The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1906-12-21

syivania, or where its pTSce should not be
higher than about 100 There is. Of course,
a certain similarity between the two
stocks, Pennsylvania having done a good
part OF its financing in 81 per cent con-
vertible bonds, which viii ultimately be
exchanged for stock, ard St. Paul Is now
arranging the financing OF rs Paciiic eX-
tension in way that will involve the
payment of only per cent on the new
capitalization during the construction pc
riOd; but against this there is the great
difference that no doubt exists as to the
ability OF the ST. Paui's new mileage to
pay the large returns on its cost from the
start. while il Is problematical whether
Pennsylvania viii for many years receive
an adequate return from IT'S tunnel enter
prise If the two stocks are about the
same value. then Pennsylvania Is too low,
instead Of St Paul being too high.
When President Roosevelt. in HIS mes
sage TO Congress, urged the enactment Of
measures 70 prevent the overca pitaliza-
ton of corporations, the prediction was
made that the possibility of the enact
ment Of such a law would probably
hasten announcement Of some proposed
capital increases Since that time the
Atchison has announced an increase OF
its common stock from $l52.G000G0 to $3.50, =
600. OO0: Great Northern an Increase of $780,
0C0, COO; Northern Pacific an increase Of
S93, 000O0. and St. Paul an increase of up
ward OF S99,0C0,O00 OF the Atchison In
crease. for which the authority of the
stockholders has been asked, only $4,000,
900 viii be used at once, but with the
authority OF stockholders secured IT would
be an easy matter for the directors to
issue an additional amount in time TO es-
cape the operations Of a new law impOs-
ing troublesome conditions in case the
passing OF such a measure seemed immi-
nent
IL may be merely a coincidence that all
The capital increases have come just after
the Presidents reference TO the question
Of overcapitalizaticn. or # may be that
the railroads. fearing that Congress- in
its zeal to check improper practices, might
impose restraint on legitimate enter
prises. have considered 1t the best policy
to take no chances.
Tennessee Coal. Iron. and Railroad
Company declared a regular quarterly
dividend Of . per cent on its preferred
stock and per cent on its common
stock. payable February !. The books
viii close on January Il and reopen Feb
ruary ?.
The White Star Line steamer Majestic
which arrived from Liverpool this morn
ing, brought 10000 in gold
Missouri Pacific declared a regular semi
annual dividend Of IL per cent. payable
January 2. Books close December Is and
reopen January %
The Chicago. Milwaukee and st. Paul
Railway Company announces that the
coupons due January !. 1867. on the bonds
OF the company viii be paid upon pre-
sentation at the office OF the company
on or after December IS.
Chicago and Alton has declared the
usual seni-aunual dividend of . per cent
or its preferred stock, payable January
, This action disposed OF the rumors
recently current that the dividend would
be passed.
The directors OF the Nlpissing Mines
Company. limited, to-day declared the
regular quarterly dividend Of 3 per cent.
and an extra dividend Of per cent. pay
able January - 10 the stockholders OF
record on January