davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1913-06-28
WHEN IS A BOND
NOT A BOND?
Copyright. 1913. By C. ". Keys. New York;

Copyright. 1913. By c. ". Keys. New YORK;
Recently a country investor sent to
his banking adviser in New York a
bond which he bought about five years
ago from a real estate development
company. He was satisfied with his
investment, because It had paid its in
terest regularly. but he wanted an
opinion about IL.
The banker found that 1t was in the
ordinary form OF a debenture bond. 1t
promised, on behalf of the company
issuing 1t, to pay to the holder of the
bond the thousand dollars in 1920. and
to pay in the meantime interest at the
rate of $50 for six months. II was
clear 10 the banker that no actual
property was pledged with the trustee
OF the bonds to secure this payment,
but that the obligation was simply a
note or credit obligation. and that the
fulhllment of the promise depended
upon the ability of the company in
1890 to meet the payment.
An even more interesting fact was
disclosed in very small type. both in
the body of the bond and on the cou-
pom. The interest was declared to be
payable If the same is earned in the
six months preceding
Inc Win ICspcCl "
interest payments, that the board of
directors OF the company had the pow
err TO decide at the board meeting pre-
ceding the date Of interest whether
the earnings of the company were suf-
ficient to justify the payment of this
interest. In other words, the bond was
really an income debenture, which
means, first, that the principal of IL
is merely a promise to pay. and Is not
secured by the pledge of any specific
property. and, second, that the interest
need not be paid in any six months
period unless it is earned by the COM
pary in the preceding six months.
The banker wrote to his client these
facts.
The bondholder, in his reply.
said: 1T seems to me that this bond
Is nothing more than a stock. except
fer the fact that 1t Is due at a GER
tain time in the future. and that II
states on the face of IL at what dates
Its interest is supposed to be paid"
bondholder wants. first OF all.
tangible security for his principal. He
wants 20 know that somehow or other
some property or some real security
is tied up to be a resource for him in
case OF trouble at the time his bonds
come due. In the second place, he
wants to be perfectly certain that his
income will be paid regularly.
This comment must not be taken to
apply to all real estate debentures. A
great many such debentures are not
income debentures. Their interest Is
obligatory, and in case II is defaulted
the holder has resource in the courts
against the corporation
The real buyer of bonds, however.
generally wants real bonds. His def
milton of a real bond would probably
be shat 1t is something like a real
mortgage. except that 1t is split up
into small pieces to make It handy and
negotiable.
The Washington herald., 1913-06-28

New York, June N.-R. @. Dun's to-
morrow VIII say:
There has been some slackening in re-
tail trade, the usual summer dizziness be-
ing reported at many points, but whole
salo distribution continues in fair volume.
As for some time past. buyers conf1ne
their operations mainly to actual needs,
the fast approaching completion OF the
new tariff naturally resulting in whole
sale conservatism in this respect. Crops.
now entering upon their most critical
period, have passed another week with
no serious loss from their previous salts
factory condition. although reports indi-
cate some deterioration IN spring wheat.
An improved sentiment was manifest in
the securities markets abroad, largely on
the prospect of a satisfactory conclusion
of the important financial settlements at
London and Berlin.
Consumers Of iron and steel have not
ceased to urge deliveries, but premiums
have almost entirely disappeared. and
price concessions are, made IN some fin
ished material departments. Many dry
goods jobbing houses are deferring the
placing of orders for fall and spxing until
after the semi-annual meetings Of the
wholesale association next month. Prices
on cotton goods are firm. owing to the
high position of the raw material. light
stocks. and carefully restricted output.
There is a good demand for spring ho-
siery and underwear, but mems wear
mills are curtailing production Railroad
gross earnings for the first three weeks
OF June showed an increase of 81 per
cent, as compared with the correspond
ing period a year ago. Bank exchanges
for the week made a gain of per cent
over last year, and were 81 per cent
greater than In 191l"
The Washington herald., 1913-06-28
TRAMP, TRAMP, TRAMP,
PAWNERS ARE MARCHING
They Are Marching Across Long
Bridge and May Continue, Says
War Department.

