South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-05-05

So far the locomotive stocks of
which there are only three, Bald
win, American and Lima, have not
responded to the SIS, 100000 of
new business from the government.
If actual additions to assets are
considered, all locomotive stocks
are selling far below their actual
value. As an example, American
Locomotive for the two fiscal years
ended June 80. 1917. showed a final
surplus after all charges, including
preferred and common dividends,
equal TO $54.13 a share on the COM
mon. Baldwin in the two years
ended Dec. 81 last, reported "A sur
plus after all charges equal TO S73.-
sc a share on the common. These
figures represent the amounts ac-
tually added 10 assets in two years,
since when there have been further
large additions to assets. orders
placed by the government indicate
that earnings in the current year
will be large.
Distllers' Securities directors
meet next Wednesday to act or the
dividend. The only question this
time is as 10 whether the rate will
be maintained with the same extra
as at the last quarter or whether
the amount of the distribution
will be increased. The best opinion
is that the same dividend will be
voted as was declared three months
ago. This will continue Distillers
as an eight percent stock and will
emphas size the fact that its pres
ent selling price is none too high.
Those who have been bullish on
Great Northern Ore certificates have
not changed their position. They say
that the company will do more bust
ness this year than il has done in
any two previous years of its his
tory. The position of these interests
is based upon an analysis of the
company made by an eminent en-
gineer, who figured that Ore was
worth at the end OF 1915 about S33
share. Since that time there has
been an increase OF about so per
and this must be reckoned i'm cal
culating the present value of the
stock The expression is that an
increase in the dividend may be
voted this year.
About 100000 silver dollars
have been melted into bullion or
mutilated by the government under
the new silver act Negotia tions are
under way with the British govern
ment and other allies for export of
the metal to be used in coinage.
Printing of new federal reserve
bank notes Of 81 denomination to
replace the withdrawal of silver GER
tificates will begin soon.
Applications of many railroads in
official classification territory seek
ing the approval OF the interstate
commerce commission for filing in
crease class rates on transportation
of traffic in that territory today was
assigned for hearing Monday, May
IS, at Washington
Wright Martin Aircraft corpora
tons motor production has now
been brought up to an average Of
% a day Of the Hispano Suiza type
for use in battle planes. The com
pany has taken over plants Of the
General Vehicle company i'm Long
Island City. These plants will be
given over 10 manufacture of large
800 horse power motors. An order
for 5000 Of these motors has been
secured from the United States gov
eminent. IT is planned TO bring
motor production 10 an average Of
so a day before the end OF the cur
rent year.
The time limit for the redemption
Of Cerro de Pasco Copper company's
outstanding six per cent bonds AZ
los and interest expired May 1. But
the biggest part Of the bondholders
elected 70 avail themselves OF the
conversion privilege at 80 a share.
Approximately S6.927.OO0 OF the
bonds were converted into stock and
the company now has outstanding
about $4,000 shares Of no par
value. and no bonded 0sht
Bullish sentiment continues 70
grow On 1. s Steel common. Some
consideration both of earnings and
dividends appears 10 warrant this
position. The company is now pay
ing a rate OF l. per sent per an
mum. If the steel interests are not
wrong in their Judgment. the cor
poration should be able 20 pay at
least eight per cent for a consider
able number OF years. With the
dividend double that rate now and