South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-04-21
Notes of the Financial World

Friends Of the Republic Iron and
steel CO. point out that the concern
having shown in the last two years
and three months a surplus Of
S1O933 u share for the common
stock. against dividends at 50 paid.
the shareholders have something d
look forward 10 in the way Of extra
disbursements. 1t is asserted that
while the Republic will continue 20
maintain o conservative policy. as
sets are increasing at a rate that
promises large future benefits FOR
the common shares.
Based on sales and earnings for
the first quarter Of the year. the
United States Rubber Co. should
earn $50 share, after war taxes.
for its $36,OOO.0OO common stock in
the current year. In 1917 the earn
.ngs were $2S.77, and in 1916, $15.12
a share.
Railroad shares generally have
rot shown in the last few days the
enthusiasm that some of the indus
/ trials reelected Union Pacific de-
] ciineG 3-S. compared with Thurs
cay. and Canadian Pacific was off
similar fraction. St. Paul held
steady.
The chief interest was in steel
common. There are now a great
many believers in that stock. They
think the j per cent dividend rate
will be maintained. and in that event
/ the shares would be worth well
/ bove par. Further favorable war
news is expected TO lead to much
/ Improvement in the general list.
A good deal of profit taking was
J reported in the various stocks. This
was especially true or Distillers Sc
! curities. which declined. The stock
! is receiving more favorable attention
now than at any time in years. II
! is thought the earning power is bet
/ ter esta blished. and It is not expect
( ed there will be another dividend
/ fasco such as that of the placing
/ Of the stock on a 6 per cent divi-
/ dend basis and a subsequent reduc-
\ ton 10 ..
/ American Locomotive led the
/ equipments in price advance. moving
up TO s.. The shares were unusually
active American Car and Foundry
/ and Baldwin Locomotive were
little better than steady.
National Conduit and Cable which
/ has recently been dragging along
I close TO its lowest. came In for bet
ter appreciation Of its speculative
possibilities yesterday. along with
other low priced specialties. Gossip
Z is to the effect that on the big de-
/ cline which followed the fiotation Of
the stock at a price os $50 a share
I last year. the original controlling in
terests lost their grip on the stock
and that control has fallen under a
new clique Of capitalists.
Copper shares promise TO do bet
\ ter because of the insistence of pro-
ducers that a higher price must be
( hxed by the government for copper
/ IL is reported that the point is being
made 10 Washington authorities that
/ there are a number OF small pro-
\ ducers who are compelled 10 pay
J approximately the present figure to
get out the metal. IL is suggested
/ that the latest developments on the
Vestern battle front mean there will
! be an increased war consumption.
international Paper common sun
fered a moderate reaction. While
/ the annual statement was favorable,
il was apparent common shares
were advanced merely through pool
I operations
Reading stock did not do much in
a market way. The statement Of
earnings was not very favorably
construed. For the calendar year
1917 the Reading Co. showed in its
I own income account the equivalent
: OF g97 per cent earned on the COM
! mon. after deducting the preferred
I dividend. compared with $50 per
cent in tho calendar year 1915. The
] shares o9ened az sos. and after 4
I fractional gain close at so IL. an ad-
vance OF Ia over the previous day.
/ The ction OF the public lands
committee OF the house Of represen-
| tatives in reporting the oil lands
/ leasing bill 10 the house is regarded
/ as the most important step yet
taken by the government 10 increase
the outpct OF oil in this country.
\ This legislation has been pending TO-
several years, and quick action is