 I33H
. I13V113
... es siv.
3)0 Louisrtlle A N'sshrUlo.... 1154
TOO Msr Wept. Store MV4
M0 Mer. Jlsr pfd I9S
JM ilea. I'etrol .... 6
U00 MUmI Corpcr ... . 274
300 Minn. A St Louis ... 25
M0 M S ! A M . 113
103 Jto Kans. A Tea . .. 28s
2J00 Mo. Padfle 424
100 Natiocal Biscuit . 130
2.6C0 Nstionsl Lead. .. 60
100 N R. B. of JI 2d pfd . .. 3
i300 Nerada Consolidated Cop. 22.
203 New Tork Air Hraae
600 New York Central
300 N. T . X 11. & II
SCO Norfolk A Western
203 North American
109 No. O Tr & Lt IS
3.S00 Northern Pacific 124
431 Ont. Silrvr ... . 3
300 Pacific Tel A Til ... . 43.
3C3 Pacific Mail . - 34
ZXD Penn-rlrania R R ... 1224
700 People a Oas of Chicago.. 1154
300 Ilttsbnrg Coal 124
2.030 Pittsburg Coal pfd .... tl
SCO P. Lonllard Co 28
103 I'. Lorillard rfd K
400 Pressed Steel Car .. . 36.
KO I-rwed Steel Csr rfd 101
MO Pullmsn Palscc Car .... 164
lejOO Raj Consolidated Copper. 22
65) Reading irs
,7W Republic I & 8.. r
tWJ Republic I S. rfd 54
sum nnefc Island - 21.
1.400 Rock Islsnd pf.
400 Pronely .
601 Seaboard Air ioth" - "
SOO St. Louia & San Francisco If.
251 St. Iv 8. F 2d Pfd.... 314
200 St L. Is. Southwctern.... 37.
663 BearvRoebuck . .. flW
14JO0 Southern Pacific . 100S
1.700 Southern Railway . 2S4
SOO Southern Railway rd 114
100 Standard Milling.... ...... JW
100 Standard Milling pfd..... II
303 Stndebaker Jl
150 Stndebaker rfd 4
MM IVnnMM! Coppet...m... .
r Ttaas Paafie. ,.- 23
,wi .... fVtnntr..........u. 113.
44
4
1004
494 414
1034 IN
1724 T73
404 404
KELSEY, BREWER & COMPANY as Syndicate Managers '
Offer Subjec; to Allotment a New Issue of
American Public Utilities Company
$2,200,000 Six Per Cent Cumulative
Preferred Stpck
and
$770,000 Common Stock
M
j
in "Blocks" of
$1006 par value Preferred Stock Ip ei nnn
350 par value Common Stock fror .?1,UUU
or fractional parts thereof on same basis
The stdck now offered for sale is issued for the acquisition of certain securi
ties of the new properties ip Indianapolis, Indiana, and LaCrosse, Wisconsin, and
to provide additional capital.
OBGAXIZATHrt
THE A3CEBICAX PUBLIC UT1LIT1KS COHTASI, through tock ownership, win control the follow
ing properties:
Winona Gtu Hgbt at Coke Co, TTInoua, Xlu.
XlnResota-nseoBsIn Power Corporation.
'LaCrosie Gas at Electric Ctk, LaCrosse, Wis.
Albion Gas LIzht Co, Albion, Mkh.
Holland City Gas Co, Holland, Mich.
Jaeksta Light k Traction Co, Jackson, Hiss.
Earnings acerntns; to American Public Utilities Co..
Earnings Derired from Working Capital
Gross Earnings American Public Utilities Co.
Deduct Interest on $333,000 Collateral Trust Bonds.
Deduct 6" Dividend on Preferred Stock
Earnings on Common Stock less $75,000 thereof held by Trustee for future Corporate
purposes
l.CSS.550.72
48.000.00
5710ii9
41.950.00
529.952 59
234,840.00
295,112.59
Per cent Earnings on Common Stock '. ,.19.1
The earnings accruing t the American Public Utilities Company are two and one-qaarter times the
amonnt required to pay per cent spon the preferred stock of the company.