The thin. red line OF heroes who tramp
across Long Bridge in search of an
uncle" with whom they may leave their
vaiuables and receive loans for the small
consideration of per cent a month will
not have their ranks made more thin by
the War Department. II was learned yes
terday. The Department of Justice de-
cided il would be best to forget that
pawnbrokers have encroached on the ap-
proach TO the Virginia end of the bridge
by building auxiliary bridges from the
road to the entrances to their establish
nients.
The Secretary Of War asked the Attor-
ney General for an opinion as to whether
the District has Jurisdiction over Alexan-
dria Island. at the southern end of the
Long Bridge. This request was made be-
cause 1t was thought that pawnbrokers
We're taking liberties when they built
bridges across a hollow between the road
and their shops.
II was said by the Attorney General
that decision that the pawnshop men
were encroaching could be reached only
after months OF investigation, and that
litigation would follow.
In view of this fact. the Attorney Gen.
eral asked that the request be with
drawn. The Secretary of War. after con-
sidering report of army engineers mat
IL the bridges were not permitted the
highway might be damaged by the heavy
tramp of feet between the bridge ana the
pawnshops, decided that the apple was
not worth the ache. Yesterday II was an
nounced that the request had been with
drawn.
The Washington herald., 1913-06-28
CARLIN URGES LOWER RATES.
He Says Washington Alexandria
Fare Is Too High.

That a continuous city from Washing
ton to Alexandria would result from re-
duction In passenger rates charged by
the electric cars between the Capital and
the Virginia city was the statement yes
terday of Representative Charles c.
Carlin of Virginia
1t is claimed by Mr. Carlin that the
growth of the territory between Wash
ington and Alexandria has been ma
terially retarded because OF the rates
charged by railroads, which he said were
excessive.
In an Investigation to be brought by
members of the Virginia Heights Citi-
zens' Association, Mr.. Carlin said. IL
would be pointed out to the Interstate
Commerce Commission that the railroad
charged the highest rate of any line in
the country in proportion to the invest
ment Mr. Carlin urged concerted effort
in having the rates reduced. He said that
business men OF Alexandria had not real
lied the advantage they would derive
from low rates.
The Washington herald., 1913-06-28
MARKETS---FINANCE---COMMER CE

two-year per cent notes OF the National
Railways Of Mexico due June /, which
were supposed to have been extended for
two years at per cent, price 81, by a
syndicate composed of Kuhn. Loeb &c CO.,
,Speyer Co., and Ladenburg, Thalman
& Co. 1t is now said that the transaction
was not finally contaminated, and that
owing to the condition OF affairs in
Mexico 1t probably will not be, which
will necessitate the appointment of a re-
ceiver for the National Railways OF
Mexico. This report has caused consiti-
cradle selling of companies having prop
critics In Mexico. notably Sugar. Southern
Pacific, and Shelters National Railways
OF Mexico stock had a considerable fail.
OF course. should a receiver be appointed
for the National Railways OF Mexico, IL
would be another hard blow to the bond
market. particularly as the public has
been given to understand that the posi-
ton had been financed. Yesterday was
the dullest of many such days this week.
with trading almost entirely professional.
c. J. Housman-The market will con-
tinue to be in control of the trading els,-
ment until we get some positive coed
news. which we may expect July l, whe n
the court hears the Union Pacific plan.
The revelations in Washington. comirg
out of Mr.. Lovett's testimony. now look
as II they would lead to something coed
and that the bitter might get bitten.
There was a shade better tone to the
bond market yesterday. You can't get
much better goods than Consolidated Gas
notes Why wait IL you have money to
invest? Do II now.
Were conditions different from what
they are. high-ciass investments return
ing per cent could not be purchased
Don't walt till everybody is doing it.
The Washington herald., 1913-06-28
WEEKLY REVIEW OF TRADE
Summer Dizziness Evident in Retail Trade, but
Wholesale Selling Makes Fair Showing
Crop Returns Are Favorable.

