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Evening star. [volume] (Washington, D.C.) 1854-1972, March 03, 1912, Image 19

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The World of Finance and Trade.
-4. JL .
%
Washington; New York; London.
. ON NEW HIGH LEVEL
Advance of Most of the Lead
ing Stocks.
ACTIVITY IN THE ERIES
Beading Alone of the List Inclined
to Heaviness.
PUBLIC INTEREST AWAKENED
I i
Heported Improvement in Many
Wholesale and Retail Lines
in Trade.
NEW YORK, March 2.?The .stock mar
ket manifested a tendency to further im
prove Its position today, most of the
leaders rising to a new high level for the
?resent movement. Surface conditions
pointed to a very considerable elimina
tion of the supposedly large short inter
est during- the last few days, but that ele
ment was disposed to renew its opera
tions in mild form today by pressing
Reading for sale. That stock, almost
alone of the speculative favorites, was
inclined to heaviness. There was some
activity and resultant strength in the
Fries, and the morn prominent specialties
fully retained their recent advances.
Commission houses rei>orted a further
awakening of public interest, but this is
assumed to be of a speculative character
rather than in the nature of investment
demand. Impartial observers point out
that the many uncertainties and adverse
factors now prevailing will have to be
adjusted before anything approaching a
genuine demand for securities can make
Itself felt. On one important subject?
aanielv, general trade?there is more
unanimity of opinion than for some time.
It is conceded that many wholesale and
retail lines show decided improvement,
ami the approach of spring is naturally
expected to give added stimulus. The j
change for the fcetter is most prontrunc- i
?d in the larger distributing centers, less !
Dptimism being shown locaily and in J
New England.
There was some selling here for for
?ig;i account, and cables from London
reported serious interruption to traffic in
the provinces by reason of the coal
?trike.
Returns made to the controller of the
currency show a decrease of almost $18,
JOO.UUO m the security holding of local
national banks between December 5 and
February 20.
The report as a whole is not especially
illuminating, since the decrease is largely
Sue to the operations of one institution.
Actual caah loss of the clearing house
banks was slightly over $4,000,000, with
au increase of $10,000,000 in loans, re
mitting in a reserve decrease of almost
15,400,000, this latter comparing with a
Jecre.ise of $8,000.000 the previous week.
Ronds were again steady, the only
?special feature being a one^point gain
In Erie general 4s. Total sales par
value were $1.0M,000.
U. S. Government 2s. registered, ad
vanced "g, the 2s coupon, and Pana
ma 3s \4 on call during the week.
NEW YORK PRODUCE.
NEW YORK. March 2.?Flour?Firmly
held, with trading quiet; sprint patents.
V20a5.35; winter straights. 4.2."ia4.40; win
ter |>atents> 4.50a4.80; spring clears, 4.20a
1.45; winter- extras No. 1. 3 70a2.80t win
ter extras No . 2, 3.55a3.65: Kansas
straights, 4.70a4.85. Receipts, i;?,0Ktt bar
rels; shipments, 31,5'il barrels.
Rye flour?Steady; fair to good. 4.85a
L95; choice to fancy, 5.00a5.25.
Cornmeal?Firm; tine white and yellow
1.05al.7O; coarse, 1.55al.60; kiln-dried.
J. 75.
Rye?Quiet; i\o. 2, flfi c.l.f. Buffalo.
Barley?Steady; malting. 1.22a1.32 ci.f.
Buffalo.
Wheat?Spot firm: No. 2 red. 1 ele
vator export basis to arrive and l.flfi f.o.b.
afloat; No. 1 northern Duluth, 1.23 f.o.b.
afloat. Futures market opened slightly
lower under liquidation, due to easier
Liverpool cables, but rallied sharply on
renewed buying prompted by linn conti
nental markets and rej>orts of a better
?ash demand in the northwest, closing "*4c
net higher. May, l.<HJ7?al.o7l4. closed
I.OT'4: July cloaied 1.02&. Receipts, 20,400
ousliels; shipments nil
Corn?Spot firm: No. 2 corn. 70 elevator
domestic basis to arrive and export, 74^
r.o.b. afloat. Futures market was nomi
nal. Receipts, 40,500 bushels; shipments.
II.M J bushels.
Oats?Spot steady: standard white".
?0 . in elevator; No. 2. 61; Nos. 3 and
I. 60 Vv: natural white and white clipped,
>0a63H. on track. Futures market was
lominal. Receipts, r?7.95i> bushels; ship
ments. 6 720.
Hay?Quiet; prime, 1.35; No 1. 1.30a
1.35: No. 2 115a 1.20; No. 3, 1.05. ?
Heps?Dull; state common to choice,
15*11, 1910, nominal. Pacific coast.
1911, 42a45: 1910. nominal.
Hides?Firm: Central America. 23:*i;
Bogota. 2SM>a24Vi.
Leather?Firm: hemlock, firsts. 25a27;
seconds, 24a_6; thirds. 21a22; rejects. 15.
Pork?Steady; mess, 17.00al7.50; fam
Jy. lS.50al9.50; short clear, 17.00al8.00. J
Beef?Steady; mess, 13.00ain.50; fam
ily. 15.OOal5.50; beef hams. 27.r.'?a2 ? "O.
Cut meats?Quiet: pickled bellies, 10
to 14 pounds. 9,-4: pickled hams. lO3*.
Lard?Firm: middle west, prime, 9.00a
*.10; refined tirm: continent. 9.45; South
Mnerican. 9.90; compound. 67sa71>*.
Tallow?Quiet: prime city hhds., 6;
special. 6*4: country, 5a4a6>4.
Cottonseed oil?Quiet; Prime crude
southeast. 4 Ma4.H0; prime summer yel
low. 5..Vto5.57; March. 5.r>3a5.55; April
5.eOa5.ei; May, 5.<?a.CS; June, 5.70a.73r
July, 5.78a5.70.
Petroleum?Steady; refined. New York,
bbls.. K.10; refined. New York. bulk. 4.mo!
Philadelphia, bbls., 8.10; Philadelphia
bulk. 4.W>.
Wool?Quiet; domestic fleece XX. Ohio,
'kj
Rosin?-Steady: strained, common to
good, 6.75.
Turpentine?Firm: machine. i?bls., .K?u.
Rice?Steady; domestic, ?*{s8a5a4; patna,
Molasses?Quiet; New Orleans, open
kettle. S5aSO.
Raw sugar?Easy; Muscovado. 80 test.
4.11: centrifugal, 06 test. 4.61: molasses
sug:?r. test. 3.86. Refined?Steady; cut
loaf. ?;.?>?: crushed. 6.50: mold, "A," 6.15;
Ctihes, 6??5: XXXX powdered. 5.05: pow
dered. .">.00; granulated, fine, 5.80; dia
mond "A." 5.W: confectioners' "A," 5.K5
No. 1, 5.65; No. 2, 5.60; No. ?. 5..",;
No. 4. 5.50; No 5. 5.45: No. 6. 5.40; No!
