The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1916-10-04
CLOSING STOCK LETTEE.
(Ry Private Wire to Fidelity Investment
Association from Harris. winthrop

Association from Harris. Winthrop
NEW YORK. Oct. s.-The market to-
day displayed more resisting power than
lacking however that would affect my
particular issue and the activity and adj
vance was therefore based on the temper
Of the public with the traders helping.
We rather lock for an upturn tomorrow
as prices have refused TO declin" on
what appears to have been fairly heavy
realizing for the past week. We should
choose Steel. the Coppers and good rails.
however, for purchases rather than the
recently active war stocks.
Dow Jones says: At annual meeting
Of Midvale Steel following statement
was issued by President Corey:
From standpoint OF our company
business conditions are entirely salts
factory. All our plants are operating TO
full capacity and orders are being re-
ceired IN excess OF shipments. Net earn
ings leaving entirely out OF conSidera-
ton the manufacture of rifles by tho
with the British government since the
acquisition OF Cambria Steel Co. IN
February. are in excess Of $2.6oO.oOO per
month.
During past year additions to our
plants nave been under construction and
will be completed by January l; l9lI'
resulting In total increased production
Of 1000 tons OF pig iron and 1.2Oo tons
OF open hearth steel per day.
Based upon Mr. .Cory's statmnt Mid
sal has been earning az rate VI more
than $%0000000 year or 50 per cert or
sI5 a share On the Sl00.000.000 capitali-
cation since February. Early in year
Mr.. Corey made statement that earnings
would be in excess OF S25.Q0O,OUu.
An interest in close touch with: Mid
| vale Co. said that the Statement: In
excess Of $2.500.00O month was TOO
conservative. e! am convinced. said
he that earnings are running closer 10
$4,000. 900 a month exclusive of rifle
, contract than S2.500.000.
Earnings as stated are coming almost
entirely from 'Midvale regular CONNER
cial lines Of steel. 1t y esumatea AN =, =
J S2Q.809 900 this year. On basis ot So
/ 10000 a month or s30.0N0.O0O year,
this would leave only slS.00o.Oo0 for
subs idiaries outside OF Cambria
Directors were reelected at the an
| nual meeting.
! Dow Jones says: Kclly-Springfield de-
clared regular quarterly diridnd OF 81 a
! share on common stock. payable NoFem-
! Der l TO stock record October 10.
/ poration have authorized issuance OF
$3.50 shares Of preferred stock now IN
/ treasury to stockholders OF record CT
| October a. 10 plus accrued GiVlocnd.
All stockhold ers may subscribe 70 eS-
! tent Of IS PR cent of their holdings.
| Subscriptions are payable october -.
Issue Of new stock Is TO increase work
ing capital and provide for Immediate
construction OF new plant at Detroit.
which is necesSitated by large volume
! Of ORDER, on books.
| Pittsburgh wires. 1t is officially
! stated that Pittsburgh Coal Company re-
! adjustment plan is now tormau% opera
| tive and that new stock probably will
! be ready for issue within 81 days.
Kuhn. Loeb s; Co.. announce that sub
| scription lists for the s5o.0o0.000 city
| of Paris 5 year per cent loan nave
| been closed. the entire amount having
| been heavily oversubscribed.