Newark evening star and Newark advertiser., 1915-10-26
FINANCIAL NOTES

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A special meeting of stockholders of
the Riker & Hegeman Drug Co. will
be held on December to confirm the
action of the directors in approving
! the absorption of the company by the
United Drug Company. A special
committee which was appointed to
| investigate the proposed change of
control reported favorably yesterday.
The stockholders will receive one
! share of United Drug common stock
and $40 of United Drug second pre-
ferred stock for each $100 of Riker-
Hegeman common stock. Dividends
of per cent. annually are now be-
| ing paid on United Drug common,
but it is understood that with the
| taking over of the Riker- -Hegeman
Company and the consequent increase
in capitalization the common dividend
will be reduced to per cent
| Six per cent. will also be paid on
second preferred stock.
The United States assay office, in
New York, has notified bankers in
terested in the recent heavy importa-
ton of gold that large shipments of
| that metal cannot be handled at the
assay office for some time, The
foreign coin has to be melted ana
moulded into bars and the task has
overtaxed the resources of the govern
ment institution.
The $25 000,0 900 shipment which was
to come from ottawa this week Will
,,.tc IN
facilitate the assay office operations.
Bethlehem Steel new stock, when
, issued, was quoted ON the Broad
Street curb yesterday at 60 bid, but
later the bid price was reduced to 60
This bid price was on the assumption
that there will be readjustment OF
capitalization by which holders Will
receive ten shares of new stock for
each share of present stock. 1t IS
understood the same terms will be eX-
tended to holders of preferred stock,
who may receive ten shares of new
preferred for each share of the
present issue.
The popular conviction is that
directors of the United States Steel
Corporation this afternoon will post
| pone action on the common stock
dividend. The street is prepared for
this and looks now to the September
quarterly statement as the agency for
another advance in Steel shares. 1t
is expected that net earnings will be
about $4,000, 900 after liberal appro-
priations for depreciation has been
made. Since the end of September
nearly all of the company's products,
except rails, have advanced from 81
to 81 a ton. Consequently, earnings
in the December quarter on the same
volume of business as in the Septem-
ber period would be considerably
larger.
The bond market yesterday con-
tinued active, and a generally strong
undertosle was maintained. The more
important dealings We're in New York
City, Erie, Northern Pacific, and
Southern Pacific issues. Baltimore 4.
Ohio, Chesapeake & Ohio, and West
inghouse conVertibles, Distillers 5s,
Chile Copper Is, Virginia Carolina
Chemical 6s, and Wabash As.
There were large amounts of Sc
curities brought on the st. Paul,
whose delivery yesterday among
Stock Exchange houses caused much
additional clerical labor Incoming
steamers from Dutch ports will bring
further large supplies. One firm com
pleted a compilation of the stocks
and bonds received since the war and
found it to be of value of over $780,
100000. There are probably twenty
to thirty other houses that have re-
ceiVed $10,000,000 or more The re-
ceipts by the large international
banking houses individually will run
into much greater totals.
The rise of points in Mexican Pc
troleum from last weeks lowest was
credited to a victory for Eastern in
terests in the company who did not
look with favor on the plan of the
Doheny crowd to form voting
trust.
Trustees of the Great Northern Ore
properties have declared n dividend
of fifty cents a share on the 1900, 900
outstanding certificates. The last
payment was made December %
1914, and the rate was then fifty
cents. The payment was made for the
preceding three years. Part & that
time 81 a year was paid.
! Market movements yesterday were
controlled to a great extent by or
| ganiZe1 efforts of various pools,
some In easily moved railroad stocks,
and others In closely held speclalties.
Efforts to advance railroad stocks
met with approval in important cir
cles, and a number of those issues
were established at moderately high
er prices. These stocks have became
scarce in Wall Street, and the scant
offerings of such issues as Union
Pacific have been commented on in
the past few weeks. One of the spe-
cialists in the stock said that the po-
sition of Union Pacific was indicated
by the fact on Friday, a million
share day, only $500 shares of Union
| Pacific were traded in