Evening star., 1921-04-07
DIVIDENDS DECLARED.
ARE QUIET,
WITH EASIER TONE
BY 8. r. WEST.

NEW YORK. April 7.-Announce-
ment soon after the opening Of busi-
ness this morning that all negotia-
tions for a settlement OF the English
coal strike had been broken or. leav-
ing the situation more critical than
ever. afforded a good deal Of a test
for the financial markets. Abroad the
security list was more unsettled than
it had been yesterday. and there was
a renewal Of selling in the petroleum
stocks dealt in here, which reflect
London speculative conditions.
But the foreign stock markets were
less important as a guide to sound
opinion than the exchange market.
and here the steadiness of sterling
was very impressive. Rates were
down, but only slightly.
They were still well above the low
point of the reaction early in the
week, when the labor crisis first be-
came acute.
If the business community abroad
foresaw, as a result of the coal strike
and the possible sympathetic tie-up
Of the transportation Industry. pro-
longed suspension of trade activity
involving a severe slump in British
exports, it would be bound to show
in the course of the sterling market.
Perhaps today's movement Of the
exchanges could not be regarded as
conclusive. There may be develop
different aspect. But the plain
reading Of the exchanges today was
that London't immediate Judgment
was not apprehensive as to protracted
and desperate labor trouble, that 1t
felt that public opinion would be
overwhelmingly against the strikers
and that this would bring them soon
to terms.
SIow-the Weak Spots.
The stock market was again a good
deal affected by the now familiar
weakness in special issues Another
violent break in the Central Leather
stocks followed directly upon the in
formation that the dividend on the
preferred would be passed.
Two other companies announced the
suspension of their dividends. one the
Cluett-Peabody. the other the Mullins
Body. This. on top of Midvale Steefs
action, which was reflected in further
weakness in that stock today. en-
couraged professional traders to offer
stocks down in cases where there was
any question as to the maintenance
of their present distribution to share
holders.
The sugars were among those singled
out for attack. although in their case
a few weeks might make a very great
change in the trade position ana
render dividends safe which are now
regarded as shaky. Independent steel
shares were under pressure.
Copper shares continued their i'm
provement and most of the oils held
up well.
Railway stocks did very little. The
action of the labor board in forbid
ding any immediate wage cutting un-
til the matters of dispute had been
brought before it for review was very
generally anticipated. 1t was a mat
ter of satisfaction that so early a
date as April Is should have been set
the railroads. and the railway invest
ment market, likewise, will probably
be relieved of their uncertainty be-
fore the end of another fortnight.
Industrial Alcohol.
Industrial Alcohors 1920 report
shows that the dividend was earned
by a comfortable margin and there
was surplus of ss71. ZOO. against
s495. 900 in 1919. Moreover. the COM
pany's position was substantially i'm
proved by the paying OF Of 100000
Republic Distilling Company per
cent bonds. This lett a remain,nS
bonded indebtedness of only $4,000.
At the same time current liabilities
were reduced $2469.000. and the re-
naming total of S2.SS4,000 was COW
cred with a handsome margin be-
sides by the cash and liberty bonds
in the treasury, amounting to s4'-
100000.
Industrial Alcohol at the close of
the year could have paid of every
cent of current Indebtedness have
redeemed the rest of its outstanding
bonds and still would have had left
some 100000 in live current as
sets to set against the $6.000,0 900 pre-
ferred stock of it's own and the ST.
S36. 900 preferred issue of the Cuba
Distilling Company.