South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-09-29

nounced that the directors cOntem-
plate issuing stock at par. The
amount of the issue has not been
fixed and the market talk is between
10 and 20 per cent. At the same
time the company has acquired TO-
600 acres of oil lands in northern
Texas, the location of the latest pool.
American Steel Foundries was ac-
tive and firm. but did not follow the
advance of the previous day. The
buying of the shares has been based
on the expectation that the capital
will be increased by an exchange Of
the present stock of the par value OF
500 a share for three new shares OF
the par value and paying 81 a share
in dividends Four dollars on such
an amount of new stock would be
equivalent to u per cent on the
present outstanding issue. The reg
ular dividend rate is now Z per cent
and an extra distribution paid this
month placed the stock on II per
cen basis.
Mexican Petroleum advanced with
Texas company shares. moving up
about So points. This stock has
been well bought for some time.
Directors of the St. Paul have
again deferred action on dividends.
According to Wall st. estimate the
earnings to be allowed the company
under the standard contract will be
equal TO 2ia per cent on common.
This. however, is a matter of some
uncertainty The common shares
closed 4S34 and the preferred at
IN.
Sinclair Oil attracted considerable
attention. advancing 1ia points.
Ohio Cities Gas gained fractiOnally.
SO far as can be learned the earn
ings Of the latter company are bet
ter than last year, but the insiders
have not seen mt to make a move
ment in the shares and the price
holds between 81 and IS.
United states Smelling. Refining
and Mining directors issued the fol-
lowing statement:
THE earnings in the first nine
months OF 1918 will show approx
mately S3.674,331 with September
earnings estimated after creating re-
serves amounting 10 S1,997.413 for
depree citation. depletion, exploration.
federal taxes and other purposes.
These earnings are at the rate Of I
per cent per annum on the preferred
stock, plus $6.s3 per per share for
the nine months on the common"
A director Of the American Ice
company says there is no foundation
for reports of an amalgamation OF
that concern with Burns Bros. Ice
company.
Time money business is practical
ly at a standstill with no new money
Lending. and while few loans are re-
newed. the majority are being paid
at maturity at request Of lenders.
Borrowers are bidding per cent for
mixed collateral loans. and 6i2 per
cent on all industrial loans on all
dates.
The Public Service company OF
northern Illinois has asked an in
crease in gas rates from s. cents 10
t1.14 before Walter a. shaw. public
utilities commissioner. arguing that
the cost OF production had increased (
The case was continued until oct. p
The war industries board an
nounced hat revision OF prices on
cotton products has been postponed
until Nov. 16. when results OF the
investigation into the raw cotton sit
uation are expected 10 he on hand
Under a ruling by Circuit Court
Judge Dingeman OF Detroit the
street car companies there must col /
lect only a fve-cent fare. and sell
tickets 70 workingmen AT The rate
OF eight FOR Is cents