7, 5.35: No. 8, 5.30; No. O, 5.25; No. 10*.
5->?: No. 11, 5.15; No. 12, 5.lO; No. l.'l!
5.05; No. 14, 5.<*5.
COTTONSEED OIL
NEW YORK, March 2.?Cottonseed oil
was about steady, being influenced'by the
strength in lard. Trading, however, was
small and of the local professional sort.
Si>ot closed 3 points net higher and
futures generally unchanged. March. 5.53
a5.55; April, 5.0<*a.Y?n; May. 5.06a5.08;
June, 5.7<?a5.73; July. 5.7Xafi.70. Prime
crude, 4.5la4.0o; prime summer yellow.
5.53a5.57; prime winter yellow, 5.7oatt.OO;
prime summer white, 5.05a?J.00>
New York Mining Stocks.
NEW YORK. March 2.
Alke 2.i<0
I 'oni?lock Tunnel Stock 12
t'otmUock Tunnel Bonds, offered t."?
(>>n. Cal. and V? ? ,.vi
Iron Sliver l.iiu
t.Vm.. uffftwl lo
f.ittle ?*blef. offered U".
Mexicau ,'1..?0
Ontario 1.12
0|>hlr 1.4?
Standard, offered .ttt
Xcllow Jacket
Closing Stock List.
NEW YORK, March 2.
,?Sate*-?Clo?'f
High. Low. bid.
Allis-Chalmers pfd 4
Amalgamated Copper 68% 08
American Agricultural 59% 59% 59%
American Be?*t Sugar 35% 54% 55%
American Can 12% 11% 12
A merle an Car 4 Foundry 53 52% 52%
American Col ton OH 50 .">0 49
Atner. Hide A Leather pfd :?% 20% 2?>
American Ice Securities 20%
American Linseed 9%
American Locomotive 33% 33% 3"
Amer. Smelting & Refilling.... 73% 73% 73%
Amer. Smelting A Refining pfd. 10?% 103% 10.1*i
A nier I can Steel Foundry 27%
American Sugar Refining 118% 118% 118
American Tel. & Tel 145% 145% 145%
Atm-rlcan Tobacco i!4K 248 247
American Tobacco pfd.... 103%
American Woolen ?7 ,
Anaconda Mining Go -. 36% .'W% "10%
Atchison 104% 104% 1W
Atchison pfd 103% 10S% iW
Atlantic Coast Line 138 138
Baltimore A Ohio 102% 103%
Bethlehem Steel 28%
Brooklyn Rapid Tranait 80% 79% 79%
Canadian Pacific 228% 227% 22*
Central Leather .. 18% 1K% 18
Central leather pfd 83% 82% 83
Central of Sew Jersey 370
Chcsa|>eake A Ohio 72% 72% 72%
Chicago A Alton 20
Chicago Ureal Western IS'., 18% IS
Chicago Great Western pfd... 35%
Chicago & North Western 1 -411 ?? 140% 14?%
Chicago. Mil. & St. Paul 107% 106% 10<7%
Chi no Copper 23% 25% 25%
C.. 0.. C. & St. I.ouia 08
Colorado Fuel & Iron 26 20 24%
Colorado & Southern 43
Consolidated Gas lWlj 140% 140
Corn Products 10% 10% 10%
Delaware A Hudson 108 168 108
Denver A Klo Grande 21% 21% 21%
Denver & Rio Grande pfd 41%
Distillers' Securities 29
Erie 32% 31 '4 31%
Erie 1st pfd 52% 51% 52
. Erie 2d pfd 42 41% 42
General Klectric 102% 102 161%
Great Northern pfd 131% 130% 130%
Great Northern Ore ctfs 37% 37% 37%
Illinois Central 130
intcrborough-Met 18% 18% 17%
Interhorough-Met. pfd 58% 57% 07%
' Inter-Harvester 107% 107% 106%
! Inter-Marine pfd 10%
' international Paper 10% 10% 10%
' International Fuuip 27%
1 Iowa Central 11
! Kansas City Southern 20 25% 20
' Kausas Cily Southern pfd ..... 02%
' Laclede Gas ..... 100%
Lebisli Valley 158%
Louisville & Nashville 155% 155% 155
Minneapolis & St. Louis 22
Minn.. St. P. & Sault St. M.... 134 134 133%
Missouri. Kansas & Texas 27 27 26%
Mo., Kansas & Texas pfd 59%
Missouri Pacific 30% 39% 39%
National Biscuit 147 147 147
National Lead 55% 54% 54%
Nat. Rys. of Mexico 2d pfd 32%
New York Central 111% 111%
New York. Ont. & West 37 36% 36%
Norfolk A Western 109% 109% 109%
North American 78% 78% 78%
Northern Pacific 118% 117% 118%
Pacific Mail 31% 31% 31%
Pennsylvania 123% 123 122%
People's Gas 100% 106 100
Pittsburgh C.. C. A St. Louis. . 107% 106% 107
Pittsburgh Coal.' ' 17
Pressed Steel Car 30 30 29%
Pullmau Palace Car 159 159 158%
Railway Steel Spring 27%
Ray Consol 18% 18 18
Reading 155% 154% 154% !
Republic Steel 19% 19 18%
Republic Steel pfd 09% 69% 09%
Rock Island Co 23^ 23% 23%
Rock island Co. pfd 49% 45?% 49
St. Louis & S. Fran. 2d pfd 39% 39% 39
St. Louis Southwestern 31%
St. Louis Southwestern pfd 70
Sloss-Sheffield Steel A Iron 41
Southern Pacific 109% 199% 109%
Southern Railway 28% 28 28%
Southern Railway pfd 73% 73% 73
Tennessee Copper 36%
Texas A Pacific 22% 22% 22
Toledo. St. Louis & West 12%
Toledo. St. Louis & Weit pfd 31%
Union Pacific 165% 164% 105
I'nion Pacific pfd ..... 91
f'nited States Realty 07
United States Rubber 46% 46% 46%
United States Steel 61% 61% 61V
United States Steel pfd 108% 108% ljWV
Utah Copper 58
Virginia-Carolina Chemical.... 54
Wabash
Wabash pfd.. * 18%
Western Maryland 57
Westinghouse Eleetrlc 73% 73% 73
Western Union 84% 84% 84%
Wheeling & Lake Erie 7
Total sales for the day, 190.300 stares.
New York Bonds.
NEW YORK, March 2.
