The Washington herald., 1912-06-29
STOGKSSHOW GAINS
AND SOME LOSSES
Melon Cutting Looked for by the
Stockholders of United
" Cigars.
PROSPECTS GENERALLY GOOD
BY BARRON SERVICE.


New York, June 2S-The market was
dull. even at the opening to-day, al
though recently there was activity dur
ing the first half hour OF each day, even
when the rest of the day was inactive.
There were fractional gains in some Of
the larger issues, and in others slight
losses. Sears Roebuck was one of the
strongest specialities, its advance being
due to its recent wonderful improve
ment in business. Weakness in Anal
gamated early in the day was attributed
to a desire upon the part Of the large
Interests to encourage the formation of
short interest in, the stock. Some OF
the Southern Railway issues were
strong in sympathy with the recent
large advance in Norfolk and Western.
General Electric continued making new
high records, advancing several points.
Norfolk and Western suffered a slight
decline on proft-taking, but recovered.
Underwood Typewriter also advanced
several points to a new high record,
both stocks rejecting excellent earning
reports and rumors OF pending disburse-
ments. Baldwin Locomotive scored an
advance Of over five points to another
new high record upon reports that the
stock would be placed upon a per
cent dividend rate.
The Standard Assets Corporation re-
Gently formed, will liquidate the assets
OF the defunct Standard Cordage Com
pany and pay over the receipts to the
latter's shareholders. This company was
formed so as to avoid summary sale OF
the property at auction.
On the outside market United Cigars
Store stock advanced over ten points to-
day TO within a few points of its high
record made about a year ago. The ad-
vance is in anticipation Of a melon cut
ting.
The recent large advance in the price
OF Norfolk and Western stock has been
founded on the roads excellent earnings
for the fiscal year just closing and on
the prospects of an increase in the divi-
dend rate soon. There Is also a good
prospect Of a big increase in bituminous
coal traffic during the next few weeks.
The acquisition of the Pocahontas Coal
and Coke Company, too. is no longer
proving burdensOme, after years during
which the road had to pay heavily for
carrying it, and now its earnings are
paying all expenses and a little over. !
This property, too is still largely unde- |
VelOped and will prove a source of large
income within a few years. There has
been heavy conversion into stock of
the road during the past year by con-
vertibla bOndholders- There are less than |
$5.OOOoO0 Of these convertible 4 per cent !
bonds still outstanding as compared with !
$lI2S5.OO0 a year ago, the balance Of over /
$llOO0O00 having been exchanged for |
stock. They are convertible at par. There
probably will never be another issue OF /
convertlbles after those at present held |
for issuance are outstanding as the 1
stock now commands a premium as a rec
ognized per cent Cand possibly higher
sOon) payer.
The declaration of the Illinois Central |
dividend, though it will have to be met
largely from surplus. has inspired conf
dence that St Paul directors will also
pay the usual dividends, though also
partly unearned. The former road die
rot pass the dividend for the coming
half year because earning prospects were
bright for the rest of the year in spite
Uf poor returns earlier. Illinois Central
directors recognized that the causes for
the poor earnings Of the last year were
mostly Of a temporary nature as the
FOODS, the coal suspension. the severe
winter, and the strike in the shops, and
Sc did not hesitate at any time as to
their course.
President Underwood, of the Erie Rail-
road. predicts great business activity in
the fall if the crops fulfill their present
promise, and he considers the situation
independent of politics and only de-
pendent upon the crops themselves
The National City Bank and other !
Nirginian Railway So. 100000 first mort
gage per cent issue disposed Of all
but 100000 Of the issue by private sale
and are now offering the balance Net
profits Of the road for the year ending
June 30 are about $1,SOO,OOO or $4,000 :
above fixed charges.
Mohawk Copper Mining Company di-
-ectors have declared a dividend of g 50 ,
per share as compared with 81 per share
paid six months ago. This is because
IF increased earnings due to higher COP
per prices
The earnings Of the Anglo American
oil Company, formerly a Standard on
were over Sl,5O0.OOO in excess
u the 20 per cent dividends paid in the {
irst six months Of the current year. The
'tock is regarded as a 40 per cent dfvf-
lend payer, although the directors did {
lot state that the rates declared were
quarterly