Newspaper Page Text
NEW ISSUES:
1
Investors Refuse to Supply the
Needed Capital Upon Terms
That Companies Can Pay.
APRIL OUTPUT OF
NEW SECURITIES
RAILROADS.
Change
1913. from 1912.
$38,750,000—$ 19,330,000
. . 39,500.000* 13,060.000
45,400,000* 14,055,000
Bonds
Notes .
Stocks
Total $123,650,000* $ 7,785,000
INDUSTRIAL CORPORATIONS.
Change
1913. from 1912.
Bonds $18,732,000—$67,168,000
Notes 1,000,000— 5,000,000
Stocks 21,095,000* 10,595,000
Total . $40,827,000—$61,573,000
Gr. tot. $164.477,000—$53,788,000
*—Indicates increase.
By B. C. FORBES.
Since January 1 the output of
bonds, notes and stocks by railroad
and industrial (corporations in the
United Statqs has aggregated $643,-
773,000. This total is no less than
$383,780,000, below 1912, due, not to
lighter needs, but to the refusal of
investors to supply capital on reason
able terms
The April offerings totalled $164.-
477,000, a decrease of $f>3,788,000
from a year ago.
A special compilation for the Hearst
newspapers shows a decrease in each
of the first four months of 1913. The
comparative figures follow:
January $198,105,000. .$142,895,000
February . 132,362,000 185.476,000
March 148,825.000 1,621.000
April 164,477,000 53,788,000
$643,773,000 $383,780,000
Notes Instead of Bonds.
So bad has the bond market be-
t ome that even the strongest cor
porations are afraid to risk making
offerings. J. P. Morgan & Co.'s
postponement of the huge Interbor
ough flotation is significant.
As an alternative to trying to foist
bonds upon an unresponsive market,
several companies have resorted to
short -term notes, a convenient but
* xpensive makeshift. New York Cen
tral put out $20,000,000 and Missouri,
Kansas and Texas $19,000,000 notes
last month with more success than
would have attended bond offerings.
The astonishing failure of the St.
Paul 4 1-2 per cent issue was the last
straw that broke the back of the bond
market.
The next test will come on May
20, when New York City will sell $45,-
000 000 4 1-2 per cent bonds. It is
just possible that this issue will be
as signal a success as the St. Paul
loan was a failure. That the turn
is near in the bond market is an
opinion gaining favor in high financial
circles.
Higher Rates Will Help.
Now that the bond presses have
stopped running at full speed, the law
of supply and demand should come
to the rescue.
Moreover, the granting of the
Eastern railroads’ application for (5
per cent) higher freight rates would
have immediate and marked effect in
restoring confidence in railroad secu
rities. Not a few railroad bonds are
now at panic prices, while stocks in
several prominent instances are at
the lowest levels in recent years. The
costly floods and the adoption of high
er wage scales have aggravated the
situation.
European underwriters have suf
fered disappointment after disappoint
ment. Very few issues have been
subscribed for to the extent of 50
per cent, while in some cases only
from 10 to 25 per cent has been sold.
Hopes of lower bank rates abroad
have again been blasted, and it is
extremely doubtful if either the Bank
of England or the Imperial Bank of
Germany will lower its minimum dis
count charge this month, notwith
standing widespread expectation of
favorable action forthwith.
Bank Returns Disquieting.
Our own bank position is disquiet
ing. The latest return covering our
7 400 national banks reveals continued
■xpansion of credit simultaneously
with shrinkage in cash resources.
Loans are increasing $1,000,000 daily
and cash falling $750,000 every day
bank doors are opened. New York
institutions have not participated in
this dangerous movement, but coun
try hanks will not listen to warnings.
Nothing but a sharp recession in
general trade can avert monetary
troubles when the crop-moving de
mands set in—relief in the form of
currency legislation is not now pos
sible. last night’s despatches from
Washington declared. However.
v. rything points to a let-up in corti-
rnereial activity, and, as* to corollary,
lighter demands for accommodation.
Quieten trade will also react favor
ably upon the best grade of invest
ments.
SPRING SUIT OF CEMENT;
UNDRESSED WITH CHISEL
ROCHESTER. PA., May T.—Anth ,
ny Rodvviiski. overcome by spring fe
ver and Ihe antidote for it, sat down
upon a freshly made flight of cement
steps ami fell asleep. \\ hen he awak
ened the cement had hardened. \
gang of laborers undressed him with
:t hammer and eold chisel.
Demanding a Raise
By Sterrett
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iSHOWS KEPT HERE
Anti-Theater Rule Not Dead Let
ter in South as in North,
Declares Pastor.
The rule of the Methodist Episco
pal Church, South, regarding theater
going and other forms of amusement,
is not a dead letter in Atlanta, ac
cording to Rev. C. V. Weathers, pas
tor of the East Atlanta Methodist
Church, who, during the last six years,
has been pastor of three Atlanta
Methodist Churches.
The denial was occasioned by the
statement of Eastern pastors that
the ban was a dead letter in most
churches.
