The Washington herald., 1912-08-11
SOUTHERN R.. R.
ISSUES PERFORM
Upward Advance Checked by Sales,
but General Tone Of Market
Remains Bullish.
NORFOLK AND WESTERN SCARS
px BARRON SERVICE.

New York, Aug. 1o.-Southern Rail-
road issues were the star performers In
a strong market to-day, and while there
were some realizing sales in major Is
sues which checked the upward ad-
vance a short time, the market as
whole was buliish. Louisville and
Nashville was the strongest of the list
as a result of a revival of old rumors
that stock would be increased 100000
900 20 800, 900. .oeo the new stock to be
given to present shareholders for SUBJ
scription at par Atlantic Coast Line
advanced three points in sympathy
with the L and N, but did not make a
new high record like the Louisville,
though reaching the highest point In
six years The Atlantic Coast Line
owns $50. 500, 900 of the s60.o00,oo0 Lou
isville stock. Norfolk and Western
made q new high record in response to
reports of large earnings and the prob
ability of an increase in the dividend
rate to per cent. Canadian repeated
its daily work of making a new high
record and Consolidated Gas did the
same for the years high mark. Great
Northern and Northern Pacific were
strong on the prospect OF good
wheat crop. ears-Roebuck made an
other new high record price. Southern
Pacific was heavy as result Of the
passage of the Canal bill by the Senate
which will hit the road through the
loss of its big fleet of steamers under
the bill. Union Pacific. however was
strong. due to accumulation said to be
for IS Broadway interests Steel COM
mon was strong.
The untitled tonnage statement of the
United States Steel Corporation for July
81 showed that there were 5,s57,01s tons
%ta& Aafa nm m
crease of 10000 over the June 30 figures,
and the largest total shown in five years.
Authorizes Big Mortgages.
The bank statement showed an increase
Of s1.1s4.750 in surplus reserve.
The Chicago and Western Indiana Rail-
road has authorized 500, 100000 mort
gage which will be issued in installments
as needed excepting for S0,0Ooooo bonds,
reserved to retire present Indebtedness.
The funds raised will be used for exten-
sions and new construction.
Few speciality stocks on the exchange
have attracted as much attention recently
as the General Chemical, common, which
has jumped from Il to 20 points day
whenever 1t has been traded in. Trans-
actions do not occur more than one or
two days a week. About ten days ago,
tne STOCK ADVANCED L pOlnts, tnen TWO
days later l3 points, and last Friday II
jumped another 20 points to 215. This
has been on rumors that a 100 per cent
stock dividend will be declared in the near
future.
The Wabash net earnings after taxes.
but before deducting charges for the year
ended June 30, were $4,319,4 loss of
81. .253,6 6i3, as compared with the 1911 earn
ings. The total gross. s2s,S54, ,764. showed
a loss of $l,oSe,05s. The greater loss in
net was due to increased operating ex-
penses and maintenance charges There
will be a large deficit shown after the
payment Of all fixed charges.
Directors of the Sears-Roebuck Com
pany are still undecided as to what dis
tribution will be made on the common
stock, but they have let 1t be known
that something is pending, which has
caused a great advance IN the stock ex-
tending over the last three months. A
year ago, 80 1-3 per cent common divi-
dend was given in stock, increasing the
common to $4,000 CO., Another $40, 900, 600
stock dividend. or an increase in the
present cash dividend rate to per cent
from the present per cent, are both
favored by various members of the
board of directors.
The Illinois Central annual report when
II and all others for the fiscal year to
June 30 are issued will be found to be
about the poorest one Of the lot, as far
as comparisons of earnings with those
of previous years are concerned, the
shrinkage in net from $14,55 5s6 for 1911
to S,s12,71s for 1872 being almost so
per cent loss