New-York tribune., 1922-12-10
Cotton Mill Trade
Interest Centered
On Melon Cutting
Distributions Exceed Ex.
pcctations; Goods Market
Dull; Fall River Sales
Total Only 10000 Pieces
an.clal pl,raleA % TAs T,baHe

NEW BEDFORD. Mass, Doc. e.
Flooded by stock dividend declarations
this week, the cotton manufacturing
industry had had its attention d.
reeted from the inactivity In the mar
kst TO the excitement produced for
shareholders. The number OF spce'a'
dividends has already exceeded cXpee-
tstions OF few weeks ago, and the
industry has reached the stage where
the mills from which no such action
is forcseen are limited.
Six New Bedford and Fall River cot
ton mills have declared extra divi-
dcnds this week. The majority have
been stock declarations. The Quissett
mill. OF New Bedford, furnished the
greatest sensation on Friday, when II
became known that 60 per cent stock
dividend had been recommended to the
stockholders by the directors. only
two months ago, the Quissett declared
$50 ensh dividend, the first OF n
serlos OF extra dividends which have
since been declared by New Bedford
mills.
The Wamsutta directors also have
voted 10 advocate n 80 per cent stock
dividend 20 stockholders. The stock Is
now on an per cen. basis. The mar
ket belief is that after the capital IN
crease is effected the mill will con
tinue on the same basis Of dividend
disbursement. This week the Whitman
mill directors followed up tho forecast
OF last week and became the third New
Bedford mill 70 vote n stock distribu-
ton. one OF so per cent. The Sagamoro
mill took the lead among Fall River
mills. with n 66 2-3 per cent stock dis
trbu,ion. The King Philip MILLS there
viii distribute a % per cent dividend
on a capitalization Of S2,20O,0OO. Ih'
Flint mill Of Fall River completed the
weeks activity there with n 90 per
cent stock distribution.
The stock declarations IN New Bed
ford 90 date will increase the capitah-
zatlon Of New Bedford mills from 81
100000 20 Sii,000,000. The Pail River
mills affected by stock distribution
will have their capital stock increased
from $4,000 20 s4,740,000
The total amount which mas been
paid by New Bedford and Fall River
mills in cash and stock dividends COM
bined in the last two months is $500
OOO The Pierce Manufacturing Com
pany and the Beacon had previous TO
this week voted special dividends, the
Beacon 200 per cent stock dividend
leading tho field among the present
disbursement movement
Behind these extra dividend decla-
rations arc the yearsa Of extremely
profitable postwar boom. The com.
panies have wcathered the worst Of
the depression. and the action on
the specisl dividends Is reassuring as
10 their confidence in facting the
future, as we'll as providing the stock
holders with large immediate none
tary bonuses.
Aside from the declaration OF so
many extras the last quarter. the fourth
quarter Of regular dividends was the
best OF the year. The average rate
for the last quarter was S2.356 a share
This brought the average dividend to-
tai for the year 1929 to ts07 per share.
All markets have been quiet this
week. The mills are closing up their
books FOR the year, preparatory TO the
annual reports and meetings. all OF
which has diverted interest. The con-
sideration necessary 20 declaration OF
extra dividends by so many mills has
Of itself distracted attention from reg
ular channels. Fall River print cloth
sales for the week were estimated AZ
a mere 10000 pieces. The New Bed
ford cloth market was also extremely
udll Prices were weaker on some
goods, but the changes did not inRu-
ence trading. Cotton buying was az
standstill. Short cotton weakened.
while extra staples practically held
their own. with buying insufficient TO
provide a test OF strength.