The Washington herald., 1912-07-27
MARKET DULLs
AND EASES OFF
Hard Ccalers Are Strong, but Ma
tional Biscuit Continues
to Drop.
PLANS sso,ooo,ooo BOND ISSUE
px nARRoN sERvIcE.

New York, July S.-There was a gen.
erai advance all along the line at the
opening this morning, but by the middle
afternoon, the market had turned dun
and eased on in spots. The undertone
was excellent and there was not posi-
tive weakness in the active list. General
Electric declined. but It was because Of
realizing on the declaration of the 90
per cent stock dividend which had been
discounted for several weeks. The weak
ness in the issue did not hurt the gen.
eral list The hard coaiers were strong
at the opening, but eased of later. Ma
tional Biscuit continued its downward
movement with Loose Wiles Biscuit
Company still climbing the other way.
Owners Of IA per cent debenture bonds
Of the Z. I. Du Pont de Nemours Powder
Company. the trust dissolved by the gov
ernment's order, may start a movement
10 reopen the case. as they are dissatis-
fed with the treatment accorded the
bondholders IN the dissolution plan The
splitting up Of the properties into three
companies, they claim, reduces the equity
behind the bonds, the trust indenture
covering them saying the company shall
have power to control lis property at all
times for sale or any use 1t sees fit. The
bonds outstanding total s14 94S, 900.
common stock dividends for the fiscal
year just closed will be in excess of 10is
per cent on the $40, 0,0oo. 900 common stock.
This is about q of l per cent. below the
average of the past five years and over
l per cent. less than 1911 net earnings.
Plans Stock Issue.
Cigar Stores Company of America. taken
from the condition of all component parts
on June l, shows total assets of ss7, ,796, 23s,
of which about s12.OJ0,OO0 is quick assets
and the balance real estate and good
will The outstanding capital stock is
reckoned at sS1,70oOOo out of sa5,0oO, 600
authorized. and Immediate liabilities at
50. 900. leaving a balance of quick as
sets of about SS,5oo,000. The surplus ac-
count totals $3.50, z5o.
The General Electric Company's plan
to issue 0.0o0 debenture bonds results
from the new policy of the directors to
increase the dividend rate and to use
these bonds instead of earnings to pro-
vide working capital.
Net earnings of tf- Westinghouse Air
Brake Company in 1872 are running at
the rate of 20 per cent on its SIS. 900
capital stock.
The annual report of the Union Pacific
viii show about IA per cent earned on
the common stock, which will leave a
balance after the Common dividends of
about $S,I00000 for depreciation charges
and surplus. The road now has a surplus
account of over S,o0,O00,OOo which will
make a good melon for cutting some
DAY. 1t is equal to about 30 per cent on
the common stock.
The placing of many loans for fall
needs with the banks is at least a month
ahead of the usual demands for such
leans and may have the effect of keep
ing rates from undue firmness later on
Usually in the late summer and early
fal! there is such a rush for money that
banks are forced to raise their loaning
rates by it even when there is plenty of
nGEeF.
Greet Northern stock has been the
leader On the market for several days
be cause of its great outlook for the |
current year and its good earnings, equal
{" Il Per cent on the stock for the past
year