New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-18
BRIEF NOTES OF FINANCE
,,rauraphs Of Current Interest
for the Investor.

III T Pierpont Morgan has so ar
Az, ,ho business of his banking house
'''s -. evecutive policy practically is
90 his partners and j. T. MORGAN jr''
III y 80, caused by the report of seri-
re s SUI ~ the death of Mr.. Morgan at
1ss IT, L.. must be felt very considerably.
ny %" If actual harm it is doubtful
pV" ,haro would be any material evil
'ns'"' as the machinery which has been
INV .c,,,v put together for conducting
c. o., bnsiness OF the Morgan institu-
nc 's o. become practically automatic,
ton ,olicies known as the Morgan
$40 ~ oil doubtless continue as they
'o.'' ,o.aav. even after this famous iinan-
-sr has passed away
Good investment Pays.
a, impressive talk on the risk involved
AZ ~, -. uho purchase all sorts of highly
o' Tive Tive stocks is being distributed by
spe1 use, TASK & Co.. from which the fol-
ing Is an extract;
- .'na ,on ever stop TO figure compound
80 DO YOU know how important a
n'. Il plays in the accumulation of
P.,,b, Combined with frugality and
We "s investment. compound interest is
~ foundation upon which the majority
- = fortunes are built. II is hard TO beat a
.d investment, where money is well Sc
"a where the interest is paid promptly
..ry six months and where there is no
...asiop for worry or anxiety
Real Estate Loans for Banks.
-snort that Senator Hoke Smith. OF
..Orsia. has in course of preparation a
Nj l,gslizing loans by national banks on
-, estate has called forth the following
lament By The FinanCier":
aFtom a general standpoint we are
-n,b in doubt whether banking bill
,O.,ins the door 70 loans upon real estate
an be worked out satisfactorily. This
n-m OF banking. as has been pointed out
uaDy times. IS thing apart from com
usrcisl banking as We understand it. and
u-tn the business Of national banks is
.varsted into several departments, with
strict diversion Of assets and liabilities
% their proper channels. IL would prove
-s,her rash experiment"
Anonymous Stock Tips.
At recurring periods anonymous circular
s,,ers are distributed for the avowed pur-
nose Of depressing some stocks and boost
M others. The latest Of these unsigned
.-,,.;oo.g,,.- .or,a~-- -Tlfrl a,.o,pa
md essays the role of public benefactor by
giving free information regarding the value
o, this stock. Most any sort Of so-called
Information from tipsters is unreliable.
even when given in signed letters. but fol-
owing tips spread through anonymous
communications can hardly be conceived
n this period Of so much publicity. There
vas a time in years gone by when certain
stocks were selected to be bulled by in
crested persons who used the columns Of
csialn papers open TO advertising OF
ina. sort. but. the Postoffice Department
pst q stop to that practice. 1t Is un-
itsfpIate that the present uses Of mails
IN circulating tipsters' letters, whether
ssned or unsigned. is allowed 10 continue.
New Pennsylvania Financing.
An Interesting letter on the proposed
new financing by the Pennsylvania Rail
rad is being distributed by Vaughan a
O.. from which TIE following is taken
i'Ths Pennsylvania Railroad Company
ulth an authorized capitalization Of 500
40, has outstanding stock 10 the
AMOUNT Of s453.s77.Sj0. out Of the author
It'd capitalization S57.ss4G66 O. must be re-
timed for the conversion Of sss,S27,o0O
y per cent convertible bonds which are
convertible al the rate Of SO in bonds
fcr each share Of stock. This leaves
available for issue ssS 81. 4s3 SO par value
Pennsylvania Railroad Company new
stock
The policy OF the Pennsylvania Rail
road Company I'm the past has shown q
marked preference toward stock as a
means Of financing rather than bonds. A
portion OF their Issue Of stock in 1911 was
for the purpose OF refundinS two issues
Of bonds due in one year and half and
two years, respectively. from that date.
There are s86.s27.0oo Pennsylvania
Railroad Company convertible 2i2 per cent
bonds due 1Q1s -