New-York tribune., 1922-12-30
Wens-FargO Plans
Extra Dividend;
To Lower Capital
Believed To BE Another Step
in Liquidation; Cities
Service Directors Vote
Against Cutting ''Melon"

WeIIs-Fargo 4 Co. have called two
special meetings Of stockholders for
February / and February 8 20 consider
decrease In the capital stock from
S24O00.O00 20 si2000,0 900 by lowering
the par value 20 $50 a share from 500.
IL two-thirds Of the outstanding stock
votes for the decrease IL is the inten-
tion OF the board TO make a cash dis
tribution out OF assets amounting TO
$50 a share.
Tho proposed dividend action Is be-
lieved 70 be another step in the liqui-
dation Of the company. The stcck had
q book value Of sos a share ht the end
Of 1921, but during 1929 there have
been settlements Of claims which have
materially added TO the assets.
Directors Of the Cities Service Com
pany voted yesterday 20 continue the
policy Of paying regular monthly
stock dividends on the common stock
instead Of declaring a large stock divi-
dend At this time. AZ the same Zine
regular dividends on the preferred and
preference b stocks we're declared, all
payable February l 20 holders Of rec
ord January 10.
Henry l. Doherty, president OF
the company. said that the decision
not 20 declare n large stock dividend
at this time was In line with tho be-
lief Of the full board that neither the
present Congress nor the newly cleo
ted Congress would impose any such
drastic tax on corporate surpluses as
has been generally feared.
In letter TO stockholders Mr..
Doherty said that the officers Of the
Cities Service Company had placed
before che board all the facts bearing
on a dividend plan and that the "sit-
uation, viewed from every standpoint,
showed plainly that the company was
In position TO declare a large stock
dividend or maintain the present rate
indefinitely"
Directors Of the Fidelity-Tnterna-
tional Trust Company have called n
meeting Of stockholders for JanuarS
IL TO authorize an increase in the CAPT
tai stock from Si,500000 10 $4,000. 900.
II Is intended to offer 5000 shares Of
new stock AZ 800 n share 10 stock
holders, on the basis Of one share Of
new for each three shares now owned.
The capital increase is 70 be used for
further development OF the eompany's
business.
Directors Of the REGAL shoe Com
dividend Of N per cent on the pre-
ferred stock, the first since January
81 OF this year.
Announcement was made that diree-
tors Of the Tobacco Products Corpora
tion, at a meeting next week, will give
consideration 20 a plan for declaring
the dividend for the full year 1923 on
the 2 per cent non-cumulatiye class
A shares.
Stockholders ~ the Continental Can
Company ratified the proposed amend
ment 20 the incorporation certificate
providing that the number Of shares
authorized TO be issued is $4,000 shares
Of preferred and 100000 shares Of no
par common; further that the out
standing common shares OF the com
pany, par 500. be exchanged for 2-s
shares Of common, no par.
Stockholders Of Clifton Manufac-
turing Company, Of Spartanburg, s. C.,
have indorsed the recommendation Of
the board Of directors TO declare
stock dividend Of % per cent, and a
cash semi-annuAl dividend Of 6 per cent,
This action will increase the capital
stock from S2,OOO.0OO TO $2,5O0,00O.