The Washington herald., 1912-08-06
MARKET WATTS
ON BULL MOOSE
Trading ouiets Down Pending Out
come Of Convention, and Shows
Slight Reaction.
THE OPENING SHOWS ADVANCES
By BARRON SERVICE.

New York. Aug. 5.-The first few hours
of the game to-day saw strength and q
little activity in the market. but in the
afternoon trading quieted down. await
Ing the outcome of the Bull Moose"
convention and there was a slight reac-
ton. The opening was at an advance
all along the line. During the day a
number Of specialties made new high
records, including p Lorillard common.
up twenty-five points. and American
Malt preferred while Lackawanna Steel
Company. which advanced nearly six
points, was at the highest point in over
a year. International Harvester was one
Of the strongest Of the more important
stocks. American Can common was
quite strong. as were Central Leather
and Peoples Gas. Steel common worked
up nearly a point at one time. but eased
Of from the highest figures in the after
noon Canadian Pacific advanced sew
eral points to a new high record.
June earnings of the National Rail-
ways Of Mexico showed a loss Of ss2i.-
600 IN gross and s6s60oo in net earnings.
due entirely to the recent renewal OF
brigandage in the roads territory. The
net for the fiscal year to June 30 was
81, 536, which is an increase of about
s56o.00o over the 1911 net when the
road showed even greater losses due to
the Mexican revolution. The 1872 net VIII
be sufficient for all charges and for div
idends on the first preferred stock with
only s3e,4eS over the dividends on the
s2io. 500, 81 second preferred stock.
Earnings of the Panhandle for the
first six months of the current year were
at the annual rate Of per cent on each
class of stock, both the preferred and
common being entitled to share alike
in all dividends above per cent As the
second half years earnings are expect
ed to show even a greater increase over
fiiat shown in the first six months. the
road may earn as high as per cent on
each class of stock this year.
The American Linseed Company has
changed its fiscal year so that It will
end September 80. instead of July 81, as
heretofore, and its next annual meeting
will be held On the second Tuesday of
November, while the annual report will
be for fourteen months to September 30
The settlement of the litigation between
the New York and the Westinghouse
AR Brake Company viii save each about
500, 900 a year, which will be of the great
est value to the New York Air Brake
Company, as II is equal to 2 per cent on
its stock. The companies have reached
an agreement by which each will have
certain territory. and also sell each
others productions. Not only will the
expenses of the long-drawn-out litiga-
ton be saved, but each concern will now
he able to increase their sales, and hence
their earnings. in territory recently
closed by injunctions
The General Electric Company will
spend about 100000 a year for new
construction work, and will pay for 1t
by issues of the authorized per cent
debenture bonds. as needed II earnings
are sufficient, new work will be partly
paid for out of earnings. and partly
through the sale of the new bonds. The
directors meet this month to take action
on the dividend which Is expected win
be per cent for the quarter.
Although rumors have been frequently
heard that the American Malt Company
will increase its preferred dividend rate,
predictions being made that the direc-
tors, when they meet in September. will
declare a per cent rate on the pre-
ferred for the fiscal year instead of
per cent, there is bar in the way of
such action. This is that under the
charter, the sinking fund requirements
would be augmented automatically as the
sinking fund outlay each year must equal
one-half the preferred dividend disburse-
ment- The increase in preferred divi-
dend payments would be Sic, 200. and in
sinking fund, sS,5OO a year. a total of
se62,5o0. while the company is only earn
ing about $4,000 above its present re-
quirements.