“It is true that in some circles
In the South the rule is not strictiv
lived up to, but in Atlanta it is far
from a dead letter,” said Dr. Weath
ers. “It is regarded somewhat Ugli
ly in the Methodist Church, North,
but our College of Bishops, at a re
cent meeting in Baltimore, declared
the ban on theaters and forms of like
amusement to be as rigid as in past
years, and there was no inclination
on their part to declare it lifted.
"For the last six years I have be« n
the pastor of St. James. Asbury and
the East Atlanta Churches, and I have
found no inclination among the con
gregations to disregard this discipli
nary rule. The Methodist ministers
of Atlanta are a unit on the ques
tion.
"There are, of course, some rare
exceptions when the plays are of a
high moral character and probably
would be beneficial, but the Church
can not discriminate and it is left,
to the individual. It is very seldom,
however, that any appreciable num
ber disregard the ban even when the
play is highly mora’..
Gertrude Hoffman
Posters Shock City
Cincinnati Mayor Heeds Protests of
the Police—Orders Them
Covered Up.
CINCINNATI. May 7. — Mayor Hen
ry T. Hunt blushed when he looked
upon the posters of Gertrude Hoff
man whiefl adorned the billboards of
the city. He hurriedly called into
conference the Director of Public
Safety and Chief of Police,
Miss Hoffman was pictured in
spring dancing—or rather mid-sum
mer—dancing attire. Telephone calls
and special messengers gave the
Mayor a disagreeable morning
He became aroused, and now great
sheets of white paper cover the
bright red. black and white posters
that so shocked the people.
CABLE
|| NEWS
Important Events From All
Over the Old World Told in a
Few Short Line*.
BERLIN, May 7.—Electrification of
the suburban railroads of Berlin
finally has been assured by action in
the upper house of the Prussian Diet,
which has voted $6,250,000 for begin
ning the work.
Would Break Opium Treaty.
PEKIN, CHINA. May 7.—Resolu
tions will be introduced to-day in
both houses of the Assembly asking
the foreign office to .icgotiate with
the British Government for the abro
gation of the opium treaty, which
forces China to allow the importa
tion of opium,
Chinese Grateful to U. S.
PEKIN, May 7.—The people of Pe
kin Thursday will march in a mon
ster parade to the American Legation
to express the popular gratitude for
•he recognition of the new republic in
Washington. Eight thousand students
and school children will parade, car
rying 4,000 American and 4.000 Chi
nese flags.
White City Park Now Open
Grandma Talks
About Babies
Has a Large Circle of Listeners Who
Profit by Her Wisdom and
Experience.
In almost any settled community
there is a grandma who knows Moth
er’s Friend. Not only is she remi
niscent of her own experience, bu*
it was through her recommendation
that go many young, expectant moth
ers derived the comfort and blessing
of this famous remedy.
Mother's Friend is applied ex
ternally to the abdomen, stomach
and breasts, allays all pain, avoids-
all nausea, and prevents caking of
the breasts.
It is quickly and wonderfully pene
trating. permits the muscles to expand
without the strain on the ligaments
and prepares the system so thor
oughly that the crisis is passed al
most without the slightest distress.
Thus there need be no such thing
as dread or fear.
No better nor more cheering ad
vice can be given the expectant
mother than to suggest the use of
Mother’s Friend. She will take cour
age from the beginning. The days
will be cheerful, the nights restful.
Thus the health is preserved, the
mind is in repose and the period is
an unending one of quiet, joyful an
ticipation.
You can obtain Mother’s Friend of
any druggist at $1 a bottle. Do not
forget nor neglect V be supplied with
this greatest remedy ever devised for
motherhood. It is unfailing Write
at once to Bradfleld Regulator Com-
pany. 133 Lamar Building. Atlanta
La. for their very interesting and
t book of advice for expec-
i ‘ iaut mothers
THE PONY CONTEST
JUST STARTING
This Is a Good Time To Enter
Timid boy and girl contestants are asking us, every day, if it
is too late to enter this contest for free Shetland pony outfits.
Our answer is that now is the right time. The “too late” period
will be here before we realize it, though, and every boy and girl
who wants to compete for one of these splendid outfits is urged
to send in a nomination blank bv to-day’s mail.
DN’T YOU LIKE TO OWN THIS OUTFIT?
And wouldn’t your enjoyment from its use be doubled if your own efforts had
earned it for you? Certainly! And this delight is ahead for the winners in this
great contest. Why not send your nomination blank to-day, and make an effort
to be among the winners?
This Nomination Blank
Starts You With A
Thousand Votes
OOOOOOOOOOOOOOOOOOOOOOOOCXJOGOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOGOOOOOOOO
I nominate, as a candidate in The Hearst’s Sunday American
and Atlanta Georgian Pony Outfit Contest:
Name
Address
Nominated by
Address
GOOD FOR 1.000 VOTES
Only one nomination blank can be voted for any contestant.
Subscription blanks and printed instructions for the use of contestants are now ready. Sent anywhere on request.
To-day’s Vote Coupons appear on Page Two of this newspaper-—Ask your
friends to save the Vote Coupons for you. They will be found in The Georgian
every week day and in every issue of Hearst’s Sunday American.
Address all inquiries, nomination blanks, vote coupons, etc., to
PONY CONTEST EDITOR
Hearst’s Sunday American and Atlanta Georgian
20 East Alabama St. ATLANTA, GA.
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