The Washington herald., 1912-06-07
GENERAL ELECTRIC
SALES ARB GOOD
Increased Business Means New
Financing, Is Talk on
the Street.
SECURITIES TO MATURE.
RARRnR FINANCIAL SERVICE.

bAhhOh ElNANOlAL 6EhNlNL-
New York, June 6.-The Pennsylvania
Railroad has sold $4,000 per cent
equipment certificates to Kuhn, Loeb &
Co. Of New York, in a series to mature
from one to ten years. The price OBJ
tanned was slightly below par, and will
be brought out at a price to yield 4 Is
per cent on the investment.
In proposing the establishment of a
voting trust for the stock Of the Seaboard
Air Line, II is planned to nave Frank A.
Nanderlip, president Of the National City
Bank Of New York; Albert II. Wiggin,
president Of the Chase National Bank,
and S. Dawes Warfield. Of Baltimore, the
trustees. The trust will be from one to
three years in duration. The total out
standing stock Of the company is S23,-
$4,000 preferred and $S7,Ols.OOO common.
Dividends Of l per cent are expected to
commence on the preferred stock quar-
terly before the end Of the current year.
The recent upward movement in the
general list OF stocks on the Exchange
was thought to have been largely an
attempt TO squeeze out the shorts before
the money trust investigation was well
under way, as II is thought unlikely that
a bull movement could be fostered during
the actual hearing
Gross sales Of the General Electric
Company for the first five months OF
1872, were in the neighbOrhood Of $1,000
600, or at tho rate OF about S95OO0,OO0
year, as compared with a total for 1911
OF S69,000,OOO, and for the best year In
the cOmpany's history, 1910. Of 81. as eco.
1t has been reported that owing TO the
increased business Of the company, there
will be some new financing, but this is
regarded as improbable as the company
has sufficient working capital to provide
for SlOO,OO0,OOO annual business. About
S5OO0.OOO to S6OOOOOO net profits above
dividends should be available for such
use this year.
About SlOO.OOOOO0 securities will mature
between now and the end OF 1872, in vari-
Gus mining. railroad. industrial, and
ether corporations, mostly in the form Of
railroad receivers certificates and notes
y large part OF the maturing securities
have been provided for by new financing
or extensions. The coming year will be
the largest on record for maturities, as
nearly SfbOO0o.ODO securities, or double the
total for 1872. fall due in 1913, not count
ing any short term notes, &c, that may
be issued in the meantime.
The declaration OF a dividend Of 10
per cent per annum on American SNUFF
Company common stock was followed
by an advance of nearly fifteen points
in a few hours, while the former parent
company. the American Tobacco Com
pany. practically stood still The ad-
vance was generally regarded as a cloak
to cover the closing out Of a large line
Of American Tobacco stock, acquired at
low prices d week or two ago.
Copper metal prices again indicate a
runaway market, the price advancing to
175s cents a pound. a gain OF nearly half
a cent per pound in a day. The copper
stocks. lagEards for weeks. have again
become strong. Amalgamated sold at the
10
I9lC
The large increase in the business OF
the New York Air Brake Company, and
the prOspect OF the resumptiOn Of divi-