New York, June N-Bradstreets TO-
morrow will say:
Business holds up remarkably well.
Notwithstanding that the midsummer
season for inventorying is approaching.
Crops returns, as whole, are favorable,
especially as regards winter wheat. cot
ton, and corn; consumption OF merchan-
disc is heavy, stocks are light, business
on current account is larger than sea-
sonably normal, and trade in pig iron
has improved, thanks to very good
prices.
TT is becoming more and more evident
that stocks are very short, and the wis.,
dom Of merchants who have so long
stayed out~of the market or purchased
sparingly is being questioned, for 1t Is
becoming certain that there will be a
good deal OF hunting for desirable grades
of goods wanted for distribution within
the next few months.
Industrial operations continue quite
active. save In textile lines. partly be-
cause they are marking time. as 1t were,
pending tariff changes and partly be-
cause they are averse to taking on
stocks until they are certain Of orders
The silk goods trade still is harassed
by strikes. which are being settled SLOW
IL. New business in finished steel Is
light. Prices on sheets. wire products,
and rivets are somewhat weak, but there
Is more activity in pig iron, at the ex-
pense of prices, while inquiries for rails
have increased, and, what is more i'm
portant regarding the general market
for Steel consumption keeps up with
jobbers decreasing.
Business failures for the week end
ed June 26 were $50, which compares with
rs last week and 20 . year ago.
The Washington herald., 1913-06-28
BALTIMORE WHOLESALE MARKET

HAY-No. / timothy. T.o; standard timothy.
ZOO; No. 2. l5Soal6Co: No. timothy. 2Oal30'
light clover mixed. ls.ooal5S; No mixed. HSoa
$50; No. 9 clover mixed. n-ocal2O; heavy usoa
L 90 No. l clover ll.oo: No. 2, sooaso; no estao-
lished grade hay. 7ooalloo: sample grade hay. as
to kind, quality and condition. 7.ooalo.oo
sTRAw-No. straight rye. a0a2"i No.
straight rye straw. soocaSl.oo: No. / tangled rye
straw. n.ooal2oo; No. tangled rye straw. loo,a
ll0; No. / wheat straw. 500: wheat straw. No Z
Z 5casOo: No. l oat straw. e.ooala@; No. oat
straw, s0oas5.
LIVE POULTRY-Chickens, old hens heavy, h..
II; do old hens small to medium. lh, II; do.
old roosters, loa II: chickens, Young. b. 2a5 do.
winter. lbs, 25a2s; spring chickens. ~ lbs and
over ID, q: do, IL h. and under. u; ducks. white
Pekins per b. Il; muScovy. ID. l2ali: do. puddle.
H. leais; geese nearby, h.. 1iai5: do, West
ern snd Southern. ID. Ilal2; do Kent Island. ID,
lsaI7; riEeons. young. pair. 3; do. old. pair. .;
guinea fowl, each. %; do. young. IA lbs. and over
EGGs-MarJland. Pennsylvania and nearby hrsts.
loss o. per doz %; Western frsts. los Oh. per
do.. .; West virEni, hrsts los Cd: per dOh.
BUTTER-Cresmery. fancy, pr n, y; choice.
8a2s; d. good. 5a7; do. prints. Sa1; do. blocks.
2sa3o: ladies' 2ssz: MARYLAND and Pennyivsnia rols
2laz2: Ohio rolls a. West Virginia rolls. a: store
packed. n; Maryland and virginia daiu prints. n;
process butter. 5aZ
LOCAL SUGAR MARKEr-coufecticners' sugars:
Lozenee 4so do. in s-Ib. containers, SID powder
ed. 40; Crown A. 40: Crystal A. AS: fine granu-
lated coarss sranulated. 40. Grocerso sugars:
Eagle tablets SIS: crystal dominoes. in slb boxes.
7co; do do in 2lb. boxes, 7.0: cut loaf. SIS; pat
emit cubes 40; cibes. in 2lb cartons in contsiner
t4s Ibsl $40; xxx confectioners' In lib. cartons
in contsiner ca lhs.l. SIS: powdered, ass do. In
lib cartons in container "a lbsl SIS; fruit pow
dered extra fine gTanulsted AS; DO. in 2io CIR
tons in coutaner as lbs AS; dessert and table IN
2lb. cartons IN eoltainer ~ lhs.). no; coarse
granulated As; standard graduated. 80; hne gran
Mated in bbls. As: do. do, in loolb. bags, 40;
coufectioners' A. i0; keystone A, Is; American
A. 40; Centennial A. AIS: California A. 40;
Franklin b, 4e5: keystone b. 400; American b.
se5: Centennial b. $50; California 3. ass; Franklin
Extra c. $50: Keystone Extra G, SIS; American
Extra C. $40: Centennial Extra G. ass: California
Extra e, as5 Franklin c. 3e5. Above prices are net
o b. Philadelphia. For freishtraid price add SIC
The Washington herald., 1913-06-28
CURB MARKET.
New York. Jun
NEW YORK MONEY.

