The Washington herald., 1912-07-24
ACTIVE LISTS
SHOW DECLINE
Steel Common Falls . Point, but
Cigar Stores Gains
Five.
C0Ns0Ls REACH THE BOTTOM
BY BARRON SERVICE.

New York, July 23.-There was a slight
reaction from the recent bulllsh move
ments Of the market to-day. and de-
clines In practically the entire active
list set in soon after the opening, but
there was slight Improvement again
in the early afternoon. New short in
terests appeared In several stocks. The
weakest issue In the list In the morning
was National Biscuit, which slumped
badly. Third Avenue issues were also
quite weak, the 5 per cent bonds max
ing a new low record. General Electric
opened weak, but rallied later and be-
came very strong. The weakness re-
suited from rumors that under the Stan
ley reports suggestions for new anti
trust legislation this company would be
illegal. After Steel common fell more
than a point, support was rendered for
time, and 1t recovered slightly.
On the outside market United Cigar
Stores stock continued to make new high
records. with a gain Of more than five
points.
The quarterly statement Of the Central
Leather Company showed that for the
second quarter this year there was a
surplus after all charges and preferred
dividends OF S5s5,2l3 The American Hide
quarter made net profits of s2so.coo after
dividend payments.
The reorganization plan Of the Wabash
Pittsburg Terminal Company will prob
ably be ready within a month. but the
early plan of providing an assessment
of SIS share on the Wheeling and Lake
Erie shares has been abandoned. Nearly
all OF the latter roads stock is owned
by the terminal company. The Wheeling
~ aL - mill h. foL nttt no
ceivership within four months. Another
Gould property, the Wabash. will an
nounce its reorganization plan, much of
which has been outlined. within a few
weeks. The prospect is that all three OF
these roads. which failed TO make good
under Gould management, will earn
enough 10 pay their way when reorgan-
lied.
Two Canadian power companies. the
Montreal Light. Heat. and Power Com
pany. and the Shawingan Water and
Power Company will soon merge with
81, 900 900 capital stock and SE.0O0,0o0 cap
ital, including bonds. A large amount
of the present securities OF these COM
panies are held in this country. particu-
larly in New England.
President Whelan, Of the corporation
of the United Cigar Stores, has stated
that the new financing plan will be
features OF this plan include the distri-
button Of three shares of new company
stock for each one now held in enlarg-
ing the capital stock at SN,000,000 COM
mon and s4.5oo,0o0 Z per cent preferred.
Gross earnings OF thirty-two railroads
for the second week OF July were s12,-
lsi, $50. an increase Of ssis,5ss. or S43 per
cent. as compared with the same week
In 1911
he dfrAntnra 10 ~
Corporation will meet next Monday to
take dividend action for the third quar-
ter. II is regarded as practically GER
tain that the regular common dividends
will be declared. The earnings for the
second quarter will be made public, and
1t is expected that net for the three
months from April to June 30 will be
about sa6, 10000.
Earnings for the current quarter are
fourth quarter about SO, 600 Ouo making
about slc6,ooOOoO for the year, IL these
estimates prove correct. They are based
On the higher prices that have been pre-
vailing for products and will probably
be realized II production does not fall
of from its present high rate The to-
.al expenses of the corporation for
year to come out of net earnings. in
cluding interest charges. depreciations.
sinking fund. and dividend disburse-
nents are about se6.oo00oo. so that IL
he figures prove to be correct, the 1872
surplus will be about 100000 after all
Consols in England have again gone
over than their modern low record and
have gotten below any level reached
since 1873. when this standard British Sc
.urity sold at y when the interest rate
was reduce from to 3 per cent It is
low 2 l-2 per cent.