The Washington herald., 1912-06-20
UPSAND DOWNsOF
BULLS AND BEARS
Wabash, Both Preferred and Com
mon, Make New Low
Records.
BOOM FOR SPRING WHEAT
BARRON FINANCIAL SERVICE.

BARRON FINANCIAL SERVICE.
New York, June 1s.-rhe continued
weakness Of wabash preferred and COM
mon stock was the feature Of a dull
market The common stock made a new
low record, falling below while the
preferred. in going below 1Sk, touched
the lowest point at which the issue has
sold since 1898. This was because the
stock issues viii bear the brunt Of the
reorganization plan. New York Dock
Company preferred was the weakest in
point Of actual loss, dropping more than
FIVE points. Trading was nearly at
standstill during part Of the day, with
many Of the larger issues showing
strength and large advances Anaconda
was strong on renewal Of the rumors
that the directors would increase the
dividend rate at the next meeting. Amer
ican can issues were strong on reports
Of improving earnings and the prospect
OF a great demand for cans for this
years crop Of fruit. Lehigh Valley
moved upward, following the announce
ment Of the regular 5 per cent semi-an-
nual dividend. United States Rubber
common was strong in consideration OF
the extra stock dividend OF 20 per cent
recently voted and the practical assur-
anca that future dividends would be at
the rate Of 5 per cent per annum. Spe-
cialties rather than standard issues, how
ever were the strongest and most active.
The directors Of the Interborough
Rapid Transit to-day declared an extra
dividend Of 5 per cent from surplus
profits. This resulted from a dividend
paid 10 the company by its subsidiary,
the Rapid Transit Subway Construction
Company. the first the latter has PAID
since organization in 1900 The extra
dividend is payable 10 stockholders OF
record to-day. June 19
James A. Patten. the cotton, grain, and
stock market operator, before going
abroad, declared to-day that spring
wheat conditions are excellent, but that
there must be excellent weather to bring
the ccrn crop out all right. The hay
crop, he predicted, will he short this
year, while other cattle feed will re-
main scarce and expensive as last year,
making the high prices of meat com
pulsory to the packers. He declared II
his belief that neither Taft nor Roose-
velt would receive the Republican nomi
ration, and he predicted that Elihu Root
viii be the dark horse that will get the
nomination
The weakness of the SeaboaTd Air Line
adjustment ; per cent bonds in the face
Of recent changes Of management, own
ership, and operating policy results part
ly from the assumed intention Of the
directors to start the payment Of per
cent per snnum dividends on the pre-
terrco stock in the near future. For sew
eral years all surplus earnings above the
interest on these bonds has gone to the
Improvement Of the road The dividends
on the preferred would call for 1885, .764,
and mean that that amount which had |
formerly gone toward "fattening" be-
hind the adjustment income bonds would
tend TO weaken the ultimate position Of
the bonds in case of need. However, this |
weakness of the bonds is thought TO be
only temporary as the payment of divi- |
dends on the preferred would strengthen
the roads credit. After paying this in
terest. a balance available for dividends |
Of about Sl.2jO, 900 should be shown in the |
net earnings. This would be equal to
% per cent on the preferred stock for the I
fiscal year ending June 90.
Copper prices to-day advanced to IT2 |
cents a pound for August and September !
deliveries by some selling agencies. with
a general advance to that price expected !
soon
Although action by the directors OF the !
United Cigar Stores Corporation regard |
ing the extra dividend OF 90 per cent |
and the issuance Of preferred stock Was |
expected at tO-day's meeting, they only /
cent and extra One-half OF l per cent |
dividends
The Marconi Company OF America has !
saved Sl5OcOQ 10 100000 through the de- |
Csion giving the United Wireless Com |
pany the verdict in an infringement of |
patent suit. The loss of that suit would |
have meant that the MarcOni company |
would have had flaws in its title to- the |
United's property recently purchased.
The Goodyear Tire and Rubber Com |
pany will sell a large proportion Of the /
S. COZ, 600 Z per cent preferred stock re- |
Gently offered to stockholders and not |
taken by them to New York banking !
syndicate
Earnings of the Western Electric Com
pany are running about even for the |
first six months Of this year as compared 4
with the same period in 1911. The total /
1911 gross was SIS 100000
The recent heaviness in railroad Sc 4
curities and the prospect that a large !
proportion Of them will show decreased |
earnings for the fiscal year ended June |
80, as compared with 1911, has led to a |
general stock market sentiment in favor |
of higher rates. Now capital has been \
hard to get for railroad securities under /
prevailing conditions, and investors arc |
turning to industrials more than ever
before Not only have earnings fallen |
of, but as a result there has been /
falling behind in construction work |
which it Is thought will never be made 1
UP again unless rates are advanced.
The New York Central has not yet |
obtained the necessary two-thirds con-
troll Of New York and Harlem to in
sure the acceptance Of the companys |
offer to Harlem stockholders to pur-
chase their shares, but the Central has |
within 1000 shares Of the necessary total.
An advance of another 81 a ton is ex-
pected on all leading finished steel 4
products before the end Of June. This
would mean a total advance Of about
S from the extreme low prices of the
past twelve months on the major prod
ucts such as bars, plates, and shapes.
phTrnrnpr EApRrrc I