New-York tribune., 1909-11-19
CIT EXPRESS MELON
UELLS-FARGO PL1NS.
Incrcase Capital Stock from
ss,O00, 900 to s24,000.0 900.

Val Streets expectations of a bag melon
-,t,irg" hy Wells. Fargo a Co. were more
shsa realized yesterday. when the directors
A. 4 spscial meeting voted % increase the
ANITA stock from sS.00o.0eo 90 SEA 0co e5o. 70
~ oferec 10 stockholders a. par, and. pro-
,-isea the increase II authorized BY the
s.eclholders. that they receive cash divi-
sfns u $500 a share out % the accumu-
l.-ed surplus earnings % the company.
rris VII furnish each holder OF a share
a. Stock with funds 20 purchase tvo shares
- fhc rev stock and stin have Sls0 In
cash as under the plan as announced
s.ockhol6crs vii be permitted 20 subscribe.
for The new issue pro rata. according 10
tieir respective holdings a. the proportion
Of tVo shares of new stock for each share
of old.
AT of the compauy's present capital OF
r.oH.o0 is outstandlng and there are about
fNeen hundred stockholders among whom
The melon" Nil be divided. The dis;ribu-
f;on vii rank among the largest divisions
90 surplus By a big corporation in Tie his
tary OF Wall Street. The previous most
notable distribution of a similar kind by
any ~ tie express companies was IN June.
iar- when tie Adams Express Company
ceclareH go per cent dividend n the shape
~ an issue of S2LOoaeo forty year 4 per
cent collateral trust distribution bonds.
The stock of the company. which Las
ne-r advancing rapidly IN price since tie
after part - October. when runners that
SON. kind of a bonus was 70 be raid 10
stockholders began a. be circulated. Jumped
fffv points yesterday. following the an
ururcalnent or the directors action % SO.
q new hirh record Around the end OF &C
tober the stock was selling ar sac so IL
Las sailel 80 points in less than three
weeks NeKt 10 Lackawanna stock. Wells
Fargo is the highest priced issue dealt in
or the stock ENchenge.
That THE company can WI afford to
make such q distributisu 10 its stocIzhOld-
r-s as it purposes dong IL indicated by the
last auursl report. which showed net earn
iugs for the year ended June 80. lso9 of
Si65sc c-1. equivalent 70 about s per cent On
t1c present Outstanding capital and 10
ABOUT o. per cent on the proposed capital 4
"a a8a 1n. The accumulated surplus earn
iugs az The company out Of which the 800
rer cent cash dividend is 20 BE- paid amount
~ ABOUT S26ooo.0o0. IL IS understood that
the u-auaEeuleut contemplate maintaining
on least tie present dividend OF 10 per cent
. rear ou the increased capitalization.
Tre railroad mileage covered by the
v-ells-Fargo Company express business
iu the United States and Mexico amounted
sr the dste OF the last annual report 70
81 So miles. and The stage. Inland steamer
end ocean steamship mileage aggregated
E--6 miles more a total OF 70.2S5 miles This
vas al increase for the year Of 1l756 miles,
and = IS Understood that since the begin
ring of the present fiscal year there has
teeu a further increase Of 900 miles. Of
rlicl 80 we're added in Mexico.
There have geen rgmors that now that
SIT Hartman. under whose leadership the
old mana cement II 1875 defegted an attempt
tv the opposition 10 gct control Of the
upauv was dead. the contest for
control of the company might be renewed,
ErE r. was said N tins connection that
-r3ckhol6ers had received private offers for
f.lelr holdings above. the market quotations
This buying for control Was one Of the
reasons put forward for the advance in
che company stock, but Il is more prob
sbis that the advance was due 10 buying
based on inside knowledge OF what vas
coming IN the way OF a bonus FOR the stock
holders