C. S. ret. 2s. registered 100%
U. S. ref. 2s. coupon 100%
U. S. 3s. reg 102%
U. S. 3s, coupon 102
U. 8. 4s. reg 113%
U. S. 4s,'coupon ?.... 113%
Allis-Chaltners 1st 5s.... 59%
American Agricultural 5s 102%
American Tel. A Tel. cv. 4s ? 114%
American Tobacco 4s 95%
American Tobacco 0s 120%
Armour & Co- 4%h ' 92
Atchison general 4s .... #9%
Atchison cv. 4? 105%
Atchisou cv. 5s 108
Atlantic Coast Line 1st 4s 95%
Baltimore & Ohio 4s 99
Baltimore A Ohio 3%a 93%
Baltimore & Ohio S. W. 3%? ?'!?*
Brooklyn Transit cv. 4s 86'
Cen; ra 1 of < leorgia 5s lOi)-'
Central leather 5s '..... 94
Central R. K. of N. J. gen. 5s 122
Chesapeake ?V Ohio 4%s. 101%
Chesapeake A. Ohio cv. 4%s 93
Chicago A Alton 3%s *63%
Chicago. B. A (Julncy Joint 4s 97%
Chicago. B. A Qullic.v general 4s .. . *.. 90%
Chicago, Mil. A St. P. deb. 4s *?2
Chicago. R. 1. A Pac. R. R. col. 4s ...... 71%
Chicago, R. I. A Pac. Ry. rfg. 4s 90%
! Colorado Industrial 5s 73
Colorado Midland 4s. *49%
Colorado A Southern ref. ext. 4%s *97%
Delaware & Hudson cv. 4s 98%
Denver A Rio Grande 4s *90
I)euver A Rio Grande ref. 5s 88%
Distillers* 5s 74%
Erie prior lien 4s 89%
Erie general 4s 79
Erie cv. 4s. series "A" *86
Erie cv. 4s. series "B" 77%
general Electric cv. 5s 159
Illinois Central 1st ref. 4s
lnterborougli-Met. 4%s 83%
Inter-Mercantile Murine 4%? ? ?. 67 _
Japan 4s *87%
Japan 4%s *93%
Kansas City Southern 1st 3s *7:1%
Lake Shore deb. 4s. 119311 93%
Louisville A Nashville Un. 4s 99%
Missouri, Kansas Ac Texas 1st 4s 96%
Mo.. Kansas A Texas gen. 4%s 89%
Missouri Pacific 4s 74%
Missouri Pacific conv. 5a 87ia
National Rys. of Mexico 4%a 92
New York Central gen. 3%s 8N
New York Central deb. 4s 9314
X. Y.. X. II. A Hartford cv. Os 132
Norfolk A Western 1st con. 4s 98%
Norfolk A Western cv. 4s *109%
Northern Pacific 4s HKJ
Northern Pacific 3s ?O.i'a
Oregon Short Line rfdg. 4s 95
j Panama 3s 101%
j l'euu. cv. ;i%s (1915) 97%
Penn. con. 4s 103'*
Reading gen- 4s .. . 98%
St. Louis Ji: San Fran. fg. 4s 80%
St. Louis A- San Fran. gen. 5s **? '.
St. l^iuis Southwestern con. 4s 81% J
St. Louis Southwestern 1st gold 4s......... 92',*
Seat>oard Air Line adj. 5s SO
Southern Pacific col. 4s 92
Southern Pacific cv. 4s .
Southern Pacific R. R. 1st ref. 4s .... ".V-.
Southern Railway 5s 108%
Southern Railway general 4s V.?^
Union Pacific 4a 100%
Union Pacific cv. 4s 102%
Union Paclfie 1st and ref. 4s 97%
L. S KuMier Bs 105
U. S. Steel 2d 5s 103
Virginia-Carolina Chemical 5s .... 100%
Wabash 1st 5s *lo?
Wabash 1st and ext. 4s 50%
Western Maryland 4s Wi
Westinghouse Electric CT. 5a *94^4
Wiscoua>iu Central 4s 93
?Bid.
Boston Closing Hining.
BOSTON. March 2.
Allouez 42
Amalgamated Copfier 08
American Zinc Lead and Sni 25%
Bos. and Corb. Cop. and Sil. Mg 4%
Calumet ami Arizoua *?li%
Cu?uuict and Hecla *455
Centennial t21
CoplMT Uange Con. Co *55%
East Butte Cop. Mine 13
Franklin 13
Glrotix Consolidated 4%
Granli.v Consolidated 3d'-,.
Greene Cauanea SV?
Isle Koyale (Copper) 2d%
Kerr Lake '2%
Lake Co; per 37
I ji Salle Co|>|>er 5
Miami Copper 24%
Mohawk 57
Nevada Consolidated 19%
Xiplsslng Mines
North Butte * 26
North Lake. 'i.. '?%
Oid Dominion 49%
Osc<*ola 115
j Quincy *78%
Shannon.
superior 29%
Superior and Boston Mht .'(%
Tamarack 30
1?. S. Sm.. Ref. and Min 37%
U. S Sm.. Ref. and Mlu. pfd ... 4S
I tali Consolidated 10%
?. tah Copper Co 57%
n 111011 a 7
n'oJverlne 102
?Ex-div. t Asked.
Dry Goods Market.
NKW YORK, March 2---The cotton
markets rule steady with business
in wadi fabrics increasing. Yams rule
Hrni, but quiet. Knit goods are tending
iiifa'Uti", % ,
REBUFFS TO BEARS
/
I
: '
Net Changes on Wall Street
Generally Advances.
LOSSES BY THE SELLERS
I
Talk of Bad Times Encounters Con
trary Facts.
VIEWS- OF AN OBSERVER
Possibility of Coal Strike Most
*
Troublesome Factor in the
Business Situation.
BY H. ALLOW AY.
(Copyright, 1912, R. G. Hopper, X. Y.J
NEW YORK, March 2.?Bear specula
tors have had an active week. They have
pummelled quotations every day assidu
ously. They have been able to dwell upon
' developments," which they proclaim as
forceful, extraordinary, bound-to-be-in
fluential, and all that. In this list that
they gruesomly schedule are coal strike
prospects, New England labor complica
tions, congressional money trust investi
gations, Rooseveltitis, and some things
lesser. Two or three times during the
week the market seemed wavering?offer
ings were much more consequential tuan
were bids. But at every apparently criti
cal stage something of consequential I
caliber appeared upon the upholding side,
and the net result of the week is that
they who sold stocks have been the losers
?for as a rule net changes are generally j
upon the side of advances. j
It is material in any fair consideration
of market conditions to keep in mind the
fact that for months and months past
quotations have been grilled daily, mucu
the greater part of the exertions of pro
fessional Wall street having been
to efforts to mark down prices. i ne
talent of the stock exchange has been in
large majority upon the bear side.
There has been recognition of the pub
lie's abstention from speculation, the e
have been calculations based upon the
aloofness of the public as to the invest
ment market. They who are traders upon
the stock exchange who regard and meas
ure every element from the iyiewP?lni'
of Immediate price possibilities, have been
and still are agreed that the aosence ot
the public from the market must ^ detri
mental doubly?there being no lnnuence
to advance prices in the absence?* pth I
lie absorption; and that, because of th j
public's absence, quotations must I
Iv sag, potency being upon the s'df ,
depression. This gloom.theoryhas logi
cally enough expanded till In Jft all street
it has become popular to recite that the
New York Stock Exchange is the mirror
nf the country's general business sltua
?ion and that therefore financial, com
mercial and industrial conditions are bad.
