Newark evening star and Newark advertiser., 1915-10-20

words, and the meeting adjourned
with an announcement of the election
of Leigh Best, vice-president of the
company, as one of the directors.
William ID. Loucks, representing the
irate Mr. Cate, who last year vigor-
ously attacked the Marshall manages
tment, and who recently examined the
company's accounts, was present, but
Mr.. Cate was not there. Mr.. Loucks
carried a bulky portfolio and sat op-
posite Mr.. Schoonmaker. He appear
ed to be primed for action, but he, too,
kept silence. Some of the stockhold-
ers walked out smiling. Apparently
the differences between the minority
and the majority stockholders had
been settled amicably before the
| meeting.
A New York Stock Exchange mem
bershlp was transferred yesterday
for s72,OO0 Last week there was a
transfer for $4,000; two weeks ago
there was another for $4,000.
The new Wabash securities show a
very good rebound from each re-
action. Quite heavy selling of them
| occurred at the end of last week, but
| they have recovered, and while not
as high as the best curb figures they
show substantial Improvement
from the bringing out quotations.
There is much talk Of dividend on
| the preferred "A" within a year.
Erie's September gross earnings
were over Sc, 100000. So far in October
the road has earned a larger gross
than in any similar period. The pres
ent outlook is for a surplus after
charges sufficient to pay per cent.
on both classes of preferred and leave
a margin of nearly per cent. for the
| common.
Chairman Elliott, Of the New Haven
Railroad, believes in taking the small
stockholder into his confidence. In
the annual report he calls attention
! to the large number of shareholders
! owning q small amount of stock, and
says these stockholders can help
themselves and the company by TAX
ing an interest in its affairs. The
classification of capital stock of the
New Haven as contained in the re-
port shows that on June 30 last 1906
stockholders out of a total of 26,517
owning an interest in the road held
one to ten shares, 1854 held eleven
to fifty shares, and 2,429 held fifty
one to 100 shares of stock. The aver
age shares per stockholder on that
date was 1925, against 69.06 on Janu
ary l. 1918. OF the 1,571,179 shares of
stock outstanding 567,S7S shares. or
36A per cent, were held in Massa-
chusetts; 591 POP. or 33& per cent, in
New York State. and $50, ,939, or 16 per
cent. in Connecticut. The names of
10,627 women are carried on the New
Haven books as owners of stock
American Hide & Leather returned
favorable quarterly earning state
ment yesterday; in fact, the best in
the corporations history, showing net
earnings of $592,731, an increase of
! SAP, 704 over the corresponding quar-
ter of last year. The company's sur
plus after interest charges and sink
ing fund appropriation amounted to
| $427,357, which compared with deficit
of $15,347 year ago.
Wall Street was surprised by the
manner in which United States Steel
common acted in it's early violent ad-
vance. There were no large initial
| buying orders In the stock, half
dozen brokers taking about 1000
shares each during the early forenoon.
orders on the selling side, as indicated
by individual trading, were equally
moderate in amount. The price was
nevertheless easily maintained at n
range higher than had been previous
| ly established since 1910. The highest
price in that year was 81, and the
| high record price of the stock 947s,
was S9s fixed in 1904
Directors of the International Har-
vester Corporation, which handles the
foreign end of the business, have
again passed the quarterly dividend
of IL per cent. due on the common
stock this year. The disbursement
was omitted year ago as result Of
the effects of the war on the COM
pany's business abroad.
Toe anybody going by the tape
neither Crucible nor Westinghouse did
well yesterday. Crucible was bid up
at the start close to 81. but later on
was freely offered and was heavy,
while the other war shares were
strong Those from whom informa-
ton has been sought with success In
the past ascribed the action of CRU
chile as due to selling by tired holders
who thought they saw better oppor-
| tunities at the moment in other direc-
tiops. Some of this selling was done
through q house which has been very
prominent in Crucible all along, and
this started the report that the IN
siders were getting out. There was
selling of the same sort, and through
much of the same sources, In West
inghouse, which made the stock act
heavy early in the day, while others
were going up.
Leading financial authorities on
both sides of the Atlantic agree that
the pressure of foreign liquidation
will not be removed from this mar
ket for a long time to come. London
cable advices today reported that the
British government Is engaged in
buying up Canadian Pacific shares to
sell here. The London Statist under
recent date points out that the
Anglo French loan of $500, 900 is
no more than required for the pur-
chase of food and raw material
How the allies will finance their
purchases of munitions is another
matter" says this authority. Pre-
sumably the supplies of munitions
will be paid for by sales of American
securities. We anticipate that Amer
lea will by means of her exports be
prepared to purchase between ", $780,
000, 900 and $1,000, 100000 of securities in
the current crop season from August
l this year to August l next year"
|