New York. juno z.-Can money opened at per
cent; high. PER cent; low. ~ per cent; renewals.
yer cent; closed, !. per cent: ruling per cent
market.
Rates are gsaSE per cent for sixty days. 3Ssi pr
cent for ninety days. fsait per cent for four
months ISh5 per Ont for five months. SaS1 Der
cent for six months. and 5sa5A per cent for over
the year
A good demand has sprans up in the local MIR
ket for paper Of September and October maturity,
and borrowers are putting out short time notes In
greater volume The for the Shorter ma;urities
has eased of TO 5Na6 per cent.
The Washington herald., 1913-06-28

CHEEsE-New YORK. new. per pound. lie: fat.
per pound, lsss; swiss domestic per pound. Is;
DO. foreign. per pound. q
LARD-rub, pure. per pound. Ia: do. common.
yer pound. sza9. Cottonseed oil, per can. is.
BUTTERFLIES print. new. pr pound. IL; tub
per pound. i5; process. per pound 2 under grades
Per pound. 3: store-paeked. per pound. 70
LIVE POULTRY-Hens. per pound. Is; roostsrs.
per pound. 10; spring chickens. per pound. 2ia3
turkeys per pound. ljaI7 geese. per pound. lOsl..
Potato market Is very weak on both old and nsx
stock Receipts Of new potatoes very heavy.
Tomatoes are active at quotations Other vegetables
arc going fairly well at the following quotations:
GREEN GOODS-Pctatoes per Dbl. L5oz2oo; do.
yer bu.. Ds60: ysms. per Dbl, 256a30: sweet pota
toes. per Dbl. loaioo; new potatoes. per bb. L5oa
Is: do. No. 2. per bbl.. I5aI.25: beans. PEI
basket. DaI5: mushrooms. per h.. 75a9: cab
bagcs. per Dbl. 7saL5; carrots. per bunch. 2a3
rSdishes. homegrown. per Ioo 5aaioo; lettuce pei
basket. Isal50: squash. per crate. 0alo; celery.
kaIe. per barrel. soafs: cuenmbers, per baske,,
Gallo; asparagus. per doz- lunches 75a2 90
csniiower. per basket loca2oo: spinach per barrel
Looal-5e: rhubarb per 100 bupehes l.5oa2o0: spring
onions. DER 10 punches. ls-l.5: Texas ouiors. PEI
crate. Ll5si.55; beets. per 100 punches. 2ooa3 90
tomatoes. ser crate. Florida. Tsal0o: do Texas PEI
crate. oallS; do. Mississippi. PER crate Loos2.o
DO. home grown. per crate. LsoaaOo: caniaoupes
Florida. pc: crate. 5oalo; do. California. pei
crate. 3ooa4.oo; do. Georgia. per crate. 2o0a27 IS
lima beans. per basket 2ooa3oo: corn. per crate
l0oaio; peppers. per crate, l25a2o0 90: watermelons
Georgia. each. @a5o; eggpants. per crate. looa2oo
DRIED GO0DS-Nayy beans. bush, eios25 50.
FRUlTS-Sew apples. per Dbl. L5osi-5o: lemons,
box. sooae0; oranges. California. box 5ooa6oo do.
Florida. per box. 75ss0o: grapefruit box 5oozs 1c
pinespples. Florida PINES. crate. SooAao: straw
berries. per box. sails: ehernes per quart, san
peaches. crate. l5oa4oo; blackberies. per quasi
eal5; rasp6srres black. per quart. ioazs; do. red
per quart, Halls.
wooL-New clip. aaz per pound
LIVE SToCk-yeaI calves choice per pound
sasi1; medium per pound Ta7i.; common Der pound
The Washington herald., 1913-06-28
NINE BODIES IN MILL RUINS.
Score of injured In Buffalo Horror
Expected to Die.

BufYalo. n. Y. June T.-Compilation
OF records and pay rolls by the police
authorities furnishes almost conclusive
proof that at least nine bodies OF work.
men employed at the Hustled Mills are
still In the runs.
Thirty-six men. whose bodies are badly
SCARED and burned. are stiu IN CITY
Hospital. OF this list at least a dozen.
and probably score. are expected to die.
The Washington herald., 1913-06-28
Merchant sued by Creditors.