Actual Business Prosperity.
They who devote energy in trying to I
promote nrvousness by talking bad times
find themselves running up continually
against the jagged facts of actual busi
ness prosperity. As over and over insist
ed in this review the country at large-ac
cording to authorities that are not specu
lative and who have the very best of op
portunities for knowledge?the business of I
the country is going along evenly, not ex- j
,,jtwj it is true by anything like a boom, I
but^ satisfactorily active, satisfactorily
profitable. Apropos of this fair statement
interest vests in a letter to its clients |
issued by one of the brokerage and bank
ing firms of the stock exchange?A. A.
Housman & Co., who write: I
"Personal observation may not be \ery
helpful to a speculator, but it is, never- I
theless, interesting. The writer has jus I
returned from a journey to "je south
and southwest; he covered ?1 together
more than 3.5U0 miles, and passed through
nineteen states. Whether he was on the |
Atlantic Coast Line, the Southern rail
way the Louisville and Nashville, the j
Illinois Central or the Pennsylvania rail
road, he saw continually the same things.
All the seats in the trains were taken. I
His fellow-passengers were not pleasure
seekers. They were merchants, salesmen,
planters, manufacturers and producers,
all intent upon doing business and all In
a' hurry to get where they were going.
In talking with them he found one point
of view. They cared very little about
politics. They had no time to attend to
the money trust. They thought little of I
who would be nominated for President or
whom the voters of the country would
elect to that office. What they were j
interested in primarily was business, es
pecially the present years agricultural
production. Though Wall street would
hardly believe it, all these people expect
to be prosperous, with good crops, no |
matter what happens in politics. One
cannot make a trip like this and see jo
many people doing business all the time
without realizing that the country is con
tinually engaged in creating wealth, mak- I
ing assets. These conditions will tell."
Especial significance ataches to this I
statement (which, much mangled, has been
somewhat quoted) by reason of the fact
that the firm of Housman & Co. has inti
mate relations with Bernard M. Baruch.
who by common consent has become the
leading active effective operator in the
present market.
Stocks Held in Firm Hands.
They who are prudent upen the bull
side of the market will not, however,
delude themselves into the notion that
everything marketwise is safe and satis
factory and undisturbable , simply be
cause the professional raiders of the mar
ket have so far accomplished little?de
pressing recitals 'being offset by state
ments like the foregoing made by Mr.
Housman in summary of his personal
experience in a trip cohering some thou
sands of miles through the west and
south and southwest. It is probably true
that at the present time there Is an
almost unprecedentedly small proportion
of stocks carried upon margin in V\ all
street. They 'who do hold stocks are
known generally to be among financiers
the very strongest in the country. Some
Of them have large lines bought at prices
materially higher than current quotations
are; but the average is not so; and if
the present salable price and the former
purchase price differ, they who are own
ers and sponsors for the stocks that are
being carried are recognized as being
amply able to swing all their commit
ments unembarrassed- In a word, stocks
I have never before been in such strong
hands. This precludes nervous liquida
tJ Were the average rule to be now opera
tive and the public chief owner of stocks
! would not 1)6 difficult to precipitate
panicy market conditions, for the savage
bear tales professional operators are re
! vealing would, under such circumstances,
be sufficient to scare most holders who
might not own their securities outright.
Coal Strike Possibility.
; Far and away the most troublesome
factor in the business situation has to do
with the possibility of a coal strike in
this country. Much is made of the diffi
culties in the same trade abroad, but
what occurs there cannot immediately
have much influence here-while the unti
mate effect of a continuous British coal
strike would necessarily be to the ad
i vantage of business America, for while
we might fiot export coal because ol
labor union interdict, there would open
opportunities for marketing American
goods abroad while English manufactur
ing industries were under handicap.
In so far as our own coal situation
1h concerned there is leas likelihood of
actual conflict between labor and capi
tal than the wiseacres were so freely
predicting before New Year. Conces
sions which seemed impossible then
?fcave now become mutually, feasible,
mum
WEEK'S RANGE OF PRICES
Corrected to the Gose of Business March 2 at the
New York Stock Exchange.
% ???? ???
Railway and Miscellaneous Shares.
The following, table shows the week's highest, lowest and closing prices. indl
vidual sales and net changes of securities sold on the New York Stock Exchange
last week. High And low prices are also given for the year 1911 and the year
1912 to date.
,?>1911 ,
Hick. Low.
.'54
71%
63%
59%
12%
93%
58%
?2%
20%
43%
43%
83%
122%
158%
6%
44%
40
39%
8%
77
42%
41%
IK
32%
31%
t$6%
112%
131%
No sale.
No sale.
34%
41%
110%
139%
109%
38??
00%
84%
247
33%
105
80%
133%
150%
27%
30%
148%
15%
38%
38%
01%
108*,
51%
25%
29
99%
117
93%
20
54
72
195%
18%
91%
08%
105%
138%
10%
25
128%
9%
29
27%
45%
142
35
3%
119
33%
13%
39%
39%
99%
151
130%
10%
27
33%
42%
15%
99%
99%
04
110%
35
23%
118%
90%
25
12
134
18
74%
22*4
43%
37
125%
104%
24%
01%
30%
31
153%
89
30%
50
103
38
43%
71%
58%
2%
7
3
08%
03%
58%
12%
95%
55%
51
21%
30%
50
74%
120%
145%
287
100%
31
38%
107
138%
100%
32%
02
80%
235%
21%
92%
74%
111%
143%
27%
27%
143%
11%
32%
32%
53%
163
35%
4%
132%
' 44%
19%
59%
57%
109%
185%
156%
26%
30
41%
55%
20%
112%
111%
79%
119%
51%
33%
124%
107%
34%
19%
159%
27
8,".%
25%
52%
42
159%
112%
28%
73%
38%
49%
174%
93%
49
09%
111%
58%
57%
86%
74%
8
21
10%
1912 ,
60
58%
53
11%
90%
49%
45%
20'
31%
42
67%
114%
137%
241%
101%
25%
34 ?
103%
133%
101%
27%
56%
76%
227%
16%
80
68%
103%
140%
25
23%
138%
10
28
30%
50%
155
30
4%
126
36
16%
53%
52%
105%
155%
149%
23%
26%
38%
51%
18%
106%
107%
74%
115%
47
30
122%
98%
28%
16
148%
15%
64%
22%
48
38%
140
105%
26%
68%
34%
39%
160
91%
45%
58%
107%
52%
52%
79
66%
4
11
6
. ? ? ? ? ? ?
????????
Allis-Chainiers Co. pfd...
Amal. Copper
Am. A^> Chem.
Am. Beet Sugar.........
Am, Can ...... ??...*^..
Am. Can pfd...
Am. Car & Fdry.
Am. Cotton Oil.
Am. H. & L pfd.
