The Washington herald., 1914-01-04
NEW YORK BANK STATEMENT.
WALL Street GOSSIP.

The voting trust of Guaranty Trust
Company is to be dissolved January %
Gross earnings of railroads for first
three weeks in December show decrease
OF per cent, compared with same time
year ago.
Swift x Co. stockholders approve issue
Of per cent bonds to the amount of
10000
Twenty-four stock exchange firms at
tine beginning of the new year underwent
reorganization. ten partnerships were dis
solved, and seven were formed.
The New York Stock Exchange has
stricken fror1 the list, by reason of ma
turity, New York Central lines equipment
trust of 80; Guaranty Trust Co. 4l-2
per cent certificates, series ID. due 1871:
State of Louisiana consolidated 4 per
cent bonds. due 1871.
Steel manufacturers Cecline to make
any forecasts as to whcthe- or not their
respective companies car go through the
year 1914 without dividend reductions
Steel companies have been prosperous
since 1908 and have been able to accumu-
late substantial surpluses For some
time past certain companies have been
heavy lenders OF money in Wall Street,
which testified to their strength in the
matter OF net liquid assets.
Tn reply 10 reports that large reduc-
tions OF working forces are contemplated.
statement issued by the New Haven says:
Number of engineers. firemeh and train
men fluctuates particularly with amount
of freight business handled. Neverthe-
less, no sweeping reductions i'm working
forces are contemplated. Gross earnings
for the frs half of tn fiscal year show
a reduction This means that less men
are needed. There have been readjust-
ments of forces ana hours to meet exist
ing conditions"
BY large. 1918 was not a prosperous
year on the New York curb. from the
investors standpoint. With the exception
of the Standard Oil subsidiary shares the
industrials have mostly lost considerable
ground. Against price level one year
ago of s115 81 United Cigar Stores ruled
last Wednesday at around s9i 1-2. Tobacco
Products preferred showed a net loss of
s13 share to SSi 1-2. On the other hand
Consolidated Rubber Tire scored a net
gain of over 800 per cent from s1s to $40
British-American Tobacco closed wednes-
day 1-2 below its price a year ago at s2i.
The Standard Oils were noteworthy be-
cause of the gains recorded.
The directors of United Cigar Stores
Company will meet Tuesday to take ac-
ton on the common dividend. 1t appears
certain that the directors will either in
crease the regular rate or declare SUBJ
stantial extra dividend. The regular divi-
dend rate has been 5 per cent annually
during last year. All of the big tobacco
companies find themselves SO 1t is said.
in a particularly strong position SO far as
cash surplus is concerned. The ideas of
James B. Duke in carrying a large cash
balance while he was building up the
American Tobacco Company have been
followed out by those now directing the
various corporations into which the old
company was divided. 1t is thought that
this condition of strength applies to every
one OF the large companies now engaged
in the tobacco business in this country,
either as manufacturer or retailer of
tobacco goods.
New York Financial Bureau to w.
B. Hibbs-Reading is still recommend
ed by people very close to the>1argest
stockholders. 1t is strongly intimated
that an extra dividend is a thing of
the not, distant future.
Traction stocks are being recon-