The evening world. Newspaper, May 28, 1913, Page 15

( 4 } { 4 PAWNSHOP PLAN BRINGS DISASTER TO FRISCO ROAD, Cgeebe Whort Term Note System of Finance Meant Big Profit to Wall Street. FAVORED GAME THERE. Several Other Lines Entangled in Same Way—Receiver for Frisco. Pinencial collapse of the St. Louls @n4 San Francisco Railroad system, Which went into hands of receivers yes- terday through Inability to meet 92,260,000 short term notes due June 1, Brings into prominence a system of Fallread finance which has been very Popular during the last few years. Bhort term notes i« the Wall street Rame given to a acheme of hand to Mouth financing that has been tre- Mendounly popular among railroad Presidents akating on thin ice and try- fag to tide over diMeulties in hopes @f something better turning up. In the old days a railroad had only two kinds of obligations—ponds, which Were a mortgage on the property, and stock, which represented the business, New layers of securities were piled up om the financial pyramid from time to time. Second mortgage bonds wore 4604. Then stock was divided into Preferred and common. The Frisco system even had a second preferred eteck jesue. A later device was the collateral bond, which was evolved af- fer all the physical property had been pledged in first and cecund mortgage bends. ‘The short term note was vrovught into ve play during the panic of 1907, when all forms of regular issue were Amposaible to well to the public. This Bote is a device of bankers, to be ap- plied in times of a company’s dietrees, when almost usurious terms can be cx- ected. The ordinary citizen, who may have a few shares of stock or « bond er two, never hax anything to do with thee, note issues, He merely peade about them and wonders what they mean. He may look at his firet mortgage bond and think he has fret Hen upon the rallroad's property. But the short term rate is secured by the cream of collateral from the company's treasury. Besides this, the banker gets a higher Fate of interest than from mortgage @ high for short time laang wt the Ghaiftes of paying them off in a year or two out of earninks rather than to eaddle the property with lope! time mortgage bonds at lewer, rates, ‘This would ve gound reasoning except for, the fact that a majority of the notes are not paid off but merely con- verted éventually into some new form of Indebtedness. Another use of short term notes Is during periods of dull markets, when the Public will not digest ordinary secuch| @ tlen that otherwise would ismued. When conditions tmprove some form of long term bonds are put out and the! notes retired. ‘The banks of Wall street are reaping fine profite out of this note mania. ‘They charge high interest and commis sions and demand gilt edge security for thelr money, IT 18 LIKE A VISIT TO THE PAWNBROK' The procesn in exactly vieit that an ordinary cli temporary embarrassment makes to the pawnbroker, Jn the parlance of Forty- Second street, he “hocks his watch.” In the parlance of Wall street, when @ railroad president visita one of the big banking houses he negotiates an (esue of short term notes, The difference ts merety In amount. The process, the cost and the resuits are the same. Im the Frisco system case the pawn- brokers grew lony-hearted when Chairman Yoakum begged for more time. They demanded their pound of flesh. He could not pay! what he owed and he had nothing left to “hock.”* Now another railroad company must be organiaed, The bankers will take first what due on the notes, Then the mortgage dondholders will demand their money. The stockholder—frst Preferred, second preferred and com- mon—will have their holdings scaled down and perhaps stand an assessment, It is dangerous even for railroad pres. idonts to visit the pawnbrokers of Wall street. The Bowery or Sixth ave- nue woul@ be safer, pi: DEAD SITTING IN AUTO. Police fay Mem Killed Himself by fubaling Gas at Garage. PHILADHPLPHIA, May %.