New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-05
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

The annual report OF the Secretary OF
| the Treasury yesterday contained the fol-
lowing paragraph:
"A panic is as unnecessary and as
! avoidable as an epidemic of smallpox.
You can have an epidemic OF smallpox II
you disregard all that science has pro-
vided as a preventive. You cannot pos
sibly have an epidemic Of smallpox II you
will apply the simple means that science
| has provided. So we will continue TO have
panics only so long as We refuse to apply
the simple preventives which he who runs
| may read"
Accepting this statement as fact and
not theory, it certainly is time that the
financial interests should act in concert
to introduce a system which VIII AFFORD
| freedom from constant Interruptions to
business progress and prosperity.
|. New Companies in November.
New companies announced during the
month Of November. according to The
Journal of Commerce" capitalized at 81
oOo. 900 or more. including increases In cap
ital, amounted to sl54 10000 as compared
with $3.50. 6e3, 400 in 1911, and s1His5.cN In
the month OF October this year In the
Eastern states. The total Of all COM
panies capitalized throughout the United
States having 100000 or more capital
amounted to s222s55,0OC, compared with
ss62, l5s, 400 in November Of 1911
American Can Disappointment.
The old days OF quick profits for the
insiders were again apparent yesterday
when the directors of the American Can
Company met in regular quarterly ses-
sion and declared an extra dividend OF q
Of ! per cent Of back dividends on the
preferred stock. About the only true feat
ure of the previous news given out by
officials through various Wall Street
channels was the fact that the senior
issue would be placed on q I per cent
basis. The extra declaration was more
or less OF a gentle reminder to outsiders
not to believe everything they hear. There
is no apparent reason for the declaration
OF 80 small an extra disbursement on the
accumulated preferred stock. as the com
panv's latest figures show that the COM
pany has a large cash surplus Of nearly
81. 900 900. and is earning around IL per
cent 1OF the pItltIIcu AZ piNSN''' $50
extra payment will amount to @lOo'o"' Al
this rate IL will take about thirty-hve
years to pay off the present entire accu-
mutation on the preferred. or course this
long period will afford the insiders nu-
nerous opportunities for playing the mar
ket and as the saying runs eaten EN-
goin' and comm" The explanation as
reported given by Daniel G. Reid is that
the failure OF the company TO pay larger
proportion OF the back dividend was due
TO a plan in process OF development 10
build more factories. owing TO the large
Increase In orders; also TO provide Tor the
manufacture of adding machines. OF which
Wall Street has heard considerable IN the
past. II is claimed that on November
the American Can Company had over w.
ooO. 900 net on hand. This information Is
the same sort as has been forthcoming
during several months past. However. X
may be only fair 10 consider that ASSOC
from the apparent manipulation OF the
stock an issue yielding over per cent
and earning 10 per cent might not DO
had security to hold for better days.