The Birmingham age-herald., 1924-12-31
Wall Street Briefs

Organization of the Industrial Ac- ceptance Corporation. capitalized al $6. .75O, 900 which will finance Studeoaker dealers, has been completed and Will begin operations January l. Arthur J. Morris is president. The new com, Finance Corporation which previously has handled this class of business TOT the Studebaker dealer organization. IL will extend operations to Europe ana South America, chiefly Brazil ana Ar gentina, heretofore limited to the United States and Canada.
 One hundred and seventy three stocks sell "ex-dividend" tomorrow and stockholders in 270 corporations receive dividend checks from companies which have already authorized such pay ments. Among the issues to sell "ex" are Air Reducation, Beechnut facking, National Biscuit, Northern Pacific, American Can, United States Industrial Alcohol, Westinghouse Airbrake and Westinghouse Electric and Manufac- turing.
 Common stocks of mail order houses which have recently displayed strength and activity, reflect the prosperity this form of merchandising has enjoyed this year. Montgomery Ward common, sell ing last Friday at 49, more than dou- | bled its price in 1924, while Sears Roe buck common had advanced to 741s points to a high of 152. Montgomery Wards business for the il months was more than $142, 2,500000 and the heavy the total to $16O,OOO,O0O which would be double the sales in 1921. Sears Roebuck sales this year are estimated at close to $22O,000,00O, about $5OO0, ,0OO more than last year and about $42OOO,- 900 greater than 1921.
 Earnings of the United States Smelt- ing Refining and Mining company in 1924. will be sufficient, 1t is estimated to leave a small surplus after paying dividends on the preferred stock. De auctions for amortization depreciation and depletion, which come ahead ot preferred dividends, will be approxl- dividend on the common stock at this time. The, regular quarterly preferred dividend was declared today at the annual rate of $3.50 a share.
 New offerings today included 2o0OC shares of Birmingham Electric company cumulative preferred stock, no par value at $9S a share and accrued dividends tc yield TIA per cent. The stock pay divi- dends of $7 a year. The company does virtually the entire commercial cleo tric, gas and street railway business 1T Birmingham, Fairfield and Bessemer Ala, and electric or street railway busi ness in adjacent communities.
 Great Britain's import of cotton from the United States this year up to No vember 28 increased to 758,000 bales compared with 571 900 bales in the same period last year, according to the Bankers Trust company. Total i'm ports were 1,089,O0O bales, an increase of 146, ,O00 bales. Conditions in the Lan- cashire cotton industry were said to be distinctly more favorable.
 Following the offering of $3,0O0,0 ,0O( preferred stock of the Universal Pic lures company this week bankers an nounced today that an additional issue of %, 1000 shares of common stock woulC be offered for public subscription al about $27 a share. Net earnings appli cable to the common stock this year, il was said had been running at the an nual rate of more than $4 share.
 Until final 1924 earnings of the Chi cago, Milwaukee and St. Paul are com puted, the committee appointed to study the roads refunding problem feels nc definite move should be made, accord ing to H. E. Beyram. president. These results would not be known before February, and he thought the refinanc ing decision would await their out come.
 New mill construction at Mcdonald Ohio, to cost $5,000,000, is planned by the Carnegie Steel company, subsidiary of the United States Steel corporation The company has asked for bids.