Evening star., 1915-06-06
FINANCIAL AND OTHERWISE.

I organization the return to the holders
| was most profita BILE.
| At the low prices current in 1893
| 1897, these bonds were worth, one of
each bond. in the aggregate $20.742. so.
At the high price of 1901 or 1906. the
| new securities substituted for the de-
| faulted bonds, in reorganizationS, were
! worth $62,973.S9.
| In exceptional cases, say the Oregon
| Short Line 5s, the new collateral In
I the 1901 or 1906 markets increased to
a valuation of over $4,000, compared
! with $3.50, the price of the bond at low
| figures in the 1898 to 1897 market.
! Union Pacific collateral trust 6s were
| paid off at par, and were worth $1,000
each in the 1901 1906 market, as COM
| pared with s610 in 1893 to 1897.
| Some of the securities that are now
| looked on with the greatest favor by
! investors came out in the reorganiza-
| tion days and at a fraction of today's
| prices.
| May Bond Market.
The National City Bank of New
/ York. discussing the bond market Tor
May in it's June circular, has this to
say:
May 5. 1915, the volume of bond
| transactions on the New York Stock
| Exchange for the year to date for the
| first time surpassed the volume for the
similar period of 1914. Two days after
| ward occurred the sinking of the Lusf-
| tania, and after period of several
days of almost feverish activity cuim1-
| mating in total transactions of $5,7Ol,- :
| 500 par value Monday, May 10. bond
dealings gradually subsidized into the
condition of comparative inactivity VIII
messed in the second half of the month
The total transactions for the month
| up to May 25 amounted to S51.31I,700,
compared with s36,970,5O0 for the same
period in May, 1914. All but about
| million of this increase occurred in the
| January 1 to May 25. 1915, total trans
! actions amounted to s331,903,2OO, as
against s314,450,5OO in 1914.
The largest and most interesting in
dividual features of the month were
the offering for subscription of $685.
pany new general mortgage " per
cent gold bonds at 9Sh2, and the sale
of $25.000,O00 government of the Ar
gentine nation five-year per cent
offering was part of an international
transac ction embracing subscription
offering in the London market of
f5.000.000 additional bonds of the same
character. The American lot was
placed on sale Monday. May 10, and the
subscription list in London was opened
Tuesday. May II. The feat of the
American distributing syndicate In dis
posing of all of it's $25,000,000 bonds
within that week, in spite of the un-
settled conditions following the Lusi-
tania disaster may be considered re-
markable evidence of the distributing
power of the banking syndicate and of
the substantial faith of investors in the
United States in the stability and
credit of the Argentine nation. Or the
proceeds of this Argentine issue fS.OOO,-
600 go to pay off maturing obligations
in London, and the consent OF the Brit
trSY af
900 in that market was due to this
fact. The London market gains t3,OoO,-
900 in ready money by the operation
OF the London offering. however, the
public took only Is per cent, leaving
IS per cent to the underwriters.
"The subscription list to the Penn
sylyania issue was opened on the day
of the sinking of the Lusitanla ana II
was announced on the following tues
day that all of the $65.000,000 bonds
had been subscribed. Although the
bonds subsequently sold in the open
market as low as 96 Y. they nave
since recovered to a level around 97A.
Ninancial Notes.
Central Leather shares have been
very strong. based on an estimate OF
the number of pairs of shoes for which
orders have been placed by the United
States and foreign governments during
the past two weeks-s. 100000 pairs.
Yesterdays weakness on Wall street
was due to the expectation that the
Presidents note to Germany would
produce unsettling influences.
Chicago has become very bearish on
all farm products, basing action on the
excellent crop prospects.
General Electric Is said to be consfd-
erine the acceptance of another war
contract, this estimated at S75,000.000.
Chesapeake and Ohio for the week
ended May 81 showed an increase of
s9O7O7 as compared with the earnings
of the same week last year. From
July /, 1914, to May 81 there was an
increase of $1,50s.11s in earnings. as
compared with the earnings of the
same months in the previous fiscal
year.
New York city obligations to the ex-
tent of S57.000,0O0 mature with Sep
ternber l. 1t is expected that the city
officials will be advised by their bank
ers to do long term financing. which
has been made easy by the large
amount of money and low rates.
The decision in the governments suit
against the Steel Corporation has CIV
en- great confidence to other corpora
tions whose cases are now before the
Supreme Court of the United States.
Standard Oil subsidiaries for the first
six months of 1915 will pay out S29,-
61O 900 in dividends. as compared with
s34216,5s7 for the first six months of
1914.