Creditors of Harry Schwartz. mer-
chant. yesterday fled petition to have
nim adjudged bankrupt. They anege
he is insolvent. and recently suffered one
OF his creditors to procure a Judgment
against him. Justice Anderson cited
Schwartz to show cause July q wh1 IL
prayer should not be granted
The Washington herald., 1913-06-28

cereloped on small offerings in the industrial nst:
| Tobacco ruled steady. Standard OIL subsidiar.es
were comparatively quiet within narrow limits Inc
copper shares. after carly steadiness ran ON ifhc-
tioualiy. Tie silver stocks steady. but mac
tire Tonopah isyaes were dull with narrow proc
The Washington herald., 1913-06-28
WASHINGTON STOCK EXCHANGE

Regular c.il-i2 O'Clock room.
Capital Traction b. 81 900 at iog&. 800 at lo&
Potomac cons. So. 5000 At pok tzsh).
Capital Traction. u at III. 8 At 1iez.
waahinnon Railway Electric pfd.. ct -
8 At %. 10 at a.
Washington Gas, Is at Sx. 8 at O.. . at q.
rs
National Bank Of Washington. at as
American Security 4 Trust. at 100. at 90.
After cali: American Security 4 Trust. a.
,e
Washington Railway Electric d. 5000 at sas.
1900 ut e2x. 5000 at szk-
The Washington herald., 1913-06-28
WEEKLY BANK CLEARINGS.

'ew YORK. June Blink clesrings in the United
ites Tor the week ended June Is aggregate {, st-
600. against S.25. 1900 last wetk. and I, on,
100 In this week last year Following ar. the
urns for this week, with percentage Of change
m this week last year:
The Washington herald., 1913-06-28
Developed Probable Possible

Ave-. copper content. 2.eSL 26I 2.6lI
our greatest expectations" the report
states, lie IN the Teniente country. Here
we expect to develop a very large
amount of orc above Teniente No, ]
level and also a large amount between
Teniente levels Nos. l and 3. The long
itudinal section through this country
shows graphically what We believe fair
TO expect. We still have about 400 meters
of virgin ground to connect up with
Fortuna No. .. OF this 20 meters show
very attractive outcrops. 1t may be
possible, however. that Teniente No. l
level. being here over Loo feet deep, is
a little too low for the best results.
I'm addition, therefore, to the ore
shown in the above table, the following
possibilities may be speculated upon:
Tons
Above Fo-trna No. and sr:enssous........ z5oooco
Above TeEisnte No 900 oG
Between Tcnients Nos ] and doubtful
II
Extension Of Teniente No. tabove level. 800 coo
From this it does not seem unreason-
able TO expect that ultimately 60, 00o, oo0
tons of $50 per cent copper ore may be
developed
The Washington herald., 1913-06-28
OUTSIDE SECURITY NOTES.

New York. juno S-speculation In the market for
outzde securities today almost completely at
s.aadstm all through the session. While the sen
vA tone was steady st the outset, ZONE ireS,larity
The Washington herald., 1913-06-28
COTTON STATISTICS.

Furnished by n. L. Carpenter Co.
New York June z
Receipta Afid6linrs
The Washington herald., 1913-06-28
The Safest Investments

Ara thoss that do not furtuats d1ring tb.
turbed conditions Il the money o. STOCK mar.
ketx First deed Of trust notes tfrst mort.
sases). well secured 90 real estate IN the Dis
trict Of Columbia. constitute ''gilt-edss" In
restnentx They do not depend upon The
financial responsibility Of individuals O. cor.
porations for their stability, and are exmps
from taxation as personal property. We can
supply such investments IN amounts from s5ce
upward Send for booklet, Conserving Loans
and lnve<rmeutss
The Washington herald., 1913-06-28

| Totals sales N.o7lceo against $1,000
yesterday. sl.3sI 900 q week ago, and
| s. SIS, 600 a year ago.
The Canon City record with which is consolidated the Canon City cannon., 1913-04-10
Monday Reading Club.