Am. Locomotive
Am. Malt pfd....
Am. Smelting
Am, Sugar ...........
Am. Tel. & Tel.. ........
Am. Tobacco
Am. Tobacco pfd. new...
Am. Writing Paper pfd..
Anaconda
Atchison
Atlantic Coast Line
Baltimore & Ohio
Bethlehem Steel
Bethlehem Steel pfd...'..
Brooklyn Rap. Trans....
Canada Pacific
Central Leather .........
Central Ijeath. pfd.......
Chesapeake & Ohio,.;....
Chi.. Mil. & St. P
Chi. & Northwest.......
Chino Con. Copper......
Col. Fuel & Iron........
Consolidated Gas .......
Corn Products
Distilling Sees...........
Erie -....
Erie 1st pfd ....
Gen. Electric Co...........
General Motors ..
Goldfield Con
Great Northern pfd
Great Northern Ore subs
Inter. Metro
Inter. Metro, pfd
Inter. Metro, pfd. ext...
Internat. Harvester .....
Lehigh Valley R. R.....
Louisville & Nash.......
Miami Con. Copper......
Mo., Kan. & Tex......???
Missouri Pacific ........
National Lead
Nevada Con. Copper.....
N. Y. Central
Norfolk & West
North American
Northern Pacific .......
Pacific Tel. & Tel........
Pacific Mail ....... ...
Penna. R. R
P.. C., C. & St. L
Pressed Steel Car
Ray Con. Copper
Rending
Repub. Iron & Steel
Rep. Iron & Steel pfd...
Rock Island
Rock Island pfd
St. L. & S. F. 2d pfd
Sears Roebuck . ........
Southern Pacilic ........
Southern Rwy
South. Rwy. pfd
Tennessee Copper ......
Third Ave. R. R
Union Pacific
ITnion Pacific pfd
U. S. Rubber
IT. S. Steel
I*. S. Steel pfd..........
Utah Copper
Va. Car. Chem
West. Union Tel.. ?......
Westlnghouse Mfg
Wheeling & Lake Erie..
Wheel. & L. E. 1st pfd..
Wheel. & L. E. 2d pfd...
Sales.
1,200
114,600
3.200
0,600
1,100
5,300
2.1O0
- 1,100
1,000
1,500
1,000
16.3(H)
4,200
4S.800
4,10>>
2,000
1.200
10.200
9,300
4,500
7.HMJ
2.825
1,200
20,100
9.1 OO
18,400
29,600
7.888
20,700
1.200
5.700
2,650
6,800
1.400
2,100
28.600
4,200
15,800
1,400
3,800
14.800
2.200
8,000
28.500
1.900
1,800
14,900
8,900
2.900
l.OOO
6.700
3,500
7.800
17,100
11,200
2,350
11,400
2,900
1.800
13,100
12,900
1,900
22,200
285,800
10,400
20,250
4,400
3,700
1,300
9.150
11.loo
12.400
5,700
2,400
4,600
189.600
2.700
2.800
269,100
8.1(H)
29,100
1,800
5,700
5.10O
3,300
1,800
1,600
-Week pinliuR March 2
High.
5%
68%
59%
???>%
12%
92% J
53%
50
20%
39%
49%
73%
120
145%
252
102%
31
::?'>%
104%
138%
102%
29%
59%
80%
230%
, 18%
84
72%
107%
142
25%
26
140%
10%
29%
32%
52%
163
31
4%
1*1%
88
18%
5S%
56%
108%
159%
156%
24%
27
39%
55%
19%
111%
111%
78%
118%
48%
32%
123%
107%
30
18%
155%
19%
7?%
23%
49%
39%
159%
100%
28%
73%
37%
44
166%
93%
46%
61%
108%
58%
54
85%
74%
8
21
10%
I^ovr
4
65%
58%
53
11%
91%
50%
49
20
31%
48
'70%'
118%
142
241%
101%
30%
35%
IO3%
135%
101%
27%
56%
77%
227%
16%
80
71
105
140%
25%
2 3%
139%
10
28%
30%
50%
158%
30
4%
129
36%
17*,
57%
55%
105%
157
151%
23%
26%
39
54
19
110%
109%
77%
110%
47
31%
122%
105%
28%
17
152%
15%
64%
22%
48%
39
150%
107%
27%
72
36%
41%
163%
91%
45%
59%
107%
50
53%
84
73%
7
19
9%
CloM. Notch
2%
1%
%
2%
%
%
%
%
%
2%
, %
4
7
%
%
%
%
1%
%
%
1
2%
%
1%
U
"V
VS
3;
4 ?
(5 +
59%+
55%+
12%+
92%->
53 +
50 +'
20%+
33%-r
49%+
73%+
118%+
145%+
248 ?
102 +
30%+
36%+
104%+
138 +
102%+
29%?
59%+
?9%+
228%?
18%+
83%
72%+
107%+
140%+
25%+
26 +
140%+
10%+
29%+
31%+ %
52 +1
162%+ 4%
31 - 1%
4%
131 ?
37%+
18%+
58 +
56%+
107%+
159%+
155%+
24%+
27 +
39%+
54%+
19%+
111%+
109%-i
?78%+
118%+
48 +
31%
123 +
1<?7%+
30
18%+
154%+
19 +
09%+
23%+
49%+
39%+
157%+
109%+
28%+
73%-r
37%+
43%+
16.-)%+
91 %+.
46%+ 1
01%+ 2%
108%?
57%+
54 +
84%+
73%-+
7%?
19%?
10 ?
'4
%
1%
%
%
1%
%
=s,
1%
1%
1%
1%
3%
%
%
%
%
%
1
%
1%
1%
%
%
%
1%
%
1
2%
1%
%
%
%
%
1%
%
%
%
1%
3
%
%
1
%
%
%
%
1%
the mere element of ?nlJ^J"trUwith ^
?Ha a^Jhsss {fr^
a great railway corpu t con.
it be known that it is iavuims
ciliation.
Disposition of the Bears.
One feature showing in the market
at the week's end touches the dispo
sition of bear operators to "feel ou
the preferred stocks of various in
dustrial corporations. They started
in on Republic Steel preferred and
have since devoted themselves rather
alertly to nagging processes against
Central Leather preferred American
Woolen preferred. Pressed Steel Car
preferred and other issues of similar
status. It is urged by those who make
these attacks that there has keenv
tuallv no liquidation in the industrial
preferred shares, while in the preferred
rather than in the common stocks there
St holding, by pools which have been
unable to get out at a Profit It win
not be surprising if this line of at
tack is continued during the coming
week and perhaps aggressively against
Tt least two of the preferred issues
11 In^United States Steel common stock
there has accumulated a short inter
est much beyond anything recently ap
proached. Brokerage houses credited
with being close to influential elements
to the steel trust itself are discovered
as sellers of steel comm1onT-^Y1V^el ?
are some suspicious souls inclined t
believe that this detected selling was
reallv arranged for detection, so as to
seduce the trading element upon the
stock exchange into further short sales
Rut whether it be that a trap Is set
or that the new selling represents ac
tual liquidation, it may be put down as
sure that exceptional transactions 1In
the steel quarter are apart from what
goes on in the general market. Rail
way reports forecast to be very gloomy
turn out encouraging. Net railway
traffic results for the first two months
of 1912 will make no such bad show
ing as was popularly predicted.
