The New York herald., 1922-12-06
EQUITABLE TRUST
TO SLICE MELON
81, 100000 Stock Dividend Is
Proposed-Capital to Be
Increased S8,000,000.
OTHER BIG DISTRIBUTIONS
Liggett & Myers Planning to
Raise It's Authorized Total
Shares 34,247,300.
OTHER BIG DISTRIBUTIONS

The Equitable Trust Company OF
New York will increase Its capital stock
from $12.OO0.OOO to s20oOo,oOo. or the
increased stock s4,ooO.ooo will be paid
to stockholders in the form of stock
dividend and the rest sold TO stock
holders at S100 a share on the basis OF
one share OF new stock for every three
shares now held. A special meeting OF
stockholders has been called for the pur-
pose of authorizing the increase in cap
jtal stock.
The letter to stockholders says: "For
sofno time It has been apparent that
substantial losses would in all proba-
bility be sustained on account of busi-
ness transacted in the Paris branch Of
this company. 1t has been impossible
herrtofore to make an accurate esti-
mate of these losses owing to the un-
settled business and other conditions In
France. After thorough investigation
IL has been determined 20 set up re-
serve OF $3,500,000. which, in addition
to a substantial amount already. ap-
piled out of current earnings, will In
our opinion cover all losses. The bal
ance sheet of the company VIII on Jam
uary 1 next show approximately the
following capital resources: Capital
s20,000.00o surplus, $4,000, 600. and un-
divided prontS, SopO,OUU.
studebaker Cuts "McIcn.''
Directors OF the Studebaker Corpora
tion yesterday declared a stock dividend
of 25 per cent. on its S60,00O,000 out
standing common stock, payable Decem-
ber 20 to stockholders of record Decem-
Der is. This will bring the company's
outstanding common stock up to $75,-
100000. the full amount of the author
lied issue.
"The earnings of the corporation"
said an official statement, land its
prospects are such that the management
believes the present rate of 10 per cent
dividends on the common will be con-
tlnued on the new capitalization"
According to advices received from
San Francisco yesterday the California
Petroleum Company will increase it's
capital stock and will declare a 100 per
cent stock dividend on common shares.
Liggett & Myers Tobacco Company
has called special meeting OF the
stockholders for January s to vote on a
proposal to increase the authorized capi-
tai stock from S65.752.700 to 100000
600 by increasing the authorized pre-
ferred from $22.139S00 and the B COM
mon stock from $21, ,496.400 to $44,363,-
500. This will create S11,3S0.000 addi-
tional per cent. cumulative preferred
stock and s22.S67.400 clfss B common.
of which there is at presenut s10,31S,-
300 authorized but unssued. 1t Is un-
elerstood that the directorate will con-
slider the question of stock dividend,
but that no final decision will be reached
until some time in January.
The directors of the Standard Oil
Company OF Kansas have declared a
stool FIvldend of 500 per cent. payable
December so to stockholders of record
December 1 6. The State Charter Board
has authorized the company TO increase
its capitalization from s2,000,00o to
$4,000. 900.
Stockholders OF the Standard Oil
COMPANY of California authorized yes
.terday an increase in its capital stock
from 100000 to s250.000.000 (s25
par) and the directors declared 100
per cent. stock dividend payable De-
cember so to stockholders of record
December Q. In accordance with the by
laws no certificates for fractional
part OF share will be issued I'm pay
ment of this dividend. After the .pay-
,Inent there will be outstanding S204-
4S1,S50 of the companys capital stock.
Consolidated Gas Plan Ratified.
Stockholders of the Consolidated Gas
Company of New York yesterday ap-
proved the proposal to change the COM
pany's capitalization from 5000, 900
of 500 par value TO 3,00o.000 shares of
no par value. The issuance Of $15.000.-
600 per cent cumulative preferred
stock was approved on the preceding
day.
Stockholders OF the company will re-
ceive 100000 OF the new no par shares
In the ratio OF two of the new for one
of the old. The remaining 500, 900
shares are offered to present stock
holders for subscription at $50 a share
to the extent of 20 per cent. of their
holdings.
e. i. du Pont de Nemours & Co. de-
clared so per cent stock dividend on
the common stock, payable December 80
10 shareholders of record Decem-
ber 16.
In preparation for a 100 per cent
stock dividend TO be paid to stock
holders OF the Bank Of the Manhattan
Company OF record on November 2S. the
shareholders approved yesterday an in
crease in its capital stock from $1,000
600 20 s10.0o0.000.
The Vacuum Oil Company formally
has declared 800 per cent. stock divi-
dend. payable December 30 TO stock
holders of record December is. The
stockholders recently authorized an in
crease In the stock from 5000. 600 to
S7o,o00.p00 and reduction of the par
value OF the shares from 500 TO s25.
Stockholders OF the Merchants and
Miners Transportation Company have
approved OF an increase in its stock from
s3,0S0,000 to Sf.0S0,000 the new stock
70 be offered TO shareholders at 800
share to provide capital for construction
of two ships
M0NEy MARKET.