The Washington herald., 1912-08-24
INDUsTR|ALs. did
THE Bis BUSINESS
Railroads Weak Due to Panama
Canal Bill end Labor
Dispute.
BARON FINANCIAL SERVICE.

Nav York. Aug. e3.-Although the
tome of the market was good to-day
prices were uncertain and irregular.
Railroad shares were neglected for trad
ing IN industriaIs, owing 20 the weakness
of the railroad securities on Thursday.
The weakness was due partly to the
Panama Canal bill and partly to the
prospect that the engineers will win
their fight for higher pay. Copper snares
were strong. Utah leading the otners.
sale of Delaware, Lackawanna ana
Western was made al so. a new low
for the year. American Telephone ano
Telegraph declined close TO point pu,
recovered Gas stocks were strong The
prices of the more active >stocks, as a
whole. showed recovery Of part OF
Thursdays losses.
The Standard OIL Company Of New
York, which is earning between sl2.Vo'"o
and sI5.OO0Ooo available for dividends a
wear. Is considering an increase In capi-
tai stock from s15.000.o0o to either $'o'oo-
600 or sso.oo0.0oo. The company has paid
OF all of its $50. 100000 Indebtedness TO the
Standard OIL Company OF New Jersey.
Its assest are around 800. 900. OF which
about seo.0O0,0oo is in excess of current
liabilities.
The Boston and Albany equipment trust
notes issued Jointly by the New York
Central and the New Haven lines, Will oe
issued soon, and ii Is expected that the
entire issue of s6.0ooo0O will be offered 10
the public for subscription.
The International Smelling and Renn-
ing Company has abandoned the plan
made early in the year to issue addi-
tionaI stock to pay for new construction
and will use surplus earnings for that
purpose. The company is now earning
about S per cent on its stock in ex-
cess of dividend requirements. The au-
thorized capital stock is $5o.oooOco. OF
which only 100000 900 is outstanding. AS
the stock pays s per cent dividends, II
would be cheaper to use earnings Tor
current needs and borrow any other
funds needed at per cent than to issue
new stock.
Wall Street has already started to fig-
ure the earnings of the Chicago, Mil
waukee and st. Paul for the year to
June 80, 1913. and has already discounted
earnings from a bumper wheat crop and
a per cent dividend, although to earn
even per cent dividend the road
must show an increase of nearly 5000
900 in gross. or else drastically cut down
operating expenses.
The probable increase in the dividend
rate of the Anaconda Copper Company
from 81 to 50 year will give the ANAL
gamated Copper Company IS share for
distribution. but the larger receipts do
not always figure in immediate disburse-
ments of the Amalgamated. and il is ex-
pected that 1t will only increase its rate
from "a to IS share in the fall. Next
year. Amalgamated is expected to pay IS
per share in dividends II it Is not elimi-
mated and absorbed by the Anaconda In
the meantime
American Telephone and Telegraph
stock reflected the reports from WASH
ington that the government would soon
institute suit against the company under
the Sherman law, to compel its dissoiu-
tion. The concern has been under inves-
tigation for nearly a year. The company
owns nearly all Of the Western Union
and Bell Telephone interest in the coun-
try, and is capitalized at $500. 100000.