—Alter Weiss, fifty-Ave years old, a clothing manufacturer, was found dead to-day sitting upright In his automobile in his Private garage. Gas was escaping from & fixture in the garage and the police say the man undoubtedly committed it hi the fact that ‘tear keeps iy people away Front the Rosai tie chair. My great = achievement, the restoring of missing teeth without plates, has won me many patients. I have also a pertect br of filling, crowning and bridg- that Is reall: pariiease and is ie Ing successfully followed. EXAMINATION of your TEETH FR! Faxed ba X'S DENTAL PARLORS” Pla donds. One year short term notes are now being made at 6 per cent., and even higber rates, whilo bonds usuaily are at from 4 to 6 per cent. Bi@ SHORT TERM NOTES OF PROMINENT RAILROADS, Among the enormous short term notes of prominent raliroads now out- etanding are: Mow York, Mow Maven and Mart- feed, $40,000,000, due next Movem- dex. Boston and Maine, $12,000,000, due Tune 14, and just renewed for an- ether yoar with §5,000,000 mere added. Otacipasti, Hamilton end Dayton, SSR ee. Foe GL NET F0Ry ane ‘This practice of running to the dig] bankers of Wall street is due in some} cases, like that of the Frisco aystem, to desperate straits and in others {t is Some! considered «hrewd financlering. a i 224 5 is HOLBROOKS WORCESTERSHIRE SAUCE Is like an ogg without Salt. Imported Absolately! CARPET 1 a ¥. wus presidents aascrt that it Is better to pay CLEANING sy Weal 54th St, Works F Hard In Factory; 50, but Beats Young Men JOHN DOHERTY Dutty John Doherty, 533 West Second St., Anderson, Ind., says: “I feel like a new man when I take Duffy’s Pure Malt baigpenonr I find it a very good thing for aman who has got to work hard “I have been using Duffy's Pure Malt Whiskey forso etime. I findit a very good thing in aman that has got to pork hard, 1 bu buy 8 Date ot evel urday, for | am getting ol and | rave to work very hard, and it morning, noon and at. “ feel like a new man when | Duffy's. I think it is the best thing | ever got hold of, and [ let all my ’ friends know what it is doing for me. “I am about fifty years old and 1 can do more work in the factory than most of the younger men, but | am using your Malt Whiskey and that makes me feel young, , , 1am going to use it ri 1 —-JOHN DOHERT' fest Second St., Anderson, Ind. does Hy rt. alon 533 *sPureMalt Whiskey back health and strength to the aged and feeble. It is nature's true tonic It stimulates the appetite, improves di gestion and makes easier the sain lation of the nourishment in the food, This enriches the blood, which in turn better, stron, d mental and pI r repair of the waste tissue in body, brain and muscle. Re- ysical vigor result, restoring the strength ke up your mind to-day to regain your health Font Make up Your 's Pure Malt Whiskey” Be Sure to Get Dufty’ our doctors tor advice, it'e Reliable will give it absolutely ble illu. ¥ ill also receive a valual age Creer booklet, Sold in SEALED BOTTLES ONLY That Hit the Spot, at $16.50 Cool Suits, of wh eraf in his clothes cl comes. every man wants sev- when the hot weather Suits that are just as he wants them, too, as to materials, coloring and cut. As to the fabrics—flannels, unfinished ‘worsteds, serges and other good Summer cioths. Colors— plain blue, plain black, fancy mixtures and hand- some pin stripes. Styles—straight Sack Suits and Norfolk Suits. Suits with a pedigree that entitles them to be priced at $22 to $25, as any man who knows conning values can tell at a glance. ~ But now at $16.60, because we wanted to make as many men comfortable for Decoration Day outings as possible—and save them money besides. Fourth Floor Simultaneously with the Opening of the Great Outdoor Season Wemens ‘ailored Shirts At $1.50, instead of $3 to $5 An Exclusive Gimbel Sale A Shirt of refinement— the Gotham—is the keynote of the smartly tailored woman's costume. This is so if she is attired for traveling or riding, or for playing golf, tennis or any of the Summer Sports. These Shirts in materials that are striped in 'the patterns and colors that are used in men’s custom shirts— Jacquard