I believe?as over and over again
urtred in this review?that the large
money, the substantial profits, in our
current market are going to be reap
ed by those who buy the low priced
stocks.
Bailway Managers Cheerful.
What in the railway world is to be
taken as most significant is that railroad
manager, themselves are beginning to
talk confidently of the outtook. They
were all blue a couple of months ago
and had been bluue for months before.
Now their calculations swing vigorously
uveT to the side of cheerfulness. It at
tests their sincerity in their new view s
that they are beginning to make prep
aiations for equipment expenditures be
vond the record for a half dozen years
' There are hints that J- P. Morgan is,
to return from Europe earlier than orlgl
nal'f conteroplated-may be here before
the end of March-will be here personally
to champion the Investment interests of
the country! In ?o (ar-a.they may he
the object of market assault.
London Closing Stocks.
LONDON. March 2. 1 p.m. __ lc
Consols for money. 77 13-10
Consols for account tMU.
Amalgamated Copper ^2
Anaconda nfjaS
Ati'hisou
Atchison PM-????,?? 1W5&
Baltimore and OMo 234
Canadian Pacific
Cheat poake and Ohio
Chicago Great Western- .-?? 1091,'.
Chicago. Milwaukee and St. ram * /
De fteers
DenTer and Hlo Grande....- TJu
lX-uver and Klo Grande pfd
Erie
Krle 1st pfd 42VT
Eric 2d pfd * urjoZ
Grand Trunk 1S8%
Illinois Central -. ? - ??? 1
I?ulR?llle and Naahrllle ,?
Missouri. Kausas and Texss 114*
New York Central , 112U
Norfolk and Western-. < ?? 9*
Norfolk and Western pfd "" , ^
Ontario and Western.* "" jg
Pennsylvania
ltand Mlnea
Heading
Southern Hallway K7*
Southern Railway pfd 110*
Southern Pacific * * iKiiU
Union Pacific ... -
I'nlou Pacific pfd.
United States Steel.
United States Steel pfd ??? ?T
Waiiasli i?
Wnbtsh pfd ?
Bar ailrer steady, I**1" oullc**'
TUe?rato*of* tllscount1 in the open market for
abort bills Is 3?A per cem?- Urn
The rate of discount la the ope?
Uuxu-uoaUi ce?u
CHICAGO WHEAT MARKET.
CHICAGO, March 2.?Wheat today
closed strong at top price of the week.
There were reports that supplies In
Minnesota and the Dakotas did not ex
ceed 50 per cent of normal. Latest trad
ing showed an advance of %a% to %a%
net. Corn finished %al to l%al% up;
oats, with a gain of % to %, and hog
products, 17% to 42% increase in cost.
Bullishness took a firm hold on wheat
during the last half of the day. During
the early part of the session the market
was depressed as a result of a moderate
decline at Liverpool, due to prospects
for larger world shipment. However,
Paris reported light stocks and good buy
ing on the part of millers. Antwerp,
Berlin and Budapest were up, and Argen-"
tine advices less encouraging to the bears,
especially in regard to the quality of the
crop. Minneapolis sent word of a better
flour trade, and it was stated that a
prominent northwest milling concern had
i bought all the spot wheat in Buffalo.
Strength of corn counted, too, in turning
4he market upward, but with many spec
ulators the most decisive factor was a
current estimate that the three leading
spring wheat states had been reduced to
beggardly half rations. Between the
opening and the close May ranged from
1.03% to 1.04%, with the wind-up %a% net
higher, at 1.04%.
Buying force in corn developed rapidly
on news of snowstorms west. Experts
declared that the heavy feeding w..ich
would follow meant a severe crippling of
the total farm reserve. In this connec
tion the market again scored a new high
price record for the season. May fluctu
ated between 7014 and 71%a71%, closing
strong %al over last night at 71%. Cash
grades were in fair demand. No. 2 yellow
was not quoted.
There was a good general demand for
oats. Corn strength furnished a motive,
but the. earnest call from the east for
the spot grain had a decidedly bullish
effect on options. Upper and lower
levels touched by May proved to be 53%
and 53%, the first named figures the top
so far on the crop. Last sales, at 53%,
showed a gain of % compared with twen
ty-four hours before. ' * '
Hog products rose sharply in conse
quence of assertions that three, packers
control the greater part of the stock on
hand in Chicago. It was contended that
at least so long as the money situation
was easy the holders could without diffi
culty maintain their grip. Wl\en the last
gong sounded pork had been chalked up
37%a40 to 42% higher; lard, lo to 12%. and
ribs, 17% to 20.
BALTIMORE.
Special Dispatch to The Star.
BALTIMORE. Md., March 2?Wheat?
Easier; spot contract. 99%; spot Na 2
red western, 99%; 'March, 99%; May,
1.03%; steamer. No. 2 red, 97; receipts,
19,540 bushels.
Corn?Firm; spot contract, 70%a70%;
March, 7o%a70%; April. 71%a71%; steamer
mixed. 07%;. receipts, 93.208; exports, 481,
hnchpk
Oats-Firmer; No. 2. white, 58%a58%;
standard, white, 57%a57%; No. 3. white,
57%a58%; receipts?, 17,951 bushels; ex
ports. 120 bushels.
Bye?Nominal; No. 2. western domes
tic, 1.00 asked; receipts. 3,894 bushels.
Hay?Firm, No. 1, timothy, unchanged;
No. 1, clover mixed, unchanged.
Grain freights?Quiet; steam to Liver
pool, per bushel, unchanged; Cork for
I orders, per quarter, unchanged.
Fruit Market.
NEW YORK, March 2.?Evaporated ap
ples are quiet and steady; on the spot
fancy are quoted at lt)alO%; choice, 8%a
9; prime,'" 7%a8%.
Prunes are steadier, especially for the
larger sizes; quotations range from 4%
to 12 fot Californias up to 30-40s, and
8%al2 for Oregons.
Apricots are quiet, but prices ar*?]
steady; choice, 14%al5%; extra choice,
ltf%alO%; fancy, 10%al7%.
Peaches are firm, with liglvt-offerihgs;
choice, 10%al0%; extra choice, llall%;
fancy, ll%al2.
Raisins are dull and nominally un
changed; loose muscatels are quoted at
!>%a7; choice to fancy seeded, 0%a7%;
seedless, 0a7%; London layers^ 1.40ul.45.
Hew York Metal Market.
NEW YORK.. March 2.?The metal
markets were dull and practically nomi
nal as usual on Saturday. Lake copper,
14%al4%; electrolytic, 14%al4%; casting,
13%al4%. ......
