New-York tribune., 1912-02-28
FINANCIAL MARKET
Stocks Dull and Irregular
Central Leather.

| Business on the CIOCh GANhohe
Yesterday was at low ebb, with little
general activity at any time and with
many periods Of practical lifelessness'
and the final price changes were chieng
fractional. with gains and losses about
equally distributed. Republic Steel pre-
ferred opened points down on the ac-
ton Of the directors in passing the quar-
terly dividend, where only reduction
in the rate had been looked for but after
a little further decline support was
given and a rally came. on buying based
upon the feeling that the board had
after all pursued a conservative course
and that with improvement in the In
dustry the deferred dividend would be
made I'D to the shareholders. just as the
company has in the past made up in
good wears the deficiencies In dividend on
this cumulative issue which have oc-
CURED in unfavorable years. The chief
news occurrence Of the day was the
declaration of the regular quarterly
dividend on Central Leather preferred.
The Central Leather issues had been
weak on Monday and in the early trad
Ing Yesterday, on the common belief that
the dividend on the preferred was likely
to be passed, or at the least reduced,
and on the announcement of the dec
laration of the full dividend for the
quarter the preferred stock advanced 3
points on heavy trading-total transac-
tions for the day in this usually inactive
issue We're exceeded by only Steel com
mon, Reading, Union Pacific and Anal
gamated Copper-closing with net gain
Of IL points.
The last annual report, containing the
latest figures published regarding the
company's position. showed for the year
ended December 81, 1910. deficit of
1886, ,427, and with the unsatisfactory
condition of general business during the
yea. 1911 the probability is that the an
nual report soon TO be issued will show
another deficit. Central Leather pre-
ferred, like Republic Iron and Steel pre-
ferred, is a cumulative issue. but the d.
rectors. unlike those Of the Republic
company, have not taken counsel of
conservatism in deferring dividend dis
bursements in part or in whole until a
period of prosperity. The directors have
lately promised to issue quarterly state
ments Of earnings, and these reports,
when they begin TO appear, will show
whether or not the board has been justi-
| fed by improving earnings in declaring
the dividend of yesterday. In the mean
while the presumption is that the direc-
tors have elected to increase deficit
rather than to leave a charge upon the
preferred stock, and a swelling deficit
sometimes spells permanent embarrass-
ment.
Cable advices were encouraging as to
the prospect Of speedy and satisfactory
settlement Of the threatened coal strike
in England and the improvement in the
situation was reflected in better feel
ing and higher prices on the London
| Stock Exchange The first conference
between the anthracite coal operators
and miners Of this country was held, but
was only preliminary meeting, from
which nothing could be argued as to the
probable outcome of the demands Of the
miners; and the formal beginning OF the
negotiations was without stock market
influence, except as one of the contribut-
ing causes Of the waiting tendency OF
the market, together with the political
uncertainty, the disquietude over the
possibilities Of the coming money trust
inquiry and perhaps also the situation
in Mexico. which may develop into seri-
BUSINESS If the owners Of foreign capital
invested in that country shall become
insistent in the demand that the United
States intervene for the protection OF
their interests, as a consequence of the
operation OF the Monroe Doctrine.