Monday Heading Ciuh.
The Monday Reading club met this
week with Mrs. sinden on Fifteenth
street. with the president. Mrs Clarke.
in the chair.
Mrs Hiatt read two short stories
The Scandal OF Corvallis" and The
Dream"
Mrs whippie read a few chapters
from Wee McGregor." by J. J. Bell.
During the social following the
reading lettuce sandwiches. olives.
salted almonds. preserved ginger. tea
and coffee were seryed. The meet
curran on Garden street.
The Canon City record with which is consolidated the Canon City cannon., 1913-04-10
SATURDAY..

Miss Elizabeth Gundler OF Florence
came up from the oil city yesterday
to attend the North Canon high school
play last night.
Mr.. T. F. Norris of Hutchinson.
Kansas. IS spending a few days in
Canon City riding over the scenic
drives.
The Fremont County Horticultural
Society is holding a meeting this
afternoon at the court house. 1t Is
the regular meeting OF the society
with President E. A. Davis. presiding.
Several topics of interest are being
discussed.
The Light Company is shipping
twenty thousand pounds of copper
wire by wagon to Cripple Greek to lie
The Canon City record with which is consolidated the Canon City cannon., 1913-04-10
Guest Mt Dinner Party.

Miss Josephine Hooper OF Denver
sat ms the honor guest at q pretty
dinner given by her sister. Mrs. Tru-
man Stockton. Friday evening. Ten
young ladies and gentlemen enjcxed
the affair with Mas Hooper.
The color scheme of red and white
was used in an artistic manner. The
hoft hight OF red shaded candles was
thrown over the dining room. willis
the table was made pretty with its
fayors OF American beauty cups with
salted nuts and place cards bearing
an American beauty rose. The cakes
and candles were red and bore the
initial IL" In white. In fact. the en-
tire menu bore evidence OF this pretty
color combination.
Miss Hooper has visited In Canon
a number OF times and has a host Of
friends here always glad TO welcome
her.
The Canon City record with which is consolidated the Canon City cannon., 1913-04-10
Election Of Onicers.

At the regular meeting OF the wo-
mans Club on Tuesday afternoon the
following officers were elected for
the ensuing year:
President. Mrs w. II. Ray; First
Vice President. Mrs Ethel Wallace;
Second Vice President. Mrs. ximena
Johnson: Recording Secretary. Mrs-
Donnie Green: Corresponding secre-
tary. Mrs. Ruth Pennington; Treasur-
er. Mrs. Ida Thomas: Auditor, Mrs.
Matte Maxwell; Delegates to State
Fedsration--Mrs. W. II. Ray. Mrs.
Mary Sherwood.
Aiternates-Mrs. Lila Hyssong. Mrs.
Ida Thomas.
Discussion regarding the course Of
study for next year occupied the re-
mainder OF the afternoon.
The committee having the Benefit
Entertainment In charge. last week
reported s45 netsed for the Scholar
ship Fund.
The Canon City record with which is consolidated the Canon City cannon., 1913-04-10

entertainment for the evening. Deli
cious refreshments were served Those
present were: the Misses Marion
Beckham. Fern Garrett. Stella Flana-
gan. May Kutzleb. Hilda Frederickson.
Blanche McMordie. Leila Pollock;
Messrs. Frank McEnery, Fred Merriam.
Alvin Williams. Harold Turner. Myers
Holcomb. Bonn Lyon. Edward Freder-
ickson.
The Canon City record with which is consolidated the Canon City cannon., 1913-04-10
Wednesday Musical Club.

Wednesday Musical club met with
Mrs. Louis Collins. 72s whippie ave
nue.. Wednesday. April >. This was
the annual election OF officers The
following officers were elected for the
ensuing year:
President. Mrs. c. W. Williamson.
Vice President. Mrs. Morris.
Corresponding Secretary. Miss En-
merson.
Recording Secretary. Mrs. Snyder.
Treasurer. Miss Hodgin.
Musical Director. Miss Hendricksoa.
Solo Vocal. Mrs. woodford.
Concerted Vocal. Miss Lyons.
Solo Instrumental. Mrs. Norris.
Concerted instrumental. Mrs. Lane.
Press Committee. Mrs. Snyder. Miss
Emmerson. Mrs. Morey.
House Committee. Mrs. Collins, Mrs.
McClintock. Mrs. Wade.