New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
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New York Central.-It has been
matter Of comment in Stock Exchange
circles that transactions in New York
Central have been continuously heavy
over period Of many weeks, pointing
70 the transfer OF ownership Of q large
amount Of the stock through the open
market. Now it appears from figures
just compiled that liquidation Of for
eign holdings of New York Central has
been very active since June last Ac-
cording TO Dow, Jones & Co., on Oc-
tober foreign holdings Of the stock
had fallen to s7,5O0,000, compared with
s1s,500,OO0 in the middle Of June, . re-
duction of $4,000, 600, or at the rate Of
approximately s2,225 900 a month. At
the beginning Of January 2O,573,00o in
New York Central was owned abroad,
and shortly before the beginning Of the
war the total was s24,0G0,O00. The ST.
coo, 900 owned abroad on October was
only per cent Of the s24s $50, 900 out
standing II foreign sales continue At
the average rate OF the last four
months there will be little or nothing
left OF the foreign holdings by 1917.
Il is interesting to note that despite
the absorption OF $780, 900 Of Central
since middle June the price of the
stock has risen from around lo4 to
above 10, and that the directors have
decided to raise new capital by the sale
Of stock instead of bonds.
Central Leather.-This stock was Sec
ond to Steel in point Of activity yes
terday, and on . turnover of $4,000
shares rose TO SO. the highest price on
record, closing at ssh, up more than
points from Friday. There is s3s, 7ol,-
O3O Of common outstanding, on which
dividends have been paid since 1914.
Last year the total disbursements on
this class of stock amounted 20 per
cent. and this year the company has
been declaring in addition TO the regu-
lar quarterly dividend Of l per cent An
extra Of the same amount. On the
$50. 299 $50 OF 7 per cent cumulative
preferred the full dividends have been
maintained since 1905. The latest earn
ings of the company, covering the sec
ond quarter of the current year, were
at an annual rate Of 1922 per cent on
the common, compared with 1892 setu-
ally earned in 1915. The surplus for
the three months was l,7s7 ,263. An
unofficial forecast put out yesterday
estimated earnings for the September
quarter at $1,000 900 ahead OF the sec
ond quarter, when the balance after
preferred dividends was S2,5Sl,2s
General Notors.--On transactions OF
only 300 shares General Motors COM
mon rose SO points yesterday 20 s2A .
new record. It is the highest price
stock listed on the exchange. Divi-
dends are being paid on the sl6,5o6,7ss
of common outstanding at the rate o.
20 per cent year. On gross sales OF
$3.50, goo, 296 in the year ended July 81
last the company earned 163 per cent
on the common stock after the full re-
auirements on the Sl4,985, 200 Of per
cent cumulative preferred. The sur
plus for the year after all dividends
was $17,010,437, against sl3,4Os,s3s in
1915 and s6,201 ,055 in 1914. Announce
ment was made last month that this
company will be succeeded by new
company on November !. with an su-
thorized capital more than three times
as large as the present capital. IL will
De called the General Motors Corpora
ton and have 100000 900 new capital
stock. of which $50. 000, 900 will be COM
mon and $4,000. 600 preferred. Present
stockholders will get five shares OF tho
new common for one Of the old and
iI-3 shares Of the new per cent pre-
ferred will go TO each share Of the old
preferred. The new preferred will Do
redeemable after September /, 1918. at
fiO. The company is holding corpora
ton. owning the capital stock OF about
fifteen active motor car manufacturing