New-York tribune., 1906-06-21
}. & O.. DIVIDEND UP
Stock Placed on Per Cent Basis
Beginning September.

directors Of the Baltimore & Ohio Railroad Com
many at their meeting yesterday declared semi
annual dividend Of cent on the common STOCK
En- increase of u Of per cent from the last pre-
eedtng dividend period. Last September the rate
was Increased from to per cent. the per cent
rate having prevailed from 1900 until September
1905. The dividend just declared is payable on
Reptember J. and the fact that action was taken
SO long in advance gave rise 10 considerable curl
ossty in Wall Street except in quarters well IN
formed on Baltimore g. Ohio affairs
1t is understood that large holders or the stock,
especiallv interests who have been heavy sub
sc-r,ars 10 recent stock issues by the company,
practically demanded increased return on their
holdings but for early action Is declared to
be due to n condition imposed by the French syndi-
rate that took the Pennsylvania s50,000.0o0 bond
Issue This condition was, fl is said. that dvi-
dend be declared at once. 10 maintain a good mar
ket for Pennsylvania securities A
An increase in the Baltimore & Ohio dividend
.5Gs 90 the income of the Pennsylvania Railroad.
snd naturally is bull argument on Pennsylvania
Issues Pennsylvania owns sS0.29S.Soo of Baltimore
& Ohio common stock.
Following the dividend announcement a statement
pf the cornpanys earnings for the fiscal year. June
estimated was presented, showing gross earnings
Of s772lss42. against s67.6Ss.ss7 in the preceding
year and net earnings of S27.eo1oS6. an increase
Of s4s2lee2. The statement follows:
1905 1905 1904.
e-o.. earning. sessss sss sss sS5iSs, 81 81
Expenses 496lsSo" 4silo'ooo 4"'o-oO'
Vet ea-,inrs S27 COL os6 So e7s 3e4 S21 442 2lI
oSI eae ''''' 451f7 27l6esO 2,64sEsT
TO-, ,,.o-,a ssi Oss ia SOS $50 392 s24 COS s14
Charges ETC.. 1306oO4s lZZo@oeo Ai''"'''a
1us avail for oo1 o75 slse73 sss sl2 357 $50
Preferred dividends 2A00'o'o %4o''oO0 ~ -.1VYo
Falsnce .....s SIS eol. .075 sll 27s eae s9,937S $50
Common dividends 6,s75.0oO S6s2o42 4's'o4e<
sBro1u. ........... IS T26O75 S5eSl.s5i s4ese,s7s
The company in the current fiscal year VIII snow
an amount available for dividends on the common
stock OF s15601O5 It will deduct only 512 per cent
shls year for its common stock DIVIDENDS Inc luII
-eouirenents on the l25000.c00 common stock now
outstanding the per cent rate would be S',19-
900 and IL that had been paid the company would
have carried surplus Of sSl01015 10 devote 10 I'M
rrovements. Even the recent issue OF new
common stock already outstanding, making total
OF nearly S53 900 0O0 the per cent requirements on
that sum amounting to SlS).o00 would stil leave
the connanY s5 42 05 surplus, or Si3sl2l IN excess
OF the surplus for the fiscal year ended june 80
=eN5 II the earnings Of the Baltimore q ONO
for the coming fiscal year should approximate the
ratio Of gain that 1905 has shown over lso the run
requirements of per cent the fuli issue OF aI-
thorized stock would be earned ana d surplus ieIh
OF about $l2 100000. -.
baltimore & Ohio stock opened strong and sold OF
Immediately following the directors meeting when
IL was announced that statement would be mace
until later. The subsequent announcement or tne
dividend induced active buying OF the issue WhIcn
sold Up to 1884, closing at 1l9l4. a net gam OF ~
The highest price touched by this STOCK last year
was H. which best figure since september,
1902 when it sold at 1lSz.