The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-07-19
STEEL COMMON
LEADS MARKET
shows Most Activity During Period
of Good Buying in the
Morning.
ST. PAUL A LITTLE HEAVY
ST. PAUL A LITTLE HEAVY
by BARRON SERVICE.

New York, July 1s-There was good
buying this morning, which kept prices
up. but toward the middle of the day
and In the afternoon the market was
dull most of the time. although there
was only a slight easing on Of prices.
Steel common was the leader .during
the active period. Illinois Central was
a strong feature, crossing $50 for the
first time on the present movement, the
strength of the stock being due to the
optimism shown by the management
In recent large equipment buying, indi-
eating favorable earnings this year.
The excellent crop outlook and the
weakness in the grain market gave
the bulls courage and they predicted
big upward movement in securities
very soon. st. Paul was little heavy
on a continuation of rumors that the
dividend rate would be reduced, de-
spite reports from the management
that should have eTectuaIly quashed
that idea. General Electric continued
its recent advance on the prospects of
a large extra disbursement in the near
future. Amalgamated showed consid-
cradle strength. Norfolk and Western
held well around the highest figures
on record and further advances in the
stock are looked for. Panhandle ad-
vanced in sympathy with Norfolk and
Western.
The Westinghouse Electric and Manu-
featuring Company is planning a security
holding and selling company along the
lines of the one now subsidiary TO the
General Electric Company. The latter,
through its Electric Bond and Share
Company and the United Electric Securi-
ties Company, has. been able TO Hnance
scores of power, light, and street rail-
way corporations all over the country.
This resulted in sales of millions OF
dollars worth Of apparatus to such
companies financed through the General
Electrfcs subsidiaries.
Railroads Drop Behind.
Neither the Alton nor the Clover Lear
earned their interest requirements IN the
fiscal year just closed, the former fall
ing about 10000 short and the latter
slQo,000 short OF full interest require
ments in their net earnings. In addition.
the Glover Leaf declared one dividend or
per cent on the preferred stock. which
will add another eco to the deficit 10
be taken from surplus.
The declaration of a per cent dividend
rate by the St Louis, Iron Mountain
and Southern will give the Missouri Pa
cific H.173, 464 for its income for the fiscal
year just closed as dividends on stock It
owns as compared with no returns from
this investment in the 1911 nscal year.
and St. Paul looks for no dividend re-
dEction on the common stock this year,
which has effectively quieted the bear
rumors on this issue that the rate would
lie reduced from to 4 per cent or lower.
Gross business of the Sears Roebuck
Company for 1912 will probably be in
excess of s75.000,0oo. as compared with
s6i,oo0,oo0 gross in 1911. About IS per cent
available for common dividends will be
the net results this year as compared
with Is per cent in 1911.
The recent decline in National Biscuit
stock prices is due to reaction from
the recent advance based upon rumors of
lending extra dividends which proved
TO be unfounded.
Gold movements to Canada and to San |
Francisco are expected in the near fu- |
ture by New York banks. owing to the |
] REVEALING exchange rates which would |
encourage shipments TO both places at |
present.