The Washington herald., 1912-08-09
BEARS MAKE HOT
CHARGE ON BULLS
Made Their Assault at the Close of
Day of Activity and
Strength.
STOCKS HAD MADE GAINS
STOCKS HAD MADE GAINS
BY BARRON SERVICE.

By BARRON SERVICE.
New York, Aug. &-The market was
strong and active all through the morn
ing to-day. but as has been the case for
weeks past almost daily, turned dull in
the afternoon. At the close the bears
uade a sharp attack and prices dropped.
Reading was the strongest and most
active of the standard issues. the buy
ing In it looking like accumulation by
big interests. Lehigh Valley shared this
strength in a lesser degree American
Tobacco continued to lose ground. its
weakness being due to the profit-taking
Of those who had anticipated the re-
cent extra dividend. Westinghouse went
TO the highest point Of the year. advanc-
ing over two points. Malt stocks. StuAe-
baker. Pittsburg Coal, Knickerbocker Ice
preferred, and other specialties made
large gains. Sears Roebuck made another
new high record, while Northern Pacific
went to the highest point of the year,
as did Consolidated Gas.
The Copper Producers Association met
in the afternoon and declared their sta
tistics for the month of July, showing
that both production and consumption
had increased. The stocks on hand
100000 pounds over those of July 1.
Newman Erb and group Of New York
bankers have acquired the Denver
Northwestern and Pacific and will form
new company to operate the road.
Noteholders of the Denver road, the
Denver interests, and Mr.. Erb have
reached an agreement for the passing of
the property to the Erb group of in
terests and only a few details still re-
main to be settled to complete the deal.
While all of the Gould properties eX-
rerienced unsatisfactory earnings for the
fiscal year which closed June 80, since
then conditions have greatly improved
in the territory of the railroads and
with promise of good crops along the
lines of the Gould roads, the outlook
for earnings for the year ended June
so. 1873 is excellent. Gross returns from
all five of the properties for the month
of July show substantial increases. Den
yer and Rio Grande is the only road
which did not show more than a per
cent increase in gross for July. as COM
pared with the same month in 1911
Washington Electric Company.
Directors of the Westinghouse Electric
and Manufacturing Company, when they
meet in September, will declare per
cent rate for the half years dividend
payment, but il has not been positively
announced that the annual dividends will
be at the rate Of per cent. although
that Is generally expected. As only per
cent was declared for the first half year
in March, the 1872 disbursements will
only total 4 per cent Earnings of the
company have been running at the rate
of Il per cent on the common stock. The
] per cent paid for the first half year
was the first dividend paid since 1907
but several years prior to that the rate
was 10 per cent per annum. Dividends
lapsed during the five years from 1907
to 1872. largely because of heavy writing
of Of book values of foreign plants.
which were not making money. Foreign
branches are now having improving
earnings, and will soon be self-support-
ing.
Although no one but the Chicago, Rock
Island and Pacific Railway directors ex-
pected that the full per cent would be
earned for the common stock dividends
already paid in the fiscal year just
closed, the final figures showed net siO6,-
592 in excess of the dividends paid. The
balance for dividends was s3,S5O.352. the
smallest in ten years. The average for
the five years prior was over H,500, 900
greater each year for dividends balances.
The only way that the dividend require
ments were shown for the past year
was through reduction in maintenance
CndTSeS- Inc expenditures lot IldiIIe-
nance and equipment showed a reduction
OF s.. 2.2oo.ooO from that for the previous
year. While the outlook for this year,
owing to the excellent crop conditions
in the territory, Is excellent, there will
have to be increased expenditures Tor
maintenance and equipment to make up
for the last year, which will keep the
net earnings available for dividends
down.
Ready for Panama Canal Opening.
The Carolina. Clinchfield and Ohio
Railroad is pushing forward its plans for
expansion so that they will be completed
by the time the Panama Canal is opened.
A forty-mile. extension will be construct
ed from Dante, Va. to Elkhorn, KY.
at cost of S5,00o,0Oo. This will make the
road the shortest line from the Ohio VAL
ley and the Middle West into the South
ern seaboard States. Traffic contracts
made with the Norfolk and Western and
the Chesapeake and Ohio for this new
route will net the road s, ,3o0, 900 In earn
ings from them alone
The Laclade Gas Light Company, of
Chicago, is earning close to N.0Oo0 600 a.
year in net at present, equal to over
9 per cent on its stock.
The Kansas City Southern during the
last fiscal year barely earned its divi-
dend requirements for its s21 900 900 pre-
ferred stock. although its fiscal year
started out with promise at this time
last year of being one of the best years
in the roads history. There will be
nothing on the common stock, although
last year there was a balance of ss24 $50
after the preferred dividends.
The F. w. Woolworth Company's gross
business SO far this year has been over
Is per cent greater than in 1911 The
gross to the end of July was $30. .o3s, 966,