The Washington herald., 1912-08-17
MARKET QUIET;
WEAK IN SPOTS
Canadian Pacific on Toboggan, but
Equipment Stocks Score
an Advance.
LARGE LOCOMOTIVE ORDERS
By BARRON SERVICE.

New York, Aug. 16.-The market was
quiet though firm to-day, although one
or two weak spots came out, as Canadian
Pacific, which suffered from profit taking,
declined from the high record price made
on Thursday. The excellent corn crop
outlook aided the good advances by Dis
tiIlers' Securities Corporation and Corn
Products Refining stock. Equipment
stocks advanced because of the large
number Of orders for cars and locomo-
tives recently placed and pending Chino
Copper was strong on the expectation OF
the commencement of dividends before
the end of the year. Pressed Steel Car
common sold at the highest price in sew
eral years. Amalgamated Copper was the
strongest of the larger issues, while Un-
ion Pacific showed signs Of weakness.
Union was weak because of the refiec-
ton of the passage of the Panama
Canal bill, which will hit 1t and the
Southern Pacific heavily in cutting on
the steamship lines owned by the roads.
The Eastman Aodak Company declared
an extra dividend of 10 per cent on the
common stock in addition to the regular
disbursements
With the declaration of the same divi-
dend rate by number of former SUBJ
sidiaries OF the Standard Oil Company
of New Jersey during the past week, as
was declared in previous quarters, 1t be-
comes a certainty that in time all Of
the former parts of the Oil Trust will
be put on dividend basis. About ten
Of the companies have not as yet given
anything to their shareholders, but II
is probable that all that have not been
heard from yet will declare dividends
before the end of the year, or in 1918.
AS a result of this knowledge, there has
been phenomenal advance in the price
of these shares over the past few days,
greater even than during the winter.
when they were first traded in.
Big Locomotive Orders.
The American Locomotive Company
has on its books orders for s1S.0oO,0oo
worth of engines, which is one of the
best indications of the increased pros
perity of the countrys railroads that has
been shown recently. This is about three
times the normal amount Of business that
the company has on its books and is about
the largest in its history. The company
is now earning about Is per cent On its
s250oO.0OO common stock. which is about
double the net earnings of the year
closed June 80.
The Atlantic Coast Line-Louisville and
Nashville collateral trust per cent bonds
will not be retired in the Louisville and
Nashville capital increase. although II
has been rumored a short time ago that
they would be called. The position of the
Coast Line collaterals will be consider
ably strengthened. however, for the Coast
Line will be enabled to take 81 per cent
of the stock issued by the Louisville and
Nashville under them
The McCrum-Howell Company, the
Bath Tub Trust, will be reorganized
with a new company. formed to have a
capital Of s1.6o0.0o0 preferred and s., 0o0. 900
common stock. OF this $4,000 of the |
preferred will be sold for cash, to pro- |
vide working capital. Creditors of the |
company will receive % per cent in cash |
and 20 per cent in new common stock on |
their claims, by which 81. 10000 in debts |
will be wiped out. |
Early predictions of the Wabash Rail- |
roads 1872 fiscal years net earnings have !
been borne out with the publication of |
the annual statement, showing that the |
net for the year to June 90 was s. 204, ,279. |