Tin. 42.50a43.00; lead, 4.00a4.10;, spelter,.
0.70a6.80; antimony Cooksons, 7.25; iron,
unchanged. < ?
Other Financial Newt on Page 14.
s - " -- ' . ' -? ,**>
FINANCIAL.
FINANCIAL.
FINANCIAL.
Under Supervision of the U.S. Treasury
k
3
Accomplishment
The statement which we published last week in
response to the call by the Comptroller of the Currency
showed that our assets have grown to nearly tour mil
lion dollars. This does not lepresent any combination
with or absorption of other banking institutions, but
simply a ?teady increase of customers and deposits.
We can also point with pride to the fact that every
statement that we have been called upon to publish
since this bank has been in existence has shown a steady
increase in deposits and assets.
This is the best kind of proof that we enjoy to the
fullest extent the confidence of the people and that
we furnish a banking service that meets all require
ments.
We shall be glad to have your account, whether
large or small, and can assure you of satisfaction.
We pay 3% Compound Interest on Savings
Accounts.
Home Savings Bank
2th St. and Mass. Ave. N.W.
BRANCHES:
7th and H Sts. N.E. 436 7th St. S.W.
s iww;
COTTON MARKETS.
NEW YOBK.
NEW YORK, March 2.?The cotton
market continued very quiet, with un
favorable English labor news again ex
ercising a restricting Influence on busi
ness, and with fluctuations very narrow
and irregular after an opening decline.
The close was quiet and steady a? a net
loss of from 5 to 6 points for the day.
The market opened steady at a decline
of 5a8 points in sympathy with lower
Liverpool cables and the British coal
strike situation, but offerings were by no
means aggressive, and prices were well
maintained during the entire .morning by
a littie scattered covering and moderate
support from leading bull brokers. Ral
lies of .5 or 4 points from the opening* fig
ures were not fully held, however, and
active months closed at practically the I
initial level. Favorable reviews of the |
domestic dry goods trade and the fore
cast for further rains and iower tempera- j
tures in the south probably helped to re- !
strict offerings, in connection with failure
of southern advices to indicate any in
creased pressure of spot offerings in the
interior. Local traders very generally
admit the probable disastrous effect of a
prolonged national coal strike on Brit
j ish trade, but the Lancashire mills are
said to have a sufficient fuel supply to
ast for two weeks, and, notwithstanding
the pessimistic reports received, the Eng
lish situation has evidently failed to stim
t ulate any important selling for specula
tive account. Some advices received by
local houses claim that crop preparations
are now being pushed forward rapidly in
Georgia and Alabama and that the
ground Is In fine condition as a result of
recent rains followed by cold, dry weath
er, but other reports continue' to lay
stress on backward farm work, and the
forecast for unsettled weather inspired
bullish predictions of continued and more
important delays in getting a start with
the new crop, particularly in the eastern
belt.
Cotton?Spot closed quiet, 5 points low-j
er; middling uplands, 10.35; do., gulf,
10.60. No sales.
Cotton Futures.
Cotton futures closed quiet and steady.
V Open. High. Low. CVrwe.
January ... 10.40 10.40a42 i
ietiruary .. 10.4?lofd.
March 10.05 10.03 10.07 10.0Sa0ft
iV ? J?t.l4altt
May 10.21 10.26 10.21 10.23*24
J"?0 J0.25 10.2??31
July 10.33 10.30 10.32 10.33a34
August ... lo.SO 10.30 10.2U 10.31a33
September.. . 10.31*13
October .. 10.35 10.3!> 10.3G 10.3<ia:;T
Nvveoiber . 10.38a4?
December . 10.43 10.45 10.44 I0.43a45
. NEW ORLEANS.
NEW ORLEANS, March 3.?Cotton
futures opened steady at a loss of 10
to 11 points on a. lower Liverpool mar
ket than due and private messages from
London stating that the outlook was
that the coal strike would last some
time and that cotton mills on the
average had barely a week's supply of 1
coal. These messages induced the weak
er longs to liquidate rather heavily
over the week end, and stimulated fresh
short selling to an extent that more
than balanced profit-taking by shorts,
which was on a large scale.
The market closed steady at a net
decline of 5 to 7 points.
Toward the middle of the morning
tSrn'?^ea \heiJ, profit taking, and J
urchases steadied'the market and
caused a small recovery to begin To
th?*? a^8nt ?prices were steadied by
rlfr, * thor fVrecast. Which called for
rain over Sunday in the cotton belt.
*i?J? ?EasV. unchanged; mid-i
Sal ' P 7-16. Sales on the spot, 1,000
bales; to arrive, none. March, 10 48*
i April,10.49; May, 10.51; July, loW
August, 10.48; September. 10.45; Oc'- !
tober, 10.42; December, 10.45. ^
nf *1 net ln Prices as the result
of the week s trading in the cotton
market was Insignificant: the tradinir
months fell 3 to 5 points. The hitjh
^ces,,0.f, the w^ek were made Tuesday
the low Prices were
made Mondaj. At the highest prices
were 4 to i points over last week's close
nn<ntat Iowe?t they were 12 to 16
; points under.
Bulls were moderately active at times
this week .but the market was held down
bJ the labor situation in England That
the market did not w^rk lower was due
? *ufP?" large bull interests
Late in the week the buying of covers
was its best support. Not much atten
tion was Paid to anything but the coal
strike in Great Britain.
The statistics of the week excited somi?
comment, as the visible supply showed
an increase of 16,523 bales against a
decrease this week last year of 114 41-'
JSTrfuosbK? ",ls ",eek two years
The weather dt the week was more
rnmfn S * otherwise, but complaints
continued to come from the central and
eastern portions of the belt that new
crop _prepai atlons were backward, which
sustained the distant options that the
spot market prices were unchanged the
week through at 10 7-16, which was also
the closing price on middling a week
ago. This week last year the market
.^aat 1-4 9-16. Sales on the spot were
^aIes' a?a.inst 5,700 last week and
J.l-.? this week last year; sales to arrive
amounted to 2,995 bales, against 4,135
last week and 2,650 this week last year.
Wheat at Buffalo.
BUFMTALO, N. Y., March 2.?<Sprlng
wheat?-Hrm; No. 1 northern carloads,
?tore. 1-lTTs; winter higher; No. 2 red.
l.tM; No. 3 red, 1.<J2; No. white, 1.02. I
Corn?Higher; No. 3 yellow, 72?72&; No. j
A 7O^4a70%, all on track through
billed. Oats?Stronger; No. 2 white, 5734;
No. 8 white, 57?4; No. 4 white, 56V, Har- '
[.ley?Malting, 1.22 to 1.03, 1
1
1
How Growing Banks Get Business
. In a recent address F. W. Ellsworth, publicity manager of the
Guaranty Trust Company of New York, urged upon his hearer.* the
importance of advertising as a means of building up the banking
business. With other things he said:
"Advertising is merely tolling the public what you have in the
way of facilities, and inviting their use. Some banks, which are
still hugging to their breasts an ancient and cadaverous tradition,
are afraid to tell the people what they can offer them. Some banks
are afraid to tell the people anything at all about their institution,
for .fear of offending this old tradition. Most of the banks today
that are growing have everlastingly buried 'this relic of old times,
and in a dignified and conservative manner are advertising for new
business, and are securing it."
