The Washington herald., 1912-06-11
STOCK MARKET
TAKES A REST
All Eyes Focused on DOings Of
Supreme Court Steel Probe and
Chicago Convention.
By BARRON SERVICE.

New York, June l0-The market was
extremely quiet to-day and a waiting at
titude was so apparent that when the
German naval oficers visited the Stock
Exchange they thought that business had
been suspended in their honor. The tone
was firm and gave Indication Of ten
dency 70 rise II the developments await
ID were favorable. The Supreme Court
Iecisions were looked for all day with
interest, while developments in the
money trust investigation and the steel
hearing were watched for eagerly. Con-
servative traders stated that these events
and the political situation would keep
the market duh for some time to come.
The Steel Corporations untitled tonnage
figures were regarded as good, but Steel
common sold on fractionally on reports
that the, Stanley COMMITTEES would bring
in a very unfavorable report 20 Con-
gress. American Snuff broke sharply on
profit-taking from the recent big advance
Most OF the other stocks, with the e1-
ception of Beet Sugar, which was stroas,
and a few specialties, were praeticaiy
unchanged. The grain market was heaVy
all day in anticipation Of good showing
In the governments crop report published
in the afternoon.
The Statement Of the Steel Corpora
ton showing that on May 81 there were
orders for 5,75o. So tons Of finished steel
products on the books OF the corporation
Is the most favorable statement made In
years This Is because shipments dur
ing May broke all previous records ana
in spite of that, there was an increase
of $500 tons Of untitled orders on the
books as compared with April 30 It
also indicates that there were tremen-
dous bookings of orders during the
month at better prices than prevailed
earlier In the year.
The management Of the Louisville ana
Nashville Railway has practically agreed
that an increase In dividends and an
extra disbursement will be postponed
until after the elections IN November.
The dividends will be increased TO at least
S per cent as earnings are at the rate
of II per cent per share at present, while
the surplus which is equal to 80 per
cent Of the stock will eventually be par
TALLY divided.
Railroads Increase Earnings.
Reports from thirty-hve railroads for
the fourth week Of May showed that
gross earnings for that period aggre-
gated S1S77s,6 ,621, or an increase OF a'5ol'-
COg or 9 per cent as compared with the
same week in 1914.
The replacement OF an SfSsoO0,OOo per
cent bond issue by one for S2o,Ooo,OoO in
per cent bonds. indicated the stress
the Chicago and Alton is under in secur-
ing funds for improvements. Although
S4.5Oo,OOO Of the new s per cent bonds
were underwritten by Kuhn, Loeb &
Co. it has been understood to have been
for the interests Of the Union PACING
Railroad, which company paid the cash
for the underwriting. Union Pacific now
owns most Of the preferred stock Of the
Alton, and has been reported to have
taken steps to merge the smaller road
with it.
The SS,OOOOOO American Ice Company s.
per cent thirty-year bonds sold to a
Philadelphia house will be offered to
the general public at par in the near
future.
Receivers Of the Kansas City, Mexico |
and orient Railway have intimated that
reorganization plans of the road will re-
suit in the loss of control, at present |
held by Arthur E Stillwell
The American Locomotive Company |
has sold s. 10000 Of an authorized issue |
II S6OOO,OOO 5 per cent gold notes, with |
which to retire maturing Obligations dur
ing the next three years.
Inside interests of the American Beet |
Sugar Company have given out the in
formation that II the beet crop is up |
to expectations this year the dividend |
rate on the stock will be increased from |
to per cent.