The Washington herald., 1912-08-18
STOCKS YIELD
SMALL LOSSES
Put Under Pressure, Support Is
Given on Declines-American
Tobacco Weakest.
GENERAL SENTIMENT Bu1LIsH
BY BARRON SERVICE.

New York, Aug. n.-Stocks were put
under pressure to-day. and while they
yielded small losses, support was given
on every decline. 1t was thought that
large interests were supporting the mar
ket on the declines, and the buying in
dicated the truth of this. About the
weakest issue of all was American To-
bacco, which has been suffering for some
time from profit-taking since the extra
dividend announcement. 1t has gone
down strongly nearly sixty points from
the high mark made in July Speciaities
were strong in several instances to-day.
The general sentiment was bullish. al
though not expressed in market activity,
ewing to the continued gain in the condi-
ton of the crops and the beneficial rains
in the crop belts. Pullman Company ad-
vanced several points to the highest price
obtained in two years Canadian Pacific
was a weak feature on the continuation
Of realizing sales which have taken
place since the announcement OF the
proposed increase in capitalization
Southern Railroad issues were mostly
strong, especially Southern Railway and
Louisville and Nashville. Steel common
was put under the most pressure. but did
not yield much at any time. Lehigh VAL
ley was weak.
The bank statement showed a small
ipcrease in surplus reserve.
The Chicago and Western Indiana will
sell sle,OOOe00 notes to finance present
needs to j. p. Morgan & Co. until the
new 5000 0Oo.00o mortgage bonds are ready
for sale.
Competition Forces Distrtbution.
The keen competition Between the
former subsidiaries of the American To-
bacco Company was the cause OF the
recent distribution of the American Ma
chine and Foundry Company stock held
by American Tobacco. This company did
business for a number of the subsidla-
ries. now independent, and they threat
ened to withdraw this business unless
the machine company was made inde-
pendent of the former parent company
of the Tobacco Trust. By distributing
the stock to the tobacco company share
holders. The control of the machine COM
pany was thrown into the open market
The Central railroad of New Jersey
earned about q per cent on its S2l,4b,sOO
common stock available for dividends in
the fiscal year which closed June 80.
The company paid II per cent in dlVi-
dends. The earnings are lower than in
1911. when IS per cent was earned, as
compared with SS.1S per cent in 1910, but
in the year 1872 taxes were the highest
on record by SS50,000 while the suspen-
sion of mining operations and the severe
winter cut down incomes and increased
operating costs.
The net earnings of the Chicago Great
Western for its 1912 fiscal year were s.
7SS,0o0 a decrease of $4,000. After the
payment of all taxes and fixed charges
there was a surplus of s1S3,6oo. a loss Of
$4,000.
The proposed segregation of steamship
lines from railroads by the government
in the Panama Canal bill is being used as
a bull argument. as the statement is
made that the roads will give their share
holders melon from the proceeds of
the sale of their steamship lines.
The Colorado and Southern earned 2.6i
per cent on its s3l. 200 common stock in
the past fiscal year. as compared with ~
per cent the year before. The stock has
been receiving per cent dividends per
annum.