The Washington herald., 1912-06-15
IRRBGULARITY Is
SHOWN In MARKET
Weak Spots, Dull Periods, and
Strength Alternate-Besr
Rumors Revive.
RARRnN SERVICE.

New York. June 1.-THE market was
very Irregular, having weak spots, dull
periods, and at times showing strength
and activity to-day. There were not any
new Inducements for selling on the bear
side, although a number of old bear ru-
mors and reports were revived. Reports
Of good rains In the grain belts gave the
bulls a little encouragement. The prin-
cipal outlet for bull energy was Guggen-
helm Exploration stock which continued
its advance. New York, Ontario, and
Western was put on the toboggan and
sold down to the lowest point reached
since May 1908 This was because Of re-
ports Of great falling on in the com
pany's earnings with a hint that the
dividend would be passed.
There was a little bull manipulation in
General Electric, Sears-ROebuck, and
Tobacco stocks to give the general list
an appearance of strength. American
Malt issues continued their upward climb.
The continuation of weakness in Vir-
ginia-CarOlina Chemical caused rumors
that the dividend would be passed, but
pointed out that the stock was five points
lower than American Cotton oil which
Iassed its dividend last winter.
The declaration Of 4 per cent annual
dividend rate by the United States Cast
Iron Pipe and Foundry Company, pay
able quarterly, had been fOrecasted by
the recent advance in this issue based
upon rumors of the resumption Of divi-
dends. Although bull activities prevailed
in most of the specialties and minor
issues, the larger issues such as Reading,
Amalgamated, and Union Pacific, were
heavy and declined over point each.
Underwriters to Get Bonds.
Although stockholders of the Chicago.
nd
100000 of the $S5.OOOOOO convertible de-
bentures, nearly all of the 200
Denver and Rio Grande adjustment
mortgage per cent cumulative income
bonds offered to stockholders, both Of
ferfngs at par, will have to go 10 the
underwriters.
Although the gross earnings of the
Erie Railroad on March 81, for nine
months were SSeS,OOO greater than for
the same period in 1911, April and May
business showed a falling of.
The assets Of the United Cigar Stores
Corporation are far greater than gen.
orally supposed.
The Colorado Fuel and Iron Company S
earnings have been far better than most
steel and iron companies during. the last
year.
Berlin borrowers have been bidding for
American funds during the past week at
Members of the Republic Iron and
Steel Company board of directors have
recently acquired 1000 shares of pre-
feTred and common shares of the com
pany by purchase from the estate Of the
late John W. Gates.
There will probably be very little bal
ance above the S6,0OO.OOO dividends for
LehIgh Valley this June 80, as net earn
ings have fallen of materially and will
be about S2,5OO,OOO less than for a year
ago.
Norfolk and Western ought TO be able
TO pay more than per cent dividends
this year as the earnings to April 30
for ten months of the fiscal year were
over S7,OOO.OOO, or about SO per cent on
the $50 356,O 900 common stock outstanding.
The Central of Georgia stockholders,
besides authorizing the Issuance of ST5,-
100000 refunding bonds on July IS, will
also decide what rate interest will be
paid on them, to be determined by mar
ket conditions.
Although the company's stock IS rapid
ly declining. President Morgan OF the
Virginia-Carolina Chemical Company de-
Clared that the company will show the
best annual report in its history.