The Washington herald., 1912-06-26
STOCK DIVIDEND
OF TEN MILLION
La Belle Iron Works Makes Pleas.
ing Announcement to Its
Stockholders.
TRADING ON STOCK EXCHANGE
ny BARRON SERVICE.

New York, June 25.-Bear activities
were responsible for several sharp drive,
at the major issues to-day, but in the
afternoon there was a slight rally, which
brought stocks up fractionally from 1.-The
low Of the morning. Anaconda and
Amalgamated were heavy upon the ex-
pectation that the directors would not
declare Z higher dividend on Anaconda
stock later in the day. Texas Company
declined over a point from the new high
record for the year made on Monday,
even though Nthere was not any counter
Tumors to the one that there would be
q dividend increase soon. Weyman Bru-
ton Company, common, a tobacco stock.
attracted attention by selling at rs, q
new high record and an advance Of q 1-2
points from the last sale. The advance
is the result Of rumors Of greatly in=
creased business. The stock is very
closely held. and il would be easy 10 run
up very rapidly as there is a demand for
!t-as a 10 per cent dividend payer. The
Democratic political situation did not at
tract as much attention as the Chicago
convention did last week, and few traders
deserted their posts to watch ticker news
Of the Baltimore convention.
The principal bear argument was
wound around vague rumors Of a crop
scare, but very little attention was paid
10 their talk although their drive was
successful for a time. The Wabash
stocks were weak again because Of un-
favorable sentiment toward the reorgan-
ization plan. There was not any special
news affecting the larger issues. such as
Union Pacific and Steel, but their decline
merely kept pace with the general trend
Of the market and the sentiment Of the
traders United States Industrial Alcohol
declined from the new high record price
Of 43 3-S on profit-taking. The new record
made Monday resulted from the excellent
esrnings of the company Norfolk and
Western was notably strong. due to an
unusual buying demand. General Chemi-
cal made a new high record because of
rcpuTts Of excellent earnings.
James 3. Duke. former president Of
the American Tobacco Company, now
chairman Of the British-American To-
bacco Company. has not been acquiring
stock Of the United Cigar Stores Cor
poratiOn, but rather has sold all Of his
former holdings IN that company. The
British Company is not buying the stock
OF the Cigar Stores, nor is 1t contemplat-
ing starting a chain Of retail stores here
and abroad. These statements emanated
from people high in authority in the
English company and dispose Of the ru-
mOrs that the former president of the
Tobacco Trust was seeking the con-
troll OF the American business through
however. that the British company has
sought to extend its field in this coun-
try. The buying of the United stock has
been for the benefit of President Whelan,
ot the Stores Company, and he intends
to retain control Of the company.
Subscribers to the S4OOOOOOO six-year
5 per cent Brooklyn Rapid Transit notes
will receive only about 50 per cent of the
amount subscribed for.
M o1a ~
Howell Company do not call for assess |
ments on the stock. Stockholders will |
he offered the prior privilege to subscrib |
TO the underwriting syndicate, which will |
provide funds in lieu Of an assessment |
The S10,OOOO00 La Belle Iron Works |
stock increase will be given stockholders |
as 100 per cent stock dividend.
The Atlanta, Birmingham & Atlantic |
applied for permission to issue 5000 900 |
receivers certificates, but permission to |
issue only $4,000 one year per cent |
certificates was given by the court, as
that amount was necessary TO take care
of maturing obligations These were !
sold to a New York banker, and the ap-
plication for the remaining S1.3OO.OOO was
referred to a special master. Those sold /
will be offered at par
The Shannon Copper Company direc-
tors will soon consider the question Of
about s. per year on each share There
is counter report that no dividends
will be paid until all of the $500 900 bonds
have been Iaid OF; 10000 have been
bought In already and retired.
Earnings OF the Western Maryland for
the fiscal year ending June 80, will be
lbout $4,000 available for fixed charges
These will total g. 1900. and the per
sent preferred dividend will require $4oO-
oJ, leaving very little for surplus. The
interest on the 5000 900 notes sold in jan
Iary will not be charged against this
rear's figures, as the money was rails I'd /
Tor the new extension. The official open
ng Of the new extension connecting the
Dad with the New York Central has been
postponed until August / Officials Of the
Dad are brimming over with enthusiasm
Is to the prospects for increased busi- L
less and earnings when the new connec-
ion IS finished.