PBEFERHED STOCK
The preferred stock Is cumulative, will par six per cent, dividend from date of issue, and will be
preferred as to earnings and" assets. Dividends will be payable quarterly. This stock may be redeemed
on any dividend date at 105 plus accrued dividends.
C03TM0X STOCK
The common stock will pay 2 per cent, per annum, in quarterly installments, from date of issue. It
Is believed the Company will be able to increase the dividend on the common stock one per cent, each
year thereafter until at least 6 per cent, per annum is paid. In addition to the cash dividends upon the
stock now issued, stockholders will participate In any profits from the acquisition of new properties and
inch profits may. la the Judgment of the Board of Directors, be In the form of stock dividends.
MABKET
The securities of the AMEBICAX PUBLIC UTILITIES COXPAJiT enjoy a very wide market, beftir
listed on the stock exchanges of Columbus, Cleveland. Louisville and Detroit. They also have a ready
trading market in New Tork, Boston, Chicago, Grand Rapids, Providence, St. Paul.
Application will be made to list the securities on other exchanges.
XAXAGEHEVT.
The Company Is under the active management of Messrs. Kelsey, Brewer Co, Engineers and Opera
tors of Public Utility Properties, Grand Rapids, Michigan.
All legal matters under the direction of Pam & Hurd, Attorneys, Chicago, in.
TEB3IS OF FAYXEXT
Subscribers so desiring may pay 50 per cent, of subscription at the time of allotment and the re
maining 50 per cent January 10, 1913.
Where payment Is deferred to January 10, 1913, the preferred stock will be issued to the nearest even
share as payments are made and the common stock will be delivered when subscription is fully paid. Six
per cent, interest will be charged on deferred payments and dividends will accrue on preferred and
common stock from date of allotment
THIS OFFEBWG TTILL OPE.V 05 JJECE3CBER S, 1912, ATD CLOSE AT XOOX DECEXBEB IS, 111
The Syndicate Managers reserve the right to allot subscriptions.
Subscriptions may be sent through your banker or broker or direct to onr offee
OrtJcri may be feleffropAerf at our expctiie.
Kelsey, Brewer & Company
Michigan Trust Building
GRAND RAPIDS MICHIGAN
Merchants Paklle Utilities C Indianapolis, In.
'Peoples Light k Heat Co, Indianapolis, Ind.
Elkhart Gas k Fnel Co, Elkhart, Ind.
Talparaiso Lighting Ctx, Valparaiso, Ind.
Utah Gas k Coke Co, Salt Lake City. Utah.
Boise Gas Light k Coke Co, Boise, Idaho.
Properties acquired at this time.
The United States Census for 1910 showjut total popnlation In the cities served by American Public
Utilities Company of 471.451 against 33229 for the year 1900.. This is an increase of 41.
CAPITALIZATION
Bonds, Thirty-year 5 Collateral Trust $339,000 320.000,000
Preferred Stock, 6 Cumulative 3J14.O00 20,000,000
Common Stock 2,995.000 20,000.000
EAB1H1NGS
r
A conservative estimate, based upon previous earnings and upon a thorough knowledge of the com
munities served and the operating conditions under which the service is rendered, indicates the following
earnings for the ensuing year:
Gross earnings of all Properties...'. 92,12,4341
Orjeratlnc Expenses, including Taxes and Insurance S1.140.07S.72
Interest on Underlying Securities 528,475.00
KH
400 Tuu Compaor-
IIS, llSh llSSi
1,100 Third Airauo R. IT. . ...
I a Tolrdo 11) s. A Light.
100 Tol. 8t- U
100 ToL, St U W Kd .
100 Twin Cltr B T
300 rjndmforal Corararu
3 KM United Bag A Tarrr
2.K0 United Bag A Taper ptd
3D Id) Union Tanfc
TOO Union raane rsd
100 Unitad Dry Good
1000 United Uf Intrst
1400 United Br. Inraat rfd
100 U. S. G I T A F pfd..
KM U. M. It. A It. ltd
4 9C0 U. 8. Rnbbrr
111000 V 8. Start. . ..
1.153 U. S. Rtert d . ..
00 Utah Orrpnr
CO Va.-Car. Comical
300 trgtnia Ini. Coal C ..