Mr. Ellsworth's address was son era 1 in character, and lie did
not discuss mediums. He recommended specific advertising, fol
lowed out consistently, and persistently, and continually, month
after month an<i year after year. This means newspaper adver
tising. No. medium other than the newspaper reaches all the people
the banks must educate in banking methods, and no newspaper
other than the influential home paper reaches enough of the right
kind of people to bring the results that good bank advertising
should yield.
Last year thirteen of the twenty-nine local national banks, trust
companies and savings banks used lines of advertising space
in the Washington newspapers.
It is significant that of the fourteen savings banks in Washing
ton the four that advertised in the newspapers were the four with
the greatest individual deposits. The aggregate individual deposits
of these four institutions were more than double* those of the other
ten which did not advertise.
Of the ten national banks in Washington four advertised in
newspapers last year, and six did not. The aggregate Individual
deposits of the four advertising banks were $H,lt?0,974.25 greater
than the aggregate individual deposits of the six national banks
that did not advert^e. In other words, the average individual
deposits of the advertising banks were more thafi double those of
the Individual deposits of the non-advertising banks.
Four of the five Washington local trust companies used 17."i,717
lines of advertising space last year in the newspapers.
Surely bank directors and officials of the most progressive finan
cial institutions in Washington are alive to the power of news
paper advertising.
NEW YORK BANKS.
NEW YORK, March 2.?The statement
of clearing house banks for the week
shows that the banks hold S2o,lk>.20o in
excess of legal requirements. This is a
decrease of $4.227,130 in the proportion
ate cash reserve as compared with last
week.
The statement follows:
Daily average:
Loans, $2,025,225,000; decrease, $13ft,000.
Specie, $37u.54:j,000; decrease. $5,550,000.
I^egal tenders, $?G,lu0,000; increase,
*221,000.
Net deposits, *1,892,220,000; decrease,
$3 833 000.
Circulation, *51,143,000 increase. *44.000.
Banks' cash. reserve in vault. *39^,808,
OOli.
Trust companies' cash reserve in vault,
*02,745,000. _
Aggregate cash reserve, *436,653,000.
Excess lawful reserve, *25,140.200.
Decrease, *4,227,15<>.
Trust companies' reserve with clearing
house members carrying 25 per cent cash
reserve, *00,4!)5,000.
Actual condition:
Loans. *2,031,740,000; increase, *10,010,
000.
Specie, *371,207,000: decrease. *2,318,000.
Legal tenders. *84,770,000; decrease, %J,
807,000.
Net deposits, *1,?99,820,000; increase, *5,
732 000
Circulation, *51.511,000; increase, *357,
000.
Banks' cash reserve in vault, *393,492,
000.
Trust companies' cash reserve in vault,
*02.041.000.
AKKregate cash reserve, *455,983,000.
Excess lawful reserve, *22,810,300.
Decrease, *5,388,900.
Trust companies' reserve with clearing
house members carrying 25 per cent cash
reserve, *61,143,000.
Summary of state banks and trust com
panies in "Greater New York not report
ing to the New York clearing house:
Loans, *601.405,200; decrease, *5,348,500.
Specie, *63.525,000: decrease, *232,40^.
Legal tenders, *11,154,200; increase, *92,
200. ,
Total deposits, *712,202.400; decrease,
*4.769,700.
The Financier will say:
"According to the clearing house state
ment, oased on actual conditions, the
New York banks for the week ending
March 2 increased their loans *10,000,
000, decreased their cash holdings $4,
1*5,000, aad expanded net deposits by
*5,732,000. The effect of the changes
noted was to bring about a decrease of
*5,888,900 in excess reserve, making the
present surplus above the 25 per cent
minimum S2^, 810,300. The statement
based on averages, however, was en
tirely different in its showing, loans
having exhibited a small decrease of
*139,000. while cash holdings fell off
*5.250.000. and net deposits S5,833.000.
The excess reserve, based on computa
tion of averages, stood at S-5,146.200.
"The variations in the two methods of
calculation will probably reconcile them
selves in the next forthcoming state
ment. The only feature of interest in
either statement is the reflection of the
cash loss which the New York banks
are sustaining at present by reason of
oontimied gold exports and Treasury
operations. While the present surplus
above requirements is abundantly ample,
and can be expanded almost auto
matically If necessary, it is still worth
noting that the excess reserve reported
the New York banks to In the hands
Statement of the Condition of the
Fidelity Accident Company
of Saginaw, Mich.,
on the 31st day of December,
1911, as required under the DisS'
trict of Columbia code, ajnended
June 30, 1902, and August 18,
1911.
Capital stock $loo,<*Hi.<M
Capital stuck paid up, in castt KM.0110.4M
ASSETS.
Cash in hank S12.4l4.4t2
Stocks and bonds (market value).... Il."..:;ij7 .10
Interest due and accrual 2,038.211
LIABILITIES.
Net unpaid claims . *j,tt.V?.e0
Salaries, rents, expense*, taxf*. etc.. 1,4IOO.W?
Commissions, brokerage, etc OHi.OO
All otber liabilities: Advance premiums S,WI.4'i
Losses sustained during the year 1011.
Money received during the year 1011. 140.247.07
Expended during the year 11*11....... i:t~,072.63
M. X. BRADY, Vice President.
W. H. HOWLAXD, Secretary.
Subscribed and swora to before Be this 17Uk
day of February, 1012.
(Seal.) A. M. NEUENDORF,
Notary Public..
My eommisslon expires June UK. 1W1?.
Money to Loan
On D. C. Ileal Estate at Current Rale of
Interest.
Floyd E. Davis, 7th and E SAW
Money to Loan.
Stewed by First Deed of Trust oa Real Batata.
Prevailing Interest and commission.
Joseph L Weller. (xa F St N.W.
SAFE INVESTMENTS
5% to 6X Interest
?In promissory notes sectrrod by lrst deed* of
trust (jb"*t mortgage*) on improved Washington
city property.
These notes are In denomination* of 9900 to
$20,000 each. No expense to borrowers -ws est*
lect the interest tree of cturge.
Moore & Hill (Inc.),
1420-1422 H St.
?feY and Mi
to loan on approve* citj
real estate security.
JK88R U MIC1SKELL. JM* B *L U.W.
?y
. t
alleys V
of a few of tiie larger and more power
ful institutions. Loans are at a maxi
mum, and the natural tendency, in the
face of expanding business, is toward
still higher records, bnt such a tendency,
arising from the wants at domestic
business, will probably bring about a
reduction in the foreign loans now Car
ried In Utia country"
** . . - ? ??

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