New-York tribune., 1922-11-09
Stock Dividend
Declarations by
Five Concerns
May Department Stores $
TO Increase Capital by
So, 900, 600 TO Enable a
30 Per Cent Distribution
Raise Regular Payment
Yale & Towne, Solar Refin-
ing, N.Y.Title and Mortgage
and Singer Mfg. ON List

/ The epidemic Of stock dividend dis
tributions within recent months gained
further momentum yesterday with dec
larations by the Yale g. Towne Manu-
featuring Company, the May Depart
mcnt Stores, the Solar Refining Com
pany and the New York Title and Mort
| gage Company. The Singer Manufac-
turing Company is also planning cap
ital increase from $9o,00o,oOO to $780,
100000 by the declaration of stock
dividend Of 33 1-3 per cent. Share
holders meet on December to act on
, the proposed increase.
! From the standpoint of The securities
listed on the Stock Exchange the ac-
tion taken by the May Department
| Stores directors was the most impor-
| tant. A resolution recommending that
the common stock Of the company be
Increased by an additional $6,o0o,oOo
| was adopted by the board, the purpose
being to enable the declaration Of a
stock dividend of 30 per cent upon the
present outstanding stock.
The directors also adopted resolu
tion increasing the dividend on the
common by declaring a quarterly divi
dend of ~ per cent, payable March ]
| next, to stockholders of record Febru-
ary Is. 1t was also resolved that there
should be submitted to the board a
proposition for doubling the number of
common shares by reducing the par
value from 500 to $50 a share. By
this resolution the directors give hold
ers Of 100 shares of present stock a 30
per cent stock dividend and place the
rev common on 10 per cent annual
basis.
Yale g. Towne to Pay 100 Per Cent
Directors of the Yale & Towne Manu-
featuring Company have called a spec
ial meeting Of stockholders for Novem-
ber II to vote on the proposed increase
in the capital stock from $5,000,000
to $10,000,000, and reduction in the
par value from S100 to $25 share.
The additional stock is to be issued
IN the form of 100 per cent stock
dividend. The increase will be ac-
complshed by the transfer from ac-
cumulated surplus to share capital of
s5,000,0O0.
Directors of the Solar Refining Com
pany, former Standard Oil subsd-
iary, adopted resolution proposing
an increase in the capital Of ST.
100000 by the declaration of 100
per cent stock dividend. A special meet
ing of stockholders has been called for
December IL to vote on the increase
The company now has surplus of
S5,250,000 and it is the opinion of the
board that $2,oo0,oo0 of this should be
represented by an increase in the capi-
taliZation.
N. Y. Title & Mortgage Stock Increase
Directors Of the New York Title G.
Mortgage Company have recommended
an increase in the company's capital
ization from $4,000,000 to $5,O00,000
this increase to take the form of
stock dividend of 100000 and rights
to purchase $5O0,000 new stock at par.
A meeting of the stockh olders to vote
on the proposal has been called for
December Z.
Company of New Jersey at a meeting
in Bayonne yesterday ratified the pro.
posed increase in the authorized com
mon stock from $110,O00,OO0 to $685.
ooO, 900, involving the declaration of
400 per cent stock dividend The
common stock outstanding will be ap-
proximately $500,000, 900, the, balance
OF approximately 100000 shares to be
held in the treasury to provide for fu-
ture financing by the company.
". w. Watson, president Of the Con-
solldatlon Coal Company, denied yes
terday that directors have discussed or
EohSiueieu Tue declaration Of stock
dividend or an extra dividend, or an in
crease in the regular dividend rate of
6 per cent annually.
A special meeting of the Stewart
Warner Speedometer directors has
been called for November 20 for the
purpose OF declaring an extra cash divi-
dend. Quarterly disbursements were
reduced from 81 to 80 cents a share in
April, 1921, increasing to 75 cents
share in April this year and to 81 a
share last month, making total pay
ments this year of So a share.