New Britain herald., 1925-03-05
DIVIDEND
 BY AM. LOCOMOTIVE
Payable in Four InStalnents
 of s2.5O Each

New York, March 5.--Directors of the American Locomotive company declared an extra dividend of $10 share on the common stock in addi- ton to raising the annual dividend rate on this issue from SC to $S a share, by authorizing a regular quar- terly payment of $2 a share.
 The extra distribution is payable in four quarterly installments of s2.50 each, and will swell the years disbursements to stockholders to SIS a share as compared with the SC rate which has prevailed since June. 1923, when the stock was split up on a two to one bast&
 InAexplaining the dividend action. officials of the company said that as no common dividends we>. paid for a number of years after ,he con- pany's formation and since the com pany's working capital had accumu- lated beyond It's requirements, the directors felt that stockholders were entitled to 8 large distribution at this time.
 The company's annual report, re- gently published, showed working capital of s4S.632,S52, of which sS2,- SS1 ,06S was in cash and marketable securities. The ration of current assets to current liabilities was about 10 to 1.
 In anticipation of today's favor- able dividend action American Loco- motive common stock has scored a spectacular advance, mounting from 10 1-2 early in January to a high record of IA, established yesterday when 1t sold higher than Baldwin Locomotive. The appreciation in quoted value within the last year has exceeded 100 per cent, since the shares sold as low as 70 1-8 on April Is. 1924.
 The stock today opened 2 points higher at 14s 1-2, then fell to 140 1-2 and after the dividend an- nounoement rallied again to 143.
 Supporting orders were supplied in large volume at the opening of today's stock market as a result of the sharp reaction in yesterdays late trading. Equipments continued in brisk demand, American Car & Foundry rising points. American Locomotive ? and Baldwin improv- ing fractionally. Dupont, Canadian Pacific and United Alloy Steel open- ed 1 to ? 1-2 points higher, but American Sugar Refining lost a point.
 Fresh selling developed on the Bulges with the result that consider able irregularity took place around the end of the first half hour. S. S. Kresge jumped 4 S-4 points to 5O6, Wilson Co. preferred advanced and American can, Baldwin, Federal Light & Traction, Savage Arms, Pullman, General Electric, Sears Roebuck and Atlantic Coast Line were among the score or so issues to sell point or two above yester- days final quotations. United Cigar Stores and National Cloak & Suit each dropped two points. Tidewater Oil 3 1-2 and Mack Trucks, Ameri- can Brake Shoe, L. s. Cast Iron Pipe and Maxwell Motors B a point or so. Foreign exchanges opened firm, demand sterling rising nearly & cent 10 S4.77 1-2 in reflection of the raising of the Bank of England's re- discount rate to per cent. and re- commentators for an early return to the gold standard by Reginald McKenna, former chancellor.
 Buying of speculative shares par ticularly the St. Paul's, Maxwell Motor B, Century Ribbon and American safety Razor which went up 1 to 3 points in the afternoon was accompanied by another sharp rise in the higher grade issues American Can sold at 1S3 and American Locomotive at IA. Gen eral Electric jumped 515 and Asso- ciated Dry Goods $ points. The commercial solvant stocks were consistently sold losing points each.
 Curious cross currents of prices characterized the mornings trading. Most of the pools had their special ties we'll in hand but protit-taking sales and Sporadic Bear selling cut into the quoted values of other stocks. Raising of the American Locomotives annual dividend rate to SS and the disbursement of an extra dividend of slO, payable quarterly, brought about temporary rally in the industrial list. A secondary re- action developed later, American Car S5 Foundry dropping points from it's high and American Loco motive and Ludlum Steel 3 each and American Can, Texas Gulf Sulphur and Baldwin 2 each. The rails of fered better resistance 10 pressure, independent strength being shown by Baltimore X Ohio and Delaware X Hudson, each of which advanced 2 1-2 points. Federal Light X Trsc- ton scared 6 points to a record top at I4S. Called money opened at $'l per cent, then eased to 2'2.
 High Low Close Allis Chal .... 76i4 7r2 7G'3 Am Rt Sug .., 4oH 39 go Am Can .... lSS 17EI III < Am Loco .... 144it 14o14 i4314 Am Smelt .,., 1oi 9S's l"l Am Sug ...... 657E 6f'i 657s Am Sum .... 164 15", 16 Am Tel X Tel 134& 1S45, 134T Am Wool ..., 5oT. 497s 5o's Anaconda .,.. 42ra 42l, 4-l2