The Washington herald., 1912-06-22
STANDARD STOCKS
STRONG ON Street
Brooklyn Rapid Transit and Amer
lean Tobacco Send Out
Good News.
UNITED FRUIT DOES WELL
pARRoN FINANoIAL sERvIcE.

bAHhUN EINANClAL SEhNACE.
New York, June 1.-THE traders paid
attention to business during the first
hour to-day, and then politics and the
e-Harvard boat races absorbed more
Of their attention than did stocks In
terborough- Metropolitan preferred was a
strong feature, as a result Of the recent
declaration Of an extra per cent divi-
dend by its subsidiary, the Interborough
Rapid Transit Company. American To-
bacco took an upward squirt on small
sales. as result of additional rumors
OF the details Of the pending extra dis
bursements BulIish activity in Ameri-
can Malt stocks followed a rumor that
the next dividend on the preferred would
be an increase to the annual rate OF
per cent. Wabash per cent bonds were
strong and active, while the preferred
and common stocks stood still upon the
prospects Of an early termination OF
the receivership. the present plans being
OF advantage to the bonds. but detri-
mental to the value Of the stock. The
more active standard issues were steady.
The earnings Of the whole Brooklyn
Rapid Transit system for the year ending
June 80 viii be about 100000 above all
present fixed charges, while the interest
on the new notes sold this week only
call for 100000 annual payments. II
Brooklyn Rapid Transit would be able
TO pay this interest from its earnings
now but during the time while the new
subways are in process Of construction,
the road will carry the interest in its
construction account so as not to leopard
ize the present Brooklyn Rapid Transit
dividends.
Standard Cordage Company, will soon be
wound up with the offer Of the Equitable
Trust Company Of New York, trustee Of
the mortgage against the Company, to
pay the net distributable cash value on
the S2.SO6OOO first mortgage bonds. Less
than 500 for each $1,000 bond VIII be
available in all, and only $45 at present.
The declaration Of per cent dividends
by the Hooking Valley, and per cent
by the Kanawha ana Michigan, during
the current fiscal year, means payments
equal to IL per cent on the Chesapeake
and Ohio stock to that road, as COM
pared with the equivalent Of z per cent
in 1911. The Chesapeake and Ohio owns
$S,SS5.00O Of the S1l,OO0,0OO Hooking Valley
stock, and S027.i0O Of the 10000 Kama
wha stock. Hooking Valleys payments
in the 1911 fiscal year were only 1 Per
cent although earnings tOtaled l6.6 per
cent on its stock. and earnings will be
nearly as large this year. The stock Is
now on a per cent basis, although the
ChGnge only affected the last half Of the
current year, and recently a semi-annual
o. idead OF per cent was declared. al
Though 1t was not stated that the future
snnual rate would be s per cent Kama
VIVA and Michigan. in June, 1911, inaugu-
TFIted dividends at the rate Of per
cent per annUm which was increased to
; peT cent by the declaration Of a n
per cent dividend in the fail. Earnings
for the road this year will be about los
Per cent as compared with III per cent
on its capital stock in 1911 Chesapeake
and Ohio will earn about SIS per cent
on its capital stock this year, a better
balance above the 5 per cent dividends
than the 81 per cent earnings in 1911.
The reCeiverS of the Atlanta, Birming-
ham and Atlantic. have arranged to sell
S5,OC0,OJG per cent receivers certificates
to a New York syndicate, which will sell
them to the public at about 90. The pro-
Ceeds will enable the road TO meet the
payment on the S3,25O.00O per cent re-
ceivers' certificates due July l, and pro-
vide over Sl5OOOOO for property improve
ments. There is little prospect Of re-
organization Of the property in the near
future, as net earnings are too small to
warrant this, even with a great scaling
down il the securities. The net for this
year will probably not total over Ss5O,OOO.
Net earnings Of the United Fruit Com
pany from fruit sales alone IN May were
H.l26G0O. with a large income besides
from export and other sources, while
the June business has been even larger.
President Shonts, Of the Chicago and
Alton, will resign from his position on
July l and devote all Of his time to In
ACKNOWLEDGEMENTS affairs. The re-
cent acquisition Of interest in the Alton
by the Union Pacific may result in one
OF the Hartman lines officials succeed
ing to the presidency OF the Alton, espe-
Cially as several Union Pacific men are
slated for positions as Alton directors at
the next election.