New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-14
BRIEF NOTES OF FINANCE
,arsoraphs Of Current Interest
for the Investor.

the activity in American can Wmch
,r.sidcnt OF the New YORK STOCK In
bas discovered was legitimate ac-
Ae TO- 70 transactions recorded on Jan
o'O"a a,d 81 This year will not be ac-
~' s spch by numerous followers of
envy market The distinction be-
DC ,.,itjmate activity and manipula-
y. evidently is'a very close one
c.or9a's Banking Record.
O., Georaia they had a banking
y"|artrrine fewer last year and the
l"'' ,..s new bank d week for 1912.
Two new banks and three new trust
zee s wc-e chartered i'm the state.
l.,., of the banks were organized
90 minimum capital of $4,000 each.
'.'" .., , capital of $1,000, six of $4,000
I'D or, at $1,000 on the threG new trust
ti" ".' nuc had capitalization OF
.'hl' ,,other $4,000 and the other
ff ~, ncluding eleven state banks
~, ,,rreascd their capitalization by
..ao and three trust companies which
,g-5 $4,000 to their capiahZauon there
49, total increase lu odlINHS Cdpi'ai ol
{, .GtoO during the year
January Copper Production.
THE reports Of copper production for the
an,b NJ January 10y twenty-three of the
~-gest producers who SO far have fur
.,sbed figures show that the output for
-, month was s.. SS9O76 pounds as com
asred with 80 5C9,74 pounds during Janu-
~ I'm 1872 or an increase OF l,oi9'Sa-
ia.s,5s During January Anaconda de-
n
uscIa lessencd its output by l,lSS 5Jo
nIonnds There was an increase at Chino
sS17.531 pounds. at Miami 1OS,4l pounds
"a Of the phelps-Dodge properties the
Increase was s1f,25l pounds.
Paying Back Dividends.
tn. Colorado Fuel and Iron Company
"a. followed the plan of many Of the
thor large corporations in paying off
accumulated back dividends. The COM
,o,v has declared a dividend Of 20 per
cot on the preferred stock. which II is
,,n is largely owned by John .. Rookie
fsller. There Is outstanding 100000 pre-
,ered stock Of this company and total
hack dividends amount 10 about "a per
,ent or about sl.4s00rp Gross earnings
u the company for 1911 increased s1.3SS,767
,ver that of 1910. and it was reported that
eIe earnings were about as high as those
N 1911, when a record was made. The
companv declared q back preferred divl-
lend of per cent last June which was
,avahle in two inStalments. These were
he first preferred dividends paid since
9G when the rate was dropped from
he regular per cent 10 per cent. The
company charter. which was originally
granted for twenty years. expired on Oc-
iober e. 1872 Two days before that date
the shareholders voted an extension OF
ihe charter for twenty years and certi-
dcates were fled with the Secretary OF
State OF Colorado. At that time IL was
reported that the management had under
consideration a plan for refinanclng the
company, which would provide for the
payment Of accumulated dividends on the
preferred stock.
Strong Investment Points.
Five salient features OF underlying
strength Of the Cluett. Peabody & co.
referred stock are shown IN a circular
lust sent TO subscribers by Lehman Broth
rs. Goldman, Sachs & Co. and Kleinwert.
Sons Co. Of London, the bankers for
the new corporation. The restrictions
covering the issue are as follows:
ta 20 mortgage will be placed upon
any OF the property or assets without
the consent OF at least three-quarters of
he holders Of each class Of stock.
I'D In each Of the years 1916, 1917, 1915.
1919 and 1920. providing earnings so war
rant, directors are authorized to retire at
east ! per cent of the outstanding pre-
ierred stock. at price not to exceed $l2j
share. plus any accrued dividends there
On For the following years. starting
With 1921. AT least per cent Of the largest
amount Of preferred stock at any tlIne
outstanding shall be retired under similar
conditions Any failure 10 make such
provision in any year shall be MADE up
By pToportionately larger retirements IN
Subsequent years
(c) No increase in stock shall be author
led without the consent Of at least three
quarters Of all outstanding stock Of both
classes
Id In the event Of dissolution, no as
sets are 10 BE- distributed among common
Stockholders until the preferred stock
holders shall have been paid at least Sl2o
icr their stock, plus any accrued divi-
aends.
le) Entire voting power for election OF
directors Is vested in the common stock,
unless four quarterly dividends on the
preferred stock shall be In default In
this event all Il the voting power IS vested
n the preferred stock.
--D-