The Washington herald., 1914-05-26

Application has been made to the New
York Stock Exchange to list IS, 100000 ad
ditional Southern Bell Telephone anS
Telegraph Company first mortgage thirt,
year sinking fund per cent bonds du,
1871.
Standard Milling Company has declared
cash dividend (No. - Of 3 per cent or
the common stock, payable June 20
Books close June 10 and reopen June -
Previous dividend was per cent. paid
July IS, 1919
The net earnings (before depreciation
Of the California Petroleum Corporation
and its subsidiaries as officially REPORTED
for the month Of April, 1914. were sls2.57a,
comparing with Slss.64I for April Of last
year. For the four months ending April
the earnings were s7o2 $50 this year. COM
pairing with s723,s26 last year.
Between 100 and 500 men returned to
work after an idlenes Of three weeks
when the Bessemer plant Of the Republic
Iron and Steel Company resumed opera
tions last night. Every department
Brown-B -Bonnell plant. and on other mills
will go on later in the week.
The Baldwin Locomotive Works has
received an order for eight locomotives
from the New Orleans and Northwestern
Railroad. five of the Pacific type and
three mikados.
Completed details of the pending
merger Of the Ohio independent telephone
companies, to be known as the Ohio
State Telephone Company. propose out
standing capitalization of S23.coo.O0o The
consolidation will include fourteen COM
panies.
1t Is expected that the consolidation
will economize operation and financing
through concentrated management and
make possible extensions and improve
ments insuring better service.
When the Ford Motor Company has
birthday anniversary It has a real party
On May 49, last, 1t celebrated the occa-
sion by declaring a 100 per cent cash
dividend in addition to the regular quar-
terly 10 per cent. In 1913, its tenth year.
the fun was even more hilarious, 500 per
cent. or 100000 in cash being passed
over to the eight shareholders the cor
required for the distribution, but the
sum is small beside Ford earnings On
its 100000 capitalization the company,
during the ten years ended with 1919
sold sos. .sg7,625 worth of cars and re-
tained net profits of $50. 40s, ,S32. For 1913
alone profits were 5000. .0OO
This is the record of the little giant"
of the automobile industry. 1t is an ex-
ample. however, that none of the other
makers may have been able to follow.
The General Motors Company, which
q ra1 IL.
stock last year, Is the second largest
Garner in the automobile world. The
Willys-Overland Co. runs third, with
2G.5 per cent on so. 900 common in
1918. There may be larger earners, based
on capitalization, among the smaller con-
Germs, but IL so they have concealed the
fact from the public. al
A. B. Leach & Co. say that demand for
short term securities is well maintained
Of the investment situation generally
they comment: I'VE are in receipt of a
number of letters from correspondents
the East and Middle West,
1ealing with investment conditions The
general tenor of these letters is that we
are now going through a period of sus-
pended animation. The undertone of
sentiment is hopeful and there is a sat
sfactory amount of business, although
are not SO large as some
time ago. Investors who have funds
available, but do not enter the market,
say that they prefer to see how the rate
decision and the Mexican trouble will
work out. That there will be an out
burst Of unusual activity when these
matters are satisfactorily settled-and
foregone conclusion. Meanwhile every
Indication Of excellent crops and renewed
Industrial activity is causing ripples of
optimism radiating in all directions"