The New York herald., 1922-12-07
ssOO,OOO,OOO STOCK
INCREASE PROPOSED
Cities Service Possibly Will
Declare Part of New Com
mon as Dividend.
MORE MELONS CARVED
Singer Manufacturing to Pay
33 1-3 p. C. and Raise Stock
S3O,OO0,0OO.


| Directors of the Cities Service Com
pany have adopted novel procedure in
calling a special meeting of stock
holders for December 2S to consider in
creasing the amount OF common stock
from 100000, 900 to $400. 900. 900. at the
same time calling for expressions of
opinion as TO the advisability OF de-
claring part of this increase as a stock
dividend. According to a circular sent
out yesterday by Henry J.. Doherty,
president. the suggestion has been re-
| ceived that book surplus be declared out
as stock dividend and further that a
stock dividend be declared sufficient to
mako the outstanding stock approx
matey equal the property values.
| Many corporations having large sur
| pluses,' the circular says, have
deemed II advisable to declare out such
surpluses In the form Of stock dividends
while others have definitely decided not
to do so. However. the preponderance
| OF opinion is that capital obligati, rs
should be made to equal property values
AS nearly as possible. 1t is understood
| that some of the corporations that have
not as yet taken action intend to do so
before December 81, 1922, but deem II
wise to defer action to the latest possi-
BILE date in order that they may be
guided by anything that may be devel-
oped by the heated discussion of the
question which is now on, ,and have the
benefit of any court decisions bearing
| on the subject that may be handed
down in the interim. 1t Is also their
wish to take into consideration public
| opinion, which Is now rapidly crystaliz-
| ing, as 1t will have a decided influence
| on future legislative action"
Cumberland Pipe Dividend.
In preparation for declaration of
| stock dividend OF 100 per cent. to
| stockholders OF Cumberland Pipe Line
Company of record on December 30
next, the company's directors have
called special meeting OF shareholders
to vote proposal to increase It's capi-
tai stock from $1,500.00O to s3,000,000.
In his letter to stockholders, r. NJ. Towl.
| president of the company, said the fore
| going course was justified, the increase
| in assets. now in excess of capital stock,
resulting from reinvestment of earnings.
| The George w. Helme Company has
declared an extra dividend of per cent.
on the common stock in addition to the
regular quarterly 8 per cent. disburse-
ment on that issue. The regular quar-
terly dividend of 1si per cent. on the
preferred stock also was authorized. All
the dividends are payable January to
holders of record December 18.
The May Department Stores has de-
clared a 80 per cent. stock dividend pay
able December 20. to stock of record. De-
cember IS.
Stockholders OF the Pennsylvania
| Trust Company have voted to increase
its stock from $4,000 to 100000. the
| new stock to be offered for subscription
| at 5000 a share.
The Brady Brass Company has de-
| clared a 100 per cent. stock dividend and
a cash dividend OF III per cent.
For the purpose Of paying q. S3 1-3
per cent. stock dividend, stockholders OF
! Singer Manufacturing Company have
authorized an increase In its stock from
| $90,O0O,o00 to $120,o0o,0o0.
Stockholders of tho Commercial In
vestment Company have voted an In
crease in It's stock from si.00o.000 to
! s6,o0o,000.
Initial Quarterly Disbursement.
The United Light Railways Company
declared an initial quarterly dividend OF
IA per cent. and an extra dividend OF
| one-fourth of per cent. on the common
stock, payable February 10 stock of
record January Is. The regular quar-
! terly payments on both preferred stocks
also were authdR
A special meeting Of stockholders OF
| the Wilcox & Gibbs Sewing Machine Co.
will be held December 1s to vote upon
2 proposal to increase capital stock from
$4,000 to St,500.000.
An extra dividend of 25 per cent was
announced yesterday by the directors of
the King Philip Cotton Mills. Tho regu-
lar quarterly dividend Of 1 " per cent.
also was declared. In 1920 the corpora
tion paid cash dividend of 23 per cent.
and dividend In Liberty bonds of so
per cent
Directors of Il. I. du Pont de Nemours
and Company declared yesterday a so
per cent. stock dividend payable Decem-
ber 20 TO holders of common stock OF
record December 16. This action follows
the authorization by the stockholders of
an increase in the common capital stock,
which will capitalize part OF the sur
plus already permanently invested in
the company's business.