The Washington herald., 1912-08-01
STEEL EARNINGS
BULL MARKET
Second Quarter Will Show Unex-
pected Earnings Of More
Than 100000.
NATIONAL BISCUIT IS STRONG
NATIONAL BISCUIT IS STRONG
BY BARRON SERVICE.

New York, July 31.-Although the open
ing was dull and featureless early in th'
morning, there was a spurt of bullist
activity, based on a favorable exposition
OF business conditions, as shown by ths
United states Steel Corporations earn
ngs Of over s250oO,000 for the secont
quarter OF the year. the market having
looked for poorer returns. Sentiment or
Steel common was bullish and advanced
close to a point before noon. Nationa
Biscuit was a very strong feature. pass.
ing 40 and making a total gain for tbs
last three days Of over ten points. Ca
madam Pacific made a new high record
and was very strong on the excellent
outlook for a good year and the wonder.
ful showing OF last year, as revealed
through the publication OF the income
account for the fiscal year just closed
In the outside market Standard OF
Company OF Kansas stock created a
sensation by advancing thirty-hve points
more after having gained eighty points
on Tuesday. going from 3i5 TO AGO in less
than twenty-four hours. There are ru-
mors that a large extra disbursement,
will be made on this stock.
Gold bars OF $4,000 value were en-
gagged at the subtreasury for export 70
Canada.
The earnings of the Canadian Pacific
for the fiscal year which closed June
30 furnishes a new high record in rail-
road history for an increase over a pre-
vious year. The gross receipts Of the
system for the year was sl23, 3l9. 53s. an
increase of sIsl5O,oOo over the year 1911.
while the net of S43, ,29s2 2l was 81 600 0O0
greater than the net the year before.
Both net and gross increased IS per cent
The net profits equal about 20 per cent
available for common stock dividends
after the payment OF tae preferred.
Powder Trust Earnings.
The Inland Steel Company report for
the fiscal year TO June 30 shows s, 80. ZOE
net earnings, a decrease of $50, 900. After
the payment OF all charges and divi-
dends, s20i. .l60 was added to the surplus
The decrease in earnings resulted from
the poor returns for steel in the last
months OF 1911 and the first months Of
1912. because of low prices
The T.. ]. Du Pont-de Nemours Powder
Company. the trust dissolved by the
government earned N7.ss7. .3s5 in gross
and S,iSS,3 3Sl net for the first six months
OF 1912, both new records for half a year
For year at that rate earnings would
be 1855 per cent on common stock as
with 17.s0 per cent actually
earned in 1911.
The annual report OF the Brooklyn
Rapid Transit Company for the fiscal
year to June 80 shows gross earnings of
an increase OF $4,000 over lgll
and net OF $i0.sl4.9i. an Increase of $500
OOo. After interest and other charges
there fas balance OF Sill 222 for divi-
aends' equal 20 SIS per cent on the tI5,-
Oc'Vp stock as compared with a balance
or sss per cent the year before After
seZSsSl dividend payments and N.co0, coo
was put aside for special reserves, there
was added TO surplus si35,O0O.
Although net earnings after taxes
dropped nearly 100000 for its year to
June 80. as compared with the previous
year, Delaware. Lackawanna and West
ern Railroad has nearly IS per cent avail
aole for dividends this year. The earn
ngs in 1911 available for dividends were
equal to about 40 per cent on the common
stock and IS per cent the year before.
Even with the decrease and after the 20
per cent dividends are paid, there will be
about N.5oo.ooo for surplus this year.
New financing bp the corporations
Of the country during July totaled
s5s,3l5.9O0 in new bonds. notes, and
stock issues. This is little more than
half the total issues OF July 1911, and
IS over 100000 less than the June
Issues this year. The falling OF is
due TO the great amount OF new secur-
tiles placed on the market this year
so far. which has caused the market
TO suffer from undigested securities.
Every issue in July was under S.
poo. 900.
The annual report OF the Buffalo.
Rochester and Pittsburg will show the
best earnings in the roads history
with gross revenue s10,32l.s54 and net
s1,770,S94.