The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-08-04
BEARS GET BUSY At
CLOSE OF MARKET
Up to that Time Prices Made New
High Record ON the
Street.
GREAT NORTHERN STRONG
GREAT NORTHERN STRONG
By sARRoN SERVICE.

BY BARRON SERVICE.
New York, Aug. 3-The market was
raided just before the close to-day and
prices suffered from the bear attack.
although there was apparently good buy
ing on the decline. Until the last half
hour, prices were frm. General Chemi-
cal repeated its performance OF a sew
weeks ago and advanced thirteen points
a. the opening 20 new high record. Sears
Roebuck also made q new high record
after the publication Of its sales for
July, showing that gross earnings SO far
this year are So. loo in excess of the
first seven months receipts In 1911. North
ern Pacific made new high for the
year. Great Northern also made new
high for the year early In the session.
ST. Paul, Atchison, and other railroad
shares were in the bull procession until
the bears let loose Just before the close
American Snuff made new nigh record
while other tobacco stocks made early
gains, American Tobacco going over four
points. After the bear raid at the clos
ing, prices were found to have dropped
to about the level of the closing on
Friday in most cases. Reading being the
only active issue showing q loss Of more
than half q point
The bank statement showed few sig
nificant changes. but was good as q
firmly intrenched In anticipation Of the
fall demand for crop moving funds
The Crescent Pipe Line declared its
third dividend of the year, per cent
for the quarter.
The earnings Of the Pennsylvania Rail-
road for the first six months of 1872
showed more improvement over those of
1917 for the same time. In 1911. the situa-
ton was reversed when Pennsylvania
earnings were at a low ebb, because OF
dullness in the steel trade, and II has
been mostly because of the great activ-
ity in steel that the Pennsylvania and
its subsidiary lines, dependent on steel
traffic for earnings, has been doing so
well this year.
In 1911, New York Central finished the
first six months with gross gain Of S.
10000 and a net gain of 100000 over the
first half Of 1910 with Pennsylvania show
ing loss of s. 900 in gross and 81
100000 in net. For the first six months
of 1872, Pennsylvania gained IS, 10000 in
gross and sl,7o0.0oo in net while Central
only gained H,7oo.00O in gross and lost
81, 100000 in net. Pennsylvania pet
available for dividends improved $1.700,-
900 for the six months and Centrars
share balance decreased s.. 230.0 900. II is
just about that amount short of a half
Is
with Central the latter half of the year
always shows the best earnings, and the
deficit should be all made up by Decem-
Der 81 Last years dividend balance was
So per cent earned In the second half
year, earning a share balance of $780,
900 from July to December and with
earnings the same this six months in
1912 at the end of the year there will be
a surplus after dividends OF $3,1o0,o00
Including the rights to subscribe to
new stock, valued at about SO a share,
the International Nickel Company has
given the stockholders $3.50 share so
far In 1872, and the dividends for the sec |
ond half year are still to be declared.
The initial dividends on the common |
stock were inaugurated in January, 1909. |
and since then, IN three and a half years. |
counting in rights granted stockholders |
TO subscription at par, stockholders have
received 90 per cent back on their origi- |
nal investments. Preferred dividends at
per cent per annum have been paid
since February. 1906. The company has |
practically the entire nickel deposits of
the continent containing 20oo0000 tons |
of ore in its possession. |
Great Northern stock has attracted |
considerable attention by its strength |
and activity recently. One of the chief |
reasons for the advance Is that the road |
will have an unusually heavy tonnage OF |
ores to carry during the next two and a |
half years as the United States Steel |
Corporation will take out all of the ores |
POSSIBLE under its lease which expires |
January 1. 1915. The same argument ap-
plies to Great Northern Ore certificates. |
and the earnings of both should be I'M |
usually large during the next three years. |
President Frank A. Vanderlip. of the |
National City Bank, of New York, after |
a long trip through Europe, predicts that |
there will not be much foreign money /
invested in American securities for some |
time, as all available funds abroad are
being used in manufacturing.Acom commercial, |
and other business channels. II
The Republic Rubber Company has in
creased its capital stock from Ao0o, 900
to SlU,oO0.000. The directors declared IS |
per cent dividend in common stock in ad-
dition to the regular Ala per cent dis |
bursement
Stockholders OF the Porto Rican Tobac-
co Company have voted on the plan /
adopted by many OF the other former |
subsidiaries of the American Tobacco |
Company whereby 10 per cent Of the |
profits IN 1912 in excess OF those for 1910 |
will he given to officials. This is to slim
ulate competitive activity.
The International Harvester Company
Is breaking all records for earnings this /
year. and already its surplus is within /
100000 of what II was last January,
when 10000. 900 was taken for 80 Is
per cent stock dividend. Total gross
sales this year may reach 2o0oo, Co.,
The Interborough Rapid Transit Com
subway lines, has gained nearly 5000 a
day in receipts since the star. OF the
present fiscal year. jury l.
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