South Bend news-times. (South Bend, Ind.) 1913-1938, 1919-01-26
COMMERCIAL
Notes of the Financial World

After weeks of agitation over the
question or adopting new and uni
form forms of contracts. the direc-
tors of the American Iron and Steel
institute decided TO disband the
special committee on contract rela-
tions and announced that no recon-
mendations can be made which
would be of benefit 10 the trade. Dis
cussion by individual directors OF
the institute had given the impress
sion that numerous evils existed
which might be cured by an adjust
ment of contract forms.
The protective committee of the
American Writing Paper Co. an
nounced that more than $S,S00.000,
or so percent Of the $11. 900 900 first
mortgage sinking fund bonds of the
company due July / next have been
deposited under the agreement date
Of oct. 10, last.
Confusion followed the announce
ment that Baltimore and Ohio would
sell ex-dividend yesterday. The stock
exchange explained that the stock
normally had sold ex Dec. IS, but
that the dividend was declared con-
ditional upon the receipt from the
railroad administration Of money to
pay il. The money and government
approval was received yesterday and
the stock ceased carrying a due bill
for the dividend.
stockholders OF Brooklyn Rapid
Transit have been given to under
stand that a reorga nization will be
effected that will call for an assess
ment at least large enough to take
care of the $4,000, 900 receivers
certificates which Receiver Garrison
plans to issue. This would mean a
tax Of $25 TO $50 a share. There is
no probability of an assessment TO
cover the $57,OOO,0OO outstanding
notes, as they are exchangeable for
bonds which have been put up as
collateral.
Railroad men are told that Direc-
tor Gen. Of Railroads Hines will
force an early settlement OF all COM
pensation controversies and insist on
the early signing of contracts. The
St Paul has agreed TO a contract
calling for compensation of $2S,-
106,7 III a year. The amount includes
100000 a year as income on invest
ments in electrification. No figures
are available as to what the contract
srrsfF -. -.
average OF charges the preferred
dividend is guaranteed and a small
amount is left for the common.
The Walden w. Shaw corporation
has declared a dividend Of $3.50 a
share quarterly on the common
stock. paya bic Feb. 10 to stockhold-
ers OF record Feb. l. The dividend
heretofore has been $1.25 a share
quarterly and the stock is now
placed on a six percent per annum
basis.
The American Brass Co. declared
an extra dividend of 1 IL percent
and the regular quarterly dividend
Of l 1-2 percent. payable Feb. IS
TO stock Of record Jan. 81. Previous
ly the company had been paying an
extra Of IL percent
The accountants have not vet full
~ completed the statement OF Ajax
Rubber for 1918, but preliminary es-
Inmates OF the results indicate that
there was earned on the old capital
izatiOn something over $40 per share
before subtraction OF federal taxes.
At a meeting Of the directors Of
the American Iron and Steel insti-
tute IL was decided that no recon-
mendations on new forms of con-
tracts could be made which would
benefit the trade and the special
committee on contract obligations OF
the institute was ordered discharged
The Rock Island Railway an
nounces il has concluded a settle
ment of litigation with the Colorado
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