and Striped Shirtings Plain and Striped Madras Linen, Soiesette and French Flannel All sizes from 32 to 44 Third Floor | Specially for.Decoration Day— Unusual PARASOL Sale It would be a shame to freckle your nose for the lack ot a parasol. And. you are apt to doit at the seaside, or on the Albany Day Boat, or w erever else you go for a Decoration Day trip in the open air. Hence this Parasol Event—a renase of 1500, in charming and fashionable new sty! $2 oud obs #atsaall ab 01.08 agin fatto ail in all ll eolors, with ribbon borders. White and black colored taffeta with sill looped tassel on handle. $3 to $3.75 Parasols at $2 Newest shapes, incding “The Bell,” “The Dome,” “The India,” Nl as the ibe pret va ye ws Among the are white and black, and white-and-green satin-striped ‘ale ee a with Ottoman border, for sun and rain; Dresden and Pomp jour r taffeta silks, plain colors, with white or black- Prtewnite checks, with ribbon borders, and many others. Beautiful as- sortment of handles. But If It Should Rain! Pardon such pessimism; but in case the weather man pre- dicts showers, here is a fine group of Men's and Women’s $3 Umbrellas at $2 Heavy twilled silk, trimmed in plain natural wood handles. Men’s $1.50 to $10 Canes at $1 to $6 tyles, shapes and woods, all silver-trimmed. It's a good th foo peli to carry genie stick, for it keeps his hands out of we pockets and makes him uncot aquare up his shoulders. ‘This is a particu- larly fine lot. Main floor Holiday Ribbons Think of all the pretty frocks and bonnets that will be made prettier for the holiday by new Ribbons! Especially when prices are as attractive as these: Satin Taffeta Ribhen pink, light, foe bial white; 534 inches; 6c yard. Dresden Warp Printed Ribbon; hes; at She yard, Brocaded Ribbon, ‘in lis me aie maize ai lilac; for sashes and hairbows; 4 34 inches, at 30 yard; Th inches at 60¢ yard. Bleck Satin-back Velvet Ribbon for Panama hats, 1 te 534 inches, at 10¢ to 70c yeid. ‘itoman *bayadere, Tatlera, Ribbon for bashes on Rimion blonees, and poarts ongPanama hats,6}2 inches, at 886 yard. ‘Main Floer —= = BROADWAY nue Got oe on , Ma pro pay Your Separate Skirt should be of Tussor Linen Natural Cotor Cordoline Momie Linen Cotton Matelasse Plain Linen To assure modishness, and so that you may select from a diversity of styles at $2 to $5.75 All sizes for women. Third Floor Final Sale of “La Markette” Corsets - $1.35, Reyulery $3.50 $2.50, Rorviar ly $4.50 $3, Regularly $6 $4.50, Regularly $6 i re ce oa new mode! or our White Sale. Many are of fine broche materials, others are of coutil. All sizes in nearly every model. “De Rose aie nparcieat 66c; Instead of $1 An excellent om. for Summer wear—trimmed ib ernbroldery and lace. Pink Corset Shop, Second Floor These Noticns? Last things to he done to your cogtume before you start off on your trip? Or handy articles to pop into your traveling bag? See these: 260 for two 15c pairs Gimbele “Per- fection” Washable Dress Shields. 865c for two 25c pairs Gimbels Gar- ment Shields. 10c for three 5c cards Dress Shield Pins. 0c for six 1éc reel Allover Hair Nets 10c for six boxes Wire Hairpins, heavy and invisible. 106 for 15c box Assorted Wire Hairpins. 16c for four 6e Cards Gimbels Im- ported Pearl-hesd Lace Pins, many colors. 100 for three 5e cards Washable Collar Supporters. 16e for two 10¢ pieces Mercerized Lingerie Tape, fast colors. Bathing Accessories “The Q ker Girl” Satin Polka-dot Bathin ms, FOC, Pure Gum Bzthing Czps, 26¢, 60c and T6c, Also veveral dainty styles at 0c to $2.60, Bathing Shoes, 26c to $1.76 pair. Bathing Suits Bags, 26c and $1, Bathing Wings, 25¢ pair. Main Floor _GIMBEL BROTH ERS NEW YORK THURSDAY and T SAvURDAT (Store Closed Friday) The culmination of a month of splendid events, To the thousands apg prepare for this month-end event it is merely necessary to e To those who have not yet become acquainted with The paereree Bales in ee two-floor GIMBEL Subway store, we would ees announcement which are only a one hu Saturdsy—and to remember that