The New York herald., 1922-12-16
MEX PETE COMMON
PUT ON A SIG BASIS
Annual Dividend Rate In
creased $4-Pan-American
Cuts 20 p. C. Melon.


Company. Ltd. yesterday raised its
common stock from sl2 to SIG annual
dividend basis by declaring a quarterly
dividend of 81 a share on that issue.
payable January 80 to stockholders of
record December %.
At the same time Pan-American
Petroleum and Transport Company.
which owns "a per cent. of the Mexican
Petroleum's stock, declared a stock
dividend of 20 per cent on its Glass A
and Class B common stocks. payable
In the latter class of stock on Febru-
airy to holders of record December %.
E. L. Doheny. chairman of the boards
of the two companies. said that in the
view of the directors the stock dividend
was justified as a means of permitting
Pan-American stockholders to share in
the company's present prosperity with
out impairing its cash resources in so far
as cash would be required to pay
dividends on the increase stock. He
said the present 8 per cent dividend
rate would be maintained.
Mr.. Doheny said that Pan-American's
profit and loss surplus was in the
neighborhood of $4,000, 900, of which 30
per cent. was represented by cash. The
SiOSS cdluliiSS Oh the DODeny group Oh
oil properties in November were APP
proximately $sOOO.0C0. which was about
81 ,25O,000 above the years, monthly aver
age DeCember's earnings will slightly
exceed November's.
There is at present outstanding 2.160.-
OC0 shares of common and 3 stocks OF
the Pan-American company, which will
be increased about $4,000 shares by the
stock dividend declared yesterday Tho
cnn har o.
cent. stock dividend, which was ce-
clared i'm October.
The regular quarterly dividend of So
a share on the preferred stock OF
Mexican Petroleum Company also was
authorized payable January 10 to stock
of record December %.
The Brown & Sharpe Manufacturing
Company Of Providence has voted n
stock dividend of 5000 per cent. and
has increased its capital stock from
500, 900 to $16.000000.
Parke, Davis & Co. of Detroit has de-
clared stock dividend of 100 per cent.
and the regular quarterly 81 cash divi-
dend, both payable January 2 to stock
Of record December IS.
The York Manufacturing Company OF
Boston has decided upon 100 per cent.
stock dividend subject to the stock
holders approval of a proposal to in
crease it's capital stock by $1.S00,000.
United Verde Extension Mines de-
clared a Christmas dividend of 81 a
February to stock of record January 2.
Previous payments were at the rate OF
25 cents quarterly.
The Cement Securities Corporation de-
clored a Christmas dividend of 81 a
share and the usual quarterly dividend
of 50 a share, both payable December
22 to stock Of record December Is.
The Colonial Bank declared a 8 per
cent. extra dividend In addition to the
regular quarterly dividend of per cent,
payable Januory to stock of record
December 90.
The directors Of Anglo-American Oil
Company. Limited. London, have de-
clared an interim dividend of one shilling.
per share from the net earnings OF the
current year, payable on and after Jan
uary Is, 1928, by the National Provincial
and Union Bank of england, Limited, or
by the Guaranty Trust Company of New
York.
The Standard Bank has declared n
cash dividend of Az per cent. for the
last six months and stock dividend of
100 per cent. both payable December 80
to stockholders of record December 20,
subject to the approval of the State
Banking Department and the stocIxhold-
ers at meeting called for December 81.
The Michigan Copper and Brass Com
pany yesterday announced a 200 per
cent. stock dividend, payable January l
to stockholders of record December 90.
Capital of the concern was increased
from $1,000,000 to s3,00O,000.
The board of directors of Simmons
Company. in Kenosha. wis. declared
stock dividend of 100 per cent, to be
distributed among the stockholders of
the common stock of the company.
All America Cables stockholders
authorized an increase in stock from
$25, 900, 900 to S4O,0O0,O0O