17OT, 169 ItSS
BH 38 39S
an a (sh
ss ss m
4 4 4
esa . C4'4
73 TO", 70S
IltTs 110 110
OS C4 di
13. 4SH 1JS
a
eo
m.
100 Wabaah
300 Wabaah pfd
600 Wrn Jlarjland
SO intern Uniou Trlcgraph
L300 Wntlnghoaat! Mfg
133 ttcjin Brut. rd
1000 VTodworth
440 W. A I E. 1st Did
ICO Wisconsin Cratrsl
Total sales, 633.3X shim again MOJO itaterdir.
15,634 A week ago. and HJU) a rear ago.
BOSTON C0PPEES.
Adrrotnro
Bohemia .
Calumet Ac ArUona.
Calumtt A Hccla. .
Confer Range... .
East Butte
Franklin
Indiana .
Lata
La Sails
JIason Valler.
Marnowef ...........
Mergrnthaler
Michigan
Mohawk
horth BuUe
North Lake.
Old Cotair...-
Old Doainion........
Oneco
Onccola
Quincr ,
Buannon ............
South Laka.
Swift
Tamarack .,
Trinltr
United Prirlt.
Utah Consolidated,
Victoria .
ivolrerlae
... SSI
.. S5.
.. 114
laled , 11H
THE BANK OF PERSONAL SERVICE
FUNCTIONS OF OUR BUSINESS
1st. To reccie and safely keep the idle funds of our
depositors.
2d. To loan these moneys to merchants for the develop
ment of their business and to responsible individuals.
Let us serve you as a depositor or borrower. Resources-,
eight millions.
THE COMMERCIAL NATIONAL BANK
14th and G Streets
CURB MABKET.
Bid. Askrd.
Atlanta
Bar State Has
Braden Copper
British Ccltunbia Copper.. ...
Chicago Subway
Rlrottx Copper
Goldfleld Florence
(ircene Cananea .
Intercontinental Rubber .. -.
Jumto Extension
Kerr LsLe
La Roso -
Manhattan Transit
Mason Valler
Mlnea Co. cf 4menea
Nerada. Hills
.Vtada Utb MAS. lorp.
Mraraing Mines Co
Ohio Copper .. ...
Sieoa
United Copper
United Copper pfd
Yukon Gold -
HEW YORK M0HEY.
New, Tort. IVe 4 -Mroer on call on the stock
exchange tdar opened at S per cent: highest, &4;
lowest. 5: doting. 8. Mrt of the days loans were
nade at 4 per cat Tendency of the time rctaaex
marxet la aaaser. bnt Dusiness is exceedingly ami.
Itafn remain nominally unchanged. They are 44
tar cent for slxtr dsis. CalVl for ninety days and
four months, and Sa6 for Are and aix months,
Coramerdal ratpcr I. unchanged at a per cent fur
ocr li h; rsria discounts. 34 rer cent, nnchairgis) '
T3i llcrlia diacoanta. Fa per cent, anchaiiatd.
The Safest Investments
A"" Io not fluctuate during; das
j 5J d"lj trat " 8r
St-'jLam?? ml " !
tnct of CohunbU. conaUtnta -giltdge ra
teatmnita. They da not depend nprm tits
nnandal rearamaibiuty of Indiriduals ot coe
pcratlona for tbalr stability, and are near
from taxation as personal property. We. can
!2?I.aSJ??rtmn,u fa ta from JOT
upward. Send for booklet, "Coocenrlng Loasa
and Intcatmesta.'
Swattzell, Rheem &
Hensey Co.,
TS7 ISth street .arikmil.
HEW YORK C0TT0S.
New Tor. Dec. 4.
High. Law. 3ra.
January n.64 H3S TZCaEtt
March H74 Q.4a litSaCtl
May 116S I&I0 CstaKCf
July. . .. . ...... ISC E.35. CataJiU
3Iarket dosed steady.
Other Financial Newx on Opposiis
Jfage.
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