every as Teuorythinp adeorised wast be anridedly emden snaersricih ioctl wae im price thas prOvtancly toon dartun the moth even if reduced in'price before. ‘Women’s and Misses’ Suits, Coats and Dresses Extraordinarily Priced at $4.95 Each soraral escoptfenel tales during this meen: oe Mapene'eerd ve tas los should be Women’s, Misses’ & Juniors’ Suits, $4.95 Each que nts ee weaeearel. Any euits in this is pencrereeny, Some, 6 at the Doptening S¢ che seanon, be priced A hose wom. earl; fortunate enough to be fitted suits may ‘ee wert S00 ane oro FHV ts a Sate hictv il 7 wie day fers wilt oti good br nnd ad Ccyeme jacen, velvet, ete, Al ue fone. Va Values from isen for women and misses, roe Cente ot SE ie Fine, well made sane Sooke, in stripes; Bteamer Evening Coats, ‘alles at reductions ot Cy or ont ‘aed Girls’ Wash Dresses at $1 ag grt A lovely collection of Summer ginghame and ti inenes 4 ANT "ahaden a variety ot front, a ‘al models—low nga or ng eutiy embroidered dom we fy jorfolk au: rimmed with red, tan— kin we gored akirts, Sines 6 to 11. * Children’s Summer Dresses at 45c each wit path oe Deteh e reciaetinsieovan ia fa Tevely "he assortment of colors, Skirts fully kil Infants’ and Little Tots’ Dresses at Ec Each A quick disposal of regular $1.60 piel, gusetem dresses, from our main store, These are very pretty tmodels—high or low necks——for ages 3 to 65c Imported German Dresses at 38c Bek Gubway Balcony. Striped and Plain blue chambray frocks for ages 2 to 6. $1 Washable Silks ||| 10,000 Yards Waist & Dress Lengths in Wash Goods at 65c Yd. Ac to 76 Grades at 12/46 and Ste Excellent quality, Ja. fine range of colors and fg mae" aor stripes on white ‘hese are cool and dut- Votes Peg Riad my based ae pel stall ce esta oo imported black, and is water and perspire ini send ph ntl Fleer $16.75 BRASS BEDSTEAD AT $9.75 § ‘This aplendia 2-inch ported bed has heavy, massive top . rod and 10 1-inoh « heavy able weaves, 81 inches wide, 95c Waterproof Habutal, 70c Yd. tN and Sheets 000 yards of roller and hand towelling, in remnants of trom ¢ a 18 yarda 45c Table Damask, 28c Yard paliltg pared Gnich, in lonathe of from 1 t0 4 160 Seamless Sheets, Sic vated se re or sp bine ie “alt ie Bleached Pillow Cases, 80 choice of 42236 or 45x36 inches tore "beenming. ” 'Bubway Store, Lewer Fleet” ral Gas Domes at $4.75 for this Month-End Sale wo have a fi Jon et chad a of and ‘colores We $8 Rolled Edge Mattress, A.76 Pure cotton, careful sanitary, dustproof; various patterns of ticking wat “a aives jubwey, Lower Fleer A SALE OF A THOUSAND FRAMED PICTURES At 100, eubtabee -Values 25c to 50c At $1... - Values $2 to $8.60 aan THainue veneer, wood at Hand-colored “irtotupeny i bonetica, Photogravure: HALF PRICE Subway Stored, Balcony. Month-End Sale of 9x12 RUGS $23.50 Axminsters at $18.50 This is a very remarkable value. These rigs ta he Dighant piles, Aumiaetar Shas fe 5 io ae. A ih fine selection of patterns and u big assortment of beau! Also 9x12 Velvet ituge, 3 $18,50 Grades at $11 ‘These are all the same pattern, and that is . Bes the, of course, dows effect the purchaser of one ot them, "They are ‘he we ee om yoked thls this Spring. “s ay, Lower Floer The Law of the Month-end Sale Reprices Men’s and Young Men’s $10 and $12.50 Suits of All-Wool Blue Serge to $7.75 ‘There are only a hundred or so of these splendid suits, of {ust color Guaranteed Blue Serge-—extra well tailored, with rerge lining, Sizes 82 to 40 chest measurements. Three-button eack cot style. Men's $2 and $3 Trousers, $1.65 i A sollection 06 odd Trousers tn sonal tote, Fancy mixtures nicely tai- Ores Youths’ Suits Repriced to $4.75 Neat dark gray and brown mixtures—wel] tsilored. Sizes $1 to 38, Boys’ $2 to $2.96 Suits, $1.65 etetecae Mere aa ee Boys’ $1 and $1.86 Wash Suits, 75c A collection of odd stocks from our regular lines. Rus alan and Sailor Blouse Ruita. Boys’ 76c and $1 Knickerbockers, 60¢ THIATY-THIAD OT. Broken lines and sises. 6c Kitchen’ Towelling (Remnants), ‘ 6c Yard | ( ' ery rass 928287) Fi =Se