The Birmingham age-herald., 1924-12-03

new issue Of $5,00O, 900 Of United Light and Railways company 61a per cent cumulative prior preferred stock is offered today at $95 a share and accrued dividends to yield about 85 per cent. Its common stock is owned by United Light and Power company. A controlling in- terest in Continental Gas and Electric corporation is being acquired by United Light and Railways.
 Directors of the International Shoe company placed the common stock on $5 annual dividend basis late today, declaring a quarteEy dividend of $12 share payable January 1 to stock of record December 15. A year ago the annual rate was increased to $4 from $3. ,. Southwest Pennsylvania Pipe Lines cut the quarterly dividend in half today, the directors authorizing a payment of $1 on December 31 to stock of record De- cember 15, in contrast to payments of $2 in each of the hrree preceding quar- ters this year.
 Operations of the United States Steel corporation are now beyond 73 per cent of capicity, a gain of 3 per cent over last week. Independent companies are averaging 70 per cent. Wabash Railway has ordered 1000 box cars from American Car and Foun- dry company and Delaware, Lackawan- na and Western has ordered 30 express cars from Pressed Steel Car company. | Prime Western Zinc touched a high price for the year today at 7.10 cents, East St. Louis, the trade reporting do- nestle buying of good volume by gall vanizers and brass mills.
 Julius Fleischmann, president of Fleischmann company, said on his re- turn from Europe today that he was not interested in mergers of baking com panies, as had been reported; that he was yeast manufacturer and 1t would be foolish for him to do so for he would become competitor in his own busi- ness. The company was now supplying 10000 bakers and 250,000 grocers with yeast daily and the demand was increas- ing all the time. Earnings for the year would run about $6.50 a share, he said, 15 per cent head of 1923.
 Stockholders of Guananmo Sugar company have authorized an issue of 5000 shares of per cent cumulative preferred stock and 30,000 shares of no par value common, making the total stock outstanding 19,000 preferred shares and 405,000 common. The proceeds will | De used to reduce loans and defray ex- penses of grinding the next crop. | COFFEE FUTURES
 NEW YORK, Dec. 2-The market for coffee futures lost today a good part of its recent advances under liquidation by recent buyers who appeared to be influenced by reports of an easier rul- ing in Brazil. The market opened at a decline of 10 to 30 points and active months sold 120 to 130 points net lower, March declining to 18.S5c and July to 17.50c. The close was weak at & net decline of 9S to 130 points. Sales were estimated at 5000. Closing quotations: December, 20.05c; January, 1980c; March. 1s.90c; May, 1s.07c; July, 17.61c; July. 17.61c; September 17c.
 Spot coffee unsettled; Rio Is, 22Ao; Santos As, 25A @26c. Cost and freight offers included part Bourbon 3s and 5s at 26hQ28Ac, but Rio offers were re- ported full cent below yesterdays Rio exchange on London 1-32 pence higher; dollar buying rate 10 reis high CT. The last Aio cable showed a net de- cline of 1,225 to 2,000 reis in the market there. Santos was 200 reis lower to 500 reis higher. Brazilian port receipts, 5O,- 900; Jundiahy receipts, 22,OOO.