The Washington herald., 1912-07-28
MARKET IS DULL;
DECLINES SMALL
Traders Are Awaiting the Forth
coming Report of United
States Steel.
THE NORTHWEST IS BOOMING
THE NORTHWEST IS BOOMING
By BARRON SERVICE.

New York, July E.-The market was
dull and featureless during most of the
short session to-day until near the close,
when a reactionary movement developed.
but declines were small. as the volume
of business was very light Tobacco
stocks started the decline, although there
was not any apparent cause for weakness
there. Traders spent considerable time
discussing the forthcoming United States
Steel Corporation figures for second
quarter earnings and the consensus Of
opinion was that s23.ooOOoo would about
cover the net for the period. although in
steel trade circles about s2s,oooyooo is ex-
pected TO be shown.
The bank statement revealed further
increase in surplus reserves OF over
a0co0o0. and showed that the banks
are In stronger positions than In months.
James ]. Hill believes that the North
west has record year for prosperity
ahead of II. but he does not share the
general opinion that there will be car
shortage when the time to move the
crops arrives. He does look for conges-
tion at the terminals. however. He de-
nies that there will be a melon cut
ting for the Burlington, as IT will need
from s25.00o.0 600 to $50, ,o00.ooo for new i'm
provements in the next five years. only
a financial cataclysm." he declared,
could jeopardize the Great Northern's
per cent dividend"
The Chicago and Northwestern will
soon sell s6.0o00o0 to s7.0oO.00o equipment
trust notes out Of an authorized issue of
SIC. geo 900 to New York bankers. The re-
port of the road for the fiscal year just
closed is expected to show small bal
ance above dividend requirements, al
though net earnings declined over sl.0oO.-
o00 to June 30. as compared with the
previous year.
Can Company Profits.
For the current year the American Can
Company will show profits between IA
and Is per cent on the preferred stock.
which is a per cent issue, and by the
end of the year. directors will meet and
decide upon some course Of action for
clearing up the accumulated 81 per cent
back preferred dividends. This will prob
ably be in declaring extra dividends on
the preferred for several years until the
debt is paid, and then the common stock
will receive attention.
Earnings of the Swift Company for its
fiscal year ending September 30 will be
equal tc about 10 per cent on its s75,o0,0oo
common stock, compared with SlS
per cent for the 1911 period.
The consolidation of the International
Nickle Company and the Colonial Nickle
Company was really a new form OF H.
nancing the latter concern being a
friendly company to the International
without property, and its 10000 capital
stock was held for the larger company's
interests, to be used in retiring its
S. .O1e. .000 bonds.
Earnings of the F. W. Woolworth Com
pany after preferred dividends available
for common dividends will be about
100000 for 1872, equal to 10 per cent
on that issue
The Wabash receivers will issue an ad-
ditional s., 500 900 certificates. This will
bring the total outstanding to s14,o 900
ir series limited to s15,000,o00 New
construction work will call for the ex-
penditure of about 81. $4,000 OF the funds
from the new certificates while twenty
new Mikado locomotives will be pur-
chased for about $4,000. The Wabash
reorganization plans are not progressing
as rapidly as before the Missouri Pacific
opposition to tentative steps was made
known.