New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-12
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

The reported abb OF Whitley" Lewis In
the gunmen's trial sounds like excuses
offered by some brokers why their specu-
1ative clients do not beat the stock mar
ket.
No Truth in Rumor.
II is denied that the Southern Pacific
has considered favorably the sale of the
controlling interests in the Pacific Mail
steamship Company. Rumors have been
nersistent that the old organization would
pass into new hands, and story now cir
culated is that the control Is being sought
by japanese company.
Another Rumor False.
During the last two or three months
there has been report circulated that
the Pittsburgh Coal Company would re-
tire its preferred stock, pay up back divi-
dends and that some cuttings from an
oyerripe melon would be distributed
The preferred stock in consequence has
been worked up TO new high figures from
time to time, and the rumor has been
worked successfully. AS a matter OF fact
the company has no intention OF carrying
out such plan, at least around the hrst
Of the year, when gossip has 1t that 'he
plan was 20 materialiZe. One VINO is
close to the affairs Of the company ana
who is essential in all its official opera
lions says there is no foundation for the
rumor.
Not a New Idea.
The agitation by the money trust COM
mittee for the incorporation OF clearing
houses has caused The Financier' OF
New York. TO comment in part as follows:
THE idea is by no means new TOT as
long ago as 1902 Cornelius Pugsley' presl-
dent of the Westchester County NatiohAl
Bank, then a member OF Congress- INTRO
duced a bill providing for such incorpora-
tion This measure received approval
from high sources, but never became law.
Mr. Pugsley's bill might be called the
father of the Aldrich-Vreeland act, passed
subsequently, authorizing the formation
NJ national clearing house associations
and giving these associations power to
issue emergency circulating notes under
certain restrictions. These associations,
of which there are now quite a number in
existence. are designated as corporate
bodies and have power to act as such.
Their membership is limited to national
banks.
''The national currency associations are
not to be COMPOUNDED with clearing house
associations, for the functions Of the two
ara entirely distinct 1t would not be diff
Acult. however. by the enactment Of new
legislation to merge the two or combine
their operation"
Timely Cotton Statistics.
According to figures prepared by The
Financial Chronicle" exports of American
cotton since September l have been 2,7Oo,-
90 bales. compared with 2,75s,000 bales In
September, 1911. Three hundred and TWEEN
ty-six thousand bales are on shipooard
awaiting clearance, as compared with ZGs'-
A0o last wear. The worlds visible supply
Of American cotton on November was
$500, 900 bales, compared with S'42'co oaies
on the same date last year.
Investment Bankers Association.
The Investment Bankers Association pro-
sramme committee. according to informa-
ton furnished is planning for large OUT
of-town attendance at the coming conveh-
ZION Arrangements have been made FOR
hvs hundred guests at the banquet to be
held at the Waldorf on November e. ana
the indications are that the interest IN
the movement will be sufficiently pro
nounced to bring some measures 10 d heao
bafora the meeting adtournS